Industry Insights - The Chinese construction machinery industry is experiencing strong sales growth for truck cranes and crawler cranes, with December sales showing a year-on-year increase of 39% and 96% respectively, driven by demand from wind power installation and other energy projects [2] - The export performance of various construction machinery types, excluding tower cranes, was also strong in December, indicating a sustained upward cycle in non-earthmoving machinery demand expected to last until 2026 [2] - Recommended stocks include Zoomlion (1157 HK / 000157 CH, Buy), followed by Hengli Hydraulic (601100 CH, Buy) and Sany Heavy Industry (6031 HK / 600031 CH, Buy) [2] - Caution is advised regarding Zhejiang Dingli (603338 CH, Hold) due to weak sales in the aerial work platform sector, which saw an 8% year-on-year decline in December, despite some improvement [2] Market Performance - The Hang Seng Index closed at 26,845, down 0.29% for the day but up 4.74% year-to-date [3] - The Hang Seng Tech Index closed at 5,822, down 0.11% for the day and up 5.55% year-to-date [3] - The Shanghai Composite Index closed at 4,102, down 0.26% for the day and up 3.35% year-to-date [3] Semiconductor Industry - TSMC reported strong FY25 results with revenue of $122 billion, a year-on-year increase of 35.9%, and a gross profit margin of 59.9% [5] - In Q4 2025, TSMC's revenue reached $33.7 billion, a quarter-on-quarter increase of 1.9%, with a gross profit margin rising to 62.3% due to cost improvements and favorable exchange rates [5] - TSMC's guidance for Q1 2026 revenue is between $34.6 billion and $35.8 billion, with a gross profit margin of 63% to 65%, and the 2026 revenue growth forecast has been raised to approximately 30%, significantly above the industry growth estimate of 14% [5] - The company plans to increase its capital expenditure for 2026 to between $52 billion and $56 billion, indicating proactive capacity expansion to meet AI-driven demand [5]

台积电 20260118 摘要 台积电在 2026 年第一季度的毛利率达到了 62.3%，创下历史新高。主要驱动 因素包括产能利用率饱满以及两三纳米制程的成功定价。此外，台积电给出的 全年收入指引为 30%，资本开支预计在 5,520 亿到 560 亿美金之间，这也超 出了市场预期。 台积电对 AI 需求及其未来发展有何看法？ 台积电管理层明确表示，AI 需求是真实存在的，并且硅片供应仍然是瓶颈。公 司对 AI 产业链的投资非常重视，并认为这一领域在 2026 年的发展将会非常重 要。 2026 年半导体板块中，存储板块（如 Hynix、Micron）上升空间最大， 其次是设备股（如 ASML）。设计公司（如英伟达、博通）面临成本压 力。中国市场关注中芯国际、华虹半导体及相关设备制造商。 台积电先进封装技术增长迅速，未来五年增速将显著高于集团平均水平 （25%），主要业务包括 Corus、Infineon 以及苹果 Info 产品等 3D stacking 技术。 台积电为何计划大规模增加资本开支？ 台积电计划将资本开支增加至 5,520 亿到 560 亿美金，较去年增长接近 30%。这一决定主要是为了满足不 ...

Market Overview - The market maintained a trend of fluctuation and consolidation, with major indices showing a decline in sentiment and market heat [1] - The semiconductor industry chain continued to rise, particularly in storage chip concepts, while previously popular AI applications and commercial aerospace experienced a pullback [1] - The A-share market saw a collective drop in the three major indices, with the Shanghai Composite Index closing at 4101.91 points, down 0.26% [1][3] - The trading volume in the Shanghai and Shenzhen markets reached 3.03 trillion yuan, an increase of 120.8 billion yuan from the previous trading day [1] Policy Developments - The State Council, led by Premier Li Qiang, discussed measures to boost consumption and cultivate new growth points in service consumption [3] - The China Securities Regulatory Commission (CSRC) announced an increase in the margin requirement for financing from 80% to 100%, effective January 19, 2026, to shift the market focus from leverage-driven to performance-driven [2][3] - The CSRC emphasized the need to prevent excessive speculation and market manipulation, aiming to maintain a stable market environment [2][3] Sector Performance - The semiconductor sector saw significant gains, with companies like Changdian Technology hitting a five-year high, and storage chip firms like Baiwei Storage and Jiangbolong reaching historical highs [1] - Conversely, sectors such as oil and gas, AI applications, and financial technology faced notable declines, with several AI-related stocks hitting their daily limit down [1] - The market is expected to experience a "structural optimization" with a focus on performance certainty and reasonable valuations, as high-valuation speculative stocks may face outflows [2] Investment Insights - The current market environment suggests a cautious approach, with recommendations to focus on technology growth assets supported by fundamentals, particularly in semiconductors and advanced manufacturing [3] - The recent surge in trading volume for broad-based ETFs indicates active capital movement, with significant outflows from major ETFs like the CSI 300 ETF, which saw a net outflow of 103.75 billion yuan [3]

汉唐深入参与国际大厂建置2纳米新厂，并加大投入CoWoS先进封装厂建造，以强化技术优势与市场竞 争力。随着北美地区重要专案二期工程启动，汉唐关键客户进一步加大与加速海外工厂扩建，在当地取 得丰富建厂经验和客户高度信任的基础上，汉唐借此扩大海外工程服务位阶以及工程承揽范畴，深化全 球市场布局。 业界传出，台积电（2330）将扩大投资美国，新取得亚利桑那州第二块土地可再扩建四至六座厂。法人 看好，台积电扩大美国晶圆厂阵容，将催动新一波建厂需求，带旺汉唐（2404）、帆宣（6196）、洋基 工程（6691）等无尘室及机电协力厂后市。 业界分析，台积电无尘室工程及机电供应链中，帆宣及汉唐追随台积赴美布局最早，是美国新厂建置初 期就开始搭配的老伙伴；洋基工程去年也完成美国子公司设置，跟进抢食商机。 帆宣早在2021年就完成美国厂迁址作业，为承接大客户建厂订单做好准备，成为其不可或缺的坚强供应 链之一。受惠于台湾先进封装设备出货放量，推升帆宣在手订单创历史新高。 据悉，汉唐承接大客户美国新建厂业务范畴扩大，而且承揽位阶提升，不仅供应既有机电及无尘室系 统，并提供建照管理等更多服务，相当大客户第二厂"某种程度的总承揽商"， ...

