TSMC(US:TSM) Zhong Guo Ji Jin Bao·2025-10-16 08:24Market Overview - The A-share market experienced fluctuations on October 16, with the Shanghai Composite Index rising by 0.1%, the Shenzhen Component Index falling by 0.25%, and the ChiNext Index increasing by 0.38% [3] - A total of 1,177 stocks rose, while 4,171 stocks declined, indicating a challenging market environment [4] Sector Performance - The coal sector saw significant gains, with major companies like Dayou Energy rising by 10.09% and Zhongmei Energy by 7.35% [6][7] - The insurance and banking sectors also performed well, with China Life Insurance increasing by 5.16% and CITIC Bank by 3.84% [8][9] TSMC Financial Results - TSMC reported a consolidated revenue of approximately NT$989.92 billion (about RMB 230.45 billion) for Q3, a year-on-year increase of 30.3% [19] - The net profit for the same period was approximately NT$452.3 billion (about RMB 105.29 billion), reflecting a 39.1% year-on-year growth [19] - TSMC raised its revenue growth forecast for 2025 to the mid-30% range, indicating strong confidence in demand for AI-related components [19][20] Capital Expenditure Plans - TSMC adjusted its capital expenditure target for 2025, planning to invest at least $40 billion, up from a previous lower limit of $38 billion [20] - The company remains a key beneficiary of the AI infrastructure investment wave, with increasing demand for semiconductor products driven by AI technology [20] Analyst Target Price Adjustments - Following TSMC's earnings report, several investment banks raised their target prices for the company, including Barclays (from $325 to $330), Haima International (from $300 to $400), and Deutsche Bank (from NT$1,300 to NT$1,500) [21][22][24]