编者荐语： 6 以下文章来源于硬AI ，作者专注科技产研的 硬AI . 该行称，台积电将继续在先进制程领域保持90%以上的市场份额，维持台积电"增持"评级，目标价1275新台币。 AI时代，快人一步~ 来源 | 硬AI 英特尔代工业务的"复兴"可能对台积电构成的威胁被市场过度夸大。 8月21日，据追风交易台消息，摩根大通科技和电信（Technology and Telecoms）团队在最新研报中称，英特尔代工的"虚假竞争"实际上对台积 电更有利。 该行分析师认为， 英特尔代工业务的存在反而能避免台积电因垄断地位带来的政府监管压力 。摩根大通还称，客户参与英特尔代工"复兴计 划"并非纯粹负面，且英特尔代工面临的根本性挑战远超资金问题。 " 有 选 择 " 的 假 象 比 绝 对 垄 断 更 有 价 值 摩根大通分析师称， 除了最初的狂热情绪（2020年下半年，当市场预期英特尔将大规模外包制造业务时，台积电股价曾达到25-30倍的市盈 率），有关台积电可能在先进制程代工领域成为垄断者的说法，并未推动其市盈率出现显著提升 。 摩根大通认为，这种潜在的垄断地位反而只会引来更多审查（来自政府机构），同时也放大了地缘政治 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

This is so critical. We are just talking about the importance of CHIP, you know, semiconductor manufacturing, at least there there's a solution, right. You can actually make them in the US.But what about rare earths. Is it possible to have a scalable business that that manufacturers rare earth magnets in the US, or is it just too dirty. Oh, hi, Matt.Great to be with you. No, we have plenty of rare earths. The question is when.Not if. It takes a long time to get to a point where you're harvesting and your re ...

Core Viewpoint - Huahong Semiconductor announced a significant acquisition to resolve competition issues related to its IPO commitments by acquiring controlling stakes in Shanghai Huahong Microelectronics, which operates assets that compete with Huahong's existing operations in the 65/55nm and 40nm nodes [1][5][7]. Group 1: Acquisition Details - The acquisition involves the purchase of equity corresponding to the assets operated by Huahong Micro that are in direct competition with Huahong's existing operations [1][5]. - The transaction is classified as a related party transaction but will not result in a change of actual control of the company and does not constitute a restructuring [1][5]. - The acquisition aims to address the same-industry competition issues that arose during Huahong's IPO process, as outlined in a commitment letter from Huahong Group [5][6]. Group 2: Market Reaction - Following the announcement, Huahong's A-shares were suspended from trading, while its Hong Kong shares experienced a decline of over 9% on the opening day after the announcement [3][4]. - Investor feedback indicated disappointment as the acquisition targets mature process assets rather than advanced process technologies, leading to concerns about the perceived value of the acquisition [3][7]. Group 3: Strategic Importance - The acquisition is seen as a critical step for Huahong Group to fulfill its IPO commitments and eliminate internal competition, thereby consolidating resources [7][10]. - The integration of Huahong Micro's 12-inch production capacity is expected to enhance Huahong's overall production capabilities and profitability, addressing existing capacity shortfalls [9][10]. Group 4: Production Capacity Expansion - Huahong has been expanding its production capabilities from 8-inch to 12-inch wafers, with a focus on increasing the output of its 12-inch production lines to meet growing market demand [9][10]. - The revenue contribution from 12-inch wafers has been increasing, with a notable rise from $233 million in the previous year to $334 million in the second quarter of 2025 [9].

Core Viewpoint - Huahong Company is planning to acquire a controlling stake in Shanghai Huali Microelectronics to resolve competition issues related to its IPO commitments, with the transaction expected to be structured through a combination of share issuance and cash payment [1] Group 1: Acquisition Details - The acquisition involves assets that are in direct competition with Huahong's operations in the 65/55nm and 40nm segments, specifically related to Huahong's fifth factory [1] - The transaction is classified as a related party transaction but will not result in a change of the company's actual controller or constitute a restructuring listing [1] - The acquisition is still in the planning stage, with initial discussions taking place with potential transaction partners, including Shanghai Huahong (Group) Co., Ltd. and several investment funds [1] Group 2: Market Position - Huahong Company is recognized as one of the leading integrated circuit wafer foundry enterprises globally, ranking fifth in the world and second among companies in mainland China based on 2024 sales figures [2]

