特朗普宣布对韩国和日本征收25%的关税。 特朗普表示，此项关税将独立于各类行业性关税。此外，任何试图通过第三国转运来规避该关税的做法，也将被征以更高的关税。特朗普称，选择在美国 境内建厂或生产产品的公司无需缴纳此项关税。此外，若这些国家决定提高对美关税，则美国将在现有税率基础上追加同等幅度关税。 当地时间7月7日，美股三大指数集体收跌，道指跌0.94%，纳指跌0.92%，标普500指数跌0.79%。 消息面上，美国总统特朗普向多国发出信函，表示将对进口商品征收新的关税。其中，美国将自2025年8月1日起对所有日本和韩国产品征收25%的关税。 此外，特朗普警告称，如果日韩两国以提高关税作为回应，美国也将在25%的基础上再提高同等额度的关税。 当天，在美上市的日本、韩国公司股票走低，日产汽车跌超7%，丰田汽车跌近4%，韩国SK电信跌超7%，LG Display跌超8%。 不过，7月8日亚洲市场交易时段，日韩股市均表现强势。日股在小幅低开后迅速走高，韩股小幅高开后震荡走高。 | 序号 | | 名称 | 最新价 | 涨跌额 | 涨跌幅 | 开盘价 | 最高价 | 最低价 | | --- | --- | --- | - ...

Core Viewpoint - The article discusses President Trump's announcement of a 25% tariff on all products from Japan and South Korea starting August 1, 2025, citing trade imbalances as a significant threat to the U.S. economy and national security [2][6]. Group 1: Tariff Announcement - President Trump announced a 25% tariff on all Japanese and South Korean products effective August 1, 2025, as part of efforts to address trade imbalances [2][6]. - The tariff will be independent of existing industry-specific tariffs, and attempts to circumvent the tariff through third countries will incur higher tariffs [6][7]. - Companies that choose to manufacture or produce products within the U.S. will be exempt from this tariff [7]. Group 2: Market Reactions - Following the tariff announcement, both the Japanese yen and South Korean won fell against the U.S. dollar, and U.S. stock indices experienced significant declines, with the Dow, Nasdaq, and S&P 500 dropping over 1% at one point [3][14]. - Major automotive stocks, such as Toyota and Nissan, saw substantial declines, with Toyota ADR down over 4% and Nissan ADR down over 7% [3][14]. Group 3: Trade Negotiations - The European Union is actively seeking a bilateral trade agreement with the U.S. before the July 9 deadline, with ongoing negotiations [4][11]. - EU officials have indicated readiness to respond to various outcomes of the negotiations, including potential countermeasures, but are currently prioritizing negotiations [11][18]. - The EU's position is that if the agreement terms are unfavorable, they will not proceed with an agreement [18]. Group 4: Broader Economic Implications - Analysts suggest that the announcement may hinder Trump's previous commitment to achieve 90 trade agreements within 90 days, indicating a setback in trade negotiations [8]. - Historical context shows that trade negotiations typically take a long time, with past U.S. free trade agreements averaging three years to finalize [14]. Group 5: Stock Market Trends - U.S. tech stocks generally fell, with notable declines in companies like Tesla (over 7% drop) and TSMC ADR (over 2% drop), while cryptocurrency stocks saw significant gains [15]. - Conversely, Chinese assets performed well, with the Nasdaq Golden Dragon China Index rising over 1% at one point, indicating a divergence in market reactions [15]. Group 6: European Market Response - European stock markets mostly rose, with the German DAX 30 index up 1.04%, reflecting a more positive sentiment compared to U.S. markets [16]. - The Portuguese Finance Minister expressed optimism about a potential agreement between the EU and the U.S., suggesting that tariff rates could be kept below 10% to facilitate trade [17].

