彭博行业研究分析师表示，即便立讯精密与印度塔塔公司逐步扩大市占，鸿海仍将在2026年底前维持 iPhone组装龙头地位，得益于规模、执行水准、以及全球产能多元布局。 报告也说，立讯精密自2020年收购纬创工厂、以及2023年收购和硕昆山厂逾六成股权，稳固了iPhone第 二大组装厂商的地位，预计未来两年将负责30%的iPhone订单，但该公司并无印度制造中心，可能限制 后续冲市占的能力。 报告指出，苹果为降低地缘政治风险，一直稳步扩大印度iPhone生产，预计在印度的组装比率，今年将 达25–30%，明年上看30–35%。在此同时，在印度的头号组装厂仍为鸿海，其次是塔塔，未来两年其组 装占有率应能达到10–15%，但后续不太可能突破35–40%，受制于缺乏本国组件生态系、基础建设品质 较低、熟练技术工人数量不足、及复杂的官僚体制。 该报告表示，除了上述这三大优势外，鸿海也是苹果长期的合作伙伴，也具备强大的自研组件能力、以 及在中国大陆和印度两地无人能及的产能，进一步巩固该公司的地位。另外，鸿海也一项主导最先进旗 舰级iPhone的新品导入工作。 因此，报告预估，尽管立讯精密、塔塔等对手的市占率将小幅增加，鸿海 ...

"台积电董事长要来大陆了！" 这则消息，近日在中国半导体圈引发广泛关注。 此前有知情人士透露，台积电董事长魏哲家"有望于12月4日现身南京，出席台积电开放创新平台（OIP）生态系统 论坛，并计划密集拜访多家本土芯片设计公司"。 若行程属实，这将是他自 2023年上海技术论坛后，两年来首次踏足大陆。 这场论坛作为台积电2025年OIP全球巡回的压轴场，此前已走过硅谷、东京、新竹、阿姆斯特丹四站。 尽管台积电官方已第一时间否认相关传闻，且公开信息显示，此次活动仅有台积电院士、设计暨技术平台副总经 理鲁立忠公开发言，并未出现总裁魏哲家的身影及相关媒体报道，但一个不争的事实是：从市场布局到供应链支 撑，台积电始终离不开大陆。 另一边，美国早已盯上半导体产业这块 "蛋糕"。 卢特尼克3日接受美国媒体采访时指出，台积电宣布将增加投资1000亿美元，总投资额达1605亿美元。他说："当 然，他们（台湾）也会训练美国劳工。最终目标是将供应链转移到美国，在美国生产半导体及药品，训练美国人 从事这些工作。让整个供应链都留在美国。这就是我们全部的目的。" 这家芯片巨头再次站上地缘政治的十字路口。 01 主动布局 2016年7月6日 ...

卢特尼克这番发言，证实了路透社先前对台美关税谈判的报道，报道内容称台湾可能加码投资 美国及协助训练美国芯片工程人才等。 如果您希望可以时常见面，欢迎标星收藏哦~ 卢特尼克3日接受美国媒体采访时指出，台积电宣布将增加投资1000亿美元，总投资额达1605 亿美元。 他说："当然，他们（台湾）也会训练美国劳工。最终目标是将供应链转移到美国，在美国生产 半导体及药品，训练美国人从事这些工作。让整个供应链都留在美国。这就是我们全部的目 的。" 但台当局行政管理机构经贸谈判办公室总谈判代表杨珍妮1日表示，没有答应美国要帮他们训练 技术人员，这不在谈判条件之中。 喜欢我们的内容就点 "在看 " 分享给小伙伴哦~ 对卢特尼克表示台湾会训练美国劳工的说法，岛内网民颇为气愤，纷纷在新闻下留言："无能民 进党执政自缚手脚和美国谈判""没救了""台积电过去了、供应链过去了、技术被偷走了、台湾 劳工也被取代""被勒索还给对方伸出橄榄枝""民进党还要出卖台湾利益到何等地步"。 ( 来 源：参考消息 ) 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点 ...

