Core Viewpoint - The article discusses the expansion of TSMC's CoWoS capacity driven by AI demand, highlighting the ongoing supply shortage and the emergence of alternative solutions from competitors like ASE and Siliconware [1][2]. Group 1: TSMC's CoWoS Capacity Expansion - TSMC is significantly expanding its CoWoS capacity, which remains in high demand, with expected monthly production reaching approximately 120,000 to 130,000 units this year, and projected to be around 65,000 to 70,000 units by 2025 [1]. - NVIDIA has secured over half of TSMC's CoWoS capacity for several years, with Broadcom and AMD following as the second and third largest customers, indicating intense competition for available capacity [1]. Group 2: Competitors' Developments - ASE is building its first CoWoS-L packaging line in Kaohsiung, aiming for production by 2027, and is currently validating with customers [1][2]. - Siliconware has a more comprehensive CoWoS production layout, already producing CoWoS-R and starting CoWoS-L capabilities, which helps alleviate customer capacity issues [2]. - Both ASE and Siliconware are positioned to provide alternative advanced packaging solutions, which could optimize product offerings and cost structures for AI chip suppliers facing TSMC's capacity constraints [2].

Group 1 - TSMC's value increased by 3.5 trillion yuan, maintaining its position as the highest-valued private enterprise in China at 10.5 trillion yuan [1] - Tencent's value rose by 1.9 trillion yuan, securing the second position with a total value of 5.3 trillion yuan [1] - ByteDance's value grew by 1.8 trillion yuan, holding the third position with a value of 3.4 trillion yuan [1] - Xiaomi entered the top ten for the first time, with a value increase of 357 billion yuan, reaching 1 trillion yuan and ranking eighth [1] - Meituan dropped out of the top ten, now ranking 17th [1] Group 2 - The total value of the Hu Run China 500 companies increased by 21 trillion yuan (38%), reaching 77 trillion yuan [1] - The semiconductor industry, led by TSMC, Cambricon, and MediaTek, experienced the most significant growth, surpassing the life and health sector to become the second-largest industry in the Hu Run China 500 [1] - The industrial products sector remains the largest industry, while the life and health sector ranks third [1]

Core Insights - MediaTek reported a steady growth trajectory in 2025, with both revenue and R&D investments reaching historical highs [1][2][3] Group 1: Quarterly Performance - In Q4 2025, MediaTek achieved a revenue of NT$150.19 billion (approximately RMB 33.18 billion), representing an 8.8% year-on-year increase and a 5.7% quarter-on-quarter increase [1] - The operating profit for the quarter was NT$21.85 billion (approximately RMB 4.83 billion), showing a 2.0% year-on-year growth but a slight 1.5% decrease from the previous quarter [1] - The net profit for Q4 was NT$23.07 billion (approximately RMB 5.09 billion), with net profit attributable to shareholders at NT$22.93 billion (approximately RMB 5.06 billion) [1] Group 2: Annual Performance - For the full year 2025, MediaTek's revenue reached NT$595.97 billion (approximately RMB 131.65 billion), marking a 12.3% year-on-year growth and achieving double-digit growth for two consecutive years [2] - The annual operating profit was NT$103.47 billion (approximately RMB 22.86 billion), reflecting a 1.0% year-on-year increase [2] - The total net profit for the year was NT$106.12 billion (approximately RMB 23.44 billion), with net profit attributable to shareholders at NT$105.32 billion (approximately RMB 23.27 billion), both showing a growth of about 1% [2] Group 3: R&D Investments - In Q4 2025, MediaTek's R&D expenditure reached NT$39.25 billion (approximately RMB 8.67 billion), a 6.79% increase year-on-year, accounting for 26.1% of quarterly revenue, a decrease of 0.5 percentage points from the previous year [1] - The total R&D investment for the year was NT$148.31 billion (approximately RMB 32.76 billion), representing a 12.36% year-on-year increase, with R&D expenses constituting 24.9% of annual revenue, remaining stable compared to the previous year [2] - The sustained high level of R&D investment indicates MediaTek's commitment to key areas such as 5G communication, AI computing, advanced process technology, automotive electronics, and edge intelligence [2] Group 4: Market Dynamics - MediaTek's revenue growth reflects resilience in the consumer electronics and smart terminal markets, while the slowdown in profit growth highlights intensified competition in the high-end chip sector and cost pressures from advanced technology R&D [3] - The company's advancements in AI-accelerated chips and high-end system-on-chip products will significantly influence its competitive landscape and long-term development capabilities in core markets [3]

