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]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇8月22日｜英伟达(NVDA.O)CEO黄仁勋：台积电邀请我向他们的领导层发表演讲。我可能会谈 谈多年来行业是如何变化的。我们已完成六款全新芯片的流片生产。我将主要专注于我们共同的未来。 我将前往新竹与台积电管理人员会面。台积电将继续实现令人难以置信的增长。任何购买台积电股票的 人都非常明智。 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the industry [1] Core Insights - Demand for AI hardware remains strong, while consumer electronics are experiencing a cooling trend [1][5] - The semiconductor sector is seeing cautious ordering behavior from customers in consumer products [15][20] - The PCB manufacturing sector is benefiting from increased demand for ASIC AI servers [22][24] - Optical components are experiencing a boost due to new iPhone launches [25] - The storage sector may face structural shortages in DDR4 and LPDDR4 in the second half of 2025, leading to rising contract prices [26][27] Summary by Sections Semiconductor - IC design companies in Taiwan are showing signs of revenue fatigue, with MediaTek's July revenue at 432 billion NTD, down 23.4% month-over-month and 5.2% year-over-year [15][16] - TSMC's July revenue reached 3,232 billion NTD, up 22.5% month-over-month and 25.8% year-over-year, with a 37.6% increase in cumulative revenue for the first seven months [16][17] PC/Server - July revenues for PC manufacturers declined after a peak in Q2, with Hon Hai's revenue at 6,139 billion NTD, up 13.6% year-over-year [20][21] - AI server demand is expected to grow significantly, with Hon Hai projecting a 170% year-over-year increase in related revenue [21] PCB - Overall revenue for PCB manufacturers in Taiwan increased by 6.6% month-over-month and 9.3% year-over-year in July [22] - Companies like Zhen Ding are seeing a significant portion of their revenue coming from AI applications, with expectations to exceed 70% in 2025 [24] Optical Components - Largan Precision's July revenue was 54 billion NTD, up 30.6% month-over-month, driven by new product launches [25] Storage - Most storage supply chain companies in Taiwan reported varying degrees of year-over-year revenue growth in July, with a potential structural shortage in DDR4 expected in the second half of 2025 [26][27]

Group 1 - The cloud computing ETF Huatai (159273) experienced a slight decline of 0.36% with a trading volume exceeding 650 million yuan, indicating increased market activity [1][2] - The fund has seen a net inflow of over 400 million yuan throughout the day, marking 10 out of 12 days with net inflows, accumulating over 3 billion yuan since its launch [1][2] - Major stocks within the cloud computing ETF, such as Alibaba and Zhongke Shuguang, saw declines of over 1%, while stocks like Xinyi and Hengsheng Electronics experienced slight gains [2][4] Group 2 - The AI boom is driving rapid development in the computing power supply chain, with a projected compound annual growth rate of 46.2% from 2023 to 2028 for intelligent computing scale in China [5] - The market for intelligent computing services is expected to exceed 26.69 billion USD by 2028, with strong growth in segments like intelligent computing integration services and GenAIIaaS [5] - The semiconductor industry is experiencing high demand due to AI, with TSMC raising its revenue growth forecast from around 25% to 30% due to sustained AI demand [6]

Market Performance - As of August 21, 2025, the semiconductor industry index (931865) increased by 0.39%, with notable gains from companies such as Cambrian (688256) up 5.13% and Northern Huachuang (002371) up 1.44% [2] - The semiconductor industry ETF (159582) rose by 0.31%, with a latest price of 1.63 yuan, and has accumulated a 6.89% increase over the past week [2] - The STAR Market chip index (000685) saw a 0.75% rise, with Aojie Technology (688220) leading at 12.00% [4] - The STAR Market chip ETF (588990) increased by 0.26%, reaching a price of 1.95 yuan, and has seen a 9.02% rise over the past week [4] - On August 20, the A-share market indices collectively rose, with the semiconductor sector gaining 2.74% [5] Liquidity and Trading Activity - The semiconductor industry ETF had a turnover rate of 8.42% with a transaction volume of 14.72 million yuan, averaging 33.73 million yuan in daily trading over the past week [2] - The STAR Market chip ETF had a higher turnover rate of 25.1%, with a transaction volume of 47.52 million yuan, indicating active market participation [4] Institutional Insights - North American computing power is driving an upgrade in ASIC-driven network architecture, positively impacting the performance of switches and servers [6] - NVIDIA's upward revision of its 2026 GB series shipments and the recovery of non-AI demand from TSMC suggest a continuation of favorable market conditions [6] - The semiconductor sector is experiencing a "valuation expansion" driven by macro policy cycles, inventory cycles, and AI innovation cycles [6] ETF Performance Metrics - The semiconductor industry ETF has seen a net value increase of 61.33% over the past year, with a maximum monthly return of 20.82% since inception [10] - The STAR Market chip ETF has achieved a net value increase of 98.56% over the past year, ranking 76 out of 2965 in its category [15] - Both ETFs have a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [13][18] Index Composition - The semiconductor industry index includes up to 40 companies involved in semiconductor materials, equipment, and applications, with the top ten stocks accounting for 76.16% of the index [14] - The STAR Market chip index comprises companies from the STAR Market involved in semiconductor materials, equipment, design, manufacturing, and testing, with the top ten stocks representing 57.59% of the index [18]