Core Viewpoint - President Trump announced that semiconductor tariffs will be set in the coming weeks, potentially reaching rates as high as 300% [1] Group 1: Tariff Announcement - Trump indicated that tariffs on steel and semiconductors will be established within the next two weeks [1] - The proposed tariff rates for imported semiconductors could be as high as 200% to 300% [1] Group 2: Market Impact - Following the announcement, several semiconductor companies experienced significant stock declines, with Applied Materials dropping 11.9% [1] - Other companies affected include Lam Research and KLA, which fell by up to 6.12%, and Micron Technology, which decreased by 3.3% [1] - The semiconductor ETF dropped over 1.8%, and the broader market saw an initial decline of 2.64%, with Nvidia falling approximately 2.2% [1]

Group 1 - The stock of CSPC Pharmaceutical Group (01093) rebounded nearly 5% after a drop of almost 9% earlier, closing down nearly 4% at HKD 10.15 with a trading volume of HKD 1.824 billion [1] - Morgan Stanley's report indicated that the Hang Seng Healthcare Index fell by 3% during the trading session, while the overall Hang Seng Index remained flat, highlighting the weak performance of companies with asset authorization potential [1] - Concerns about the upcoming US pharmaceutical and semiconductor tariffs may have contributed to the market's decline, although Morgan Stanley believes the likelihood of tariffs on BD transaction payments is low [1] Group 2 - Morgan Stanley anticipates more BD transactions in the second half of this year and in the future, particularly for key pharmaceutical companies with strong product lines, such as CSPC Pharmaceutical Group [1] - Credit Lyonnais previously reported that CSPC has 10 already listed innovative brands and over 30 innovative products expected to launch before 2028, predicting a re-acceleration of core profit growth starting in 2026 [1] - The target price for CSPC was raised from HKD 13.8 to HKD 17.4, with a reaffirmation of a strong belief in outperforming the market [1]

Core Viewpoint - Trump announced a 100% tariff on semiconductor products, offering exemptions for companies willing to relocate production lines to the U.S. [1] Impact on China - The impact of this tariff on mainland China is expected to be limited, suggesting that the Chinese semiconductor industry may not face significant disruptions from this policy [1]

1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - The report suggests a temporary wait - and - see approach for tin investment, with an expected price range of 260,000 - 270,000 yuan/ton for shock adjustment [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai tin is 267,940 yuan/ton, up 1,000 yuan; the LME 3 - month tin price is 33,230 US dollars/ton, down 70 US dollars [3] - The closing price of the August - September contract for Shanghai tin is - 440 yuan/ton, up 30 yuan; the main contract's open interest is 24,776 lots, up 57 lots [3] - The net position of the top 20 futures is 128 lots, down 65 lots; the LME tin total inventory is 1,755 tons, down 120 tons [3] - The Shanghai Futures Exchange's tin inventory is 7,671 tons, up 254 tons; the LME tin cancelled warrants are 365 tons, down 120 tons [3] - The Shanghai Futures Exchange's tin warrants are 7,332 tons, down 26 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 267,200 yuan/ton, down 400 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 267,190 yuan/ton, down 630 yuan [3] - The basis of the Shanghai tin main contract is - 740 yuan/ton, down 1,400 yuan; the LME tin cash - to - 3 - month spread is - 73 US dollars/ton, down 31 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons [3] - The average price of 40% tin concentrate is 252,600 yuan/ton, down 6,500 yuan; the average price of 60% tin concentrate is 256,600 yuan/ton, down 6,500 yuan [3] - The processing fee for 40% tin concentrate is 10,500 yuan/ton, unchanged; the processing fee for 60% tin concentrate is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons; the import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] 3.5 Downstream Situation - The price of 60A solder bars in Gejiu is 173,790 yuan/ton, unchanged [3] - The cumulative output of tin - plated sheets (strips) is 160.14 million tons, up 14.45 million tons; the export volume of tin - plated sheets is 14.07 million tons, down 3.39 million tons [3] 3.6 Industry News - Modi plans to visit China from August 31 to September 1 to attend the SCO Tianjin Summit [3] - Trump plans to impose a 100% tariff on chip products, exempting companies like Apple and TSMC that build or promise to build factories in the US [3] - The US - Japan trade agreement has ongoing differences, and the US plans to impose an additional 15% tariff on existing tariffs [3] - Fed Governor Cook said the July employment report was "worrying" and might signal a turning point in the US economy [3] 3.7 Viewpoint Summary - The tin ore processing fee remains at a historical low. In July, the increase in production was due to factors like enterprise复产 and intermediate product clearance, but raw material shortages are still severe in Yunnan, and the waste recycling system in Jiangxi is under pressure with low operating rates [3] - After the PV industry's rush to install ended, some producers' operating rates declined; the electronics industry is in a slow season, and the US plan to impose tariffs on semiconductors adds to the pressure. Downstream enterprises are in a traditional consumption slow season with few orders [3] - The current high prices suppress downstream enterprises' inventory replenishment sentiment. The spot premium has slightly dropped to 400 yuan/ton, and domestic inventory has slightly increased [3] - Technically, with low open interest, both bulls and bears are cautious, and the price is in a range - bound adjustment [3]

