| | 1737 | | 407.69 | | --- | --- | --- | --- | | ROOKIng Holdings | 1735 | -0.17% | 5332.8 | | (Booking.com) | | | | | DD Holdings (Pinduoduo) | 1692 | -0.47% | 119.24 | | 德州仪器 | 1601 | 2.17% | 176.3 | | 高通 | 1596 | + -1.35% | 145.38 | | S 索尼 | 1540 | 1 0.79% | 25.53 | | Schneider Electric | 1431 | 1.82% | 252 | | arm Arm Holdings | 1344 | -1.62% | 127.18 | | Spotify | 1340 | 2.68% | 653.82 | | Shopify | 1302 | .72% | 101.51 | | 22 自动数据处理 | 1303 | -0.17% | 321.09 | | MercadoLibre | 1271 | -3.77% | 2507.83 ...

Group 1 - Apple is expected to hold two iPhone launch events annually starting in 2026, breaking the tradition of one event per year since the iPhone's inception in 2007 [1][2] - The strategy aims to address the declining market share, particularly in China, where Apple's market share fell to 13.7% in Q1 2025, marking seven consecutive quarters of decline [2] - The introduction of the iPhone 16e in February 2025 contributed to Apple's market leadership, achieving a 19% market share in the global smartphone market for Q1 2025 [3] Group 2 - The new launch schedule includes the release of multiple models, such as iPhone 17 and iPhone 18 series, along with Apple's first foldable iPhone, indicating a robust product pipeline [2] - The growth in sales is attributed to the success of the iPhone 16e and strong performance in emerging markets like India and the Middle East, despite stagnant sales in major markets like the US and Europe [3] - Analysts caution that potential trade barriers and economic uncertainties could lead to a slight decline in Apple's overall shipment volume for the year [3]

Investment Rating - The report suggests a cautious investment approach in the electronics sector, indicating a gradual recovery in industry demand and price stabilization, with a recommendation to accumulate positions on dips [4][5]. Core Insights - The electronics sector is experiencing a mild recovery in demand, with notable product launches from Xiaomi and Huawei, including the first domestic 3nm SoC chip and the HarmonyOS computer, respectively [4][10]. - Nvidia plans to introduce a new AI chip in the Chinese market based on the Blackwell architecture, priced at approximately half of the H20 chip, which is expected to enhance the penetration of domestic AI chips [4][5]. - The report highlights four main investment themes: AIOT, AI-driven technologies, device materials, and consumer electronics as the sector stabilizes [4][5]. Summary by Sections Industry News - Xiaomi launched the first domestic 3nm SoC chip, the Xuanjie O1, marking a significant advancement in China's chip design capabilities [10]. - Huawei officially released its HarmonyOS computers, expanding its ecosystem across various smart devices [10]. - TSMC is considering a 10% increase in wafer foundry prices due to rising costs, which could impact the semiconductor supply chain [10]. Market Performance - The report notes that the electronics sector underperformed the broader market, with the Shenzhen 300 index down 0.18% and the Shenwan Electronics Index down 2.17% [17][19]. - As of May 23, various sub-sectors within electronics showed declines, including semiconductors (-2.10%) and consumer electronics (-3.18%) [19][22]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Rockchip [5]. - It also suggests monitoring AI innovation-driven companies, particularly in computing chips and optical devices [5]. - The report emphasizes the importance of domestic supply chain replacements in semiconductor equipment and materials, highlighting companies like North China Innovation and Huahai Qingke [5].

