业界分析指出，N2 预计从今年下半年开始为台积电贡献营收；由于需求旺盛、定价高昂，2nm 有望超 越此前的 5nm 和 3nm 成为"最旺的一代制程"。 2025 年 12 月合并营收约为 3350.03 亿元新台币（IT之家注：现汇率约合 743.71 亿元人民币）， 较上月减少了 2.5%，较去年同期增加了 20.4%。 2025 年 1 至 12 月累计营收约为 38090.54 亿元新台币（现汇率约合 8456.1 亿元人民币），较去年 同期增加了 31.6%。 IT之家 1 月 9 日消息，台积电今日发布 2025 年 12 月营收报告： 近期有报道称台积电 2nm（N2）先进制程工艺量产初期的产能约为每月 3.5 万片晶圆，到今年底有望升 至 14 万片 / 月，高于此前市场预估的 10 万片 / 月。 摩根大通（JPM）报告指出，台积电 2nm 工艺流片数量达到 3nm 同期的 1.5 倍，并有望凭借 2nm 工艺 拿下全球 AI 加速器市场超过 95% 的份额。 ...

Core Viewpoint - Nvidia is set to resume sales of its H20 GPU in China and has announced a new fully compatible GPU, the NVIDIA RTX PRO, aimed at digital twin AI for smart factories and logistics [1][2]. Group 1: Nvidia's Product Developments - Nvidia has submitted an application to the US government to resume sales of the H20 GPU, which is designed specifically for the Chinese market and complies with US export restrictions [1]. - The H20 GPU is based on Nvidia's Hopper architecture and utilizes advanced CoWoS packaging technology [1]. - The newly announced NVIDIA RTX PRO GPU is positioned as an ideal choice for creating digital twin AI solutions in smart factories and logistics [1]. Group 2: Government Relations and Events - The US government has assured Nvidia that it will grant the necessary licenses for the resumption of H20 GPU sales [1]. - Nvidia's CEO Jensen Huang is confirmed to attend the opening ceremony of the third China International Supply Chain Promotion Expo on July 16 [2].

Investment Rating - The report assigns a positive outlook for MediaTek, indicating a potential for growth in the upcoming quarters, particularly in the AI and mobile sectors [2][3]. Core Insights - MediaTek's Q1 2025 revenue reached NT$153.3 billion, showing a quarter-over-quarter increase of 11.1% and a year-over-year increase of 14.9%. Operating profit was NT$30.1 billion, with a net profit of NT$29.5 billion [2][7]. - The demand recovery in mainstream and entry-level markets has driven growth in the mobile business, with expectations for further market share and average selling price (ASP) increases with the upcoming flagship SoC launch [2][14]. - MediaTek is collaborating with NVIDIA to target the AI ASIC market, projecting AI ASIC revenue to reach $1 billion by 2026 [3][28]. Summary by Sections Overall Performance - In Q1 2025, MediaTek achieved a revenue of NT$153.3 billion, with operating profit at NT$30.1 billion and net profit at NT$29.5 billion. The gross margin was 48.1%, reflecting a slight decline from the previous quarter and year [7][14]. Business Segmentation - **Mobile Business**: Contributed 56% to total revenue, with a 6% increase year-over-year and quarter-over-quarter, driven by demand recovery in mainstream and entry-level markets [14]. - **Intelligent Edge Platform**: Accounted for 39% of total revenue, showing a 32% year-over-year and 23% quarter-over-quarter increase, benefiting from upgrades in connectivity technology and AI applications [15]. - **Power IC Business**: Made up 5% of total revenue, with a 7% year-over-year increase but a 9% quarter-over-quarter decline [16]. Performance Guidance - For Q2 2025, MediaTek expects revenue to be between NT$147.2 billion and NT$159.4 billion, with a projected gross margin of 47% (±1.5 percentage points) [17][18].