对于汇率波动的影响，台积电官方回应表示，目前并未计划修正2025年第二季度与全年的业 绩展望，但将持续谨慎关注汇率变化情况。 ***************END*************** 半导体公众号推荐 5月7日消息，据业界消息，目前台积电已要求供货商提出成本下修计划，以因应新台币升值 影响。 根据业界人士的说法，台积电原本要求供货商明年裸晶圆（Raw wafer）至少降价 30%。如 今因汇兑压力急速上升，据悉台积电已扩大要求多家供货商提早于本月缴交新报价，目前供 货商都一个头两个大。 市场预期，新台币每升值 1%，营业利益率恐下降 0.4 个百分点。台积电 2025 年第二季展 望是合并营收介于 284 亿至 292 亿美元。若以新台币 32.5 元兑 1 美元汇率假设，毛利率 介于 57%~59%，营业利益率介于 47%~49%，因此新台币升值将对台积电第二季营运造成 不小压力。 台积电此前公布的2025年第二季度展望显示，合并营收预计介于284亿至292亿美元之间。 若以新台币32.5元兑1美元的汇率计算，毛利率将介于57%至59%，营业利益率则在47%至 49%之间。因此，新台币持续升值将对 ...

市场预期，新台币每升值1%，营业利益率恐下降0.4 个百分点。台积电2025 年第二季展望是合并 营收介于284 亿至292 亿美元。若以新台币32.5 元兑1 美元汇率假设，毛利率介于57%~59%，营 业利益率介于47%~49%，因此新台币升值将对台积电第二季营运造成不小压力。 针对汇率一事，台积电则回应目前并未有任何修正2025 年第二季与全年展望的规画，将持续谨慎 关注汇率变化。 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 观点赞同或支持，如果有任何异议，欢迎联系我们。 来源：内容编译自technews，谢谢 。 新台币近期面临一波急升，市场担心以出口为主的半导体业和电子业将受冲击，尤其台积电是否因 汇损而损害毛利率及营收。根据业界消息，目前台积电已要求供应商提出成本下修计划，以因应新 台币升值影响。 最近新台币汇率可说是「暴力升值」，从一个月前的兑美元约33 元，一路迅速升破30 元，甚至一 度看到29 元的价位。虽然央行强调「美国财政部未要求新台币升值」，但根据媒体引述韩国央行 行长李昌镝的说法，美国政府向亚洲国 ...

韩元兑美元周三开盘创去年11月6日来新高。 ...

Group 1 - The report highlights that during the May Day holiday, the Hong Kong dollar appreciated against the US dollar, reaching the strong-side convertibility guarantee level for the first time since October 28, 2020, prompting intervention by the Hong Kong Monetary Authority [4][9][11] - The report indicates that historical data shows that when the Hong Kong dollar touches the strong-side convertibility guarantee, A/H shares tend to perform well [4][11] - The report notes that the recent strength of the Hong Kong dollar and the renminbi reflects an increased preference for renminbi assets, which may positively impact the A-share market as market expectations and risk appetite improve [9][11] Group 2 - The report states that the US non-farm payroll data exceeded expectations, leading to a delay in market expectations for the first interest rate cut to July [4][5] - The report suggests that in May, the market may exhibit a pattern of "weight index recovery and active technology growth," with a return to a focus on technology and small-cap styles [4][5] - The report indicates that the overall market sentiment has weakened, with a decrease in trading activity across various style indices and major industry turnover rates [38][44] Group 3 - The report mentions that the financing balance has decreased, with net selling of financing funds amounting to 157.6 billion yuan, and ETF net outflows of 143.8 billion yuan [29][33] - The report highlights that the net inflow of funds was primarily seen in the steel and automotive sectors, while significant outflows were noted in electronics, pharmaceuticals, and non-bank financials [48][49] - The report indicates that the IPO financing amount was 5.3 billion yuan, with a planned fundraising scale of 27.6 billion yuan for upcoming IPOs [33][34] Group 4 - The report notes that the market's risk premium has decreased, and the trading activity of financing funds has weakened, with the proportion of financing transactions in A-share trading declining [38][40] - The report indicates that the VIX index has fallen, reflecting an improvement in overseas market risk appetite [40][41] - The report highlights that the overall market sentiment has shifted, with a notable decline in the turnover rates of various style indices and major industries [44][48] Group 5 - The report states that the recent monetary policy actions included a net injection of 735.8 billion yuan through reverse repos, with upcoming reverse repos totaling 16,178 billion yuan maturing [17][18] - The report indicates that the short-term bond yields have risen while long-term yields have decreased, leading to a narrowing of the yield spread [17][18] - The report mentions that the issuance of interbank certificates of deposit has decreased, with mixed changes in issuance rates [18][22]