Core Insights - The article discusses significant developments in the semiconductor industry, highlighting government support for foreign investment in key sectors and the impact of tariff policies on major semiconductor companies [9][10][12]. Industry Trends - The Ministry of Commerce supports foreign investment projects in integrated circuits, biomedicine, and high-end equipment manufacturing, prioritizing them in major foreign investment project lists [9]. - Major U.S. semiconductor companies, including Intel and Qualcomm, are urging the Trump administration to exempt semiconductor tariffs, warning that such tariffs could harm the U.S. semiconductor industry [10][12]. - SEMI reports a 27% year-on-year increase in global semiconductor capital expenditure for Q1 2025, driven by investments in advanced logic and high-bandwidth memory technologies [11]. Company Developments - TSMC and Intel submitted letters opposing tariffs on semiconductor production equipment, citing potential cost increases and project delays [10]. - A strategic restructuring was announced between Zhongke Shuguang and Haiguang Information, aiming to enhance the information industry landscape [12]. - Weir Shares plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate internationalization and enhance competitiveness [12][14]. - Xiaomi unveiled its first self-developed flagship SoC, the Xuanjie O1, utilizing TSMC's 3nm process technology [13]. Market Dynamics - TrendForce indicates that DDR4 prices are rising faster than DDR5 prices due to anticipated supply tightening [20]. - The five major NAND Flash manufacturers are implementing a 10%-15% production cut to address oversupply, which is expected to support a rebound in storage prices [21]. - The demand for HBM4 products is expected to increase manufacturing costs significantly, with a projected premium exceeding 30% due to design complexities [20]. Strategic Moves - Foxconn is investing €250 million to establish Europe's first FOWLP factory, focusing on advanced semiconductor packaging and testing [18]. - Wolfspeed is preparing to file for bankruptcy due to unresolved debt issues, seeking Chapter 11 protection [16]. - Samsung Electronics plans to expand its 1c DRAM production capacity, with investments expected to be completed by the end of the year [17].

Market Overview - Major US stock indices opened significantly lower, with the Dow Jones down 1.12%, Nasdaq down 1.59%, and S&P 500 down 1.24% [2] - The technology sector, particularly the "Big Seven" tech companies, experienced collective declines, with Apple dropping nearly 4% [2][10] - European stock indices also fell, with Germany's DAX down 2.31%, France's CAC40 down 2.75%, and the UK's FTSE 100 down 1.16% [6][7] Company-Specific Movements - Apple's market capitalization decreased by over $100 billion as it opened down more than 3% [1][2] - Alibaba's stock fell nearly 2%, while Miniso's stock plummeted over 16% following its earnings report [1][2] - Other tech stocks such as Nvidia and Amazon saw pre-market declines exceeding 3%, while Intel, TSMC, AMD, and META dropped over 2%, and Tesla fell nearly 2% [8] Futures and Pre-Market Activity - Dow futures were down 1.26%, S&P 500 futures down 1.42%, and Nasdaq futures down 1.81% [4][5] - The pre-market activity indicated a significant downturn for various stocks, with Ross Stores down over 11% and Miniso down nearly 9% due to pressure from tariffs [11][12]

Investment Rating - The report upgrades the industry investment rating to "Recommended" [1] Core Insights - The semiconductor industry faces reduced visibility in the second half of 2025 due to tariff uncertainties, while the storage market shows positive trends in Q2 [1][3] - AI hardware demand remains strong, driven by cloud service providers and government sectors, suggesting a focus on leading companies in the AI hardware segment such as NVIDIA and TSMC [1][3] Semiconductor Sector - IC Design: In April 2025, MediaTek reported revenue of NT$48.8 billion, a month-on-month decrease of 12.9% but a year-on-year increase of 16.0%. The company noted uncertainty due to tariffs [3][11] - IC Manufacturing: TSMC achieved record revenue of NT$349.6 billion in April 2025, with a month-on-month increase of 22.2% and a year-on-year increase of 48.1% [3][14] - IC Testing: ASE Technology's revenue in April 2025 was NT$52.2 billion, a month-on-month decrease of 2.9% but a year-on-year increase of 13.9% [3][22] PC/Server Sector - The PC market is affected by tariff uncertainties, with companies like Hon Hai reporting April revenue of NT$641.4 billion, a month-on-month increase of 16.2% and a year-on-year increase of 25.5% [3][25] - Quanta's April revenue was NT$154 billion, a month-on-month decrease of 20.0% but a year-on-year increase of 58.2% [3][25] PCB Sector - The PCB manufacturing sector saw overall revenue increase by 5.6% month-on-month and 18.6% year-on-year in April 2025, driven by demand for AI servers and high-end networking [3][27] - Zhen Ding's revenue reached NT$13.6 billion in April, a year-on-year increase of 22.9% [3][27] Optical Components Sector - The optical components sector is experiencing a traditional off-season, with Largan Precision reporting April revenue of NT$4.4 billion, a month-on-month decrease of 10.6% but a year-on-year increase of 26.5% [3][28] Storage Sector - The storage market is showing positive signs, with companies like Nanya Technology reporting a month-on-month revenue increase of 13.3% in April 2025 [3][4] - DRAM prices are expected to rise, with TrendForce adjusting its Q2 price forecast from -5% to +8% [3][4]

