Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Core Viewpoint - The article discusses the impact of Trump's tariffs on Chinese companies, suggesting that some are relocating production lines to the U.S., but the significance and implications of this trend are questioned [3][5]. Group 1: Production Line Relocation - Some Chinese companies, including low-tech manufacturers, are reportedly moving production lines to the U.S. in response to tariffs [3]. - The types of companies involved in this relocation are primarily those with low technological content, such as gift manufacturers and small electronic assembly plants [3]. - The article argues that this relocation is more about the elimination of outdated capacity rather than a significant shift in the industry [3]. Group 2: U.S. Industry Dynamics - The U.S. is shifting its export structure towards Russia and its acceptance of industrial transfers towards Southeast Asia, which does not pose a significant threat to China [5]. - Historical attempts by various U.S. administrations to bring global supply chains back to America have faced challenges, with companies like TSMC struggling to achieve profitability in U.S. operations [5][6]. - TSMC's Arizona plant has reported losses exceeding $3 billion, highlighting the difficulties of establishing manufacturing in the U.S. [6]. Group 3: Future Implications - The article suggests that while some Chinese companies may consider relocating due to pressure, the long-term viability of such moves is questionable given the current state of U.S. manufacturing capabilities [8]. - The narrative of companies relocating may serve as a "negative example" to illustrate the complexities of the trade war between China and the U.S. [8].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自工商时报，谢谢。 全球晶圆代工龙头台积电（TSMC）2纳米制程进展备受瞩目，其缺陷密度（D0）表现已比肩5纳 米家族，甚至超越同期7纳米与3纳米制程，成为技术成熟度最高的先进节点之一，为2025年下半 年量产注入强心针。法人看好，2纳米的快速进展将带动供应链如中砂、升阳半等业者的营收成 长。 台积电2纳米主要客户锁定苹果、英伟达、AMD、高通、联发科及博通一线业者。AMD新一代 EPYC处理器Venice为业界首款完成投片并采用台积电2纳米制程，苹果iPhone 18系列机型预计采 用2纳米处理器，英伟达的Rubin平台2026年下半年仍以3纳米为主，2纳米导入较谨慎。英特尔亦 积极布局2纳米，特别针对AI与高效能运算应用。 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行 业观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 | "半导体行业观察"交流群 | | | | | | --- | --- | --- | --- | --- | | 扫码添加小助手微信，注明：加群+姓名 ...

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is positioned for long-term growth in the AI chip market, potentially outperforming Nvidia in the coming decade [3][15]. Group 1: TSMC's Market Position - TSMC holds over 60% of the foundry market and serves major clients like Nvidia, AMD, and Qualcomm, making it a critical player in the semiconductor industry [9][5]. - The AI semiconductor market is projected to reach a size of $233 billion by 2034, indicating significant growth potential for TSMC [9]. Group 2: Financial Performance - In 2024, TSMC reported sales of $88.3 billion and earnings per share of $6.81, with expectations for continued rapid growth and healthy profitability [7]. - TSMC currently trades at a price-to-earnings ratio (P/E) of 21, consistent with its 10-year average, suggesting it is a bargain compared to historical valuations [10][15]. Group 3: Valuation and Market Sentiment - Recent valuation compression is attributed to uncertainties surrounding U.S. trade policies, which may have led to an overestimation of short-term impacts on TSMC's business [12][13]. - The company's long-term growth prospects remain strong, as it benefits from overall chip demand and AI infrastructure spending, regardless of specific company performance [14][15].

Group 1: Investment Opportunity in TSMC - TSMC is the largest chip manufacturer in the world and plays a crucial role in the advancement of AI technology [6][7] - The company has a significant technological lead, being one of only three manufacturers capable of producing 3 nm chips, which are essential for AI applications [7][8] - TSMC's sales increased by 35% last quarter, with advanced 5 nm and 3 nm nodes accounting for 58% of total revenue, indicating strong demand for AI chips [9] Group 2: Financial Performance and Growth Outlook - TSMC is investing $38 billion to $42 billion in capital expenditures this year, a 34% increase from the previous year, to meet the growing demand for AI chips [11] - The company expects mid-20% revenue growth this year and over 20% average annual revenue growth over the next five years, while maintaining a gross margin above 53% [13] - TSMC shares are currently trading at less than 19 times the analysts' consensus estimate for 2025 earnings, making it an attractive investment compared to the S&P 500's aggregate P/E ratio [12] Group 3: Market Position and Competitive Advantage - TSMC has built a substantial moat that makes it difficult for competitors to gain market share, attracting major clients like Nvidia and Apple [10] - The company is planning to spend $100 billion over the next few years to expand manufacturing capacity in the United States, further solidifying its market position [11] - If included in the S&P 500, TSMC would account for approximately 1.8% of the index, highlighting its significant market capitalization [16]

TSMC, ASML, and Arm still look like a great long-term plays in the growing market.Many semiconductor stocks slumped this year as President Donald Trump's tariffs, the escalating trade wars, and fears of a recession cast dark clouds over the booming sector. However, that pullback has also been creating attractive buying opportunities for investors who expect the semiconductor market to continue growing over the next few decades.Below, I'll take a look at three of those stocks: TSMC (TSM 3.68%), ASML (ASML 3. ...