参考消息 据台湾中天新闻网12月4日报道，台美关税协议谈判已进入最后阶段。美国商务部长卢特尼克3日被问 到，协议是否包括由台湾训练美国劳工生产先进半导体时，他表示，谈判仍在进行中。但他强调："当 然，他们（台湾）会训练美国劳工。" 但台当局行政管理机构经贸谈判办公室总谈判代表杨珍妮1日表示，没有答应美国要帮他们训练技术人 员，这不在谈判条件之中。 杨珍妮说，谈判细节尚未定案，因此没办法对外说明。但对于报道声称训练劳工是关税减让的部分条 件，杨表示现在没有谈到这些。 卢特尼克3日接受美国媒体采访时指出，台积电宣布将增加投资1000亿美元，总投资额达1605亿美元。 他说："当然，他们（台湾）也会训练美国劳工。最终目标是将供应链转移到美国，在美国生产半导体 及药品，训练美国人从事这些工作。让整个供应链都留在美国。这就是我们全部的目的。" 卢特尼克这番发言，证实了路透社先前对台美关税谈判的报道，报道内容称台湾可能加码投资美国及协 助训练美国芯片工程人才等。 台当局经济事务部门负责人龚明鑫指出，企业赴美国设厂，若没有人力，工厂就没办法运作，以台积电 为例，本身也有职能训练。 对卢特尼克表示台湾会训练美国劳工的说法，岛 ...

荷兰不愿看到的局面，终究还是出现了。 在安世半导体事件发生之后，不少国家的财经媒体都将目光关注向了这次事件。 原因很简单，这不仅仅是中国企业与荷兰之间的纠纷，更关乎到了海外企业在欧洲市场的经营预期。 试想一下，一个国家可以以"国家安全"为由，不给企业任何解释的窗口和时间强行夺取对方企业的实际控制权，还会有谁敢与这个国家做生意？ 事件发酵之后，中方已经多次表明立场，荷兰却一直在打马虎眼，迟迟不愿归还中国企业的实际控制权。 面对如此局面，荷兰安世半导体引发的连锁反应，马上就出现了。 近日，东方精工披露重大资产出售预案，宣布以7.74亿欧元现金对价向博枫集团旗下主体出售瓦楞纸板生产线业务，交易标的涵盖意大利Fosber集团等三家 公司100%股权。 7.74亿欧元，67.2%的营收占比，东方精工在欧洲的核心资产一夜之间说卖就卖。 这一刀，砍得欧洲措手不及，也砍醒了所有还在观望的中资企业。当安世半导体的警报声还在回荡，另一场更大规模的撤退已经悄然启动。 而当中国企业集体按下"退出键"，荷兰政府那场精心策划的"国家安全"大戏，最终会收获什么样的结局？ 据了解，东方精工在2014到2019年间，把意大利Fosber集团和 ...

Core Insights - The narrative of "decoupling from China" promoted by Western media has not yielded significant results, as evidenced by the 2024 export data showing a different reality [1] - The rise of China's central and western regions is notable, with foreign investment in manufacturing in these areas increasing by 23% year-on-year in Q1 [1] Investment Trends - Cities like Chongqing, Chengdu, and Zhengzhou are experiencing a surge in orders for electronic manufacturing, with some orders extending into the next year [1] - The cost-effectiveness and stable power supply in China's western regions are attracting companies to establish factories there, offering better value than relocating abroad [1] Comparative Analysis - In contrast, Vietnam's manufacturing PMI fell below the growth line in Q4 of last year, and India's manufacturing faced significant losses due to power outages, amounting to $18 billion [3][5] - Apple's supplier, Luxshare Precision, has struggled with product quality in Vietnam, leading to a return of high-end production lines to Anhui [3] Cost Considerations - While labor costs in India are lower, the overall cost advantage diminishes when considering logistics and supply chain inefficiencies, such as shipping delays and port congestion [5] - China's western regions offer lower industrial electricity prices and better infrastructure, making them more attractive for manufacturing compared to India and Vietnam [6] Supply Chain Dynamics - China's complete industrial system allows for efficient production within short distances, contrasting with India and Vietnam's reliance on imported components [6] - The opening of the Chengdu-Chongqing high-speed rail has reduced logistics costs by 20%, further enhancing the competitiveness of western regions [6] Future Outlook - By 2025, foreign investment projects in regions like Chongqing, Sichuan, and Anhui are expected to increase, as companies prefer to expand production domestically rather than relocate [8] - The return of foreign enterprises is driven by the reliability of China's supply chain and the ability to meet domestic market demands [8] Competitive Landscape - The future competition will focus on creating smarter and more resilient supply chains, with China's dual strategy of high-end R&D in coastal areas and large-scale production in the interior [12] - Companies are adopting a "China 1" strategy, retaining core production in China while selectively outsourcing non-core activities [13]

