Core Viewpoint - The U.S. semiconductor industry is advocating for the reduction of tariffs on semiconductor manufacturing inputs, highlighting the potential cost increases associated with tariff hikes [1] Group 1: Industry Concerns - The U.S. Semiconductor Association indicates that a 1% increase in tariffs on semiconductor manufacturing inputs could lead to a 0.64% rise in total construction costs for factories [1] - The semiconductor industry is urging the U.S. Department of Commerce to alleviate tariff burdens amid an ongoing Section 232 investigation into the global semiconductor sector [1] Group 2: Company Actions - Leading companies such as TSMC and Intel have submitted comments to the U.S. Department of Commerce in early May, opposing the imposition of tariffs on semiconductors and related equipment and materials [1] - These companies are advocating for policies that encourage semiconductor production rather than imposing additional financial burdens [1]

Core Viewpoint - The proposed semiconductor tariffs by the U.S. Department of Commerce could significantly impact the semiconductor industry, particularly affecting the cost of building and operating fabs, with potential increases in investment requirements for major companies like TSMC [1][2]. Impact of Semiconductor Tariffs - The semiconductor industry is preparing for tariffs that may take effect as early as June, with major players like SK Hynix and HP involved in the public consultation process [1]. - A 1% increase in tariffs on semiconductor manufacturing inputs could raise the total cost of building a fab by 0.64% [1]. - Under a 10% tariff scenario, TSMC would need an additional investment of $6.4 billion to meet its initial $100 billion target [1]. - The cost of building and operating fabs in the U.S. is already 30% to 50% higher than in Asia, and tariffs on equipment and materials would exacerbate this disparity [1]. - For every $1 increase in chip prices, the end products containing semiconductors would need to increase by $3 to maintain existing profit margins [1]. Characteristics of Affected Chips - Mature node chips, which account for over 80% of global production but only about 40% of revenue, are expected to be the most affected by the tariffs [2]. - These mature chips support downstream industries valued at over $10.8 trillion, making the tariffs a potentially disruptive force in the global tech ecosystem [2]. - Tariffs may vary based on the "wafer origin," meaning the actual production location of the chips, with rates potentially ranging from 25% to 100% [2].

韩国财政部：将就半导体关税问题积极与美国沟通。 ...

半导体高质量发展创新成果征集 5月5日有消息传出，美国特朗普政府可能最快于本周公布针对半导体加征关税的细节，市场预估税率区 间可能高达25%至100%，并且新规则中不排除以晶圆制造地（waferout）作为源产地来加征关税。这对 台积电、三星等产能集中在亚洲地区的晶圆制造大厂，以及英伟达、苹果、高通、联发科等依赖于亚洲 晶圆代工产能的芯片设计厂商，它们未来的发展似乎蒙上了一层阴影。 回顾美国在半导体领域的一系列动作，早在2024年9月13日，美国政府便宣布在原有对华301关税的基础 之上，对进口自中国的部分钢铁产品、铝产品、半导体等一系列"战略性产品"分阶段（2024年至2026 年）加征关税。其中，2025年半导体的关税税率从25%提高到50%，涉及太阳能电池板使用的多晶硅和 硅晶圆。进入2025年，4月1日，美国商务部下属部门工业与安全局（BIS）根据《1962年贸易扩展法》 第"232条款"赋予的权力，对进口半导体及其衍生产品、进口药品及药用成分发起国家安全调查，并征 求公众意见。此次调查主要聚焦外国补贴、供应链依赖风险、美国国内产能瓶颈等14项细节，旨在确定 进口半导体及其衍生产品对美国国家安全的影响 ...

这也将对台积电、三星等产能集中在亚洲地区的晶圆制造大厂，以及NVIDIA、苹果、高通、联发科等 依赖于亚洲晶圆代工产能的芯片设计厂商带来负面影响。 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，对进口半导体及其衍生产品、进口药品及药用成分发起国家安全调 查，并征求公众意见。 针对进口半导体及其衍生产品的调查，主要聚焦外国补贴、供应链依赖风险、美国国内产能瓶颈等14项 调查细节，希望确定进口半导体及其衍生产品对美国国家安全的影响。 其中包括半导体基板和裸晶圆、传统芯片、尖端芯片、微电子和SME组件等产品。衍生产品包括含有 半导体的下游产品，例如构成电子供应链的产品。相关利益关系人可在5月7日结束调查前提交意见。 涵盖外国补贴、供应链依赖风险、美国国内产能瓶颈等核心议题，并希望在当地时间5月7日前征询完美 国大众意见后结束调查。这也意味着美国政府可能最快将于本周三以后公布半导体关税细节。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 5月6日消息，美国特朗普政 ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating expectations of performance within a range of -10% to +10% relative to the benchmark index over the next six months [52]. Core Insights - The company reported Q1 2025 revenue of NT$578.6 billion, a quarter-over-quarter decrease of 4.2% but a year-over-year increase of 5.9%. The gross margin was 26.7%, down 3.7 percentage points from the previous quarter [2][3][8]. - The company expects wafer shipments to increase by 5%-7% in Q2 2025, with gross margins projected to recover to around 30% and capacity utilization returning to approximately 70% [4][20]. - Demand in the consumer electronics sector showed strong growth in Q1 2025, with expectations for moderate rebounds in various downstream demands in Q2 2025 [21]. Summary by Sections 1. Company Q1 2025 Overall Performance - **Revenue and Shipment**: The company achieved consolidated revenue of NT$578.6 billion in Q1 2025, with wafer shipments remaining stable compared to the previous quarter and a 12% increase year-over-year [3][8]. - **Gross Margin**: The gross margin for Q1 2025 was 26.7%, impacted by a decrease in average selling prices and disruptions due to a recent earthquake [8][11]. - **Capacity Situation**: Capacity was affected by an earthquake and annual maintenance, but is expected to normalize in Q2 2025 [11]. 2. Company Q2 2025 Guidance - **Performance Guidance**: The company anticipates a 5%-7% increase in wafer shipments for Q2 2025, with stable ASP and a recovery in gross margin to about 30% [20]. - **Demand Outlook**: Strong growth in consumer electronics is expected to continue, while other sectors may experience fluctuations [21]. 3. Revenue Structure - **By Region**: In Q1 2025, revenue from Asia accounted for 66%, North America 22%, Europe 7%, and Japan 5% [12][13]. - **By Application**: The consumer sector contributed 34% to revenue, while communication and computer sectors remained relatively stable [16][17]. - **By Process Technology**: Revenue from 22nm and 28nm processes reached 37%, with a significant increase in demand for 22nm products expected in the coming quarters [18][19].