Core Viewpoint - The U.S. government, led by President Trump, plans to impose approximately 100% tariffs on all imported semiconductors, while hinting at potential tax relief for companies that commit to building factories in the U.S. [2][4] Group 1: Tariff Details - President Trump announced that a 100% tariff will be applied to semiconductors imported into the U.S. [2] - Companies that plan to produce semiconductors domestically will not be subject to these tariffs, even if production has not yet started [4]. - The specific range of products affected by the semiconductor tariffs has not been disclosed [5]. Group 2: Industry Reactions - Major semiconductor companies are actively investing in the U.S., with TSMC announcing an additional investment of $100 billion, raising its total investment in the U.S. to $165 billion [6]. - Samsung Electronics has invested approximately $37 billion in Texas, driven by subsidies from the U.S. government [6]. - There are concerns from industry players, such as Mitsubishi Electric and Tesla, regarding the potential broad scope of the tariff investigation, which may include related products like smartphones and displays [5][6]. Group 3: Legislative Context - The semiconductor investment initiatives are influenced by the CHIPS and Science Act, which was passed during the Biden administration, despite Trump's criticism of it [6]. - It remains unclear whether the proposed tax relief for domestic production will extend to companies that announced investments during the Biden administration [6].

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月6日｜天风国际证券分析师郭明錤表示，特朗普说台积电要投资美国3000亿美元。台积电官方 说的投资金额是1650亿美元，特朗普先前说的金额是2000亿美元。特朗普进一步将投资金额提高到3000 亿美元，像是为即将到来的半导体关税暖身，符合特朗普自己说过的"先提出一个极高的数字，再往下 谈"的做法。近期市场传言美方要求台积电入股英特尔49%或追加投资4000亿美元，即台积电总共要投 资美国5650亿美元，远高于特朗普说的3000亿美元，代表市场传言非事实。 ...

天风国际证券分析师郭明錤表示，特朗普说台积电要投资美国3000亿美元。台积电官方说的投资金额是 1650亿美元，特朗普先前说的金额是2000亿美元。特朗普进一步将投资金额提高到3000亿美元，像是为 即将到来的半导体关税暖身，符合特朗普自己说过的"先提出一个极高的数字，再往下谈"的做法。 本文源自：金融界 近期市场传言美方要求台积电入股英特尔49%或追加投资4000亿美元，即台积电总共要投资美国5650亿 美元，远高于特朗普说的3000亿美元，代表市场传言非事实。 ...

