Market Overview - As of August 7, A-shares showed mixed performance with the Shanghai Composite Index standing at 3600 points, up 0.12%, while the Shenzhen Component Index fell by 0.23% and the ChiNext Index dropped by 0.69% [1] - The trading volume exceeded 1.6 trillion yuan, with over 3000 stocks declining across the Shanghai and Shenzhen markets [1] Index Performance - The Shanghai Composite Index closed at 3638.20, gaining 4.20 points (+0.12%) [2] - The Shenzhen Component Index was at 11151.81, down 25.97 points (-0.23%) [2] - The ChiNext Index recorded a decline of 16.30 points (-0.69%), closing at 2342.65 [2] - The total trading volume was 1.61 trillion yuan, with a predicted increase to 1.89 trillion yuan, an increase of 134.2 billion yuan [2] Sector Highlights - The Rare Earth Permanent Magnet Index surged over 4%, with significant gains in stocks such as Zhenghai Magnetic Materials, which hit the daily limit, and others like Longmag Technology and Ningbo Yunsheng, which rose over 8% [3] - Chip stocks experienced a notable increase, with companies like Astone and Haoshanghao hitting the daily limit, and others such as Fuman Micro and Dongxin Co. rising over 10% [4] Notable Stock Movements - Fuman Micro (300671) rose by 20% to 40.20 yuan, while Astone (300706) increased by 19.99% to 47.66 yuan [5] - Other significant gainers included Guokewi (300672) up 11.56% and Yingfangwei (000670) up 10.04% [5] - In the Hong Kong market, chip stocks also saw gains, with Huahong Semiconductor rising nearly 4% to 45.32 HKD [6] International News Impact - U.S. President Trump announced plans to impose approximately 100% tariffs on chips and semiconductors, excluding companies manufacturing in the U.S., which may influence market dynamics [6] - Semiconductor companies like SMIC and Huahong Semiconductor are set to release their Q2 financial reports, which could provide further insights into the sector's performance [7]

Core Viewpoint - The article discusses the recent announcement by U.S. President Trump regarding the imposition of approximately 100% tariffs on chips and semiconductors, while providing exemptions for companies like Apple that commit to manufacturing in the U.S. [3] Group 1: Tariff Announcement - President Trump announced that the U.S. will impose about 100% tariffs on chips and semiconductors, effective soon [3] - Companies that commit to building manufacturing facilities in the U.S. will not be subject to these tariffs [3] - Trump emphasized that the tariffs are aimed at holding accountable companies that fail to fulfill their commitments to build factories in the U.S. [3] Group 2: Apple's Investment - Apple CEO Tim Cook announced an additional investment of $100 billion in U.S. research and manufacturing over the next four years, bringing Apple's total investment commitment to $600 billion [3] - This investment is part of Apple's strategy to avoid tariffs by increasing domestic production [3] Group 3: Future Implications - Trump indicated that a separate tax on all products containing semiconductor chips could be announced as early as next week [3]

Group 1 - The U.S. President Trump plans to announce drug tariffs next week, which will initially be small but could eventually reach 250% [1] - The announcement will also include tariffs on chips, indicating a broader trade strategy targeting the pharmaceutical and technology sectors [1] Group 2 - President Trump mentioned that there are several excellent candidates for the new Federal Reserve Chairman, indicating potential changes in monetary policy leadership [2] - Candidates mentioned include Walsh and Hassett, with a preference for Bassett, who wishes to remain at the Treasury [2]

Core Viewpoint - The article discusses the potential impact of the U.S. imposing high tariffs on semiconductor imports from Taiwan, particularly on mature process chips, which could lead to significant adjustments in Taiwan's semiconductor industry and supply chain dynamics [2][3]. Group 1: Tariff Implications - The U.S. is expected to announce results of a national security investigation regarding semiconductor imports, with potential tariffs on mature process chips from Taiwan reaching up to 20% [2]. - Taiwan's semiconductor industry, heavily reliant on exports to the U.S., faces heightened uncertainty due to these potential tariffs, which could disrupt existing supply chains [2][3]. - The article suggests that while the tariffs may not completely destabilize the semiconductor sector, they will likely prompt strategic adjustments, including increased overseas investments and manufacturing [3]. Group 2: Market Conditions - The semiconductor industry is experiencing a downturn, with major IC design firms significantly reducing wafer production for mature processes by 20% to 30% in Q3 compared to Q2, due to various negative factors including weak demand in mobile, networking, and automotive sectors [5][6][7]. - The automotive market is particularly struggling, impacting demand for mature process chips, with major companies like NXP and STMicroelectronics warning of poor market conditions [7]. - The capacity utilization rates for wafer foundries are expected to decline from around 70% in the first half of the year to approximately 60% or lower in the second half, which will adversely affect profit margins [7]. Group 3: Company Strategies - Companies like UMC are investing in R&D to focus on advanced technologies for 5G, AI, IoT, and automotive electronics, with UMC having invested NT$15.6 billion in R&D last year [9]. - UMC is exploring potential collaborations with Intel to enhance process technologies, while World Advanced is focusing on its 8-inch production and plans to build a 12-inch fab in Singapore with a total investment of $7.8 billion [10]. - Powerchip is targeting AI applications and has begun mass production of silicon interposers, contributing to revenue generation [11].

