Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the stocks Jim Cramer put under a microscope. Cramer highlighted the “off the charts” demand for the company’s chips, as he stated: “Do you know that the fate of today’s market was decided at 12:30 AM Eastern time? Yeah, middle of the night. That’s when Taiwan Semiconductor, the biggest chip manufacturer in the world, reported one of the strongest quarters I have ever seen. That’s when we learned in a definitively bullish conference c ...

对此，CHIP中国实验室主任罗国昭认为，在AI拉动下，对先进制程的追逐会更趋激烈，尤其是高性能 计算客户，甚至会比终端厂商需求更为旺盛。因此，短期内台积电的2纳米市场"溢价"或许会格外高， 从而对终端市场价格造成一定冲击。 多重因素拉高价格 随着半导体先进制程正式进入2纳米时代，其搭载终端设备的价格与成本备受行业关注。 在日前发布的一份最新投资者报告中，香港广发证券分析师Jeff Pu透露，苹果将在今年9月发布首款折 叠屏手机iPhone Fold，同时发布的还包括iPhone 18 Pro、iPhone 18 Pro Max，三款机型均将搭载台积电2 纳米工艺的A20 Pro芯片。 不过，对于期盼已久的消费市场而言，由于采用2纳米的A20成本高企，这也使得其价格或大幅上涨， 成为苹果迄今为止最昂贵的芯片。此前，据来自供应链的消息，台积电2纳米晶圆的报价预计超3万美 元/片，2倍其4纳米晶圆价格，而单颗A20芯片成本或将达280美元，较A19芯片同比增加约80%。 事实上，在最近几个季度的财报会上，台积电总裁魏哲家曾多次暗示涨价，并表示2纳米的需求意向已 经超过3纳米。因此，供不应求的态势无疑将增加台积电2纳 ...

For TSMC ( TSM ) stock, my investment stance is a Strong Buy, as it is no longer a cyclical manufacturer. TSMC has now become the Sovereign Utility of Computation. The strong buy thesis is based on theAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking ...

本文转自【央视新闻客户端】； 台湾新竹科学园区聚集了台湾半导体产业的主要企业，也是台积电总部所在地。作为台湾半导体产业的核心企业，台积电早已成为美方锁定的重点猎杀目 标。就在本月，美台所谓"贸易协议"正式落地，根据相关协议，美国将台湾输美商品关税从20%下调至15%，而台湾已知的代价则是需向美国进行5000亿美 元的投资，其中，2500亿美元为直接投资，2500亿美元为信贷担保，更要被迫转移半导体生态系统，为美国贡献占全球40%的芯片产能。这片承载台湾经济 命脉的园区，正在被美国大口吞噬。 近日，民进党当局与美国达成所谓"贸易协议"，台湾岛内舆论为之哗然。协议重点之一是美国将台湾输美商品关税从20%下调至15%，表面上好像台湾终于 争取到与日、韩一样的待遇，实则是台湾付出了严重损害核心产业优势的惨痛代价。这项看似"平等"的协议，究竟有多么不平等？美国又是如何进行赤裸裸 的"经济掠夺"的？ 北京工商大学海峡发展研究院院长于强在接受《两岸观察》记者采访时表示，这个协议的实质它根本不是什么所谓的"贸易协议"，它就是明着在抢，它对于 台湾的影响是巨大的。因为跟着这5000亿美元去的，不仅是投资，还有台湾的技术，还有台 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the semiconductor and storage sectors, including 拓荆科技, 中微公司, and 中芯国际 [3][4]. Core Insights - TSMC's aggressive capacity expansion reflects strong confidence, with a capital expenditure (Capex) guidance for 2026 reaching up to $56 billion, a 37% increase from 2025 [10][12]. - The AI segment is expected to grow significantly, with TSMC revising its AI processor revenue CAGR to mid-high 50% [12][13]. - The storage market is experiencing price increases, with DRAM prices projected to rise by 40%-50% in Q1 2026 and NAND prices by 20% in the same period [15][18]. - The packaging and testing sector is seeing price hikes due to tight capacity and rising raw material costs, with increases expected to reach 30% [21][26]. Summary by Sections TSMC's Expansion and AI Growth - TSMC's Q4 2025 revenue reached $33.73 billion, a 25.5% YoY increase, with a gross margin of 62.3% [10][12]. - The company anticipates continued high growth into 2026, with Q1 revenue guidance of $34.6-$35.8 billion, representing a 37.9% YoY increase [10][12]. - Advanced process nodes (3nm, 5nm, 7nm) accounted for 77% of revenue, with high-performance computing (HPC) leading the growth [10][12]. Storage Market Dynamics - The storage market is benefiting from increased demand driven by AI and server capacity, leading to a historical high in supplier bargaining power [15][18]. - Specific DRAM products are expected to see significant price increases, with 64GB RDIMM DDR5 projected to rise by 40% in Q1 2026 [16][18]. Packaging and Testing Price Increases - The packaging sector is experiencing price increases due to high demand and raw material cost surges, with major Taiwanese firms reporting near-full capacity utilization [21][26]. - Companies like 力成 and 华东 are seeing increased orders and revenue visibility, indicating a positive outlook for the packaging sector [21][26].

