格隆汇8月25日｜台湾加权指数收涨2.16%，报24277.38点。台积电(2330.TW)收涨3.08%，报1170元新台 币。 来源：格隆汇APP ...

Core Insights - The article highlights significant developments in the semiconductor industry, including export growth, market trends, and major corporate activities in the sector [8][11][14]. Group 1: Industry Performance - In the first seven months, Shenzhen's electronic key intermediate products, particularly integrated circuits, saw exports reach 133.93 billion yuan, marking a year-on-year increase of 40.9% [11]. - The overall import and export volume of Shenzhen remained stable at 2.58 trillion yuan, with exports at 1.56 trillion yuan and imports at 1.02 trillion yuan [11]. - The DRAM market achieved a historical quarterly high in Q2 2025, with a market size of 32.101 billion USD, reflecting a 20% quarter-on-quarter growth [12]. Group 2: Corporate Developments - TaiLing Microelectronics announced plans to acquire Shanghai Panqi Microelectronics, indicating ongoing consolidation in the semiconductor sector [14]. - Jingfeng Mingyuan plans to acquire a 100% stake in wireless charging chip manufacturer Yichong Technology for 3.283 billion yuan (approximately 457 million USD), despite facing market skepticism due to its previous three years of losses [15]. - Samsung's HBM4 samples have passed initial testing and are set to enter pre-production, which could enhance its competitive position against SK Hynix [16]. Group 3: Government and Policy Impact - The Chinese Ministry of Industry and Information Technology emphasized the need for a balanced and proactive approach to developing intelligent computing infrastructure, with a target of 10.85 million standard racks in use by mid-2025 [10]. - The South Korean government announced a support plan totaling 45.8 trillion won (approximately 38.5 billion USD) to bolster key industries, including semiconductors [12]. Group 4: Market Trends - The storage spot market is stabilizing, with DDR4 and LPDDR4X products maintaining high price levels, while embedded eMMC products show limited market activity due to low customer stocking enthusiasm [19]. - The global market for smart vacuum robots is experiencing a surge, with domestic sales reaching 10.6 billion yuan in the first seven months, a 40% year-on-year increase [21].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The demand outlook remains positive, with capacity expansion driving future growth [2][12]. - The company is expected to achieve revenue growth, with projected revenues of $2.419 billion in 2025, $2.949 billion in 2026, and $3.390 billion in 2027, reflecting year-on-year growth rates of 21%, 22%, and 15% respectively [6][12]. - The company is actively expanding its production capacity, with the monthly capacity increasing from 391 thousand wafers in Q4 2024 to 447 thousand wafers in Q2 2025 [12]. Financial Forecasts and Investment Recommendations - The forecast for the company's net asset per share for 2025-2027 is $3.66, $3.75, and $3.87 respectively, with a target price of HKD 79.63 based on a comparable company average PB of 2.8 times for 2025 [4][13]. - The company reported a revenue of $566 million in Q2 2025, a year-on-year increase of 18% and a quarter-on-quarter increase of 5% [12]. - The gross margin for Q2 2025 was 10.9%, exceeding the company's guidance of 7%-9% [12].

美东时间周五，美股三大指数集体收涨，其中道指创下历史新高。美联储主席鲍威尔在杰克逊霍尔年会讲话中暗示9月份将会降息，投资者闻讯大举加 仓，推动美股全线走强。 在他发表讲话后，市场对9月降息的押注显著升温。交易员目前认为降息的概率接近90%，高于讲话前的约75%。 大型科技股上涨，中概股普涨 土耳其竞争管理局称，为确定谷歌是否违反了竞争保护法，对谷歌启动了调查。谷歌通过谷歌商店迫使应用开发者使用谷歌自有支付系统，并阻止应用开 发者告知用户其他支付渠道，涉嫌违反相关规定。 热门中概股普涨，纳斯达克中国金龙指数收涨2.73%。名创优品涨逾20%，蔚来涨超14%，向上融科涨逾13%，金山云涨逾9%，阿里巴巴、爱奇艺、小鹏 汽车涨超4%，京东、百度、理想汽车涨逾2%。 截至收盘，道指涨1.89%报45631.74点，创历史新高，标普500指数涨1.52%报6466.91点，纳指涨1.88%报21496.53点。 大型科技股全线上涨，特斯拉涨超6%，谷歌涨逾3%，亚马逊涨超3%，脸书涨逾2%，英伟达涨超1%，苹果涨逾1%，微软涨0.59%。 | TAMAMA科技指数 | 18799.46 | 2.05% | | --- ...