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The printed circuit board sector continues to lead the electronic industry, with a weekly increase of 8.31% [2] - The global market for mobile power banks is projected to grow from USD 16.3 billion in 2024 (up 8.7% year-on-year) to USD 32.9 billion by 2033, with a CAGR of 8.2% [5][9] - The implementation of 3C certification is expected to accelerate the development of leading brands in the mobile power bank market, as it enforces quality control and compliance [6][22] Summary by Sections 1. Mobile Power Bank 3C Certification Overview - Mobile power banks are portable energy storage devices primarily using lithium-ion batteries, which have safety concerns due to their short lifespan and risk of overheating [7] - The demand for mobile power banks is driven by the increasing frequency of mobile device usage and the need for continuous power supply in various scenarios [5][9] 2. Certification Development - The Chinese government has initiated a top-level design for the electronic and electrical industry, including mandatory 3C certification for mobile power banks starting August 2024 [6][16] - The non-compliance rate for mobile power banks was over 20% from 2019 to 2021, but is expected to drop significantly to 4.0% by 2024 due to the new certification requirements [6][20] 3. Market Dynamics - Major brands like Anker Innovation and Ugreen Technology are recalling products to comply with the new standards, which reflects their commitment to quality and consumer safety [6][24] - The report suggests focusing on leading brands in the mobile power bank sector, as the market is shifting from price competition to brand consolidation [6][27] 4. Industry Performance - The SW electronic industry index increased by 0.74% in the week of June 30 to July 4, 2025, ranking 18th out of 31 sectors [2][42] - The semiconductor equipment sector also showed positive growth, with a weekly increase of 1.88% [46] 5. Global Industry Trends - The report highlights the recent lifting of EDA export restrictions by the U.S., which is expected to benefit China's chip design industry [30][32] - Baidu's open-sourcing of its Wenxin large model series is noted as a significant development in AI technology [33]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **沃尔核材 (Wolfe Materials)** and its positioning within the **copper cable industry** and **AI data center market**. The focus is on the impact of **ISIC (Integrated Circuit)** penetration on value distribution and investment opportunities in related sectors [2][3]. Key Points and Arguments - **ISIC Penetration Impact**: The penetration of ISIC is reshaping value distribution, transferring some profits from **NVIDIA** to custom design and TSMC processing, while enhancing the importance of communication equipment, particularly benefiting A-share companies in the communication equipment sector [2][3]. - **Performance of Optical Modules and PCBs**: Optical modules and PCBs have shown strong performance, but the copper connection sector has underperformed in the A-share market compared to the US market, where companies like **Broadcom** and **NVIDIA** have seen approximately 20% gains, and **Credo** has nearly tripled its stock price in three months [2][5]. - **Copper Connection Dominance**: Copper connections are expected to remain the optimal solution for data transmission in AI data centers over the next two to three years due to their performance and cost advantages. However, there is a delay in the Chinese market's pricing and sentiment towards copper connectors [2][6]. - **Wolfe Materials' Competitive Edge**: Wolfe Materials, through its subsidiary **乐庭智联 (Letin Intelligent)**, specializes in high-speed copper cables that ensure signal integrity and strong insulation. The company is recognized for its advanced technology and products in overseas markets, presenting a significant investment opportunity as the domestic market has not yet fully realized this potential [2][9]. - **Future Market Growth**: The copper cable market is projected to grow significantly, with estimates for 2026 reaching between 6 to 8 billion RMB, depending on ISIC penetration rates. Wolfe Materials is well-positioned with its capacity and technology, anticipating a substantial release of production capacity next year [4][11]. - **Technological Advancements**: The company is focusing on improving insulation performance through foaming technology, which enhances the dielectric properties of plastics, crucial for meeting future demands such as 448G [4][10]. Additional Important Insights - **Investment Recommendation**: Wolfe Materials is recommended as an investment target due to its leading position in the high-speed communication sector and the anticipated growth in the copper cable market. The company has strong financial capabilities and established relationships with major market players, positioning it well for future profitability [9][13]. - **Challenges in the Industry**: Competitors like **安菲诺 (Amphenol)** are facing challenges in expanding their cable segments, which may affect the overall market dynamics in the coming years [12]. - **Long-term Outlook**: Wolfe Materials is expected to perform well in the upcoming copper connection wave, leveraging its capacity, technology, and market relationships to achieve significant profits in a favorable industry trend [13].