来源：内容来自 Source：编辑部，谢谢。 如果您希望可以时常见面，欢迎标星收藏哦~ 在日前英特尔推出了A14工艺之后，两大晶圆厂巨头正式入局这个巅峰之争。从目前的资料看来，总体而言，他们在 架构、EUV光刻和晶体管设计上展开了激烈竞争。 首先看台积电，据该公司执行副总裁兼联席首席运营官Yuh-Jier Mii （米玉杰）博士介绍，当前的发展方向是从 FinFET到Nanosheet。除了这些技术之外，垂直堆叠的NFET和PFET器件（称为CFET）也可能是实现器件微缩的候选 方案。除了CFET之外，沟道材料方面也取得了突破，可以进一步实现尺寸微缩和降低功耗。上图总结了这些进展。 米博士报告称，台积电一直在积极构建硅基CFET器件，以实现更高水平的微缩。台积电在2023年IEDM上展示了其首 款栅极间距为48纳米的CFET晶体管。今年在IEDM上，台积电展示了最小的CFET反相器。下图展示了该器件在高达 1.2V电压下均衡的性能特征。 英特尔将推出的 14A 工艺节点（计划于 2027 年进行风险生产）的性能指标，宣称其功耗将降低高达 35%。英特尔还 展示了其全新的 Turbo Cell 技术，这是一种可 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 Source：编译自麦肯锡，谢谢。 半导体行业的经济利润增长（即该行业公司产生的收益超过其资本成本的比例）一直强劲。相对于平均经济利润率排 名前30的其他行业，半导体行业取得了显著进步，从2000-2004年的第15位跃升至2016-2020年的第4位 ，再到2020-24 年的第3位。 麦肯锡分析显示，半导体行业在其第一个十年创造了相对温和的经济利润，约为380亿美元，其中大部分来自英特 尔。除英特尔外，其他行业参与者的经济利润微乎其微甚至为负。在第二个十年，这个日趋成熟的行业经历了显著整 合，并扩大了代工模式；智能手机等新技术的出现，为计算机以外的领域开辟了新的增长途径。因此，盈利能力大幅 提升，2010年至2019年期间，该行业创造了4500亿美元的经济利润。 2020 年至 2024 年间，该行业创造的总经济利润价值为 4,730 亿美元，超过了之前整个十年创造的利润（图 1）。 2020 年至 2024 年，半导体行业创造的经济利润将超过前十年 经济利润的飙升主要得益于人工智能的爆炸式增长，以及半导体在汽车、工业等市场的新应用。此外，疫情导致 ...

Group 1 - TSMC is the first company to respond to pressure from Trump by committing to invest an additional $100 billion, bringing total investment in the U.S. to $165 billion [1] - TSMC plans to increase its factory count from 3 to 6 chip factories, along with 2 packaging centers and a research center, with approximately 30% of its capacity allocated to the U.S. [3] - Other Taiwanese companies are following TSMC's lead, with over 20 suppliers indicating plans to establish operations in the U.S. to support TSMC [3] Group 2 - ASE, the world's largest chip packaging and testing company, is evaluating opportunities to build a factory in the U.S. to support its clients, showing significant interest in the move [5] - The rapid response of these companies is largely driven by their relationship with TSMC, as they fear losing business if they do not follow suit [7] - Companies are also motivated by the desire to avoid taxes and to align themselves with U.S. interests, indicating a strategic shift in the semiconductor industry [7]

苹果业绩勉强超预期，宣布千亿美元回购，但关税将导致成本增9亿美元，股价盘后一度跌4%， 电话会仅不到半小时，库克称当下不会宣布涨价。 亚马逊Q1利润率再新高，但利润指引逊色，预警关税冲击，盘后一度跌5%。 马斯克向特朗普"告别"，留下"削减1600亿美元"成绩单，远低于预期。特斯拉董事会开始寻找 CEO继任者，分析称，"厌倦造车"的马斯克需要一个"库克"。微软力邀马斯克Grok AI入驻 Azure，与OpenAI关系再起波澜。 科技巨头资本支出强劲，台积电被摩根士丹利列为"首选股"。 礼来跌超11%，Q1营收猛增45%，但连锁药店巨头CVX决定旗下主要处方药目录将诺和诺德 Wegovy列为首选、Zepbound不在其中。 中国休市，黄金大跌。据高盛，五一假期前夕，中国交易员抛售了近100万盎司黄金，几乎完全逆 清空了上周买入的仓位。 贝森特称市场认为美联储应降息，萨默斯驳斥：不能靠市场指导，下周降息大错。 美国4月ISM制造业PMI创五个月来最大萎缩，产出指数创2020年5月以来新低。美国上周首申失 业金人数大幅高于预期，续请失业金人数创2021年最高。 日本央行一致同意继续维持利率不变，因担心关税大幅下调 ...