TSMC(US:TSM) Sou Hu Cai Jing·2026-01-19 01:50Group 1 - TSMC's financial outlook exceeds expectations, significantly boosting global semiconductor capacity expansion for 2026, with various semiconductor industry chains rising globally [1][3] - TSMC reported a 35% year-on-year increase in net profit for Q4 2025, and capital expenditures for 2026 are expected to reach up to $56 billion, a 37% increase from 2025 [3][4] - The semiconductor equipment ETF (561980) has seen a net inflow of over 200 million yuan, with its scale and net value reaching new highs, surpassing 3.5 billion yuan [1][4] Group 2 - The average utilization rate for 8-inch wafers globally is projected to rise to 85-90% in 2026, significantly better than the 75-80% in 2025, driven by strong AI demand [3][4] - The semiconductor equipment ETF has shown a doubling in growth from 2025 to the present, with a maximum increase of nearly 670% since the last semiconductor cycle [5][6] - The top ten weighted stocks in the semiconductor index have a concentration close to 80%, including leading companies in etching equipment, multi-field equipment, and AI chip design, indicating strong potential for benefiting from domestic substitution growth [6]