文｜新浪财经 周文猛 过去4年，TCL华 星 新增固定资产投资 达 1080 亿元 ， TCL 在 半导体 显示产业累计投资 达 2700 亿元 ， TCL 创始人、董事长李东生对中国科技制造的发展有着充分的 信心， 敢于 为未来 投资。 亲自投身科技制造业的经历，让他洞悉了这一领域发展中的痛点、难点。因此，作为全国人大代 表的李东生，几乎每年两会都会提出一项跟制造业相关的建议。 今年两会，李东生又一次围绕优化科技制造业融资环境提出建议。李东生告诉新浪财经，"5年 后，TCL华星、京东方等国内制造业企业，将不需要再依靠资本市场融资来发展，靠自身资金就 足够滚动了。但未来3年到5年，融资还是发展的一个必要条件"。 此外，围绕时下备受关注的生成式人工智能发展，李东生也提出了"加强AI深度伪造欺诈管理"的 建议。在他看来，"人工智能的发展，同样需要加以监督管理"。 5年后 有些企业将不依靠融资发展 近年来，全国人大代表、格力电器董事长董明珠一直都是全国两会上的话题人物。她一直关注民 生和经济领域的热点问题，从个税改革到制造业创新，从加强知识产权保护到提高一线工人待 遇，提出了许多备受关注的建议，并引发广泛讨论。 过 ...

道琼斯工业平均指数下跌427.51点，跌幅为0.99%，收于42,579.08点，在盘中一度跌超600点。标准普尔500指数大跌1.78%，报5,738.52点。纳斯达克综合 指数下跌2.61%，收于18,069.26点，正式进入技术性调整区间，也就是从最近的高点下跌超过10%。 中概股方面， Direxion 3倍做多中国每日ETF (YINN)上涨了1.03%，iShares MSCI中国ETF (MCHI)下跌了0.55%，纳斯达克中国金龙指数 (HXC)下 跌了0.77%，万得中概科技龙头指数 (DRAG)上涨了0.41%。 周四的下跌发生在美国对加拿大、墨西哥关税本周生效后，这些关税动摇了金融市场。加拿大作出报复性关税回应，而墨西哥则表示将于周末公布 相关措施。纳斯达克指数本周迄今已下跌超过4%，而道琼斯和标准普尔500指数分别下跌了约2.9%和3.6%。三大股指正处于自2024年9月以来最糟糕 的一周。 周四的抛售潮源于白宫宣布对符合美墨加协议（USMCA）的汽车制造商延迟征收关税一个月，此前这一消息曾促使市场在周三出现反弹，这让投资者对 关税政策进一步退让抱有希望，并认为这将缓解美国经济的冲击。 ...

Macro - The People's Bank of China (PBOC) plans to lower the reserve requirement ratio and interest rates based on domestic and international economic conditions, indicating there is room for further reduction [2] - The PBOC will collaborate with the China Securities Regulatory Commission (CSRC) and the Ministry of Science and Technology to launch a "Technology Board" in the bond market to support technological innovation [2] - The National Development and Reform Commission (NDRC) will soon implement a plan to boost consumption and will introduce specific measures to address structural contradictions in key industries [10][12] Domestic Stock Market - A-shares experienced a strong rally, with the Shanghai Composite Index rising by 1.17% to 3381.1 points, driven by the TMT sector [13] - The Hong Kong stock market also saw significant gains, with the Hang Seng Index up 3.29% to 24369.71 points, led by AI-related stocks [13] - The CSRC reported a notable increase in the scale of public equity funds, which grew from 6.3 trillion yuan to 7.7 trillion yuan, accounting for 24% of the total public fund scale [20] Financial - The CSRC noted a rapid development in equity funds, with 459 new equity funds registered since September, representing 70% of all registered funds during that period [20] - The issuance of special government bonds to support state-owned banks' capital replenishment will be implemented in phases [21] Industry - The Chinese government aims to develop the nuclear technology application industry, targeting an annual economic output of 400 billion yuan by 2026 [25] - The China Aerospace Science and Technology Corporation plans to implement Mars sample return missions by around 2030 [26] Overseas - U.S. President Trump signed an amendment to tariffs on products under the USMCA, exempting them from tariffs until April 2 [3] - The European Central Bank (ECB) has lowered its deposit facility rate by 25 basis points to 2.5%, marking the fifth consecutive rate cut [31]