Market Overview - US stock indices closed higher, with the Dow Jones Industrial Average (DJIA) reaching a record high of 45,631.74 points, up 846.24 points or 1.89% [3] - The S&P 500 index rose by 1.52% to 6,466.91 points, while the Nasdaq increased by 1.88% to 21,496.53 points [3] - For the week, the DJIA gained 1.53%, the S&P 500 rose 0.27%, and the Nasdaq fell by 0.58% [3] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated a shift in risk balance, suggesting a potential need to adjust policy stance due to rising downside risks to employment [5] - Market expectations for a 25 basis point rate cut in September have surged to approximately 91% following Powell's remarks [5] - Fed officials expressed mixed views on economic data, with concerns about inflation and employment trends [5] Technology Sector Performance - Major tech stocks experienced significant gains, with Tesla rising over 6%, Google up more than 3%, and Amazon increasing by over 3% [7] - Other notable tech stocks included Facebook (up over 2%), Nvidia (up over 1%), and Apple (up over 1%) [7] Commodity Market - Oil prices saw a slight increase, with WTI crude oil rising by 0.2% to $63.66 per barrel and Brent crude oil up by 0.1% to $67.73 per barrel [9] - The Philadelphia Gold and Silver Index reached a new historical high, closing up 1.81% at 239.23 points, marking a weekly increase of 3.37% [9] Chinese Stocks Performance - Chinese stocks listed in the US saw widespread gains, with the Nasdaq Golden Dragon China Index rising by 2.73% and the Wind Chinese Technology Leaders Index up by 2.63% [12] - Notable performers included Miniso (up over 20%), SMIC (up over 19%), and NIO (up over 14%) [12]

Core Viewpoint - TSMC remains the leader in the foundry market, with recent news suggesting a potential alliance between Samsung and Intel, but it is unlikely to disrupt TSMC's position in the short term [1] Group 1: Samsung and Intel Alliance - If Samsung invests in Intel, it may lead to a partnership where Intel outsources some chip production to Samsung, creating a mutually beneficial relationship [1] - Despite this potential alliance, Intel continues to expand its foundry business, indicating ongoing competition with Samsung [1] Group 2: TSMC's Competitive Advantage - TSMC's competitive edge lies in its strategy of not competing with its customers, ensuring that the success of its clients translates to TSMC's success [1] - In the context of the AI era, TSMC is well-positioned to capture high-performance computing (HPC) and AI orders, particularly in brand chips and application-specific integrated circuits (ASICs) [1] - As competitors lag in establishing their foundations in these areas, it will become increasingly difficult for them to catch up with TSMC [1]

美国官员透露，特朗普政府并未寻求把对英特尔的"芯片补助换股权"模式，比照办理于台积电（2330） 和美光等其他也获得美国补助建厂的芯片制造商。据传台积电曾经初步讨论，若美国政府要求入股，就 返还补贴。 商务部负责监督527亿美元的芯片法补助，卢特尼克持续要求获得芯片法补贴的企业，提高对美国总投 资额，希望为美国纳税人协商更好的条件。 芯片法初始构想为吸引台积电等制造商到美国建厂制造产品，但该补贴计划执行进度缓慢、政权更迭造 成的不确定性及关税紧张，都对其效益造成阻碍。 卢特尼克要说服英特尔把补贴转换成股权，也可能招来英特尔股东以先前协议内容提起诉讼挑战。芯片 法要求，获得补助者要把高于特定水准的获利，分享给政府。 台积电先前已宣布拟加码美国投资，总投资额1,650亿美元，其中亚利桑那州第一座晶圆厂已于去年第4 季量产，第二座厂也完成建设，预计将量产进度加速数个季度，以支持客户需求。当地第三座晶圆厂已 开始动工，台积电正考虑加快生产进度，后续还有四、五、六座晶圆厂，以及二座先进封装厂、一间研 发中心的建设计划。 针对相关传闻，台积电昨（22）日没有回应。不过，台积电董事长魏哲家今年初曾表示，台积电的美国 投资是 ...