Core Viewpoint - Qualcomm's stock price dropped significantly due to warnings about losing Apple as a customer for its modem business and lower-than-expected smartphone chip revenue in Q3 [1][4][3] Financial Performance - For Q3 ending June 29, Qualcomm reported revenue of $10.37 billion, a 10% year-over-year increase, but below the analyst expectation of $10.62 billion [3] - Adjusted net profit was $2.67 billion, up 25% year-over-year, with adjusted earnings per share at $2.77, exceeding the expected $2.72 [3] - The QCT segment (mainly chip business) generated $8.993 billion in revenue, an 11% increase year-over-year [3] - Smartphone chip revenue was $6.328 billion, a 7% increase but below the expected $6.48 billion [3] - Automotive chip revenue reached $984 million, up 21%, while IoT revenue was $1.681 billion, up 24% [3] Future Outlook - Qualcomm expects Q4 revenue to be between $10.3 billion and $11.1 billion, with analyst expectations averaging $10.6 billion [3] - QCT segment revenue is projected to be between $9 billion and $9.6 billion, with expected earnings per share between $2.75 and $2.95 [3] Client Dependency and Market Strategy - Qualcomm warned that it may lose Apple as a customer for modem chips as Apple shifts to in-house solutions, which could impact over $5 billion in annual revenue [4][5] - The CEO stated that Qualcomm is no longer reliant on Apple for future growth and is focusing on expanding into non-mobile markets like automotive and IoT [5] - Revenue from non-Apple clients in the chip segment grew over 15% in Q3 [5] Regulatory and Trade Risks - Qualcomm faces potential risks from tariffs on semiconductor imports, as indicated by former President Trump's threats to impose tariffs that could disrupt supply chains and harm revenue [7][6] - The U.S. Commerce Department is expected to announce findings from a national security investigation into semiconductor imports, which could lead to tariffs as high as 25% to 100% [7][8] - Analysts warn that the optimistic market expectations regarding tariffs may be overly idealistic, with actual rates potentially being more incremental [7]

Core Viewpoint - Qualcomm's stock experienced a significant drop due to warnings about losing Apple as a customer for its modem business and disappointing smartphone chip revenue in its latest earnings report [1][6]. Financial Performance - For Q3 ending June 29, Qualcomm reported revenue of $10.37 billion, a 10% year-over-year increase, but below the analyst expectation of $10.62 billion [5]. - Adjusted net profit was $2.67 billion, up 25% year-over-year, with adjusted earnings per share at $2.77, exceeding the forecast of $2.72 [5]. - The QCT segment (mainly chip business) generated $8.993 billion in revenue, an 11% increase, with smartphone chip revenue at $6.328 billion, which was below the expected $6.48 billion [5]. Customer Dependency and Future Outlook - Qualcomm warned that it may lose Apple as a customer for its modem chips in the coming years as Apple shifts to in-house developed chips [6][7]. - Qualcomm previously earned over $5 billion annually from its partnership with Apple, but the future of this relationship is uncertain [7]. - The company is diversifying its revenue streams by focusing on non-mobile markets such as automotive and IoT, with a reported 15% growth in revenue from non-Apple customers [8]. Market and Regulatory Challenges - Qualcomm faces potential tariffs on semiconductor imports, which could disrupt supply chains and negatively impact smartphone revenue [3][9]. - There are concerns regarding the implementation of tariffs that could range from 25% to 100%, which may affect the semiconductor industry significantly [10][12]. - The geopolitical landscape and trade restrictions are creating challenges for the semiconductor sector, as highlighted by ASML's warnings about growth prospects [13][14].

特朗普此前曾公开表态称，美国对于半导体关税的税率可能高达25%～100%。并且，新规则不排除以晶圆制 造地（wafer out）作为源产地来加征关税。这也将对台积电、英特尔、三星、美光等晶圆制造厂商，以及英 伟达、苹果、高通、联发科等依赖于圆代工产能的芯片设计厂商带来严重负面影响。 因此，在今年5月下旬，台积电、英特尔、美光和高通等半导体巨头以及美国半导体行业协会（SIA）都向美 国商务部工业和安全局（BIS）提交了意见评论，纷纷敦促美国总统特朗普谨慎对待半导体关税，并警告一旦 施行广泛的关税，可能对美国半导体产业造成严重意外损害。 7月28日消息，美国总统特朗普近日在苏格兰与欧盟执委会主席冯德莱恩（Ursula von der Leyen）敲定关税协 定。与此同时，美国商务部长 霍华德·卢特尼克 (Howard Lutnick) 在场边接受媒体采访时表示，针对芯片产业 发起的"232调查"结果将会在两周内公布。 今年4月14日，美国商务部下属部门工业与安全局（BIS）通过联邦公报官网宣布，根据《1962年贸易扩展 法》第232条款赋予的权力，对进口半导体及半导体制造设备和其衍生产品、进口药品及药用成分发起国 ...