3 、 财政部发布通知，决定 7 月 6 日起，在政府采购活动中对部分自欧盟进口的医疗器械采取相关措施：采购人采购预算金额 4500 万元人民币以上的医疗器械时，确需采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业）参与； 对于参与 的非欧盟企业，其提供的自欧盟进口的医疗器械占比不得超过项目合同总金额的 50% ；上述措施不适用于仅自欧盟进口的医疗器械能 够满足采购需求的采购项目。随后，商务部新闻发言人在答记者问时表示，中方措施只针对自欧盟进口医疗器械产品，在华欧资企业生 产产品不受影响。 4 、 美国财长贝森特称，贸易谈判的最后阶段出现僵局，未来 72 小时在贸易谈判方面将会非常繁忙 ；未来几天可能会有几项重大公 告； 100 个较小的国家将获得固定的关税税率，许多国家甚至从未联系过"我们"；贸易谈判的重点是占美国贸易赤字 95% 的 18 个国 家； 8 月 1 日的最后期限已在致各国的信函中说明； 若 8 月 1 日前未能达成协议，关税将恢复至 4 月水平 。另外，当被问及若是美 联储主席是否会降息时，贝森特表示这应由美联储决定。 1 、财政部部长蓝佛安出席 2025 年金砖国家财 ...

台积电(TSM.N)回应华尔街日报的报道称，其在美国的投资将不会影响其在其他地区的既有投资计划。 ...

台积电推迟在日本建厂，优先考虑在美扩张 金十数据7月4日讯，据知情人士透露，台积电(TSM.N)推迟了在日本的第二家工厂的建设，部分原因是 在特朗普政府可能征收关税之前，该公司更加迅速地向在美扩张投入资金。由于特朗普在贸易问题上的 激进立场，主要科技公司已承诺在美国扩大人工智能服务器的生产。去年年初，台积电表示将在日本南 部的熊本县建设第二家工厂，这是一项200亿美元投资计划的一部分。该计划已从日本政府获得了80多 亿美元的承诺支持。 （华尔街日报） ...

Core Insights - TSMC is prioritizing investments in the U.S. to mitigate the threat of chip tariffs [1] - The company will delay the construction start of its second chip factory in Japan [1] Investment Strategy - TSMC's decision reflects a strategic shift towards the U.S. market in response to geopolitical and economic pressures [1] - The delay in Japan's factory construction indicates a reallocation of resources and focus on U.S. operations [1]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自 moneyDJ 。 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业 观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 END 今天是《半导体行业观察》为您分享的第 4084 期内容，欢迎关注。 AI伺服器用GPU、HBM需求旺盛，加上受惠台积电(2330)将量产2纳米(nm)，日本半导体制造装置 协会(SEAJ)上修2025年度日本制半导体(芯片)设备销售额预估、将续创历史新高纪录，且预估2026 年度销售额将史上首度冲破5兆日圆大关、改写历史新高。 SEAJ 3日公布预估报告指出，因AI伺服器用GPU、HBM需求旺盛，台湾先进晶圆代工厂(台积电)将 开始量产2纳米、对2纳米的投资增加，加上南韩对DRAM/HBM的投资增加，因此2025年度(2025年4 月-2026年3月)日本制芯片设备销售额(指日系企业于日本国内及海外的设备销售额)自前次(2025年1 月)预估的4兆6,590亿日圆上修至4兆8,634亿日圆、将较2024年度增加2.0%，年销售额将连续第2年 ...

Market Overview - US stock indices closed higher, with the Dow Jones up 0.77%, Nasdaq up 1.02%, and S&P 500 up 0.83% [1] - The VIX index decreased by 1.56% to 16.38, indicating reduced market volatility [1] - The US dollar index rose by 0.35% to 97.12, while the yield on the 10-year Treasury bond increased by 1.308% to 4.337% [1] - Spot gold fell by 0.93% to $3325.87 per ounce, and Brent crude oil decreased by 0.35% to $68.88 [1] Industry & Stocks - Most major technology stocks saw gains, with Nvidia up 1.33%, Microsoft up 1.58%, and Amazon up 1.59% [2] - CrowdStrike's target price was raised to $575 by Wedbush, reflecting increased demand driven by AI [5] - Datadog will join the S&P 500 index, replacing Juniper Networks, effective July 9 [5] Legislative Developments - The "Big and Beautiful" bill, a significant tax cut and spending proposal, passed the US House of Representatives with 218 votes in favor and 214 against [3][4] - The bill aims to reduce taxes by $4 trillion and cut spending by at least $1.5 trillion over the next decade [4] Company-Specific News - Apple is working on a foldable iPhone prototype, aiming for testing completion by the end of 2025, while the foldable iPad project is currently paused [6] - Foxconn has requested hundreds of Chinese engineers to return from its iPhone factory in India, impacting Apple's manufacturing expansion plans in South Asia [7] - The US government has lifted some export restrictions on EDA software to China, allowing major companies like Siemens and Synopsys to resume exports without special approval [8]