Core Viewpoint - TSMC, the world's largest semiconductor foundry, experienced its largest stock price increase since April, with a peak rise of 6.9% in the Taipei market, reaching an all-time high [1] Group 1: Stock Performance - TSMC's stock price surged by 6.9%, marking a significant milestone in its market performance [1] - The stock reached a historical high, indicating strong investor confidence [1] Group 2: Analyst Ratings - Goldman Sachs raised TSMC's target price by 35% to NT$2,330, reflecting expectations of continued robust growth for the company over the next year [1]

Core Viewpoint - TSMC, the world's largest semiconductor foundry, experienced its largest stock price increase since April, with a peak rise of 6.9% in the Taipei market, reaching an all-time high [1] Group 1: Stock Performance - TSMC's stock price surged by 6.9%, marking the highest increase since April [1] - The stock reached a historical peak in the Taipei market [1] Group 2: Analyst Ratings - Goldman Sachs raised TSMC's target price by 35% to NT$2,330 [1] - The increase in target price is based on expectations of another year of steady growth for the company [1]

Core Insights - The article emphasizes the need for a collaborative design approach between microarchitecture and process technology to address the increasing challenges of thermal density, power consumption, and performance demands in semiconductor technology [1][3][34] Group 1: Thermal Density - Higher integration leads to increased thermal density, defined as power per unit area, which is exacerbated by shrinking feature sizes and higher integration levels [5] - Current silicon chips can reach critical temperatures rapidly, necessitating the consideration of thermal sensors and cooling measures from the outset [9] - Traditional cooling methods like heat sinks and fans are becoming inadequate, prompting a shift towards microarchitecture and chip layout as primary tools for thermal management [10] Group 2: Efficient Energy Performance - The relationship between performance and power consumption is critical, with voltage scaling showing that while performance increases with voltage, power consumption rises exponentially, highlighting the need for technologies that reduce leakage and capacitance [13][16] - Advances in process technology enable higher performance at constant power and lower power at constant performance, but aggressive size reductions may increase thermal density, requiring architectural responses [16] - Simplifying microarchitecture can reduce area, thereby lowering target frequency, capacitance, and leakage, which is essential for optimizing overall system power consumption [20] Group 3: System-Level Scalability - Amdahl's Law illustrates the limitations of performance scalability in parallel processing, indicating that performance is ultimately constrained by the serial portions of programs [23] - The utilization of active cores varies significantly under typical workloads, affecting power and bandwidth sharing among cores [27] - Key research directions in process technology must align with architectural needs, focusing on low leakage and low capacitance materials, thermal-aware 3D integration, and fine-grained power gating [31][32] Conclusion - Advanced semiconductor process technologies can deliver exceptional performance, but without architectural awareness, their advantages will be limited by power and thermal constraints. A new collaborative design paradigm between architecture and process technology is essential for sustainable, high-performance computing [34]

Group 1 - The U.S. stock market showed mixed performance with the Dow Jones leading gains, while the S&P 500 also rose and the Nasdaq experienced a slight decline [1] - The upcoming economic data releases, including the December non-farm payroll report, are expected to show a slowdown in hiring, with an anticipated increase of 55,000 jobs compared to 64,000 in November [1] - The unemployment rate, which reached a four-year high of 4.6% in November, is projected to decrease by 0.1 percentage points in December [1] Group 2 - Investors are closely monitoring potential nominations for the next Federal Reserve Chair, as current Chair Jerome Powell's term ends in May [2] - The upcoming week will feature key economic data, including service sector activity and consumer confidence, while corporate earnings reports will be limited to a few companies [2] Group 3 - The S&P 500 index rose over 16% in 2025, with the Nasdaq gaining more than 20%, despite a significant drop earlier in the year that nearly led to a bear market [3] - The resilience of the U.S. economy is highlighted, overcoming challenges such as high inflation and a slowing labor market [3] - Notable stock performances include Nvidia with over a 30% increase and Google leading tech giants with over a 60% rise [3] Group 4 - Goldman Sachs strategist Peter Oppenheimer noted that the tech sector's growth is supported by strong earnings growth, rather than speculative bubbles seen in past market cycles [4] - Current valuations in the tech sector are not as extreme as during previous bubbles, indicating a more rational market behavior [4] - Wall Street strategists expect the S&P 500 to rise approximately 10% over the next year, raising questions about the sustainability of the tech-driven rally [4] Group 5 - HSBC strategist Nicole Inui described the 2025 market performance as highly concentrated rather than broadly based, with the equal-weighted S&P 500 lagging behind the market-cap-weighted index for three consecutive years [5] - The tech sector has contributed about 90% of the market rebound following tariff announcements, indicating its significant influence on market dynamics [5] Group 6 - Comerica Wealth Management's CIO Eric Teal compared the current market to a "continuous wind of creative destruction," emphasizing the natural evolution of industries through innovation [6] - The ongoing excitement around AI trading and its real-world challenges will likely be a central narrative for investors in 2026 [6]

