TSMC(US:TSM) 国泰海通证券研究·2025-11-03 12:42Core Insights - The article discusses the rapid evolution of AI narratives and the exponential growth in token usage, highlighting the need for domestic AI industry chain improvements [3][4]. Group 1: AI Industry Developments - The demand for AI is driving significant upgrades in server capabilities, focusing on computing, storage, and operational efficiency [5]. - Domestic computing power is accelerating towards self-sufficiency, indicating a shift in the industry landscape [6]. Group 2: Semiconductor Industry Trends - AI demand is clearly defined, leading to a continuous rise in various segments of the semiconductor supply chain [9]. - SEMI forecasts a 5.4% increase in global silicon wafer shipments by 2025, reaching 12.824 billion square inches, primarily driven by AI-related data center and edge computing needs [10]. - The price of storage chips has surged, with DRAM contract prices expected to rise over 170% by Q3 2025 compared to the same period in 2024, due to increased memory requirements for AI servers [11]. - TSMC is experiencing a surge in orders for its 3nm process technology, driven by strong sales of Apple's iPhone 17 series and new flagship chips from Qualcomm and MediaTek, leading to increased prices and capacity utilization [12].