Domestic Economic Insights - China's February PMI data exceeded expectations, indicating a strong start to the domestic economy with a continued recovery trend[3] - The government set an economic growth target of around 5% for 2025, aligning with market expectations and boosting growth confidence[3] - The fiscal deficit rate is set at 4%, with a deficit scale of CNY 5.66 trillion, indicating a significant increase in government spending[3] - There are expectations for further monetary policy easing, including potential interest rate cuts, to support the stock market and real estate sector in the medium to long term[3] International Economic Concerns - The US February ISM manufacturing PMI reached 50.3, the highest since June 2022, while the non-manufacturing PMI was 53.5, above expectations[3] - The US job market showed signs of slowing, with non-farm payrolls increasing by 151,000, below the expected 160,000, and the unemployment rate holding steady at 4.1%[3] - The escalation of tariffs by the US on Chinese goods and potential tariffs on Mexico and Canada have raised concerns about a deteriorating economic outlook for the US, increasing expectations for three interest rate cuts by the Federal Reserve[3] Market Strategy Recommendations - Maintain a cautious bullish stance on the four major A-share index futures (IH/IF/IC/IM) in the short term[3] - Commodity markets should be observed cautiously, with a preference for precious metals due to increased safe-haven demand amid tariff escalations[3] - The overall ranking for investment strategy is: stock indices > commodities > government bonds[3] Risk Factors - Potential for unexpected tightening of monetary policy by the Federal Reserve[3] - Geopolitical risks, particularly related to US-China relations[3] - Escalation of the US-China trade conflict could further impact market sentiment[3]

Core Insights - The article discusses the history and key moments of TSMC, particularly focusing on its relationship with Nvidia and the evolution of the semiconductor industry under the leadership of Morris Chang [2][3][4]. Group 1: TSMC's Relationship with Nvidia - TSMC's relationship with Nvidia began in 1997 when Nvidia's CEO, Jensen Huang, reached out for manufacturing support, highlighting the importance of potential clients regardless of their size [3][4]. - At the time, Nvidia was a small company facing bankruptcy, while TSMC had already surpassed $1 billion in revenue [4][5]. - The partnership proved successful, with Nvidia becoming one of TSMC's major clients within a few years, significantly contributing to TSMC's growth [7][9]. Group 2: Challenges and Resolutions - In 2009, TSMC faced manufacturing and quality issues at the 40nm process node, which affected clients like Nvidia, leading to financial and operational challenges [10][12]. - Morris Chang returned as CEO to address these issues, emphasizing the importance of maintaining strong relationships with clients and resolving disputes amicably [12][25]. - A significant resolution occurred when TSMC proposed a settlement of over $100 million to Nvidia, which was accepted, reinforcing their long-term partnership [30][32]. Group 3: Strategic Decisions and Market Positioning - TSMC decided to invest heavily in the 28nm process node, which was seen as a pivotal moment for the company, coinciding with the rise of the smartphone market [34][42]. - The company set a research and development budget at 8% of revenue to ensure consistent innovation and competitiveness in the semiconductor industry [35][36]. - TSMC's strategic focus on advanced technology and market needs allowed it to maintain a leading position in the semiconductor manufacturing sector [42][43]. Group 4: Engagement with Apple - TSMC's relationship with Apple began when Apple sought TSMC's manufacturing capabilities, leading to discussions about economic terms and production timelines [60][62]. - The initial engagement with Apple highlighted TSMC's competitive edge in technology and manufacturing efficiency, which was crucial for securing Apple's business [63][66]. - TSMC faced challenges in meeting Apple's demands for new process nodes, but the company strategically managed its resources to accommodate these requests while maintaining its operational integrity [67][73].