Market Performance - The main board led the gains with notable increases from companies such as Hubei Broadcasting (+10.11%), Neusoft Group (+10.04%), and Yunding Technology (+10.04) [1] - The ChiNext board saw significant growth with Newcap (+20.03%), Hand Information (+20.02%), and Century Hengtong (+20.01%) [1] - The Sci-Tech Innovation board was led by Zhiyuan Interconnection (+20.00%), New Zhiyuan Software (+17.60%), and Canqin Technology (+16.32%) [1] - Active sub-industries included SW Marketing Agency (+7.40%) and SW Horizontal General Software (+7.11%) [1] Domestic News - Aibang Semiconductor successfully achieved 8-inch gallium oxide single crystal growth using a fully independent innovation casting method [1] - Huiniu Technology launched a light waveguide leakage light solution, reducing front leakage light rate to below 2%, significantly outperforming similar products [1] - The PHANTOM ULTIMATE 2 screen, developed through deep collaboration between Tianma and Transsion, features a unique Z-shaped design with a folded screen size of 6.48 inches and expands to a 10-inch display [1] - Counterpoint Research reported a continuous trend towards high-end products, with the market share of devices priced at $600 and above increasing from 11% in 2018 to 28% in 2024, with Huawei leading this trend [1] Company Announcements - Dongsoft Carrier announced the acquisition of an invention patent certificate for a method to calculate the sensitivity of thermopiles and resistance values of thermistors without temperature control equipment [2] - Tuo Wei Information clarified rumors regarding adjustments to its major asset restructuring plan, stating the information was false [2] - Kangxi Communication announced a shareholder's plan to reduce holdings by up to 12,734,400 shares, accounting for 3% of the company's total share capital [2] - Founder Technology reported providing additional financing guarantees totaling 275 million yuan for its controlling subsidiary [2] Overseas News - The South Korean government announced the establishment of a $34 billion policy fund to support companies involved in strategic technologies such as chips and automobiles amid increasing global competition and protectionism [2] - Apple launched the M4 chip MacBook Air, boasting a performance increase of 23 times compared to Intel chip models and double the performance compared to M1 chip models [2] - Reports indicated that former President Trump intends to pressure the Indian government to reduce import tariffs on cars from 70% to 0%, although the Indian government remains cautious [2] - President Trump called for the termination of the $52 billion semiconductor subsidy plan during a joint session of Congress, which has stimulated over $400 billion in investments from companies like TSMC and Intel in the U.S. [2]

Core Viewpoint - Nvidia's stock price experienced a significant decline of nearly 25% during 2025, influenced by recession fears and reduced capital expenditures from major tech companies like Microsoft, Meta, Google, and Amazon [1] Financial Performance - Nvidia's PEG ratio can be analyzed through two methods: adjusting for R&D expenses or using traditional expected growth rates, with a maximum multiplier of 25 times [1] - EPS estimates show a projected growth rate of over 25% for the next three years, with a notable decline expected after 2027 [2] Industry Insights - Major tech companies such as Amazon, Google, Microsoft, and Meta are at the forefront of LLM development, which is expected to enhance operational efficiency and profitability across industries [3] - Intel may reach an agreement with TSMC to sell part of its FAB, coinciding with TSMC's $100 billion investment in U.S. FAB construction, which is a positive development for Nvidia [3] Balance Sheet Strength - Nvidia's EBITDA is nearly ten times its long-term debt, and cash and short-term investments are 5.1 times its long-term debt, indicating a strong balance sheet [4] - The company has a low leverage ratio, borrowing only one-tenth of its EBITDA, with net interest income of $1.539 billion [4] Growth Analysis - Nvidia's 10-year growth metrics show a recent stabilization, with a 5-year standardized EPS now exceeding price growth rates post-decline [5] - The current market conditions suggest that analysts are willing to buy Nvidia stock if it drops to around $112, indicating it has entered a buyable range [5]

