记者|杜宇 编辑|陈柯名 杜恒峰 校对|程鹏 2月5日，美股三大指数集体低开，纳指跌1.58%，道指跌0.5%，标普500指数跌1.04%。超3000支个股下跌。 截至发稿，谷歌跌超6%，公司资本支出指引过高引市场担忧。蔚来涨超7%，公司首次录得单季度经调整经营利润。高通跌超10%，公司Q2业绩指引疲 软。减肥药概念股受挫，诺和诺德跌超4%，礼来跌超3%。 在美上市的韩国电商巨头Coupang跌超9%，公司确认16.5万用户数据泄露。 雅诗兰黛股价下跌18%，因营销成本增加，雅诗兰黛今年业绩指引低于预期。 每经记者｜杜宇 每经编辑｜陈柯名 | 今开 | 105.350 | | 最高 | 106.220 | | 成交量 | 167.35万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 119.610 | | 最低 | 96.740 | | 成交额 | 1.68亿 | | 换手率 | 0.46% | | 市盈(TTM) | 亏损 | | 总市值 | 351.10亿 | | 分时 | 王日 | 日K | 周K | 月K | 季K | 年K | ...

Core Viewpoint - United Microelectronics Corporation (UMC) reported a year-over-year increase in net sales for January 2026, indicating a positive growth trend in revenue [1]. Financial Performance - UMC's revenues for January 2026 reached NT$20,862,150 thousand, compared to NT$19,806,795 thousand in January 2025, marking an increase of NT$1,055,355 thousand [1]. - The year-over-year growth rate for January 2026 is 5.33% [1].

Core Viewpoint - The semiconductor industry is crucial for modern technology, impacting various sectors from consumer electronics to military applications, and is currently facing challenges related to energy efficiency and manufacturing costs [2][3][4]. Group 1: Semiconductor Importance - Semiconductors are essential components in a wide range of devices, controlling systems from smartphones to military equipment [2]. - The industry is pivotal not only for information technology but also for advancements in fields like neuroscience and synthetic biology [7]. Group 2: Chip Design and Manufacturing - Chip design is an intellectual task requiring specialized tools and teams, while manufacturing is a labor-intensive process needing large factories [4][6]. - The integration of different chip functions necessitates various technologies, leading to inefficiencies in information transfer and high design costs [4][6]. Group 3: Market Dynamics - TSMC dominates the semiconductor foundry market with over 60% share, while the U.S. manufacturing capacity has significantly declined from 37% in 1990 to 12% in 2021 [7]. - The CHIPS Act was introduced to address the declining U.S. semiconductor manufacturing capabilities, but the global supply chain remains fragile [7]. Group 4: Technological Advancements - Moore's Law, which predicts the doubling of transistors on chips, is facing challenges as manufacturing costs rise and energy efficiency improvements slow down [10][11]. - Innovations such as 2.5D integration and chiplets are being explored to enhance performance and efficiency while addressing the limitations of traditional semiconductor designs [25][16]. Group 5: AI and High-Performance Computing - The demand for AI and machine learning applications is driving the need for specialized processors, leading to significant investments in GPU and dedicated hardware [14][15]. - High-performance computing systems are becoming increasingly power-intensive, necessitating advanced cooling solutions to manage heat [19]. Group 6: Storage Technology - Advances in storage technologies, including 3D structures and high-bandwidth memory (HBM), are crucial for meeting the growing data demands of modern applications [21][22][23]. - Emerging storage technologies like MRAM and PCM are being developed as alternatives to traditional non-volatile memory solutions, offering advantages in speed and energy efficiency [23]. Group 7: Future Outlook - The semiconductor industry is expected to achieve significant advancements driven by the increasing demand for AI and high-performance computing, with innovations in materials and manufacturing processes playing a key role [25][30]. - The integration of photonics and application-specific optimizations will be essential for overcoming the limitations of current semiconductor technologies [28][30].