Group 1 - Applied Materials reported fiscal third-quarter results that exceeded analyst estimates, but the stock is declining due to a lower-than-expected revenue forecast of $6.7 billion for the fiscal fourth quarter, compared to expectations of $7.3 billion [1] - The decline in stock price is exacerbated by a downgrade from BofA Global Research, which changed its rating from "buy" to "neutral" and reduced the price target from $190 to $180 [2] - Over the past 12 months, Applied Materials shares have decreased by 22.9%, and if current losses persist, it could mark the worst trading session since March 2020 [2] Group 2 - Despite the recent downturn, 24 out of 33 firms covering Applied Materials still rate it as "buy" or better, with a 12-month consensus target price of $196.85, indicating a 20.3% premium to current levels [3] - The stock's 10-day put/call volume ratio of 1.38 is higher than all other annual readings, indicating a significant increase in bearish sentiment among options traders [4] - Today's options activity shows a notable increase in trading volume, with 87,000 puts and 57,000 calls traded, which is 12 times the typical volume, highlighting heightened bearish activity [4]

Core Insights - MKS Inc. reported strong financial results for Q2 2025, with revenues and adjusted EBITDA exceeding guidance, driven by growth in Semiconductor and Electronics & Packaging markets [2][6] - The company emphasized its focus on creating durable value for customers and shareholders while managing trade policy instability [2][4] - MKS made significant progress in deleveraging its balance sheet, with $200 million in voluntary principal prepayments on its term loan in June and August [4][6] Financial Performance - Total net revenues for Q2 2025 reached $973 million, a 9.7% increase from $887 million in Q2 2024 [2][16] - Semiconductor revenues were $432 million, up from $369 million year-over-year, while Electronics & Packaging revenues increased to $266 million from $229 million [2][16] - Gross margin for Q2 2025 was 46.6%, slightly down from 47.3% in Q2 2024, while operating margin improved to 13.9% from 14.4% [2][16] Earnings and Cash Flow - GAAP net income for Q2 2025 was $62 million, compared to $23 million in Q2 2024, resulting in net income per diluted share of $0.92 [2][16] - Non-GAAP net earnings were $119 million, with a diluted earnings per share of $1.77, reflecting strong operational performance [2][24] - Cash flows from operating activities for Q2 2025 were $165 million, up from $141 million in Q1 2025 [22][24] Balance Sheet and Debt Management - As of June 30, 2025, MKS had $674 million in cash and cash equivalents, with total liabilities of $6.273 billion [4][19] - The company has $3.1 billion in secured term loan principal outstanding and $1.4 billion in convertible senior notes [4][19] - MKS's proactive debt management included a $100 million prepayment in June and another $100 million in August 2025 [4][6] Future Guidance - For Q3 2025, MKS expects revenues of approximately $960 million, with a gross margin of around 46.5% [13][29] - The company anticipates GAAP net income of $67 million and non-GAAP net earnings of $121 million for the upcoming quarter [13][29] - MKS will continue to monitor the business environment, particularly the impact of U.S. import tariffs and international trade policies [7][29]

Core Insights - GlobalFoundries Inc. reported $1.69 billion in revenue for Q2 2025, a 3.4% year-over-year increase, with an EPS of $0.42 compared to $0.38 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] - The company experienced a revenue surprise of +0.67% and an EPS surprise of +16.67% compared to analyst expectations [1] Revenue Breakdown - Wafer shipment volume reached 581, surpassing the average estimate of 575 [4] - Net revenue from wafer fabrication was $1.52 billion, slightly above the $1.5 billion estimate, reflecting a year-over-year increase of +2.8% [4] - Revenue from smart mobile devices was $683 million, below the estimate of $653.1 million, showing a decline of -10.4% year-over-year [4] - Non-wafer revenue amounted to $166 million, slightly below the estimate of $172.86 million, but representing a +9.9% year-over-year increase [4] - Revenue from home and industrial IoT was $300 million, compared to the estimate of $325.75 million, indicating a +1.7% year-over-year change [4] - Automotive revenue reached $368 million, exceeding the estimate of $341.3 million, with a significant year-over-year increase of +36.3% [4] - Revenue from communications infrastructure and datacenter was $171 million, below the estimate of $183.91 million, but reflecting an +11% year-over-year change [4] Stock Performance - Shares of GlobalFoundries have returned -7.1% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Industry Focus - The report discusses bringing advanced semiconductor manufacturing back to the US [1] Key Initiative - The report highlights "The Prototype" initiative [1]

Industry Focus - The report discusses bringing advanced semiconductor manufacturing back to the US [1]