其他公司也已对存储芯片紧张局势发出警告。总部位于中国台湾的芯片制造商联发科在本周的一次电话 会议中提及这一问题，并称其为一个"仍在演变中的"局面。与此同时，英特尔(INTC.US)首席执行官陈 立武周二表示，存储芯片短缺的状况可能会持续数年。他表示："就我所知，目前看不到任何缓解迹 象。"他援引供应商的说法称，相关情况要到2028年才可能改善。 值得一提的是，在AI快速发展下对存储芯片需求持续攀升的情况下，有存储芯片厂商已经开启了密集 扩产和合作动作，加大2026年资本开支是普遍现象。 其中，仅在今年1月，美光科技就连续宣布多个动作，旨在加码供应。1月16日，美光科技宣布其位于美 国纽约州的尖端存储芯片制造园区破土动工，计划总耗资1000亿美元，最多将建设四座晶圆厂，届时将 成为美国最大的半导体工厂。这也是美光科技持续扩大在美投资的一部分，其整体愿景是在美国投资 2000亿美元，建设多座晶圆厂，目标是最终40%的DRAM在美国生产。 高通(QCOM.US)与Arm(ARM.US)的股价在周四公布业绩后均大幅下跌，原因是市场担忧存储芯片短缺 将抑制电子产业的增长前景。全球最大智能手机处理器制造商高通的管理层释放 ...

(责任编辑：毕安吉) 作为全球最大的智能手机处理器供应商，高通首席执行官克里斯蒂亚诺·阿蒙在分析师电话会议上表 示，存储芯片短缺与价格上涨，正从整体上决定全球手机行业的规模上限。其中国内客户已明确反馈， 因存储芯片供应不足，实际手机产量将低于原定计划。Arm的营收主要依赖手机行业技术专利授权费， 同样受到手机产能受限的直接影响。 此次存储芯片短缺的核心原因，在于人工智能基础设施建设的快速扩张。全球三大存储芯片巨头三星电 子、SK海力士和美光科技，纷纷将产能向人工智能数据中心所需的高带宽内存(HBM)倾斜，导致手机 终端所需存储芯片产能大幅缩减。英特尔首席执行官陈立武透露，供应商反馈芯片供应状况要到2028年 才可能改善，短缺状况或将持续数年。联发科等企业也已就该问题发出预警，称形势仍在持续演变。 2月5日消息，据The Tech Buzz报道，高通、Arm等半导体企业发布季度财报后，股价在盘后交易中大幅 下挫，跌幅均超8%。市场分析认为，存储芯片短缺引发的电子行业增长担忧，是此次股价波动的主要 原因。 ...

作为全球最大的智能手机处理器供应商，高通首席执行官克里斯蒂亚诺·阿蒙在分析师电话会议上表 示，存储芯片短缺与价格上涨，正从整体上决定全球手机行业的规模上限。其中国内客户已明确反馈， 因存储芯片供应不足，实际手机产量将低于原定计划。Arm的营收主要依赖手机行业技术专利授权费， 同样受到手机产能受限的直接影响。 此次存储芯片短缺的核心原因，在于人工智能基础设施建设的快速扩张。全球三大存储芯片巨头三星电 子、SK海力士和美光科技，纷纷将产能向人工智能数据中心所需的高带宽内存（HBM）倾斜，导致手 机终端所需存储芯片产能大幅缩减。英特尔首席执行官陈立武透露，供应商反馈芯片供应状况要到2028 年才可能改善，短缺状况或将持续数年。联发科等企业也已就该问题发出预警，称形势仍在持续演变。 （纯钧） 【环球网科技综合报道】2月5日消息，据The Tech Buzz报道，高通、Arm等半导体企业发布季度财报 后，股价在盘后交易中大幅下挫，跌幅均超8%。市场分析认为，存储芯片短缺引发的电子行业增长担 忧，是此次股价波动的主要原因。 来源：环球网 ...

大和证券：将联发科目标价从1750元新台币上调至2000元新台币。 ...