Core Viewpoint - The article discusses the recent launch of Manus, the world's first universal AI agent, which has generated significant interest in the technology sector and positively impacted the A-share market, particularly in AI-related stocks [1][4][6]. Market Performance - The A-share market has seen a strong performance, with the Shanghai Composite Index rising by 1.17%, the Shenzhen Component Index by 1.77%, and the ChiNext Index by 2.02% on the day of the article [6]. - The total market turnover reached 19,535 billion, an increase of 4,076 billion compared to the previous day, with over 4,200 stocks rising [6]. AI Agent Impact - The launch of Manus has led to a surge in AI agent stocks, with companies like Cooltech Intelligent and over 20 others hitting the daily limit [6]. - Manus's partners clarified that they have not opened any paid channels for invitation codes and have not invested in marketing, focusing instead on user experience during the internal testing phase [6]. Economic Policy Insights - The article highlights key points from an economic press conference, including potential monetary policy adjustments such as lowering reserve requirements and interest rates, as well as expanding the scale of re-loans for technological innovation to between 800 billion and 1 trillion [6][12]. - The government is also planning to increase the enrollment of top-tier universities by 20,000 students and raise the basic pension for urban and rural residents [6]. Real Estate Market Trends - The article notes a significant change in the Shenzhen new housing market, with the inventory turnover period dropping from 26 months to 7 months within six months, indicating a shift from oversupply to tight inventory [8][9]. - Factors contributing to this change include a slowdown in land auctions and delays in construction projects, which have led to a decrease in available new housing [9][10]. Investment Trends - The article mentions that the computer, media, and social services sectors are leading in market performance, while banking, steel, and public utilities are lagging [24]. - The article also provides insights into the net inflow of funds into various sectors, with significant investments in the computer and non-bank financial sectors [16][18].

Policy Overview - Trump emphasized a pro-business stance, advocating for deregulation and tax cuts for residents and businesses[1] - He highlighted the importance of tariffs for fiscal revenue and manufacturing return, while suggesting potential flexibility on tariffs with Mexico[1] - The administration aims to reduce inflation through increased energy supply and seeks peace in the Middle East and Ukraine[1] Immigration and Government Reform - Immigration arrests at the southern border dropped significantly from 300,000/month under Biden to 60,000/month[3] - Trump called for immediate congressional funding to support immigration enforcement and highlighted the achievements of the Department of Government Efficiency (DOGE)[3] - He claimed to have uncovered fraud amounting to hundreds of billions in government spending, particularly in social security[3] Economic Policies - Trump proposed a permanent extension of the 2017 Tax Cuts and Jobs Act (TCJA) and tax exemptions for tips, overtime, and social security benefits[3] - He confirmed the implementation of reciprocal tariffs on April 2, targeting countries with trade surpluses with the U.S.[4] - The administration plans to balance the federal budget through increased tariffs, selling immigration "gold cards," and reducing government waste[3] Market Implications - The inherent contradictions and randomness in Trump's policies, combined with DOGE's impact on government spending, may increase economic uncertainty and market volatility[5] - Despite signs of economic weakening, the resilient job market suggests the U.S. is still on track for a soft landing[5]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自technews ，谢谢。 美国总统川普在国会发表讲话时再次抨击了拜登政府时代签署的《芯片与科学法案》，表示美国的 巨额资金补贴毫无意义，应该废除该法案。而如果一但芯片法案真的被废除，则作为主要受惠者的 台积电、英特尔、三星等半导体大厂将受到严重冲击影响，尤其是在台积电的部分，将导致其美国 晶圆厂的制造成本大幅上涨。 外媒报导，《芯片与科学法案》 是美国前总统拜登于2022 年8 月9 日在白宫正式签署的一项法 案，目的在推动美国半导体研发与制造业的发展，同时该法案还配套了约527 亿美元的政府补贴资 金，以及大笔低息贷款和25% 的税收减免。其中，约390 亿美元将直接提供给在美国本土建厂扩 产的半导体制造商。在拜登政府卸任前，美国商务部已经与台积电、英特尔等晶圆制造大厂签署了 正式的补贴协议，并且部分厂商已经获得了一部分的补贴资金。 然而，对于该法案，新上任的美国总统川普嗤之以鼻。之前就曾多次表示，应该以加征关税的措施 来推动国外半导体制造商在美国本土设厂，而不是通过补贴来吸引。川普在2025 年1 月曾经公开 表示，台湾约占全球芯片生意的98% ...