周一全球股市出现"集体撤退"。在贵金属暴跌引发的风险资产抛售潮中，标普500指数期货暗示美股将 迎来连续第四天下跌。比特币在周末走弱后徘徊在7.7万美元附近。 截至发稿，道指期货跌0.09%，标普500指数期货跌0.38%，纳指期货跌0.66%。 欧洲股市则基本持平、波动不大。欧洲股指在开盘大幅下挫后，早盘趋于稳定。英国富时100指数下跌 0.2%，主要受贵金属矿业股拖累。 亚洲市场跌势更重：作为AI交易风向标的韩国Kospi指数暴跌5.3%，大型科技股领跌。韩国市场的急跌 一度触发短暂停牌，监管机构试图抑制波动。日本日经225指数下跌1.3%，能源股和金融股拖累大盘； 香港恒生指数下跌2.2%。 大宗极端波动仍是焦点 商品市场的极端波动仍是市场关注的中心。黄金在一度下跌10%后收窄跌幅；白银曾下挫16%，随后反 弹收复大部分跌幅。市场参与者正评估：在沃什领导下，美联储降息周期可能更慢、幅度更浅，这对贵 金属意味着什么。 马来亚银行的Tareck Horchani表示，特朗普的美联储人选引发了跨资产波动，投资者正重新评估在外 汇、商品和股票上的仓位，尤其是在美元反弹之后更是如此。 加剧波动的另一个因素，是全球 ...

联电(UMC.US)盘前续跌超6%，报9.56美元。消息面上，联电2025年第四季度营收同比增长2.4%至19.7 亿美元，较市场预期高出6000万美元；每股收益为0.129美元，略低于市场预期0.01美元；毛利率为 30.7%。期内晶圆出货量环比微降0.6%至99.4万片(约当12英寸)，整体产能利用率维持在78%。展望今年 首季，公司预计晶圆出货量将保持平稳，平均销售单价将保持坚挺，毛利率预计回落至约20%高位区 间，产能利用率预计处于70%中段范围。(格隆汇) ...

证 券 研 究 报 告 联华电子（UMC）CY25Q4 业绩点评及业绩说明会纪要 22/28nm 持续放量，先进封装与硅光打开中长 期成长空间 会议纪要 1. 业绩情况：2025Q4，公司实现营收 618.10 亿新台币（QoQ+4.50%， YoY+2.36%），毛利率 30.7%（QoQ+0.9pct，YoY+0.3pct）、营业利润率 19.8% （QoQ+1.0pct）、净利率 16.2%（QoQ-9.1pct）；2025 全年实现营收 2375.53 亿 新台币（YoY+2.3%），毛利率 29.0%（YoY-3.6pct）、营业利润率 18.5%（YoY- 3.7pct）、净利率 17.5%（YoY-2.8pct）。 2. 营收结构：25Q4 公司营收增长主要由亚洲及欧洲驱动，北美全年占比由 25%降至 21%。客户维度上，IDM 占比在 Q4 稳定于 20%，全年同比提升 3pct 至 19%；应用领域中，消费电子全年占比升至 31%，季度间分布基本持平。制 程端，22/28nm 作为核心驱动力，Q4 营收占比达 36%，全年占比同比提升 3pct， 40nm 亦同比提升约 2pct。 3. 公 ...

证 券 研 究 报 告 22/28nm 持续放量，先进封装与硅光打开中长 期成长空间 事项： 2026 年 1 月 28 日联电发布 CY25Q4 报告，并召开业绩说明会。CY25Q4，公 司实现营收 618.10 亿新台币，同比增长 2.36%，环比增长 4.50%；实现毛利率 30.7%，同比增长 0.3pct，环比增长 0.9pct。2025 全年，公司实现营收 2375.53 亿新台币，同比增长 2.3%，出货量同比增长 12.3%。 评论： 1. 业绩情况：2025Q4，公司实现营收 618.10 亿新台币（QoQ+4.50%， YoY+2.36%），毛利率 30.7%（QoQ+0.9pct，YoY+0.3pct）、营业利润率 19.8% （QoQ+1.0pct）、净利率 16.2%（QoQ-9.1pct）；2025 全年实现营收 2375.53 亿 新台币（YoY+2.3%），毛利率 29.0%（YoY-3.6pct）、营业利润率 18.5%（YoY- 3.7pct）、净利率 17.5%（YoY-2.8pct）。 2. 营收结构：25Q4 公司营收增长主要由亚洲及欧洲驱动，北美全年占比由 25%降 ...