作者 |第一财经 李娜 美国芯片制造商高通（Qualcomm）公布最新季度财报。尽管当季营收和盈利略高于市场预期，但公司 给出的下一季度业绩指引不及华尔街预估，主要受内存芯片供应紧张影响，高通股价在盘后交易中一度 下跌近10%。 高通表示，截至2025年12月28日的2026财年第一财季，公司实现营收约122.5亿美元，同比增长5%，高 于分析师平均预期的约121.8亿美元，GAAP净利润为30.04亿美元，同比下降5.5%，非GAAP净利润为 37.8亿美元，同比增长3%，小幅超过市场预期。同时半导体业务（QCT）营收 106.1 亿美元、授权业务 （QTL）营收 15.9 亿美元，均实现同比增长。 不过，在面向2026 财年第二季度的业绩指引中，高通预计营收区间约为102 亿至 110 亿美元、而分析师 普遍预期约111 亿美元以上。同期调整后每股收益预计在 2.45 美元至 2.65 美元的区间，低于市场预估 的 2.89 美元左右。 高通指出，全球内存芯片供应持续紧张，正影响智能手机厂商的生产计划和库存节奏，进而抑制对其处 理器的出货需求。 2026.02.05 本文字数：1228，阅读时长大约2分钟 ...

格隆汇2月5日｜高通与Arm的股价在公布季度财报后大幅下跌，主要原因是市场担忧存储芯片短缺将抑 制电子行业的增长。周三晚间的盘后交易中，两家公司的股价跌幅均超过8%。高通作为智能手机处理 器的最大制造商，而Arm则主要依靠手机行业的专利权费，两家公司管理层均发出信号称，存储芯片的 供应限制将制约手机产量。目前人工智能基础设施的史无前例的扩建正导致存储芯片短缺，因为这些组 件能帮助计算机管理数据。制造商目前将产能集中于供应AI数据中心，导致手机组件产能不足。这意 味着最终到达消费者手中的产品将减少，且价格会更高。其他公司也对存储芯片荒敲响了警钟。联发科 本周在电话会议上称该情况正在"演变"。英特尔首席执行官则表示，短缺可能会持续数年，供应商告诉 他，情况要到2028年才会好转。 ...

Core Viewpoint - Qualcomm reported slightly better-than-expected revenue and profit for the latest quarter, but its guidance for the next quarter fell short of Wall Street estimates due to tight memory chip supply, leading to a nearly 10% drop in stock price in after-hours trading [3][4]. Financial Performance - For the first fiscal quarter of 2026, Qualcomm achieved revenue of approximately $12.25 billion, a year-on-year increase of 5%, surpassing the analyst average expectation of about $12.18 billion [3]. - GAAP net profit was $3.004 billion, a decline of 5.5% year-on-year, while non-GAAP net profit was $3.78 billion, a year-on-year increase of 3%, slightly exceeding market expectations [3]. - Semiconductor business (QCT) revenue was $10.61 billion, and licensing business (QTL) revenue was $1.59 billion, both showing year-on-year growth [3]. Guidance and Market Impact - For the second quarter of fiscal 2026, Qualcomm expects revenue in the range of $10.2 billion to $11 billion, below the analyst consensus of over $11 billion [3]. - Adjusted earnings per share are projected to be between $2.45 and $2.65, lower than the market estimate of around $2.89 [3]. Supply Chain Challenges - Qualcomm highlighted that the ongoing tight supply of memory chips is affecting smartphone manufacturers' production plans and inventory rhythms, which in turn suppresses demand for its processors [4]. - CEO Cristiano Amon stated that the pressure on guidance is primarily due to supply chain constraints rather than a significant decline in end-market demand [4]. Market Trends - Due to limited memory supply, smartphone manufacturers are prioritizing high-end models, which supports Qualcomm's chip demand in the high-end Android smartphone market but puts pressure on mid-range and low-end model shipments [6]. - The supply chain crisis triggered by storage issues is posing challenges to the entire smartphone chip industry, affecting other major chip design companies as well [6]. Strategic Focus - Qualcomm plans to accelerate expansion in automotive, IoT, personal computers, and data center sectors to address industry challenges and cyclical fluctuations in the smartphone market [6]. - In the latest quarter, automotive chip revenue was approximately $1.1 billion, a year-on-year increase of about 15%, while IoT business revenue was about $1.7 billion, a year-on-year increase of about 9% [6]. Future Outlook - The ability of Qualcomm to alleviate supply chain bottlenecks and achieve breakthroughs in emerging markets such as automotive, AI, and edge computing will be a focal point for investors in the coming quarters [8].