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nytimes ，谢谢。 上周，特朗普总统在国会发表讲话时，偏离了演讲稿，转而攻击一个敏感话题—— 《芯片法案》。 这是一项跨党派法律，旨在减少美国在半导体方面对亚洲的依赖。 过去几个月，共和党议员一直在寻求并得到保证，特朗普政府将支持国会制定的计划。但特朗普在 讲话中途称这项法律是"非常可怕的事情"。 他向议长迈克·约翰逊表示："你们应该废除儿童健康保险计划法案"，一些议员对此鼓掌表示赞赏。 CHIPS 计划是近年来为数不多的能使华盛顿大部分地区团结起来的计划之一，两党议员与私营企业 合作起草了一项法案，该法案将投入 500 亿美元重建美国半导体行业，该行业生产用于驱动汽车、 电脑和咖啡机的基础技术。在总统小约瑟夫·R·拜登于 2022 年签署该法案后，各公司在亚利桑那 州、纽约州和俄亥俄州找到了新工厂的地点。商务部审查了这些计划，并开始发放数十亿美元的补 助金。 现在，特朗普威胁要推翻多年的工作成果。八位知情人士表示，芯片公司高管担心资金可能会被收 回，他们正在打电话给律师，询问政府在终止已签署的合同方面有哪些回旋余地。 演讲结束后，支持 CHI ...

行情速递 ① 主 板 领 涨 ， 湖 北 广 电 (+10.06%)/ 大 位 科 技 (+10.04%)/ 新 华 传 媒 (+10.03%)/ 长 江 通 信 (+10.01%)/宝明科技(+10.01%)/ ②创业板领涨，创业慧康(+20.03%)/天山电子(+9.97%)/隆扬电子(+9.41%)/ ③科创板领涨，南亚新材 (+17.55%)/和林微纳(+10.56%)/福立旺(+10.20%)/ ④ 活跃子行业，SW印制电路板(+1.86%)/SW大众出版(+1.40%)/ ③ 芯源微，发布关于持股5%以上股东拟通过公开征集转让方式协议转让公 司股份的提示性公告/沈阳芯源微电子设备股份有限公司（以下简称"公 司"或"芯源微"）持股 5%以上股东沈阳中科天盛自动化技术有限公司（以下 简称"中科天盛"）持有公司股份16,899,750 股，占公司总股本的 8.41%， 股份性质全部为无限售条件流通股 ④ 胜宏科技，发布2025年第一季度业绩预告/预计实现归属于上市公司股东 净利润盈利78,000 万元–98,000 万元/比上年同期增长272.12% - 367.54% 海外新闻 ① 艾邦VR产业资讯， ...

Core Viewpoint - TSMC's expansion of investment in the U.S. raises concerns about potential impacts on its operations in Taiwan, particularly regarding orders and production capacity [1][4]. Group 1: TSMC's U.S. Investment - TSMC announced a significant investment in the U.S., which has led to worries that it may affect its Taiwanese operations and orders [1]. - Former legislator Guo Zhengliang expressed concerns that if Apple starts purchasing chips directly from the U.S., TSMC's production in Taiwan may face reduced demand, potentially leading to fewer factories in Taiwan [1]. - TSMC's plans to build additional factories in Kaohsiung and Chiayi may also be impacted if new demand does not arise [1]. Group 2: Reactions from Industry Leaders - Hon Hai Chairman Terry Gou defended TSMC's decision, emphasizing the importance of TSMC's role in the global semiconductor ecosystem and dismissing claims that U.S. investments would deplete Taiwan's resources as exaggerated [2]. - TSMC's investment plans in the U.S. have been met with mixed reactions, with some local officials expressing concern about the impact on TSMC's ongoing projects in Taiwan [4]. Group 3: Legal Issues - TSMC is currently facing a lawsuit in the U.S. related to alleged discrimination, which has expanded to include multiple plaintiffs and serious accusations [6][7]. - The company has stated that it will not comment on ongoing litigation but expressed pride in its Arizona team and commitment to providing a safe and inclusive work environment [6].

如果您希望可以时常见面，欢迎标星收藏哦~ 参考链接 来源：内容 来自中时新闻网 ，谢谢。 川普上任后想废除拜登政府推动的527亿美元《芯片法案》补助，他抱怨该项计划浪费纳税人的 钱，建议把资金转用在减轻美国债务压力，但美国财经媒体撰文指出，如果《芯片法案》补助被撤 销，美国芯片市占率恐缩减至8%。 总部位于华府的「半导体行业协会」2024年估计，美国预计在2032年，将其所有类型芯片的制造 能力都提高至2倍，在全球芯片市占率可望从10%升至14%，但如果没有《芯片法案》，美国的芯 片市占率可能会缩减至8%。 分析《芯片法案》对美国半导体业的影响，若从纳税人角度来看，该法案代表一笔很大的支出，但 对半导体产业来说，这笔支出并不算大，主因在于，1家半导体公司1年的开支就足以消耗掉相当 多的资金，像台积电今年的资本支出预计将达380~420亿美元。 《芯片法案》是美国最大产业政策法条之一，目前逾85%的拨款，是在川普就任前敲定，包括将补 贴台厂台积电66亿美元。 报导认为，《芯片法案》为制造业项目提供25%的税收减免，对大多数企业来说，是最大的激励措 施，这些政策将使在美国建厂变得像在亚洲一样具有成本效益。 至于川 ...

