Core Viewpoint - Taiwan's central bank will shift from biannual to quarterly disclosures of foreign exchange market interventions starting January, aiming to enhance transparency and reduce speculative activities that have led to significant fluctuations in the New Taiwan Dollar (NTD) [2][4][6]. Group 1: Central Bank's Actions - The central bank's decision to increase the frequency of disclosures is in response to pressures from the US and Europe, which have accused Taiwan of intentionally devaluing the NTD [4][6]. - The first quarterly report will cover intervention activities from July to September 2025, aligning Taiwan with international standards [4]. Group 2: Economic Context - Taiwan's economy is heavily reliant on exports, with export dependency reaching approximately 60% of its GDP, significantly higher than Japan's 20% and South Korea's 40% [6]. - TSMC's CEO noted that a 1% appreciation of the NTD results in a 0.4 percentage point decrease in operating profit margins, highlighting the sensitivity of the export-driven economy to currency fluctuations [6]. Group 3: US-Taiwan Relations - The US has expressed concerns over Taiwan's trade surplus with the US, which reached a record $64.8 billion in 2024, primarily driven by semiconductors [6][8]. - The US Treasury has warned Taiwan against targeting specific exchange rate levels and emphasized that market interventions should only be considered in response to excessive volatility [6]. Group 4: Market Perception and Predictions - The Economist magazine indicated that the NTD is undervalued by 55% against the US dollar, suggesting that Taiwan is in a "Taiwan disease" state of deliberately keeping its currency low to maintain export competitiveness [8][9]. - Taiwan's economic performance is projected to be strong in 2025, with an expected real GDP growth rate of 7.37%, the highest in 15 years, followed by a forecast of 3.54% for 2026 [9].

市场消息 美国"小非农"与JOLTs数据今晚公布。美联储官员势必在1月底的下一次议息会议前，仔细研读本周公布的各项数据。 率先登场的是北京时间晚上9点15分发布的12月ADP全美就业报告。市场共识预测显示，去年12月私营部门新增就业岗 位4.7万个，较11月预期3.2万的负增长实现反弹。2025年下半年，ADP私营就业数据整体走势平稳，不过在截至12月6 日的三周内，就业增长始终维持在正值区间。除ADP报告外，美国劳工统计局还定于北京时间周三晚11点发布去年11 月的职位空缺与劳动力流动调查报告(JOLTS)，公布当月职位空缺数量以及美国民众的辞职与裁员数据，市场普遍预计 去年11月职位空缺将小幅回落至760万个。 期权市场"抢跑"美国非农等经济数据：看涨买盘扩大，押注10Y美债收益率数周内跌破4%。美国国债期权交易员正在 加大押注，预计 10 年期美国国债收益率将突破近期区间，并在未来几周内跌破 4%，降至 11 月以来的最低水平。自去 年12月底以来，期权市场的多头倾向持续增强，此前投资者一直处于观望状态，等待本周开始陆续公布的、不受美国 政府停摆影响的关键经济数据。过去一个月，基准10年期美国国债收益率 ...

| 德国DAX30 | 25,034.13 | 25,098.63 | 24,975.49 | +137.19 | +0.55% | | --- | --- | --- | --- | --- | --- | | 器 英国富时100 | 10,056.68 | 10,107.40 | 10,047.25 | -66.05 | -0.65% | | II 法国CAC40 | 8,224.95 | 8,257.33 | 8,211.62 | -12.48 | -0.15% | | ■ 欧洲斯托克50 | 5,919.45 | 5,940.96 | 5,910.95 | -12.34 | -0.21% | 3. 截至发稿，WTI原油跌0.37%，报56.92美元/桶。布伦特原油跌0.10%，报60.64美元/桶。 | ■ WTI原油 | 2026年2月 | 56.92 | 57.09 | 55.78 | -0.21 | -0.37% | | --- | --- | --- | --- | --- | --- | --- | | 瑶 伦敦布伦特原油 | 2026年3月 | 60.64 | 60.72 | 59.88 ...