Group 1 - General Motors has ordered thousands of suppliers to eliminate Chinese components from their supply chains, aiming to complete this by 2027 [5][6] - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, competing directly with ChatGPT [8] - Apple has reached an agreement with Tencent to take a 15% commission from WeChat mini-games, potentially earning 9 billion yuan annually [9][10] - Domestic GPU company Muxi has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan [10][11] - Tencent reported a Q3 profit of 63.13 billion yuan, with employee numbers exceeding 115,000 [15][16] Group 2 - Faraday Future announced it will adopt Tesla's NACS charging standard for its future models, allowing access to over 28,000 Tesla Superchargers [13][14] - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange, despite a 3.33% revenue decline in the first three quarters of the year [15] - The Ministry of Public Security in China is proposing new safety standards for vehicles, including limiting acceleration to under 5 seconds [19][20] - The Chinese government is mandating the use of domestic AI chips in cloud services, prioritizing Huawei's Ascend series [24][25] - Baidu's CEO stated that the majority of search results are now generated by AI, with a significant increase in rich media content [26] Group 3 - Microsoft CEO Satya Nadella revealed that the company has access to all research data from OpenAI's chip development [33][34] - Synopsys announced a layoff of about 2,000 employees as part of a restructuring plan to focus on AI chip design [35][36] - AMD's CEO Lisa Su expressed confidence in the company's growth, aiming to capture a significant share of the AI market currently dominated by NVIDIA [42][43] - Toyota plans to invest up to $10 billion in the U.S. over the next five years, marking a significant increase in its historical investment [45][46]

Core Insights - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in semiconductors and artificial intelligence [1][5] - The core drivers for the A-share market's future growth are policy support, liquidity, and industrial upgrades, with AI and high-value exports identified as key themes for the upcoming year [4][1] Group 1: Global Economic Resilience - Despite rising tariffs, geopolitical tensions, and fiscal pressures, the global economy shows significant resilience, supported by the AI revolution, flexible trade adjustments, and moderate monetary and fiscal policies [2] - Economic inequality is becoming more pronounced, with low-income families and small businesses struggling, posing challenges for policymakers to maintain global economic stability [2] Group 2: Asian Economic Outlook - The technology sector in Asia (excluding Japan) is expected to perform well, driven by strong demand for AI and a supercycle in storage chips, while non-tech sectors face challenges due to limited spillover effects from AI and increased tariffs on labor-intensive industries [3] - The region's solid economic fundamentals and new growth drivers, such as supply chain shifts and increased AI investment, position India, the Philippines, and Malaysia as some of the fastest-growing economies in the next decade [3] Group 3: A-share Market Dynamics - A-share valuations have expanded over the past year but remain reasonable when considering the equity risk premium in a declining risk-free rate environment [4] - The "14th Five-Year Plan" emphasizes long-term productivity upgrades and technological transformation, which will catalyze structural market trends, although improvements in earnings fundamentals are still needed [4][7] Group 4: AI and Technology Sector Developments - The trend towards a self-sufficient AI supply chain in China is becoming more evident, with significant investments in AI infrastructure and a focus on developing large language models and generative AI applications [8] - The competitive landscape in the instant retail sector is expected to stabilize, potentially alleviating losses for companies expanding in this area [8] Group 5: Entertainment Sector Insights - The online entertainment sector, particularly online gaming and music services, is expected to remain resilient, while long-form video content may continue to lag due to shifts in consumer preferences towards short videos [9]