Core Viewpoint - TSMC's Kumamoto 2 factory in Japan has begun construction on surrounding facilities, with the main construction expected to continue in the second half of the year, reflecting the Japanese government's expectations [1][2]. Group 1: TSMC's Operations and Developments - The Kumamoto 2 factory will be a focal point in TSMC's upcoming earnings call, with significant attention on its operational outlook and the impact of U.S. tax developments and currency fluctuations on TSMC's performance [2]. - TSMC's investment strategy is influenced by customer demand, business opportunities, operational efficiency, government support, and economic costs, with the company asserting that its U.S. investment plans will not affect existing investments in other regions [2]. - TSMC's first joint venture factory in Kumamoto is set to begin mass production in 2024, alongside a joint venture factory in Dresden, Germany [3].

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]

IT之家 5 月 28 日消息，台积电呼吁美国商务部豁免芯片进口关税，警告加征关税可能削弱其 1650 亿美元（IT之家注：现汇率约合 1.19 万亿元人民币）亚 利桑那州扩建计划，并威胁美国在半导体产业的领导地位。 今年 3 月，台积电宣布在亚利桑那州追加 1000 亿美元（现汇率约合 7192.28 亿元人民币）投资，计划再建三座晶圆厂、两座先进封装厂和一个研发中心， 总投资额累计 1650 亿美元（现汇率约合 1.19 万亿元人民币）。 台积电表示，终端产品因关税导致价格上涨将抑制芯片需求，从而削弱亚利桑那州产业集群的经济价值。该公司要求"在美国拥有重大半导体产能"的企业继 续享有进口海外设备和材料的免税通道，因其中许多物资在美国本土无法获取。 据台积电提交的文件披露，当六座晶圆厂全部投产后，亚利桑那州基地每月可生产 10 万片晶圆，约占台积电 2nm 及更先进制程预计产能的 30%。该公司还 预估其美国项目将带动 2000 亿美元（现汇率约合 1.44 万亿元人民币）的间接经济活动，创造数万个就业岗位。文件强调，这些经济收益的实现有赖于可预 期的免税供应链体系。 IT之家注意到，台积电在亚利桑那州凤凰 ...

在5月24日台积电在亚利桑那州的子公司"上书"美国商务部，罕见对美释放强硬态度，称如果美国对芯 片征收关税，台积电将延缓在亚利桑那州的后续投资计划。 台积电前期在美国投资的工厂面临工人短缺、管理混乱、成本高昂等问题，而且大量工程师需要从台湾 外调。后期有可能将面临美国的关税和东国芯片产业的双重冲击，如果东国实现3纳米高端芯片的量 产，到时台积电不仅会丢掉技术优势，还会丧失成本优势。 这次台积电声明中，前两部分说明了台积电目前在美生产现状和对美的投资力度，最后一部分"图穷匕 见"声明如果美国对芯片征收关税"将使台积电客户的电子产品需求显著降低，导致营收陡降，强烈建议 美国政府不应对半导体课征关税或其他进口管制，否则将影响对亚利桑那州厂投资进度。"目前台积 电"强硬声明"仅为"策略性警告"，实质想借此来"逼迫"美国取消芯片关税，避免企业后期可能由此产生 的经济损失。如果美国强力推行芯片关税，台积电作为一个企业，前期已经产生了大量的"沉没成本"后 期只能"自吞苦果" 人人路过踢两脚，川普骚操作让美国成了纸老虎？ 台积电有了强硬的声明，后续是否能有强硬的动作？ 台积电之前在川普的威逼利诱下，在美豪掷1650亿建设6座 ...

特朗普：将在芯片关税问题上对企业灵活对待。 ...

Core Viewpoint - The article discusses the potential impact of U.S. President Trump's proposed semiconductor tariffs, which could impose significant financial burdens on semiconductor manufacturers in Taiwan, South Korea, and the U.S. [1][2] Group 1: Tariff Scenarios - The first scenario involves a tax based on the global semiconductor output of countries or manufacturers compared to the U.S. production, potentially leading to tariffs exceeding 100% for companies without U.S. manufacturing facilities [1][2] - The second scenario proposes direct tariffs on imported chips to the U.S., which could adversely affect companies that assemble products in the U.S. using imported chips, including major electronic manufacturing services (EMS) firms [2] - The third scenario suggests a uniform tariff on all finished electronic products containing semiconductors, which would be challenging to enforce due to the complexity of tracking semiconductor components in various products [3] Group 2: Industry Reactions - The semiconductor industry is highly concerned about the implications of high tariffs, particularly the potential for a 100% tariff on companies like TSMC if they do not establish manufacturing in the U.S. [2] - There is speculation that the best outcome would be for Trump to adopt a more lenient approach, potentially allowing many semiconductor companies to avoid tariff impacts [3]