Core Viewpoint - United Microelectronics Corporation (UMC) anticipates a 7% increase in wafer shipments for the current quarter compared to the previous quarter, with capacity utilization rising to 75%, indicating stable order behavior from clients despite uncertainties in U.S. tariff policies [1][2]. Group 1: Business Outlook - UMC's CFO noted that the uncertainty surrounding U.S. tariffs has created pressure on the business outlook for the second half of the year, but there has been no significant change in market demand [1]. - Some clients are adopting a wait-and-see approach due to the escalating trade tensions, while others are moving forward with orders, resulting in limited net impact for the second quarter [1]. Group 2: Financial Performance - UMC reported its lowest profit in about 19 quarters, with a net profit decrease of 8.5% quarter-over-quarter and 25.6% year-over-year, amounting to NT$77.8 billion (approximately $2.394 billion) [2]. - Earnings per share fell from NT$0.68 in the previous quarter and NT$0.84 in the same quarter last year to NT$0.62 [2]. Group 3: Market Demand and Projections - The company expects gross margin to rebound to around 30% in the current quarter, up from 26.7% in the previous quarter, unaffected by typical one-time price reductions at the beginning of the year [2]. - Demand for chips in the communication, computing, and consumer electronics sectors is expected to drive factory utilization rates higher, which were only 69% in the last quarter [2]. - UMC projects a revenue growth of over 3% for the entire year, surpassing the low single-digit percentage growth expected in the global foundry industry [2].

Core Viewpoint - South Korean companies like Samsung Electronics and SK Hynix are closely monitoring the potential announcement of additional tariffs on semiconductor imports by the Trump administration, which could significantly impact their export revenues to the U.S. market [1][3]. Group 1: Export Statistics - In the previous year, South Korea's exports to the U.S. totaled $29.62 billion, with semiconductor exports accounting for $10.75 billion (approximately 15.323 trillion KRW) and computer hosts and SSDs contributing $6.22 billion (approximately 8.866 trillion KRW), together representing about 57% of the total exports [1]. - The U.S. Customs and Border Protection (CBP) announced a 90-day delay on tariffs for memory and solid-state drives, but this delay is temporary and will be reviewed as part of the upcoming semiconductor tariff discussions [2][3]. Group 2: Tariff Implications - The additional tariffs, if implemented, could lead to increased costs for semiconductor products, potentially reducing demand and shipment volumes for memory and system semiconductors [3]. - The U.S. Customs will impose tariffs based on the country of assembly and production, with significant rates for products from Vietnam (46%), Taiwan (32%), and mainland China (125%) [2]. Group 3: Industry Response - Industry insiders in South Korea express concerns about the limited ability of individual companies to respond to U.S. trade policies, highlighting the need for a systematic national-level response to trade policy challenges [3].

长按即可参与 A股三大指数集体反弹，截至午盘，沪指涨0.86%，深成指涨0.91%，创业板指涨0.82%。全市场半日成交额 8621亿元，全市场超4800只个股上 涨。 社融以及最新的贸易数据向好，支撑市场走强，但是特朗普政府关税政策的不确定性对市场仍形成了一定扰动。 一起来看最新的消息。 01 特朗普又变卦！ 这条消息也在周末刷屏了，但是事件马上迎来反转。就在刚刚， 特朗普于当地时间4月13日（周日）表示，下周将宣布半导体关税税率，并将在不 久的将来生效。 美国商务部长霍华德·卢特尼克（Howard Lutnick）也表示：特朗普政府免除智能手机、电脑和其他电子产品全面"互惠"关税的举措只是一项临时 措施，这些设备将被即将实施的基于行业的关税所覆盖。 "这不是永久性的豁免。（特朗普）只是在澄清， 这些不是各国可以通过谈判解决的。这些都是事关国家安全的东西， 我们需要在美国制造，"他 在一档节目中说。 根据卢特尼克的说法，被排除在外的设备，如智能手机、电脑、路由器和其他电子产品，可能会被包括在特朗普总统即将对半导体征收的关税范围 内。 "所以，他（特朗普）所做的是， 这些产品虽不受互惠关税的限制，但它们被包括 ...

美国总统特朗普：在某些公司方面，半导体关税将会有灵活性，但尚不明确。 ...