台积电业绩超预期，GB200呼之欲出

Investment Rating - The report assigns a "Positive" investment rating for the electronics industry [3]. Core Insights - TSMC's performance exceeded expectations, driven primarily by AI contributions, with Q3 2024 revenue reaching $23.5 billion, a year-on-year increase of 36.0% and a quarter-on-quarter increase of 12.9% [3][6]. - The semiconductor sector has shown significant growth, with a year-to-date increase of 19.49% in the Shenwan Electronics Index [3][6]. - The upcoming GB200 product from NVIDIA is anticipated to enter mass production soon, indicating strong growth potential in the AI sector [3][6]. Summary by Sections Industry Performance - The Shenwan Electronics Index has seen a broad increase, with sub-sectors showing varied performance: Semiconductors (+19.49%), Other Electronics II (+17.70%), Components (+24.62%), Optical Electronics (-4.40%), Consumer Electronics (+12.69%), and Electronic Chemicals II (-0.65%) [3][6]. - In the past week, the semiconductor sector rose by 12.07%, Other Electronics II by 13.66%, and Components by 7.96% [3][6]. Key Company Updates - TSMC's Q3 2024 revenue was $23.5 billion, with a gross margin of 57.8% and a net margin of 42.8%, leading to an upward revision of its annual revenue guidance to nearly 30% growth [3][6]. - NVIDIA has shared the mechanical design of the GB200 NVL72 with OCP, indicating that production is nearing completion [3][6]. Stock Performance - Notable stock performances include TSMC (+93.06% year-to-date) and NVIDIA (+178.66% year-to-date), reflecting strong market interest in these companies [8][10]. - The report highlights significant weekly gains for various stocks, including Apple (+3.27%) and Micron Technology (+3.96%) [8][10]. Recommendations - The report suggests focusing on overseas AI companies such as Foxconn Industrial Internet and domestic AI firms like Cambricon and Haiguang Information [3].