1月30日热门中概股涨跌不一，纳斯达克中国金龙指数（HXC）收高0.35%。 上涨股当中（按市值从高到低），贝壳涨3.45%，理想汽车涨0.64%，中通涨1.32%，华住酒店集团涨 0.29%，中国新城农村涨2.12%，蔚来涨3.92%，满帮涨1.30%，新东方涨0.87%，BOSS直聘涨0.37%。 下跌股当中（按市值从高到低），台积电跌1.00%，阿里巴巴跌0.77%，拼多多跌0.11%，网易跌 1.26%，百度跌0.09%，日月光半导体跌2.42%，京东跌0.55%，携程跌0.61%，中华电信跌0.16%，腾讯 音乐跌0.35%，联电跌7.16%，富途控股跌2.04%，小鹏汽车跌0.35%，哔哩哔哩跌1.34%，万国数据跌 1.51%。 美股周四收盘涨跌不一。微软重挫约10%，软件股票普遍走低令科技股承压。交易员正在消化Meta与微 软等科技股财报，以及美联储昨日公布的最新利率决议。贵金属价格大幅波动。苹果将在周四收盘后公 布业绩。 道指跌55.96点，跌幅为0.11%，报49071.56点；纳指跌172.33点，跌幅为0.72%，报23685.12点；标普 500指数跌9.02点，跌幅为0.13%，报 ...

Group 1: Company Overview - United Microelectronics Corporation (UMC) is a significant player in the semiconductor industry, providing integrated circuit manufacturing services and competing with major foundries like TSMC and GlobalFoundries [1] - UMC's operations are vital in the tech supply chain, affecting sectors from consumer electronics to automotive [1] Group 2: Financial Performance and Market Position - UMC's recent Q4 2025 earnings call provided insights into its financial health, focusing on key metrics such as revenue and profit margins, which are essential for assessing the company's market position [3][6] - UMC's current stock price is $11.40, reflecting a decrease of approximately 8.62%, with fluctuations between $11.23 and $11.86 during the trading day [4] - Over the past year, UMC's stock has experienced significant volatility, with a high of $12.68 and a low of $5.66 [4] - UMC's market capitalization is approximately $28.44 billion, indicating its substantial presence in the semiconductor industry [5] Group 3: Analyst Ratings and Price Target - BNP Paribas set a price target of $8.60 for UMC, suggesting a potential decrease of approximately -24.50% from its current stock price of $11.39 [2][6] - The downgrade to "Underperform" from "Neutral" reflects a cautious outlook on UMC's future performance in the semiconductor industry [2][6]

盘前市场动向 1. 1月28日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.04%，标普500指数期货涨0.37%，纳指期货涨 0.95%。 | = US 30 | 49,020.90 | 49,079.60 | 48,972.10 | +17.50 | +0.04% | | --- | --- | --- | --- | --- | --- | | = US 500 | 7,004.30 | 7.014.80 | 6,983.30 | +25.70 | +0.37% | | 트 US Tech 100 | 26,185.00 | 26,224.70 | 26,003.30 | +245.30 | +0.95% | 2. 截至发稿，德国DAX指数跌0.10%，英国富时100指数跌0.44%，法国CAC40指数跌0.96%，欧洲斯托克50指数涨0.03%。 | 德国DAX30 | 24,882.14 | 24,929.93 | 24,795.48 | -26.09 | -0.10% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 10,1 ...