Core Insights - The U.S. and Taiwan have established a trade deal that will see Taiwanese companies invest $250 billion in the U.S. to enhance production in key sectors such as semiconductors, energy, and artificial intelligence [1] Industry Summary - The investment of $250 billion is aimed at significantly boosting the semiconductor industry in the U.S., which is critical for technology and manufacturing sectors [1] - The deal also emphasizes the importance of energy production, indicating a strategic move towards energy independence and sustainability [1] - Artificial intelligence is highlighted as a key area of investment, reflecting the growing significance of AI technologies in various industries [1]

台积电 (TSM US) 证券研究报告 AI 需求真实不虚，晶圆供应仍是瓶颈 2026 年 1 月 16 日│美国 半导体 1 月 15 日，我们在台北线下参加台积电业绩会，管理层传递的整体感受是 AI 需求"非常真实"（AI demand is real）且"晶圆供应仍是瓶颈"（Silicon is still the bottleneck）。 公司指引乐观：1）上调 AI 服务器处理器收入增 速： 预计未来五年（2024-2029）收入 CAGR 从之前的 40%区间中段上调 至"中高个位数 50%"（Mid-to-high 50%）；2）2026 年资本开支激增： 预计 2026 年 CapEx 为 520-560 亿美元（2025 年约 410 亿美元），同比大 幅增长；3）2026 年收入指引：公司预计美元收入同比增长接近 30%；4） 上调长期收入目标：将公司整体长期收入 CAGR 目标从之前的 15%-20%上 调至 25%。管理层指引未来三年的资本开支规模将"显著高于"2023-2025 年周期。我们认为：1）资本开支的大幅上调直接验证了 AI 需求的长期性和 可持续性；2）长期收入增速目标的 ...

Financial Sector - The financial sector experienced a significant downturn following President Trump's announcement of a one-year cap of 10% on credit card interest rates, effective January 20, 2026, aimed at protecting consumers from high rates averaging around 20% [2][3] - Major financial institutions like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo saw their stock prices drop significantly, with JPMorgan's shares falling 4.2% to $310.90 despite better-than-expected earnings [3][4] - Consumer finance firms specializing in credit cards faced even steeper declines, with drops between 8% and 11% for companies like Synchrony Financial and Capital One, while Visa and Mastercard also saw declines of over 2% [4] Semiconductor Industry - A trade deal between the U.S. and Taiwan resulted in a reduction of tariffs on Taiwanese goods from 20% to 15%, in exchange for Taiwan's commitment to invest $250 billion in U.S. semiconductor and AI sectors [6][7] - Taiwan Semiconductor Manufacturing Co. reported a 35% year-over-year increase in fourth-quarter profit, leading to a 4.5% surge in its U.S.-listed shares, with trading volume increasing by 159% [7] - Despite a new 25% tariff on specific high-end AI chips, Nvidia's stock rebounded by around 3% due to positive earnings from TSMC and exemptions for companies investing in America [8][9] Healthcare Sector - President Trump introduced "The Great Healthcare Plan" aimed at lowering prescription drug prices and insurance premiums, but the lack of details and the need for Congressional approval left the market skeptical [10] - Some healthcare stocks like UnitedHealth Group and Cigna saw modest gains, but the overall market impact was minimal due to concerns over rising premium costs for millions of Americans [10] Geopolitical Developments - President Trump's announcement of a "Board of Peace" in Gaza and withdrawal from 66 global organizations had little immediate market impact, overshadowed by economic news [11] - Oil prices dropped approximately 5% following Trump's de-escalation of military threats against Iran, indicating a positive market reaction to reduced geopolitical tensions [11] Market Volatility - The week illustrated the unpredictable nature of the market under Trump's administration, characterized by sudden policy announcements and immediate market reactions, creating a challenging environment for investors [12]

The semiconductor foundry provided the clearest evidence yet that demand for AI remains robust.The release of ChatGPT in late 2022 kicked off an artificial intelligence (AI) boom that continues to this day. Advances in generative AI have fueled a tidal wave of adoption across consumer and business use cases. These advanced algorithms can generate original content, streamline repetitive tasks, write and debug computer code, target advertising, and more.Nvidia (NVDA +2.06%) and Broadcom (AVGO +0.92%) were amo ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the consumer electronics sector, with the CSI Consumer Electronics Theme Index rising by 2.98% and the Consumer Electronics ETF increasing by 3.23% [1][2] - TSMC's fourth-quarter net profit for 2025 is reported at NT$505.7 billion, exceeding the forecast of NT$467 billion, with a gross margin of 62.3%, higher than the expected 60.6% [1] - The growth in TSMC's performance is attributed to the full release of 3nm process capacity and strong demand for AI-related products, with projected revenue growth of 25% to 30% in 2026 [1][2] Group 2 - CITIC Securities forecasts that "self-controllable and AI computing power" will be a dominant theme in the electronics industry throughout 2026, with a focus on domestic computing power and semiconductor equipment [2] - The CSI Consumer Electronics Theme Index includes 50 listed companies involved in component production and design, reflecting the overall performance of the consumer electronics sector [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 54.35% of the index, with notable companies including Luxshare Precision, Cambricon, and SMIC [2][4]

消息面上，2026年1月15日，全球晶圆厂龙头企业台积电发布的2025年第四季度业绩远超预期，连续第 七个季度实现两位数增长，将2026年资本开支指引大幅上调至520亿-560亿美元，较此前预期高出近四 成，进一步验证了人工智能产业链强劲需求的长期性和可持续性。 风险提示：基金有风险，投资需谨慎。如需购买相关基金产品，请您关注投资者适当性管理相关规定， 提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金的过往 业绩并不预示其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。基金投资 需注意投资风险，请仔细阅读基金合同、基金招募说明书和产品资料概要等法律文件，了解基金的具体 情况。科创半导体设备ETF投资于科创板，会面临科创板机制下因投资标的、市场制度以及交易规则等 差异带来的特有风险，包括但不限于科创板上市公司股票价格波动较大的风险、流动性风险、退市风险 等。指数由中证指数公司编制并发布，其所有权归属中证指数公司。中证指数公司将采取一切必要措施 以确保指数的准确性，但不对此作任何保证，亦不因指数的任何错误对任何人负责。 国信证券表示，受AI增量需求拉动，电子 ...

