Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme Index (950162) surged by 5.48%, with the E Fund Chip Design ETF (589030) rising over 6% at one point, indicating active market trading [1] - The State Council held a press conference discussing the achievements in industrial and information technology development by 2025, emphasizing the focus on technological innovation and key technology breakthroughs in areas like training chips and heterogeneous computing [1] - AI computing power demand is continuously surging, driving the acceleration of advanced process technology iterations, with TSMC projecting record high revenue in Q4 2025, where advanced processes (7nm and below) will account for 77% of revenue, with 3nm process shipments reaching 28% [1] Group 2 - TSMC has raised its compound annual growth rate (CAGR) forecast for AI accelerator revenue to nearly mid-high 50% for 2024-2029, significantly above the company's overall long-term revenue growth target of 25% [2] - The substantial increase in capital expenditure to $52-56 billion in 2026 reflects the strong global demand for AI computing power, indicating a sustained positive outlook for the data center industry chain [2] - The E Fund Chip Design ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme Index, which selects listed companies in the chip design sector to reflect the overall performance of this field [2]

Group 1 - The Zhejiang Anji Power Plant has officially commenced full-capacity operation, being the largest and most efficient gas power plant in China, with a total installed capacity of 1686 MW and a design efficiency of 64.15%, providing stable support for winter electricity peaks in East China [2] - The Zhishen Star II large reusable launch vehicle has successfully completed a full system hot test of its main engine (CQ-90), with a basic model takeoff mass of approximately 757 tons and a LEO payload capacity of 20 tons, while the CBC configuration has a takeoff mass of about 1950 tons and a LEO payload capacity of 58 tons [2] - TSMC is increasing its investment in advanced packaging technology as Apple plans to transition its A20 series chips for the iPhone 18 to a 2nm process and upgrade packaging technology from InFO to WMCM, with a new WMCM production line being established at TSMC's Chiayi AP7 factory [2] - The first serial high-energy hydrogen ion implanter (POWER-750H) developed by China National Nuclear Corporation has successfully emitted a beam, achieving core indicators at an internationally advanced level [2]

科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅限制达20%，该指数覆盖 了芯片全产业链，包括半导体材料、设备、设计、制造、封装测试等环节的科创板成分股。该指数聚焦 于芯片行业，具有高成长性和科技属性，是反映中国芯片产业发展的重要指标。 （文章来源：每日经济新闻） 1月21日，科创芯片ETF国泰（589100）盘中涨超4.5%，半导体产业龙头建厂扩产需求明确。 华泰证券指出，2026年1月15日台积电披露2026财年资本开支计划为520亿~560亿美元，同比增加 27%~37%。AI应用需求落地下，先进制程、存储芯片供不应求，跨国半导体产业龙头建厂扩产需求明 确。考虑到2026财年跨国半导体龙头资本开支维持乐观，全球洁净室建设需求旺盛，"建设力"扩张缓慢 下，洁净室订单有望量价齐升、利润率上修。洁净室作为场务基础设施环节，基本面有望率先出现积极 变化。 ...

Group 1 - The core viewpoint of the news highlights a strong rebound in the artificial intelligence hardware sector, with significant activity in storage and optical module concepts, leading to notable stock performance from companies like Zhaoyi Innovation and Sienan Electronics [1] - The communication ETF Huaxia (515050) and the low-fee entrepreneurial board AI ETF Huaxia (159381) saw a nearly 2% increase during trading, indicating accelerated capital inflow into high-growth sectors, with the communication ETF attracting over 250 million yuan in net inflows over the past three days [1] - DeepSeek's new model "MODEL1" has been revealed, with updates indicating significant differences in memory optimization compared to its predecessor V32, suggesting advancements in AI architecture [1] Group 2 - TSMC's latest financial report exceeded market expectations in revenue, net profit, gross margin, and capital expenditure guidance, indicating continued high growth in AI capital expenditures [2] - Citic Securities believes TSMC's capital expenditure guidance serves as an important forward-looking indicator for the computing power industry, with expectations of strong growth in computing power demand through 2027, particularly in the communication sector [2] Group 3 - The communication ETF Huaxia (515050) tracks the CSI 5G communication theme index, focusing on electronic and communication hardware, with CPO and CPB concept stocks making up over 76% of its weight, the highest in the market [3] - The entrepreneurial board AI ETF Huaxia (159381) is designed to support investments in AI-focused companies, with half of its weight in AI hardware computing power and the other half in AI software applications, offering high elasticity and representativeness [3]

有记者问：日前，赖清德与美国亚利桑那州访问团见面时称，近年来美国已成为台湾最大海外直接投资 地，期盼双方尽早签署关税协定，帮助台积电等业者在美国长期深耕，也为当地创造高薪就业机会。彭 庆恩在答问时作上述表示。 （文章来源：新华社） 他说，据报道，台积电在美国工厂的人力成本超台湾厂的两倍，设备折旧费用达四倍之多，毛利率是台 湾厂的八分之一。民进党当局为了"倚外谋独"，一再割肉饲虎，现在又要让台积电大幅增加赴美投资， 为美国创造所谓的高薪就业的机会，毁的只会是岛内产业的根，寒的只会是台湾民众的心。 ...