Core Viewpoint - The company reported a mixed performance in Q3 2025, with revenue growth but a significant decline in net profit, primarily due to supply chain issues and tariff impacts in the U.S. market [1] Group 1: Q3 Performance Summary - The company achieved revenue of 2.037 billion, a year-on-year increase of 1.5% and a quarter-on-quarter increase of 4.3% [1] - The net profit attributable to shareholders was 81 million, down 23% year-on-year but up 2.2% quarter-on-quarter [1] - The non-recurring net profit was 63 million, reflecting a year-on-year decline of 36% and a quarter-on-quarter decline of 39% [1] Group 2: Market Performance - In the European market, the main brand SONGMICS saw sales in Germany from July to September with a year-on-year performance of +5%, -3%, and +30% respectively, indicating stable operations [2] - The company is enhancing its logistics efficiency in Europe, with a 0.7 percentage point decrease in the proportion of tail-end logistics costs to revenue [2] - In the U.S. market, SONGMICS sales declined by -15%, -24%, and -22% from July to September, primarily due to incomplete supply chain construction and product shortages [3] Group 3: Profitability and Cost Control - The gross profit margin for Q3 was 35.17%, showing a year-on-year decrease of 0.27% but a quarter-on-quarter increase of 0.74 percentage points [4] - The net profit margin was 3.99%, down 1.29 percentage points year-on-year and stable quarter-on-quarter [4] - The operating cash flow for Q3 was 593 million, compared to 561 million in the same period last year, indicating good cash flow performance [5] Group 4: Future Outlook and Investment Recommendations - The company forecasts revenues of 9.01 billion, 11.47 billion, and 13.56 billion for 2025 to 2027, with year-on-year growth rates of 10.9%, 27.3%, and 18.2% respectively [6] - Expected net profits for the same period are 373 million, 513 million, and 653 million, with respective year-on-year growth rates of 11.7%, 37.6%, and 27.4% [6] - The company maintains a "buy" rating with projected price-to-earnings ratios of 20, 15, and 11 for the years 2025 to 2027 [6]

Core Viewpoint - Tesla is shifting its supply chain strategy by seeking alternatives to Chinese suppliers, particularly in the battery and chip sectors, indicating a move towards diversification and reducing reliance on China [1][4][9] Group 1: Tesla's New Partnerships - Tesla has signed a significant deal with South Korea's Samsung SDI for energy storage batteries worth 30 trillion KRW, approximately 15 billion RMB, leading to an 8% surge in Samsung SDI's stock price [1] - Since 2022, CATL has been the exclusive supplier of battery cells for Tesla's Megapack, with plans to increase annual supply to over 15 GWh by early 2025 [3] Group 2: Financial Implications - Tesla's energy storage business has generated 24.3 billion RMB in revenue over the past three months, with a gross margin exceeding 31%, highlighting its importance as a revenue stream [4] - The company has placed substantial orders with LG Energy Solution worth over 30 billion RMB and with Samsung Electronics exceeding 110 billion RMB [5] Group 3: Supply Chain Dynamics - Tesla's Shanghai Gigafactory produced over 916,000 vehicles last year, accounting for more than half of its global deliveries, with over 95% of its supply chain localized [4] - Despite the new partnerships, Tesla remains heavily reliant on Chinese suppliers, as Samsung SDI's production capabilities will not be available until 2027 [4][9] Group 4: Geopolitical Factors - The U.S. has imposed tariffs on Chinese batteries, reaching up to 40.9%, which has significantly increased Tesla's costs and affected its operations in China [9] - Tesla's strategy reflects a broader trend among companies like Apple, which have also sought to diversify their supply chains away from China due to geopolitical pressures [7][8]