商务部长霍华德·勒特尼克（Howard Lutnick）周二在接受CNBC采访时确认，政府正在与陷入困境的半 导体公司英特尔(INTC.O)谈判，计划持有其10%的股权，并表示政府也可能考虑在其他公司中持股。 此番言论引发业界担忧，担心政府可能会要求对台积电(TSM.N)、美光科技(MU.O)和三星（Samsung） 等大型芯片制造商持股。上月，政府刚刚收购了一家稀土材料生产商15%的股份。 这位官员说："商务部无意从台积电和美光手中获取股权。" 勒特尼克一直要求获得《芯片法案》资助的企业进一步加大在美国的总投资，以便为纳税人争取更有利 的条件。该法律授权提供数百亿美元的补助、贷款和其他形式的补贴，旨在推动包括英特尔、台积电在 内的公司在美国建设半导体制造产能。 这一做法延续了特朗普政府根据企业在美投资力度来"奖惩"科技公司的路线。特朗普总统最近表示，在 美国投资更多的企业可获豁免于约100%的芯片进口关税。 特朗普在私营部门的干预，引发企业高管的焦虑，担心自己会成为下一个目标。政府目前正在对英伟达 (NVDA.O)和AMD(AMD.O)对华销售额抽取15%的分成。在最近加快与英特尔的谈判、讨论将部分芯片 法 ...

Core Insights - NVIDIA CEO Jensen Huang praised TSMC, stating that any investor looking to buy shares in the company is "very wise" as TSMC's stock has risen over 15% this year [2] - Huang's visit to Taiwan was to express gratitude to TSMC for completing the design finalization of six new chips for NVIDIA, including a new GPU and a silicon photonics processor for the next-generation "Rubin" architecture supercomputer [2] - Huang emphasized that this is the first time in the company's history that all chips are entirely new and revolutionary, indicating a significant milestone for NVIDIA [2] Company Developments - NVIDIA is eager to launch the "NVIDIA Constellation" project, a new office in Taiwan to accommodate its growing workforce [3] - The company is collaborating with local chip companies, system suppliers, and manufacturers, necessitating a large number of engineers to work alongside them [3] Industry Context - The U.S. government is planning to invest in semiconductor companies through the CHIPS and Science Act, which aims to revitalize U.S. leadership in semiconductor manufacturing [3] - TSMC has been promised $6.6 billion in funding under this act for the construction of three advanced fabs in Arizona, with the P1 fab already in production and P2 expected to start mass production in 2027 [3] - TSMC's Arizona factory reported its first profit after four years of losses, earning NT$6.447 billion, which accounted for 1.62% of TSMC's net profit in Q2 2025 [3]

Group 1: Market Overview - Morgan Stanley reports that the Chinese stock market is expected to maintain upward momentum due to moderate leverage and valuation levels, estimating an additional liquidity injection of 14 trillion RMB, approximately 16% of the circulating market value, driven by asset rotation and excess liquidity [2] - The semiconductor industry is experiencing a strong rebound, with companies like CloudWalk Technology, Shengmei Shanghai, and Cambrian Technologies seeing significant stock price increases, indicating robust market activity [2] Group 2: Sector Performance - The semiconductor sector shows a notable increase, with an average rise of 2.45%, while other sectors like oil and coal are experiencing declines [3] - The performance of individual semiconductor stocks includes Shengmei Shanghai at 139 RMB with a P/E ratio of 44.08, and Cambrian Technologies at 1164.45 RMB with a P/E ratio of 342.61, reflecting high investor interest and valuation [5] Group 3: Company Insights - Shengmei Shanghai is entering a new phase of platform development in 2024, focusing on differentiated international competition and original innovation, with new product launches aimed at expanding market share [6] - Haiguang Information is leading in CPU and DCU product performance and is expected to benefit from the surge in domestic computing infrastructure demand [7] - Cambrian Technologies is positioned to strengthen its market position as industry consolidation accelerates, with its "domestic" attribute becoming a key market differentiator [8] - Jiahua Technology is diversifying its product matrix in high-performance computing and is planning an H-share listing to advance its international strategy [9]