Market Overview - The S&P 500 is reaching new highs, but the CAPE ratio is nearly 40, the highest in over a decade, indicating higher valuations and making it harder to find bargains [1] Company Analysis: Amazon - Amazon is investing over $125 billion in AI development by 2026, following a similar investment in 2025, focusing on upgrading chips, large-language models, and services like the Bedrock platform [3] - The company is experiencing growth across its core e-commerce, AWS cloud business, and advertising, with the addition of AI expected to enhance overall business performance [5] - Amazon's stock trades at less than 34 times trailing-12-month earnings, with only a 6% increase over the past year, but strong growth potential remains [6] Company Analysis: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor is a key player in AI production, responsible for 85% of global start-up semiconductor prototypes and collaborating with major AI technology companies [6] - The company reported a 21% year-over-year sales increase in Q4 2025, with a 54% operating margin, indicating strong profitability and growth [7] - Taiwan Semiconductor's stock trades at only 32 times trailing-12-month sales, showing potential value for growth investors despite a 60% stock gain over the past year [9]

Group 1 - The core viewpoint of the article highlights a significant increase in the semiconductor industry, driven by clear expansion demands from leading companies, as evidenced by TSMC's capital expenditure plan for fiscal year 2026, which is projected to be between $52 billion and $56 billion, representing a year-on-year increase of 27% to 37% compared to fiscal year 2025 [1] - The demand for advanced processes and memory chips is outpacing supply, leading to a robust need for cleanroom construction and expansion within the semiconductor sector, which is expected to positively impact order volumes and profit margins [1] - The 信创 ETF (159537) tracks the CN5075 index, focusing on information technology innovation, with a significant portion of its components in the semiconductor sector, followed by software development and computer equipment, reflecting a growth-oriented investment style [1]

Group 1: Key Recommendations - The report emphasizes the revaluation of private refining companies in the petrochemical industry, highlighting that the petrochemical cycle is under pressure but shows signs of improvement ahead [6][7] - Key drivers for the petrochemical cycle include rising oil prices, supply-side capacity clearance, and demand-side stimulus from a loose monetary environment [6][7] - The report predicts that Brent oil prices will fluctuate between $55 and $75 per barrel in 2026, which could benefit refining profitability [7][8] Group 2: Economic Observations - The nominal GDP growth rate stabilized, with Q4 2025 GDP growth at 4.5%, slightly down from 4.8% in Q3 [11][12] - The contribution rates to GDP from final consumption, capital formation, and net exports were 52.9%, 16.0%, and 31.1% respectively in Q4 2025, indicating strong export support and stable consumption [13] - Investment showed a downward trend, with fixed asset investment growth at -3.8% for the year, highlighting the need for policy support to stabilize investment [15][16] Group 3: Industry Insights - TSMC's capital expenditure for 2026 is projected to be between $52 billion and $56 billion, significantly exceeding market expectations, driven by demand for AI and advanced process technologies [18][20] - The global smartphone market showed resilience in 2025, with a total shipment of 1.26 billion units, a 1.9% increase year-on-year, driven by high-end models and foldable screens [21][22] - The report suggests that the semiconductor industry is experiencing upward price trends, particularly in storage chips, indicating structural investment opportunities [19][23]

发言人彭庆恩表示，美国向来以美国利益优先，挥舞关税"大棒"损人利己。所谓"美台贸易"及"供应链 合作"只会把台湾榨干，逼得台湾自断筋骨。在美国人眼里，台湾的价值不是什么"供应链伙伴"，而 是"以台制华"的棋子、军工复合体的"摇钱树"、制造业回流的"提款机"。 （文章来源：央视新闻） 1月21日，国务院台办举行例行新闻发布会。总台记者提问：日前，赖清德与美国亚利桑那州访问团见 面时称，近年来美国已成为台湾最大海外直接投资地，期盼双方尽早签署关税协定，帮助台积电等业者 在美国长期深耕，也为当地创造高薪就业机会。对此有何评论? ...

Market Performance - The A-share market showed signs of recovery in the early session, with all three major indices rising: the Shanghai Composite Index increased by 0.17%, the Shenzhen Component Index rose by 0.54%, and the ChiNext Index climbed by 1.15% [1] - The Kweichow Moutai ETF (588000) surged by 3.46%, with the latest price at 1.614 yuan, and the intraday trading volume reached 2.121 billion yuan, resulting in a turnover rate of 2.67% [1] Semiconductor Sector - The semiconductor sector experienced a significant rally, with notable stocks such as Longxin Technology hitting the limit up, Haiguang Information rising by 14.07%, Lanke Technology increasing by 6.80%, Zhongwei Company up by 3.97%, and SMIC gaining 3.04% [1] - The domestic semiconductor equipment sector is witnessing dual catalysts: the successful launch of the first high-energy hydrogen ion implanter developed by China National Nuclear Corporation, breaking foreign monopolies in key semiconductor manufacturing processes, and TSMC's financial report indicating a projected 35% increase in net profit by Q4 2025 and a gross margin of 62% [1] Industry Outlook - The dual catalysts are expected to accelerate the localization of domestic equipment, combined with AI-driven technological upgrades and capacity expansion, suggesting that the industry may enter a "golden period" of expansion cycles and technological breakthroughs [1] - The Kweichow Moutai ETF (588000) tracks the Sci-Tech 50 Index, which has a 70.35% allocation in the electronics sector, aligning well with the current development trends in artificial intelligence and robotics [1] - The ETF also covers multiple sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology, and investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring [1]