Key Points - The article discusses significant developments in the tech industry during the week of March 3-9, 2025, highlighting various companies and their strategic moves [3] Group 1: Company Developments - Trump criticized the Biden chip law, suggesting the $52.7 billion funding should be used to pay off debt instead, while announcing TSMC's plan to invest $100 billion in the U.S. over four years [5] - Microsoft is actively developing AI inference models to enhance its competitiveness against OpenAI [6][7] - Amazon AWS has formed a new team focused on agentic AI, which is expected to become a billion-dollar business [8][9] - Wayve, a UK autonomous driving startup, is expanding into Germany with a new testing and development center [10][11] - Figma is in talks with banks for an IPO in 2025, with annual recurring revenue expected to exceed $700 million [12][13] - McDonald's is undergoing a large-scale AI transformation across its 43,000 restaurants to improve operations [14][15] - Apple launched a new MacBook Air with the M4 chip, while delaying some AI improvements for Siri until 2026 [17][18] - Musk's xAI purchased a property in Memphis to support its supercomputer expansion [19][20] - Onsemi proposed to acquire Allegro MicroSystems for $6.9 billion, but Allegro's board deemed the offer insufficient [21][23] - Logility received a $15 per share acquisition offer, higher than a previous agreement with Aptean [24][25] - Corning is collaborating with U.S. solar manufacturers to produce domestically made solar panels [26][28] - Logitech announced a $2 billion stock buyback plan, reflecting confidence in future performance [29][30] - Avride is expanding its autonomous taxi fleet in partnership with Hyundai [31][32] - CoreWeave is acquiring AI developer platform Weights & Biases for an estimated $1.7 billion [33][34] - Malaysia is paying $250 million to Arm Holdings for chip design blueprints, marking a shift towards high-end design [35][36] - MIPS is focusing on robotics and chip design, launching the Atlas product line for AI applications [37][38] - Microchip Technology announced a restructuring plan, including 2,000 layoffs due to declining demand from automotive clients [39][40] Group 2: Investment and Financing - Anthropic completed a $3.5 billion Series E funding round, reaching a valuation of $61.5 billion [42] - Axelera AI received €66 million from the EU to develop AI inference chips [44][45] - Epirus raised $250 million in a Series D funding round to expand its anti-drone system production [46] - Areim's EcoDataCenter secured $478 million for sustainable data center development [47][48]

Core Viewpoint - The article discusses the expected growth of advanced semiconductor production in the U.S. due to investments from Taiwanese and South Korean manufacturers, projecting that by 2030, the U.S. will account for over 20% of global advanced semiconductor output, with a doubling of advanced logic semiconductor capacity compared to 2021 [1][2]. Group 1: U.S. Semiconductor Production Growth - By 2030, the U.S. is projected to have 22% of global advanced logic semiconductor capacity, a significant increase from 2021 [1][2]. - The share of Taiwan in global semiconductor production is expected to decrease from 71% to 58%, while South Korea's share is projected to drop from 12% to 7% [2]. - Since 2020, the U.S. private sector has announced over $500 billion in investments in the semiconductor industry [3]. Group 2: Geopolitical and Economic Factors - The COVID-19 pandemic highlighted semiconductor shortages, prompting countries like the U.S. to attract chip manufacturers to ensure stable supply chains [2]. - Geopolitical tensions, particularly between the U.S. and China, have further motivated investments in domestic semiconductor production [2]. Group 3: Role of Taiwanese and South Korean Companies - TSMC plans to invest an additional $100 billion in the U.S. to build three manufacturing plants and a research center [4]. - The production of necessary memory chips is also shifting to the U.S., with SK Hynix planning to invest approximately $4 billion in Indiana for a high-bandwidth memory factory and a research center [5]. - Taiwanese and South Korean companies are expected to be responsible for the majority of advanced chip production in the U.S., accounting for nearly 70% of U.S. chip investments as of last year [5].

