美股三大指数集体收涨，道指涨0.60%，标普500指数涨0.26%，纳指涨0.25%。芯片股在台积电亮眼财报推动下上涨，应用材料、阿斯麦涨超5%，台积电涨 超4%，英伟达涨超2%。银行股走强，贝莱德、摩根士丹利涨超5%，高盛、花旗涨超4%。 纳斯达克中国金龙指数收跌0.6%，热门中概股多数下跌，网易、携程、有道跌超2%，京东跌1.4%，百度跌0.7%，哔哩哔哩跌0.6%，阿里巴巴涨0.6%，理想 汽车、小鹏汽车、蔚来涨超1%。 ...

Group 1 - TSMC reported Q4 2025 revenue of $33.73 billion, a year-over-year increase of 25.5%, with a net profit of approximately $16 billion, up 35% [1] - The gross margin rose to 62.3%, and the total annual revenue reached $122 billion, reflecting a 35.9% year-over-year growth [1] - Advanced process technologies (7nm and below) accounted for 77% of wafer revenue in Q4, with 3nm contributing 28%, and 5nm and 7nm contributing 35% and 14% respectively [1] Group 2 - TSMC's guidance for Q1 2026 indicates expected revenue between $34.6 billion and $35.8 billion, representing a 38% year-over-year increase, with a gross margin forecast of 63% to 65% [1] - Capital expenditures for 2026 are projected to be between $52 billion and $56 billion, significantly higher than the $40.9 billion in 2025, with 70% to 80% allocated to advanced processes [1] - TSMC's CEO expressed confidence in outpacing industry growth, anticipating a 14% annual increase in the overall foundry market in 2026, driven by AI-related demand [2]

By Trevor Hunnicutt WASHINGTON, Jan 15 (Reuters) - The U.S. and Taiwan clinched a trade deal on Thursday that cuts tariffs on many of the semiconductor powerhouse's exports, directs new investments in the U.S. technology industry and risks infuriating China. The deal deepens the Trump ​administration's ties with Taipei at a critical time as China ratchets up pressure on the island and Washington has worked to ‌avoid an all-out trade war with Beijing. Under the long-negotiated deal, Taiwanese chipmakers ...

来源：21世纪经济报道 周四（1月15日），美国三大股指小幅收涨，道指涨0.6%，标普500指数涨0.26%，纳指涨0.25%。 另据央视新闻报道，当地时间1月15日，美国财政部宣布对伊朗多个个人和实体以及与伊朗关联的多个 外国公司实施制裁。此外，美国财政部方面还指定了18名个人和实体，称他们涉及伊朗石油和石化产品 出口相关领域。 加密货币方面，主要币种集体下挫，比特币跌破9.6万美元，最新报95511美元/枚，过去24小时全球超12 万人爆仓。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 49442.44 | 23530.02 | 6944.47 | | +292.81 +0.60% | +58.27 +0.25% | +17.87 +0.26% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7809.82 | 25699.50 | 6981.75 | | -46.96 -0.60% | +68.50 +0.27% | +15.50 +0.22% | 大型科技股涨跌互现，个股方面，英伟达涨超2%，谷歌跌近1%。 芯片股多数上涨，费城半导体 ...

Monetary Policy Measures - The People's Bank of China will implement 8 policy measures to support economic structural transformation, including a 0.25 percentage point reduction in various structural monetary policy tool rates [2] - The re-lending quota for supporting agriculture and small enterprises will be increased by 500 billion yuan, with a total quota of 1 trillion yuan specifically for private enterprises [2] - The quota for re-lending for technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, including support for high R&D investment private SMEs [2] - The previously established private enterprise bond financing support tool and technological innovation bond risk-sharing tool will be merged, providing a total re-lending quota of 200 billion yuan [2] - The carbon reduction support tool will be expanded to include more projects with carbon reduction effects, guiding banks to support comprehensive green transformation [2] - The support areas for service consumption and elderly care re-lending will be expanded to include the health industry [3] Corporate Developments - TSMC reported a net profit of approximately 505.7 billion NTD for Q4 2025, with a year-on-year increase of 35%, and advanced processes accounted for 77% of total wafer sales [4] - Xunlei and its subsidiary filed a civil lawsuit against former CEO Chen Lei and his core team for 200 million yuan, alleging damage to company interests [4] - Xibei Restaurant confirmed plans to close 102 stores, representing 30% of its total outlets [5] Financial Market Trends - BlackRock attracted $342 billion in client funds in Q4, raising its assets under management to a record $14 trillion, with significant inflows into long-term investment funds and ETFs [5] - The first gold ETF in China surpassed 100 billion yuan in size, with a total scale of 100.76 billion yuan, marking a growth of over 200% since the beginning of 2025 [11] Policy Initiatives - The Ministry of Human Resources and Social Security and the Ministry of Finance released opinions to enhance the inclusiveness and flexibility of enterprise annuity systems [6][7] - Shenzhen's Industrial and Information Technology Bureau announced an action plan to strengthen the OPC entrepreneurial ecosystem, providing financial support and resources for startups [9]

US stock futures climbed on Friday, led again by tech as Wall Street looked for back-to-back gains to end a volatile week of solid bank earnings and geopolitical jitters. Nasdaq 100 futures (NQ=F) rose roughly 0.4%, while those on the S&P 500 (ES=F) added 0.2%. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, hovered around the flatline after stocks reversed a two-day losing streak on Thursday. Markets are poised for another winning day as TSMC (TSM) and Nvidia (NVD ...