今日（2026/1/19）早盘，半导体领域交投情绪延续上周火热态势，科创半导体设备ETF（588710）开盘 30分钟成交额迅速突破2亿元，截至11：30，最新盘中成交已达4.06亿元。事实上，自2026年1月15日以 来，处于产业链上游的半导体材料及半导体设备等领域便在AI驱动增长的叙事加持下进一步强化需求 预期，带动科创半导体设备ETF（588710）连续两个交易日（2026/1/15-1/16）单日成交额突破4.2亿 元，累计吸引2.48亿元资金蓄力布局。 （数据来源：Wind，2026/1/15-1/16成交额分别为4.22亿元、4.28亿元） MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 今日（2026/1/19）早盘，半导体领域交投情绪延续上周火热态势，科创半导体设备ETF（588710）开盘 30分钟成交额迅速突破2亿元，截至11：30，最新盘中成交已达4.06亿元。事实上，自2026年1月15日以 来，处于产业链上游的半导体材料及半导体设备等领域便在AI驱动增长的叙事加持下进一步强化需求 与此同时，作为半导体产业链核心环节之一的先进封测设备同样迎来涨价潮。得益于DRAM ...

证券研究报告 行业研究 / 行业点评 2026 年 01 月 19 日 行业及产业 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：NVIDIA 宣布 Rubin 平台全 面量产》2026-01-12 《电子行业跟踪报告：2026 年 Neuralink 将对 脑机接口设备进行大规模生产》2026-01-12 《人工智能月度跟踪：CES 2026 AI 前沿信息 汇总》2026-01-09 《电子行业周报：国产 DRAM 存储龙头 IPO 成 功受理》2026-01-06 《爱建电子深度报告：卫星通信加速进入发展 元年》2026-01-05 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 台积电 25Q4 单季度业绩创历史新高 ——电子行业周报（2026/1/12-1/18） 本周（2026/1/12-1/18）SW 电子行业指数（+3.77%），涨跌幅排名 2/ ...

Core Viewpoint - TSMC's expansion into the U.S. marks a significant shift in its strategy, driven by the need to be closer to major clients like Nvidia and Apple, as well as to mitigate geopolitical risks associated with potential conflicts involving Taiwan [1][2]. Group 1: Investment and Expansion Plans - TSMC plans to invest over $250 billion in the U.S., with a significant portion allocated for building multiple chip manufacturing plants in Arizona, expanding its presence to approximately 12 factories in the state [1]. - The company has committed $165 billion for six logic chip factories and two packaging chip factories, which are essential for advanced computing [1]. - TSMC's capital expenditure for this year could reach up to $56 billion, indicating a robust investment strategy [2]. Group 2: Geopolitical Considerations - The agreement with the Trump administration includes a commitment from Taiwan to invest over $250 billion in the U.S., while the U.S. will reduce tariffs on Taiwanese goods to 15% [1]. - TSMC's expansion is seen as a response to the geopolitical landscape, particularly the advancements in China's semiconductor manufacturing capabilities [2][4]. - The concept of the "Silicon Shield," which posits that Taiwan's semiconductor industry is crucial to global economic stability, is being reevaluated as TSMC diversifies its manufacturing locations [2][9]. Group 3: Challenges and Future Outlook - TSMC faces challenges in Arizona, including water scarcity and a shortage of skilled labor, which could impact its expansion efforts [9]. - Analysts suggest that a significant portion of TSMC's advanced manufacturing may remain in Taiwan for the next decade, despite the ongoing expansion in the U.S. [9][10]. - The timeline for establishing reliable manufacturing capabilities outside Taiwan is projected to be around 2030 to 2035, with full resilience against major disruptions potentially taking until mid-century [10].

证券研究报告 行业研究 / 行业点评 2026 年 01 月 19 日 行业及产业 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：NVIDIA 宣布 Rubin 平台全 面量产》2026-01-12 电子 《电子行业跟踪报告：2026 年 Neuralink 将对 脑机接口设备进行大规模生产》2026-01-12 《人工智能月度跟踪：CES 2026 AI 前沿信息 汇总》2026-01-09 《电子行业周报：国产 DRAM 存储龙头 IPO 成 功受理》2026-01-06 《爱建电子深度报告：卫星通信加速进入发展 元年》2026-01-05 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 台积电 25Q4 单季度业绩创历史新高 ——电子行业周报（2026/1/12-1/18） 本周（2026/1/12-1/18）SW 电子行业指数（+3.77%），涨跌幅排名 2/ ...

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the best strong buy growth stocks to buy according to hedge funds. TD Cowen lifted the price target on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) to $370 from $325 on December 16 and maintained a Hold rating, telling investors that it updated its model after the company reported better-than-expected quarterly results supported by manufacturing excellence. NVIDIA Invests $2 Billion in Synopsys as Part of New Multiyea ...