Core Viewpoint - The article emphasizes that Chinese assets, particularly in the Hong Kong technology sector, are experiencing a significant revaluation, driven by a combination of improved fundamentals and external capital inflows [4][29]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a substantial increase, achieving a new high with three consecutive days of gains [1]. - Since the market rally began on January 14, the Hang Seng Index and the Hang Seng Tech Index have risen by 29.12% and 43.74%, respectively, while the Hong Kong Internet Index has surged by 51.53% [2]. Group 2: Institutional Insights - Morgan Asset Management believes that the revaluation of Chinese assets is just beginning, predicting a "Davis Double Play" where both valuations and corporate earnings improve [4]. - The macroeconomic environment is stabilizing, which is conducive to a better pricing environment for the market [7]. Group 3: Foreign Capital Inflows - There is a significant amount of capital waiting to enter the market, primarily from long-term foreign investors, which could lead to a new rally in Chinese technology assets [3][15]. - The CEO of Norway's sovereign wealth fund has suggested reallocating investments from U.S. tech stocks to Chinese stocks, indicating a shift in foreign investment strategies [12]. Group 4: AI and Technology Investments - The article highlights the increasing capital expenditures by Chinese tech companies in AI, with ByteDance investing hundreds of billions in AI technology, similar to investments made by U.S. tech giants [20][27]. - The rise of AI technology in China is seen as a pivotal moment that could attract long-term foreign capital back into the market [29]. Group 5: Market Sentiment and Future Outlook - Despite skepticism from some investors due to past market volatility, the current upward trend in Hong Kong tech stocks is expected to continue as more capital flows in [30][36]. - The article suggests that the current valuations of major Hong Kong tech stocks like Tencent and Alibaba are still below their 2021 highs, indicating potential for further growth [36].

Core Viewpoint - The semiconductor packaging and testing industry is undergoing significant changes as traditional OSAT (Outsourced Semiconductor Assembly and Test) companies face intense competition from foundries like TSMC, Samsung, and Intel, which are entering the advanced packaging sector. Traditional OSAT firms are actively expanding their capabilities and investing in advanced packaging technologies to maintain their market positions [1][16][38]. Group 1: Traditional OSAT Companies' Expansion - ASE Group (日月光) is expanding its advanced packaging capacity by investing $200 million in a FOPLP production line in Kaohsiung, Taiwan, aiming for mass production by the end of the year [2][3]. - ASE has also inaugurated its fourth and fifth factories in Penang, Malaysia, with a total investment of $300 million to meet the growing demand for automotive semiconductors and AI applications [3][4]. - ASE is acquiring two packaging factories from Infineon in the Philippines and South Korea for approximately NT$2.1 billion to enhance its capabilities in automotive and industrial automation applications [5][6]. Group 2: Amkor Technology's Developments - Amkor plans to triple the annual production capacity of its factory in Vietnam from 1.2 billion to 3.6 billion units, reflecting strong growth in the region [7][8]. - The company is investing $2 billion to build an advanced semiconductor packaging and testing facility in Arizona, USA, primarily serving TSMC and Apple [8][9]. Group 3: Longsys Technology's Innovations - Longsys Technology is focusing on high-density packaging technologies, including 2.5D/3D packaging, and has launched a high-end manufacturing project in Jiangsu with a total investment of 10 billion yuan [9][24]. - The company has developed a high-density heterogeneous integration technology platform, XDFOI, which has entered stable mass production and is being applied in high-performance computing and AI fields [24][25]. Group 4: Tongfu Microelectronics' Advancements - Tongfu Microelectronics has established a 2.5D/3D packaging platform and is expanding its capabilities in high-performance computing, with new processes developed for chiplet packaging [28][29]. - The company is also focusing on glass substrate packaging technology to meet the demands of various high-performance chip applications [29][30]. Group 5: Huada Semiconductor's Strategic Moves - Huada Semiconductor is investing in advanced packaging technologies, including SiP and 3D packaging, and has launched a new 2.5D packaging technology platform to cater to AI demands [31][32]. - The company is also developing a 3D Matrix packaging platform that integrates TSV and eSiFo technologies for high-density heterogeneous integration [35][36]. Group 6: Powertech Technology's Expansion - Powertech Technology is expanding its testing capabilities in Japan with a new investment of 5 billion yen to enhance its semiconductor testing and mass production capabilities [13][14]. - The company is evaluating a proposal to establish a high-end chip packaging factory in Japan, aiming to leverage the country's advanced testing technology and stable automotive chip market [14][36].