Group 1: Market Performance - The U.S. stock market saw a strong performance with all three major indices rising, driven by better-than-expected earnings reports from Morgan Stanley and Goldman Sachs, leading to significant gains in financial stocks [1][2] - Morgan Stanley's stock surged over 6%, while Goldman Sachs rose over 4%, both reaching historical highs [1][2] - The Nasdaq index experienced a peak increase of over 1% during trading, reflecting renewed investor enthusiasm for technology stocks, particularly in the semiconductor sector [1] Group 2: Financial Sector Earnings - Morgan Stanley reported Q4 2025 revenues of $17.89 billion, a 10.3% year-over-year increase, surpassing market expectations of $17.77 billion, with earnings per share of $2.68, exceeding the forecast of $2.44 [2] - Goldman Sachs disclosed Q4 revenues of $13.45 billion, a slight decline of 3% year-over-year, but its Non-GAAP earnings per share reached $14.01, significantly above the expected $11.76 [2] Group 3: Semiconductor Sector Insights - TSMC's Q4 earnings report showed a gross margin exceeding 60% for the first time, with a net profit of $16 billion, a substantial 35% increase year-over-year, exceeding analyst expectations [3] - TSMC plans to significantly increase its capital expenditure to $56 billion in 2026, a 37% rise from the $40.9 billion spent in 2025, indicating a strong commitment to capitalize on AI opportunities [3] - The positive earnings from TSMC led to a 4.4% increase in its stock price, contributing to a broader rally in semiconductor stocks, with the Philadelphia Semiconductor Index rising by 1.76% [3] Group 4: Federal Reserve Policy Signals - Recent labor market data indicated a decrease in initial jobless claims to 198,000, significantly below the expected 215,000, alleviating concerns about a weakening labor market [4][5] - Several Federal Reserve officials suggested a pause in interest rate cuts, citing a stable labor market and ongoing inflation pressures [5] - The comments from Fed officials indicate a preference for maintaining a moderately restrictive monetary policy to address persistent inflation concerns [5]

Group 1 - TSMC's Chairman Wei Zhejia firmly stated that there will be no loosening of orders from major clients like Nvidia and Apple, despite potential collaborations between Intel and these companies [1] - Wei emphasized that the complexity of advanced processes and system integration means that competition cannot be won merely by increasing capital expenditure [1] - The timeline for developing advanced technology and achieving mass production typically spans several years, making it difficult to alter supply chain choices in the short term [1] Group 2 - Intel's latest technology advancement is the Intel 18A process, focusing on optimizing internal product demands, which will serve as a key technological foundation for future client and server products [2] - The upcoming 14A process is being developed with external (foundry) demands in mind from the outset [2] - Nvidia has announced collaborations with Intel to develop customized data center and PC products, including tailored x86 CPUs for data centers and integrated x86 systems with Nvidia's RTX GPU chips for personal computing [2]

Core Viewpoint - TSMC's expected capital expenditure for the year is projected to reach a record high of $52-56 billion, significantly exceeding previous estimates of $45-50 billion, indicating strong demand and growth potential in the semiconductor industry [1][2] Group 1: Capital Expenditure - TSMC's capital expenditure for 2024 is estimated at $29.8 billion, with $40.9 billion for 2025, and a forecast of $52-56 billion for 2026, representing an annual increase of approximately 27-36.9% [1] - Approximately 70-80% of this year's capital expenditure will be allocated to advanced process technology, with around 10% for special process technology, and another 10-20% for advanced packaging, testing, photomask production, and other projects [1] Group 2: Customer Support and Growth - TSMC emphasizes its primary responsibility is to support customer growth, having invested $167 billion in capital expenditures and $30 billion in R&D over the past five years [2] - The company plans to continue investing in cutting-edge, special, and advanced packaging technologies to ensure sustainable returns and support customer growth [2] Group 3: Cost Challenges - The rising costs associated with advanced processes and manufacturing complexities present challenges, with equipment costs becoming more expensive and the capital expenditure for the 2nm process significantly higher than for the 3nm process [2] - Additional cost challenges arise from global manufacturing footprint expansion, new investments in special process technologies, and inflationary pressures [2]

Group 1 - TSMC reported a significant 35% year-on-year increase in net profit for Q4, reaching a historical high and exceeding market expectations [1] - The company forecasts Q1 2026 revenue between $34.6 billion and $35.8 billion, representing a 38% year-on-year growth [1] - TSMC's gross margin and operating margin are projected to be between 63%-65% and 54%-56%, respectively, well above market estimates of 59.6% and 49.7% [1] Group 2 - TSMC's strong outlook alleviates market concerns regarding the sustainability of AI-related spending, with capital expenditures expected to rise significantly to $52-56 billion in 2026, up from $40.9 billion in 2025 [1] - The company anticipates nearly 30% revenue growth in 2026, surpassing average expectations [1] - The semiconductor industry is experiencing increased demand, with global semiconductor equipment sales projected to reach $133 billion by 2025, and domestic foundries like SMIC capitalizing on recovery opportunities [1][2] Group 3 - Changxin Technology, as the fourth-largest DRAM manufacturer globally and the largest in China, has received IPO approval to raise 29.5 billion yuan for production line upgrades and next-generation technology [2] - The domestic semiconductor equipment market is expected to benefit from increased demand and market share, with key players including Jingce Electronics and MAIWEI [2]