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]

Core Viewpoint - The U.S. stock market is experiencing a significant rally, driven by a series of better-than-expected macroeconomic data, alleviating concerns about an economic slowdown [2][11]. Economic Data Summary - The U.S. non-farm payrolls for June showed an increase of 147,000, significantly above expectations, while the unemployment rate unexpectedly dropped to 4.1% [11]. - The ISM non-manufacturing index for June reported at 50.8, slightly above the expected 50.5, indicating continued growth in the services sector [12]. - Industrial orders in May increased by 8.2%, marking the largest monthly gain since 2014, with non-defense orders rising by 7.5% [13]. Trade Negotiations Summary - U.S. Treasury Secretary Janet Yellen met with EU negotiators, expressing hope for a principle trade agreement before the upcoming deadline [16]. - Yellen warned that if trade negotiations do not progress, tariffs may revert to previous levels [17]. - The market remains focused on the U.S. Congress's deliberations regarding President Trump's comprehensive tax and spending plan, with a procedural vote passing in the House [21][22]. Stock Market Performance Summary - Major U.S. stock indices, including the Nasdaq and S&P 500, reached all-time highs, with the Nasdaq up 0.97% and the S&P 500 up 0.81% [7]. - Solar stocks showed strong performance, with Sunrun rising over 18% and First Solar increasing over 8% [8]. - Notably, the stock of Brain Rejuvenation Technology surged over 170% in a single day, marking a year-to-date increase of 21,300% [10].

1. 美国6月季调后非农就业人口录得14.7万人，好于市场普遍预期，交易员不再押注美联储7月降息。 2. 美国财长警告 关税可能会回升至4月2日水平。 3. 美国商务部已通知全球三大芯片设计软件供应商——新思科技、楷登电子和西门子，此前要求其在华 业务必须申请政府许可的规定现已撤销。 1. 台积电(TSM.N)据称两年内将退出氮化镓业务。 2. 星巴克(SBUX.O)：高管每人600万美元股票奖励，但必须实现扭亏为盈。 3. 阿斯麦(ASML.O)预告，将于欧洲中部时间7月16日07:00公布2025年第二季度业绩。 4. 贝莱德(BLK.N)据称考虑出售沙特阿美天然气管道的股份。 5. Robinhood(HOOD.O)美股盘前一度跌超3%，此前OpenAI否认与Robinhood代币有关。 6. 小鹏汽车(XPEV.N)：全球首款L3级算力AI汽车小鹏G7上市，售价19.58万元起。 7. 甲骨文(ORCL.N)300亿大单浮出水面：传与OpenAI扩大合作建设更多数据中心。 重要新闻： 个股新闻 金十数据整理：每日美股市场要闻速递（7月3日 周四） ...

点击蓝字，关注我们 FedWatch，7月降息预期已提升至21.7%，但大概率维持不变，将导致港股海外资金流出压力上升；9 月降息概率91.1%，9月降息或已成定局。 6月24日，以伊停火，地缘冲突引发的市场短期波动逐渐缓 解。 受美联储政策预期以及市场整体风险偏好影响最大的科技股反弹行情有望延续。 国内来看，6月末六部委联合政策文件的发布，市场重燃政策发力预期；进入7月，政治局会议也是全 年重要的政策观测时点， 为实现年内增长目标，7月宏观政策有望加码。 前次6月策略涨跌情况 我们推荐的所有美股均实现正收益！ | 美股 | | | | | --- | --- | --- | --- | | 证券代码 | 证券同称 | 6月涨跌幅 | 所属 Wind行业 | | AMD.O | 超威半导体 | 28.15% | 信息技术 | | TEM.O | TEMPUS AI | 15.15% | 医疗保健 | | ITYN | 礼来 | 5.67% | 医疗保健 | | UNH.N | 联合健康集团 | 4.07% | 医疗保健 | | OXY.N | 西方石油 | 3.59% | 能源 | | 港股 | | | | ...