（文/陈济深 编辑/张广凯） 台湾蓝绿双方也就汇率问题展开了唇枪舌剑，台湾地区领导人赖清德5日称，美台贸易谈判没有提及汇 率，并"甩锅"表示汇率波动是部分政治人物误导市场和操弄心理预期。 对此国民党主席朱立伦则反驳称，赖清德对美国未战先降，是"跪族冠军"，抨击赖清德对美妥协的政策 将使台湾电子业陷入全行业亏损的境地。朱立伦表示，新台币升值10%，台积电的利润就要下滑4%， 代工厂则下降7%，统统都不要赚钱了。 而台湾的金融业也存在大量的海外资产。据统计，台湾保险公司有约7000亿境外美元资产，至少2000亿 美元资产没有做任何汇率对冲，而新台币兑美元一旦持续升值，台湾保险公司持有的美债等资产将面临 大量亏损的境地。 受美国关税政策影响，新台币汇率近日突发暴涨。 5月2日，新台币对美元单日升值4.37%，报收31.064创15个月新高；5月5日，新台币对美元继续大涨升 值4.92%，最高升至29.59。两个交易日对美元升值超过10%，创下台湾外汇交易历史第三大交易量。 尽管市场对于新台币暴涨原因众说纷纭，但特朗普和他的关税政策普遍被认为是这轮风暴的导火索。 在特朗普对等关税政策中，中国台湾地区被征收了32%的对 ...

Group 1 - The article discusses the significant capital flow of $2 trillion from Chinese enterprises to U.S. banks due to the Federal Reserve's aggressive interest rate hikes, which has created a potential for these funds to return to China as the yuan appreciates and the dollar depreciates [1][3][5] - The economic relationship between China and the U.S. is characterized by mutual challenges and opportunities, with the current global economic downturn and trade tensions influencing capital movements [5][7] - Chinese enterprises are considering repatriating funds to secure higher returns in a stable yuan environment, as domestic economic growth, despite slowing, remains more stable compared to the depreciating dollar assets [10][12] Group 2 - The repatriation of funds could lead to both positive and negative impacts on the Chinese economy, such as boosting the yuan's exchange rate and benefiting importers, but it may also harm exporters by eroding their price advantages [10][12] - The influx of capital could drive up domestic prices, increasing the cost of living for citizens, which poses a challenge for the government to manage inflation while stabilizing the yuan [14][30] - The article highlights the potential for $1 trillion to flow back into China, significantly impacting the exchange rate dynamics between the yuan and the dollar, especially as expectations of U.S. interest rate cuts grow [26][38] Group 3 - The depreciation of dollar assets is causing investors to lose confidence in the U.S. economy, prompting a shift in capital as Chinese exporters adopt a "wait and see" strategy regarding their dollar deposits [16][20] - The article notes that the exchange rate fluctuations present risks for businesses, as the yuan's appreciation could diminish their profit margins and complicate financial planning [30][34] - The government is urged to take proactive measures to manage the potential inflationary effects of capital inflows and to enhance the competitiveness of domestic enterprises in a changing market [36][38]