作者 | 高国垒 约访 | 愉见财经 【作者简介】高国垒：上海章和投资董事长、美国哥伦比亚大学高级访问学者。 多数"奋斗者"需要阶段性让渡的，可能是普通打工人的"人本"：劳逸结合、工作家庭兼顾、身心健康……而企业家们，需要克 制的"人本"可能更多的是：脱离实际的自我评价、不肯放手的控制欲望、对完美人设的孜孜以求…… 说得直接一点：贾国龙们打过江山，但时至今日需要考虑是否交班的问题。 这也是一个时代课题，中国第一代企业家都要考虑，交不交班以及交给谁？ 这不能一刀切：任正非等人能继续掌舵领航，不容易；何享健为代表的，拥有完全控制权而能给自己投出反对票、传承给合适 的下一代或交班给合适经理人的，也不容易。 猛人迟暮不是错，迟暮而不自知、迟暮而不退休，则会给企业甚至行业带来伤害。迟暮与否，不完全看年岁，关键看是否还能 适应新的洋流、是否还能掌舵领航。 这是我对贾国龙罗永浩事件的第一反应。 像贾国龙这样的状态，如果是职业经理人，早就被拿下来了，哪怕自己很不情愿。但他是老板，那个一手打下江山的老板，他 自己不想退下来，就只能由着他的性子了，2万名员工跟着他风雨飘摇，"知向谁边？" 任正非说："企业不能以人为本"。部分承担 ...

智通财经APP获悉，中信证券发布研报称，2025年台积电(TSM.US)资本支出达409亿美元，展望2026 年，公司给出较为激进资本支出(Capex)指引，预计2026年资本支出升至520亿至560亿美元，远超此前 市场预期的450-480亿美元区间，这一超预期投入不仅标志着2nm制程量产周期的提前开启。根据 SEMI，测算当前国内7nm及以下产能仅占全球不足5%份额，但是按照SEMI数据，目前中国内地半导体 需求占全球约35%，预计未来会逐步填补产能缺口，带来5~6倍的扩产空间。 从产能看，EETIMES预计全球半导体制造产能有望从2025年的1120万片/月增长到2035年的1900万片/ 月，CAGR为5.4%。其中，在AI需求的拉动之下，7nm及以下的先进逻辑产能预计2025-2035年CAGR增 速约15%；DRAM的产能2025-2035年CAGR增速约7%。产能的快速扩张带动全球半导体设备市场规模 持续增长，2024年全球半导体设备市场规模超1000亿美元(SEMI数据)，2018~2024年CAGR为8.7%； SEMI预计2025年全球半导体设备市场规模将达到1210亿美元，而2026年市 ...

（文章来源：证券日报） 证券日报网讯 1月16日，华润微发布公告称，公司2026年第一次临时股东会审议通过《关于预计2026年 度日常关联交易的议案》《关于修订等三项制度的议案》。 ...

证券日报网讯 1月16日，民德电子在互动平台回答投资者提问时表示，晶圆代工厂广芯微电子一期规划 产能为6英寸硅基功率器件10万片/月，目前尚处于产能爬坡阶段，具体财务数据等请及时关注公司定期 报告及相关公告。公司的关联交易事项均已按照有关法律、法规的要求，及时履行相应的决策、审批程 序和信披义务。 （文章来源：证券日报） ...

Investment Rating - The investment rating for TSMC is "Buy" [7] Core Insights - TSMC confirms the strength and sustainability of AI demand, leading to an upward revision of long-term guidance and boosting the AI narrative [3] - Capital expenditures have been raised beyond expectations, with wafer manufacturing remaining a bottleneck, indicating a positive outlook for computing power [3] Financial Summary - Total revenue projections for TSMC are adjusted to NT$ 4,880,557 million for FY2026, NT$ 6,151,836 million for FY2027, and NT$ 7,532,792 million for FY2028, reflecting growth rates of 28%, 26%, and 22% respectively [5] - GAAP net profit is projected to be NT$ 2,362,106 million for FY2026, NT$ 2,976,546 million for FY2027, and NT$ 3,650,595 million for FY2028, with growth rates of 38%, 26%, and 23% respectively [5] - The gross profit margin is expected to increase to 63.5% in FY2026 and 64.0% in FY2028 [5] Earnings Forecast and Investment Recommendations - The earnings forecast for TSMC has been adjusted to NT$ 4,880.6 billion for FY2026, NT$ 6,151.8 billion for FY2027, and NT$ 7,532.8 billion for FY2028, with GAAP net profit projected at NT$ 23,621 million, NT$ 29,765 million, and NT$ 36,506 million respectively [11] - The target price for TSMC's stock is set at $407 for FY2027, based on a PE ratio of 22x [11]

（编辑 丛可心） 证券日报网1月16日讯 ，艾森股份在接受调研者提问时表示，公司定位于"电镀+光刻"双核心工艺平 台，并深度卡位先进封装、晶圆制造先进节点等高增长赛道，已成长为半导体市场高景气度的核心受益 者与有力参与者。除行业整体景气度提升外，国产化率提升和产品渗透率提高，推动公司业务的增长。 ...