TSMC(US:TSM) Mei Ri Jing Ji Xin Wen·2025-07-21 03:16Group 1 - The core viewpoint of the articles highlights the mixed performance of the semiconductor sector in China, with specific focus on the recent financial results of TSMC and the dynamics of the domestic semiconductor industry [1][2][3] - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 0.32% as of July 21, 2025, with mixed performance among constituent stocks [1] - TSMC reported impressive financial results for Q2, achieving revenue of $30.07 billion, a year-on-year increase of 44.4% and a quarter-on-quarter growth of 17.8% [1] Group 2 - Donghai Securities emphasizes that the Chinese semiconductor industry is characterized by a dual resonance of cyclicality and growth, with significant pressure at the current cycle's bottom and strong domestic demand for localization [2] - The semiconductor industry is identified as a cyclical sector, influenced by key indicators such as price, inventory, capacity supply, and terminal demand [2] - The Sci-Tech Innovation Board semiconductor ETF (588170) tracks the semiconductor materials and equipment index, focusing on hard-tech companies in the semiconductor sector, which is crucial for domestic substitution [2]