Core Viewpoint - The U.S. government has ordered the divestiture of HieFo's acquisition of EMCORE, valued at $292 million, citing national security concerns [2][11]. Company Overview - EMCORE, established in 1984 and headquartered in New Jersey, specializes in fiber optic communication and solar photovoltaic technologies, with core businesses including high-speed communication systems, satellite equipment, and efficient solar cells. The company has faced losses in recent years and was privatized by Charlesbank Capital Partners in 2025 [5][14]. - HieFo was founded by Dr. Genzao Zhang and Harry Moore, with Zhang previously serving as EMCORE's engineering vice president before becoming HieFo's CEO [5][14]. Acquisition Details - In September 2024, HieFo completed the acquisition of nearly all assets related to EMCORE's non-core, discontinued chip business and InP wafer manufacturing, with the transaction finalized on April 30, 2024. This included the transfer of equipment, contracts, intellectual property, and inventory from EMCORE's facility in Alhambra, California [7][16]. - HieFo has plans to lease the Alhambra facility and has successfully retained key scientists, engineers, and operational staff from EMCORE's discontinued chip business [7][16]. Government Action - President Trump issued an executive order to revoke HieFo's acquisition, citing credible evidence that the company, controlled by Chinese interests, poses a threat to U.S. national security. The order mandates HieFo to divest all rights and interests in EMCORE assets within 180 days [7][16]. - As part of the divestiture, HieFo and its affiliates are required to destroy any intellectual property related to EMCORE assets that they hold or have transferred to controlled affiliates [8][17]. Industry Context - Recent years have seen increased scrutiny and obstacles for Chinese companies attempting to acquire semiconductor firms abroad, with several cases of forced divestitures following acquisitions. Examples include: 1. In July 2021, Wintech completed the acquisition of the UK NWF wafer plant, only to be forced to sell it by the government in May 2022 [8]. 2. In November 2021, a subsidiary of Saimo Electronics announced an acquisition of a German chip manufacturer, which was subsequently banned by the German government in November 2022 [8]. 3. In August 2021, a Chinese investment firm planned to acquire a Scottish chip manufacturer, but was forced to divest its holdings in November 2024 due to national security concerns [8][17]. Conclusion - The ongoing U.S.-China trade tensions have led to heightened resistance from the U.S. and allied countries against Chinese investments in semiconductor firms, which may adversely affect future overseas investments by Chinese companies in this sector [9][18].

作者 | 第一财经 潘寅茹 2026.01. 04 本文字数：2593，阅读时长大约4分钟 据央视新闻，今天（4日）下午，韩国总统李在明乘机抵达北京首都国际机场，开启为期4天的访华 行程。 据外交部网站信息，应国家主席习近平邀请，韩国总统李在明于2026年1月4日至7日对中国进行国 事访问。 外交部发言人林剑在此前的例行记者会上表示，此访是李在明总统就任后首次访华。中韩互为重要近 邻和合作伙伴，期待在两国元首战略引领下，此访为推动中韩战略合作伙伴关系进一步向前发展发挥 积极作用。 这也是2017年时任韩国总统文在寅访华后，韩国总统时隔近9年再次对中国进行国事访问。此访距 离李在明就任总统过去215天，也是继去年11月在韩国庆州亚太经合组织（APEC）领导人非正式会 议期间首次举行中韩首脑会谈后，时隔两个月中韩领导人再次会谈。 对于李在明新年伊始的来访，上海市朝鲜半岛研究会副会长、上海对外经贸大学朝鲜半岛研究中心主 任詹德斌在接受第一财经采访时表示，李在明此访会对中韩关系产生非常显著的推动，"自上任以 来，李在明政府不断发出重视中韩关系的信号。如果说去年11月中韩领导人在APEC会议期间的互动 预示着中韩关系止 ...

Group 1 - The core point of the article highlights the exit of major players like TSMC and NXP from the GaN chip market, indicating a significant profit collapse due to increased competition and lower technical barriers, which has turned the market into a battleground for Chinese manufacturers [1][3] - TSMC, once holding 40% of the global GaN market, and NXP, which invested heavily in GaN, have faced disappointing returns as the expected recovery in RF business did not materialize, leading to a strategic withdrawal from the GaN sector [3] - The competitive landscape has shifted from technological breakthroughs to cost control, with Chinese companies able to produce GaN chips at costs over 30% lower than TSMC, prompting the latter to exit the market to avoid losses [3][5] Group 2 - Chinese companies are not merely engaging in price wars but are demonstrating systemic manufacturing capabilities, achieving over 90% capacity utilization compared to around 70% for TSMC and NXP, which significantly lowers unit costs [5] - The success of Chinese firms in the GaN market mirrors previous instances in the LED chip and CMOS sensor markets, where they leveraged scale to drastically reduce prices and drive out established competitors [5] - The current dynamics in the GaN market serve as a precursor to the future of the mature chip market, where the transition from technology barriers to cost barriers is evident, with Chinese firms poised to dominate as they build cost advantages through large-scale production and efficient supply chains [7][9] Group 3 - The ongoing changes in the GaN market reflect a broader trend in the semiconductor industry, where the market share of Chinese companies is growing at a rate of 10% annually, suggesting a potential shift towards a "China-dominated" phase in the mature chip market [7][9] - As Chinese companies solidify their position in the mature chip market, established players relying on technological barriers may either need to pivot to advanced processes or exit the market altogether, reinforcing the notion that Chinese firms excel in cost competition [9]

