TSMC(US:TSM) Hua Tai Qi Huo·2025-10-17 06:00Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the given content. 2. Core View of the Report - The upstream prices of energy and agriculture have declined recently. Specifically, international oil prices have dropped significantly, and pork prices have also fallen [1]. - The chip manufacturing industry is showing a strong trend. TSMC's Q3 financial report exceeded market expectations, boosting market optimism about the increasing demand for AI chips. TSMC is confident in the positive development of the AI market [1]. - China's foreign trade has withstood pressure and shown a stable and positive trend in the first three quarters of this year. The Ministry of Commerce will strengthen policy reserves and introduce new policies to stabilize foreign trade [1]. 3. Summary by Related Catalog Production Industry - TSMC's Q3 revenue and net profit exceeded market expectations, indicating strong demand for AI chips. The company is confident in the AI market. In terms of technology and capacity, the A16 process is expected to be mass - produced in the second half of the year, the 2 - nanometer process will be mass - produced later this quarter, and multiple phases of 2 - nanometer wafer fabs are being prepared in Taiwan. The second wafer fab in Japan has started construction [1]. Service Industry - The Ministry of Commerce will strengthen policy reserves and introduce new policies to stabilize foreign trade. It will work on releasing policy effectiveness, promoting trade, and deepening trade cooperation [1]. Upstream - Energy: International oil prices have declined significantly [1]. - Agriculture: Pork prices have fallen [1]. Midstream - Chemical: The PTA operating rate is at a medium level compared to the same period in the past three years [1]. - Energy: The coal consumption of power plants has decreased [1]. Downstream - Real estate: The sales of commercial housing in second - and third - tier cities have rebounded from a low level [1]. Key Industry Price Indicators - Many agricultural products' prices have declined, such as corn (-1.61%), eggs (-1.63%), palm oil (-1.28%), etc. on October 16 [34]. - Most non - ferrous metals' prices have decreased, including copper (-0.59%), zinc (-1.06%), nickel (-1.18%), etc. on October 16 [34]. - Energy prices have mixed trends. WTI crude oil increased by 7.53%, while Brent crude oil decreased by 6.55% on October 16 [34]. - Chemical product prices generally declined, like PTA (-3.51%), polyethylene (-1.43%), etc. on October 16 [34]. - Real estate - related indices, such as the building materials composite index (-1.49%) and the concrete price index (-0.34%), have decreased on October 16 [34].