Core Insights - The company reported a significant decline in net profit despite an increase in revenue, indicating complex interactions between operational strategies and market conditions [1][2]. Financial Performance Summary - Revenue for 2024 reached ¥1,236,843,102.22, a 13.35% increase from ¥1,091,124,421.62 in 2023, with the outdoor leisure furniture and supplies sector contributing ¥1,150,354,735.42, accounting for 93.01% of total revenue [2]. - Net profit attributable to shareholders was -¥13,981,036.69, down 182.70% from ¥16,905,585.25 in 2023, primarily due to increased sales expenses from expanding overseas operations and higher R&D costs [2]. - The basic earnings per share for 2024 was -¥0.13, a 186.67% decrease from ¥0.15 in 2023, reflecting a significant reduction in shareholder returns [2]. Expense Analysis - Sales expenses rose to ¥154,702,376.25 in 2024, a 30.22% increase from ¥118,799,156.50 in 2023, driven by higher employee compensation and logistics costs [3]. - Management expenses increased by 28.55% to ¥117,967,827.55, attributed to rising consulting fees and depreciation [3]. - R&D expenses slightly decreased by 0.51% to ¥45,146,830.78, maintaining a focus on product innovation [3]. Cash Flow Analysis - Net cash flow from operating activities fell by 80.62% to ¥12,467,123.79, indicating weakened cash generation capabilities [4]. - Net cash flow from investing activities was -¥231,058,881.50, a 148.73% increase in cash outflow, reflecting higher fixed asset and financial investments [4]. - Net cash flow from financing activities improved to ¥49,460,557.78, a 260.08% increase, indicating better management of funding and debt [4]. R&D and Personnel Insights - R&D investment was ¥45,146,830.78, accounting for 3.65% of revenue, down from 4.16% in 2023, showing a slight decrease in R&D focus relative to revenue [5]. - The number of R&D personnel decreased by 12.83% from 187 to 163, which may impact long-term R&D capabilities [6].

汇率过度波动对经济有负面影响。 日本财务大臣加藤胜信：周四将与美国财长贝森特举行双边会谈。 不对贝森特有关汇率的言论置评。 ...

导 语：IPO前猛发利好，南华期货是在为估值铺路，还是在冲刺最后的窗口？ 南华期货股份有限公司在港交所递交的招股书显示，公司拟通过此次 IPO 进一步拓展业务版图。此 次发售股份相关细节暂未完全确定，中信证券担任独家保荐人。 南华期货此次 IPO 拟募集资金，计划用于增强境外资本基础及服务能力等战略方向，这一举措有望 为公司在全球市场竞争中提供有力支持。 南华期货是一家专注于期货及衍生品的全球领先金融服务提供商，起源于 1996 年，总部位于杭 州。公司构建了多元化的业务体系，涵盖中国境内期货经纪、风险管理服务、财富管理以及境外金 融服务，业务范围广泛，覆盖了期货及衍生品的全价值链。 例如，利率波动对公司财务状况和经营业绩影响较大，2022 - 2024 年，净利息收入分别为 3.265 亿 元、5.454 亿元及 6.818 亿元，占同年经营收入和经调整经营收入的一定比例，利率的不稳定可能 会给公司盈利带来不确定性。 从投资价值分析，南华期货具备诸多优势。公司作为中国期货及衍生品市场的先行者和领导者，积 累了丰富的行业经验和深厚的客户基础。其多元化的业务模式和强劲的财务增长为投资提供了一定 的保障。 在技术 ...

4月3日-4日，美股缩水约6.6万亿美元，为史上最大的两日市值蒸发。 4月3日，人民币兑美元汇率迅速跌破7.3；4月9日，离岸人民币兑美元汇率盘中跌至7.4290。4月3日以来，澳元、韩元、越南盾等亚太货币亦跌至数年新 低。 4月7日，延续了前几个交易日跌势后，国际金价跌破3000美元/盎司关口，至三周来最低水平。 "有时候几十年什么都没有发生，有时候几周却发生了几十年的事。"——在美国总统特朗普征收"对等关税"后，这成为全球金融市场巨震最为恰切的注 脚。 这场金融风暴背后的起因是远超市场预期的关税之战。 据新华社报道，当地时间4月2日，特朗普在白宫签署关于所谓"对等关税"的行政令，宣布美国对贸易伙伴加征10%的"最低基准关税"，并对某些贸易伙伴 征收更高关税。 短短几日后，美国与多国的博弈再度加剧。 据新华社报道，国务院关税税则委员会4月9日发布公告称，经国务院批准，自2025年4月10日12时01分起，调整《国务院关税税则委员会关于对原产于美 国的进口商品加征关税的公告》规定的加征关税税率，由34%提高至84%。其他事项按照税委会公告2025年第4号文件执行。 4月11日，中国财政部发布公告，称将调整《国 ...