跟踪芯片领域动态 +订阅 台积电：关税将"杀死"亚利桑那州1650亿美元先进制造投资 金十数据5月23日讯，据美媒PCMag报道，台积电(TSM.N)警告称， 美国拟对外国制造的芯片加征关 税，可能危及其在亚利桑那州高达1650亿美元的先进半导体制造设施投资。该公司在提交给美国商务部 的公开评论中指出， 关税导致的需求下降可能影响其美国业务的可行性。台积电强调，其亚利桑那晶 圆厂最终将占该公司全球尖端2纳米及更先进芯片产能的30%左右，足以满足美国的预期需求。这家芯 片制造商还证实，已开始在该州建设第三座晶圆厂，该厂初期将生产2纳米芯片，后期将采用其下一代 A16工艺技术。 ...

Group 1 - The core viewpoint is that the AI infrastructure and factory market is in its early stages and is expected to grow from several hundred billion to over 10 trillion USD in the next decade [1] - NVIDIA's CEO Jensen Huang emphasizes the importance of advanced packaging for AI development, stating that current options are limited to CoWoS due to the stagnation of Moore's Law [1] - Huang highlights that NVIDIA is committed to driving the development of advanced packaging technologies, using their own larger chips as an example of how they utilize CoWoS for integration [1] Group 2 - NVIDIA's product planning involves annual upgrades, where improving equipment efficiency can significantly increase data center revenues while reducing costs [2] - The company advises clients to adopt a gradual purchasing strategy to avoid over-investment in outdated technology, ensuring continuous cost reduction [2] - Huang mentions the need for greater manufacturing resilience and diversification globally, with some production remaining in the U.S. while maintaining national security [2]

来源：内容编译自日经 ，谢谢 。 截至2024年4月，日本企业在2023财年和2024财年新建或收购的七座半导体工厂中，只有三座实 现了量产，反映出除人工智能以外领域的芯片需求复苏依然缓慢。 如果您希望可以时常见面，欢迎标星收藏哦~ 日本正与其他国家一道，在美中紧张关系加剧的背景下，致力于加强本国的半导体生产能力。 预计2022年至2029年期间，日本半导体行业将吸引约9万亿日元（约合620亿美元）的投资；同 时，日本政府计划在2030财年之前为半导体和人工智能领域提供超过10万亿日元的支持。 但根据《日经新闻》对过去两年九家主要半导体公司的投资调查，目前为止这些努力尚未带来显著 成果。 例如，日本瑞萨电子在2024年4月重启了关闭九年的甲府工厂，原计划年初开始量产，但由于电动 汽车等领域所用的功率半导体需求疲软，瑞萨被迫调整计划。 "市场环境依然极不确定。我们将继续保持尽可能谨慎的态度，"总裁柴田英利上月在记者会上表 示，并未提供新的时间表。 芯片制造商正在密切关注市场走向，以降低新厂建设带来的财务负担。即使工厂建设完成，通常也 要在正式投产后才开始计提折旧。 罗姆公司于2023年收购的一座工厂在去年11月 ...

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