据外交部网站信息，应国家主席习近平邀请，韩国总统李在明将于2026年1月4日至7日对中国进行国事 访问。 外交部发言人林剑在此前的例行记者会上表示，此访是李在明总统就任后首次访华。中韩互为重要近邻 和合作伙伴，期待在两国元首战略引领下，此访为推动中韩战略合作伙伴关系进一步向前发展发挥积极 作用。 这也是2017年时任韩国总统文在寅访华后，韩国总统时隔近9年再次对中国进行国事访问。此访距离李 在明就任总统过去215天，也是继去年11月在韩国庆州亚太经合组织（APEC）领导人非正式会议期间 首次举行中韩首脑会谈后，时隔两个月中韩领导人再次会谈。 对于李在明新年伊始的来访，上海市朝鲜半岛研究会副会长、上海对外经贸大学朝鲜半岛研究中心主任 詹德斌在接受第一财经采访时表示，李在明此访会对中韩关系产生非常显著的推动，"自上任以来，李 在明政府不断发出重视中韩关系的信号。如果说去年11月中韩领导人在APEC会议期间的互动预示着中 韩关系止跌企稳，那么李在明的回访对于中韩关系来说是扬帆起航。此访有助于落实双方此前达成的共 识，解决遗留问题。" "韩国各界当务之急是重新认识中国" 寻找新的经贸合作模式 詹德斌分析道，此次李在明 ...

Group 1 - The article discusses the details of a military operation by the U.S. to capture Venezuelan President Maduro and his wife, with Trump stating that the U.S. will "manage" Venezuela until a "safe" transition occurs [2][5][3] - The operation involved over 150 aircraft and lasted approximately 2 hours and 20 minutes, with one aircraft being hit but still operational [5][6] - Trump indicated that if necessary, the U.S. would conduct a "larger" second wave of strikes against Venezuela, although he suggested that this may not be needed at the moment [6] Group 2 - BMW China announced price adjustments for 31 models, with reductions exceeding 10% for 24 models and over 20% for 5 models, with the highest drop being 301,000 yuan for the i7 M70L [6] - Xiaomi refuted claims regarding the alleged "fake" zoom ring on the 17 Ultra Leica version, stating that the accusations were misleading and based on misinterpretations of a teardown video [4][8] - NIO's CEO Li Bin announced that the company plans to launch three new models in 2026, aiming to increase its market share in the high-end vehicle segment [8] Group 3 - The price of 25-year-old Flying Moutai has dropped to 1,495 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [9] - Tesla's global vehicle deliveries for 2025 were reported at 1.636 million, marking an 8.6% decline year-over-year, and for the first time, being surpassed by BYD in annual electric vehicle sales [9] - China's National Medical Products Administration reported that 76 innovative drugs were approved in 2025, significantly surpassing the 48 approved in 2024, with a total authorization value exceeding 130 billion USD [11]

Group 1 - Trump announced the capture of Venezuelan President Maduro by U.S. military forces, stating that the U.S. will "manage" Venezuela until a "safe" transition is implemented [2] - The military operation involved over 150 aircraft and lasted approximately 2 hours and 20 minutes, with no U.S. casualties or equipment losses reported [2] - Maduro and his wife are to be sent to New York for judicial proceedings, facing charges related to "deadly drug terrorism" against the U.S. [2] Group 2 - BMW China announced a price adjustment for 31 key models starting January 1, 2026, with 24 models seeing price cuts exceeding 10% and some up to 30.1 million yuan [3][4] - The price adjustment aims to reflect changes in the official guidance price, with the lowest model now priced at 20.8 million yuan, making it competitive with domestic SUVs [3][4] Group 3 - NIO's CEO Li Bin announced in a company-wide letter that three new models will be launched in 2026, aiming to increase market share in the high-end vehicle segment [6] - NIO reported a record delivery of 48,135 vehicles in December 2025, marking a 46.9% year-on-year increase [6] Group 4 - The wholesale reference price for 25-year-old Flying Moutai has dropped to 1,495 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [7] - The price for a full box of the same product is now reported at 1,505 yuan per bottle, down 20 yuan [7] Group 5 - Tesla reported a global delivery of 1.636 million vehicles in 2025, a decline of approximately 8.6%, marking the first time it has been surpassed in annual electric vehicle sales by BYD [8] Group 6 - Netflix plans to shorten the theatrical release window for Warner Bros. films to 17 days post-acquisition, raising concerns among traditional cinemas and Hollywood creators [11] - The current standard release window is around 45 days, and negotiations are expected to be contentious [11] Group 7 - Baidu announced plans to spin off Kunlun Chip and seek independent listing on the Hong Kong Stock Exchange, with the application already submitted [12]