半导体ETF南方(159325)紧密跟踪中证半导体行业精选指数，中证半导体行业精选指数从半导体行业中 选取50只规模较大、盈利能力较好、研发投入较高且具备一定成长潜力的上市公司证券作为指数样本， 反映半导体行业内兼具代表性与可投资性的上市公司证券的整体表现。指数前十大权重股分别为寒武 纪、中芯国际、海光信息、北方华创、兆易创新、澜起科技、中微公司、豪威集团、拓荆科技、紫光国 微。 消息面上，中外联合团队在新型半导体材料领域取得重要进展，研究团队首次在二维离子型软晶格材料 中，实现了面内可编程、原子级平整的"马赛克"式异质结的可控构筑，为未来高性能发光和集成器件的 研发开辟了全新路径。相关成果于1月15日在线发表于国际权威学术期刊《自然》。 截至2026年1月16日午间收盘，半导体ETF南方(159325)上涨2.15%， 冲击3连涨，换手12.24%，成交 3483.09万元，市场交投活跃。跟踪指数中证半导体行业精选指数成分股长电科技上涨10.00%，峰岹科 技上涨9.59%，臻镭科技上涨8.05%，长电科技涨停，中科飞测，兆易创新等个股跟涨。 华鑫证券最新研报显示，台积电2025年第四季度营收同比增长约20 ...

消息面上，1月15日，台积电公布2025年第四季度财报。该季度台积电营收1.046万亿新台币（约 合337.3亿美元），同比增长20.5%。该季度台积电净利润5057亿新台币（约合160亿美元），同 比增长35%，创历史新高，并连续第七个季度实现两位数增长。7nm及以下先进制程则贡献了台积 电该季度总收入的77%。 2026.01. 16 本文字数：949，阅读时长大约2分钟 作者 | 第一财经 郑栩彤 今日早盘，A股多只半导体股走强。早盘天岳先进（688234.SH）涨20%，灿芯股份 （688691.SH）涨8.12%，臻镭科技(688270.SH)涨8.05%，星宸科技（301536.SZ）、上海合 晶（688584.SH）涨超5%，屹唐股份（688729.SH）、京仪装备（688652.SH）、中微公司 （688012.SH）、立昂微(605358.SH)股价也飘红。 多只早盘股价飘红的半导体股业务包括半导体设备、材料。其中，天岳先进是碳化硅单晶衬底材料厂 商，星宸科技是视频监控芯片厂商，灿芯股份是一站式定制芯片及IP厂商，上海合晶是半导体硅外延 片制造商，臻镭科技是集成电路芯片和微系统厂商，立昂微是 ...

今日早盘，A股多只半导体股走强。早盘天岳先进（688234.SH）涨20%，灿芯股份（688691.SH）涨8.12%，臻镭科技(688270.SH)涨8.05%，星宸科技 （301536.SZ）、上海合晶（688584.SH）涨超5%，屹唐股份（688729.SH）、京仪装备（688652.SH）、中微公司（688012.SH）、立昂微(605358.SH)股 价也飘红。 消息面上，1月15日，台积电公布2025年第四季度财报。该季度台积电营收1.046万亿新台币（约合337.3亿美元），同比增长20.5%。该季度台积电净利润 5057亿新台币（约合160亿美元），同比增长35%，创历史新高，并连续第七个季度实现两位数增长。7nm及以下先进制程则贡献了台积电该季度总收入 的77%。 台积电预测今年还将实现更强劲的增长。该公司称，得益于全球人工智能行业的蓬勃发展，预计今年第一季度营收将达到346亿美元至358亿美元，毛利 率可望攀升至63%到65%。台积电预计2026年资本支出将增长高达37%，达到560亿美元，远高于2025年实际支出的409亿美元，创下该公司历史新高。 对于市场需求，台积电董事长暨总裁魏哲 ...

消息面上，1月15日，台积电公布2025年第四季度财报。该季度台积电营收1.046万亿新台币（约合337.3亿美元），同比增长20.5%。该季度台积电净利润 5057亿新台币（约合160亿美元），同比增长35%，创历史新高，并连续第七个季度实现两位数增长。7nm及以下先进制程则贡献了台积电该季度总收入 的77%。 多只早盘股价飘红的半导体股业务包括半导体设备、材料。其中，天岳先进是碳化硅单晶衬底材料厂商，星宸科技是视频监控芯片厂商，灿芯股份是一 站式定制芯片及IP厂商，上海合晶是半导体硅外延片制造商，臻镭科技是集成电路芯片和微系统厂商，立昂微是半导体材料、功率芯片厂商，屹唐股份是 晶圆加工设备厂商，京仪装备、中微公司都是半导体设备厂商。 此外，A股晶圆代工厂中芯国际（688981.SH）早盘涨1.21%，华虹公司(688347.SH)涨1.67%。 消息面上，1月15日，台积电公布2025年第四季度财报，该季度台积电净利润同比增长35%。 今日早盘，A股多只半导体股走强。早盘天岳先进（688234.SH）涨20%，灿芯股份（688691.SH）涨8.12%，臻镭科技(688270.SH)涨8.05%，星宸科技 ...