Core Viewpoint - EUV technology is overcoming challenges such as high costs and complex optical systems, showing significant advantages in processes of 10nm and below, with recent advancements from major companies indicating a new phase of commercial application and development [1]. Group 1: High NA EUV Developments - Intel is the first chip manufacturer to purchase High NA EUV lithography machines, with each machine valued at €350 million, currently used for R&D purposes [3]. - Intel's early results show that High NA machines can complete tasks with fewer exposures and processing steps compared to earlier machines, indicating a strong commitment to leading in the High NA EUV era [3][4]. - imec demonstrated a 90% yield in electrical testing of 20nm spaced metal lines using High NA EUV lithography, confirming the technology's capability at such small dimensions [6][10]. Group 2: Competitive Landscape in DRAM - Micron has introduced its first EUV-based 1γ (1-gamma) 16Gb DDR5 devices, achieving a 20% reduction in power consumption and a 30% increase in bit density compared to previous generations [11][15]. - Micron's transition to EUV is expected to improve economic efficiency for new nodes, combining EUV with multiple patterning DUV technology [15][16]. - The competition among major memory manufacturers is intensifying as Micron adopts EUV, with Samsung and SK Hynix also investing in High NA EUV machines to enhance their competitive edge [17]. Group 3: EUV Mask Technology - Samsung has decided to procure EUV pellicles from Mitsui Chemicals to improve production efficiency, following challenges in yield for its 3nm process [22][23]. - The development of EUV pellicles is crucial for reducing pattern defects in chip manufacturing, with ongoing efforts to enhance the performance and lifespan of these films [21][25]. Group 4: Future of EUV Technology - The ongoing innovation in EUV technology is expected to lead to more efficient, precise, and cost-effective chip manufacturing processes, supporting the semiconductor industry's growth and competitiveness [29].

Investment Rating - The report suggests focusing on sectors such as servers, IDC, switches, switching chips, optical modules, and liquid cooling driven by domestic AI development, as well as servers and optical modules driven by overseas AI development [5]. Core Insights - DeepSeek has disclosed the theoretical cost and profit margin of its V3/R1 inference system, with a theoretical daily revenue of $562,027 and a profit margin of 545%. This advancement, along with the launch of the general-purpose AI Agent product Manus by Monica, is expected to accelerate the domestic AI application deployment and enhance profitability in the AI sector [1][10]. - The acceleration of AI technology iteration is leading to increased demand for computing power, prompting major internet companies like ByteDance and Baidu to potentially raise capital expenditures to expand their computing investments [1][12]. - The report highlights that in March 2025, Broadcom's Q1 revenue reached $14.916 billion, a 25% year-on-year increase, with net profit soaring by 315% to $5.503 billion, indicating strong performance in AI semiconductor revenue [1]. Summary by Sections Server Sector - Approximately 60% of the investment in large models is allocated to hardware procurement, with servers accounting for 69% of total capital expenditure. The year 2025 is projected to see a significant increase in inference demand, benefiting domestic ASIC chip manufacturers like ZTE and Unisoc [2][7]. Switch Sector - Network equipment procurement, including switches, constitutes about 11% of hardware procurement. Major suppliers like Ruijie Networks and Unisoc are positioned to benefit from the demand from leading internet companies [2][10]. IDC Sector - Data centers are crucial for AI development and deployment, with companies like Data Port and Runjian signing agreements to provide computing services. IDC suppliers are expected to benefit significantly from large-scale construction in 2025 [3][12]. Liquid Cooling Sector - The liquid cooling market is anticipated to expand significantly, with NVIDIA's NVL36/72 cabinets expected to be shipped in bulk by 2025. Domestic suppliers are accelerating their international expansion, indicating a promising growth trajectory [3][14]. Core Data Updates - In December, the three major telecom operators achieved a total telecom revenue of 141.7 billion yuan, a year-on-year increase of 10.10%. New business revenue reached 39.6 billion yuan, growing by 66.39% year-on-year [4][20]. Investment Recommendations - The report emphasizes the importance of monitoring sectors such as servers, IDC, switches, switching chips, optical modules, and liquid cooling, driven by both domestic and international AI developments [5].