Core Viewpoint - The successful launch of the first engineering demonstration line for two-dimensional semiconductors by Yuanjiwei Technology marks a significant breakthrough in China's advanced semiconductor field, emphasizing the importance of collaboration between academia and industry in driving technological innovation and economic development [1][3][7]. Group 1: Event Overview - The event was co-hosted by the Pudong New District Chuan Sha Town People's Government and Yuanjiwei Technology, with support from various institutions including Fudan University and local banks [1]. - Over a hundred representatives from government, academia, industry, and investment sectors attended the ceremony, highlighting the collaborative effort in advancing semiconductor technology [3]. Group 2: Company Background - Yuanjiwei Technology, founded in February 2025 by Professor Bao Wenzhong from Fudan University, focuses on beyond-Moore and non-silicon heterogeneous integration technologies, becoming the first domestic company in the two-dimensional semiconductor sector [3][4]. - The company has achieved over ten million yuan in technology transfer, showcasing a successful model of collaboration between scientific research and industrial application [3]. Group 3: Institutional Support - Fudan University plays a crucial role in semiconductor research and is committed to transforming scientific achievements into practical applications, thereby supporting national strategies and economic development [4]. - The Shanghai Municipal Science and Technology Commission emphasizes the strategic importance of two-dimensional semiconductors and plans to optimize services for technology transfer and innovation ecosystem development [4]. Group 4: Future Plans and Collaborations - Yuanjiwei Technology aims to officially operate the engineering demonstration line by June 2026, focusing on cutting-edge chip technology to meet national strategic needs [6]. - An investment agreement was signed during the event, indicating strong market confidence in the two-dimensional semiconductor sector and the potential for further technological advancements [6]. Group 5: Industry Impact - The successful operation of the engineering demonstration line is seen as a strategic advantage for China in the semiconductor industry, particularly in the post-Moore era [6][7]. - Yuanjiwei Technology plans to deepen industry-academia-research collaboration to accelerate technological iterations and product innovations in key application areas [7].

Core Viewpoint - The Ministry of Commerce announced an anti-dumping investigation into imported dichlorodihydrosilane (DCS) from Japan, which is expected to directly benefit domestic DCS production companies and accelerate the domestic substitution in semiconductor manufacturing [3][4]. Group 1: Policy Impact on Industry Chain - The anti-dumping investigation period is set from July 1, 2024, to June 30, 2025, while the industry damage investigation period spans from January 1, 2022, to June 30, 2025 [3][4]. - This policy is anticipated to promote domestic DCS production and indirectly benefit upstream raw material suppliers [3][4]. Group 2: Beneficiary Classification - Key beneficiaries include midstream core DCS manufacturing companies, upstream raw material suppliers, and downstream application fields such as chip manufacturing and display panels [10]. - Specific companies identified as beneficiaries include: - Midstream: companies like Sanfu Co., and Hoshine Silicon Industry [10]. - Upstream: companies such as Dongyue Group and Jiangsu Huachang Chemical [10]. - Downstream: firms like SMIC and Changjiang Storage [10]. Group 3: Industry Overview - The upstream segment consists of essential raw materials like silicon powder, hydrogen chloride, and hydrogen, which are characterized by high technical barriers [11]. - A critical parameter for production is maintaining metal impurities below 0.1 ppb [11].

Core Viewpoint - The actual controller of Northern Huachuang, Beijing Electric Control, has received approval from the Beijing State-owned Assets Supervision and Administration Commission (SASAC) for the transfer of 2% of shares to Guoxin Investment, indicating confidence in the company's future development and long-term investment value [2][4]. Group 1 - The share transfer involves 14.4818 million unrestricted circulating shares, with a transfer price of 426.39 yuan per share, totaling over 6.174 billion yuan [2][4]. - Guoxin Investment, as a state-owned capital operation platform regulated by the State Council SASAC, has committed not to transfer the acquired shares within 12 months after the completion of the transfer [2][4]. - Northern Huachuang focuses on key areas such as semiconductor manufacturing and photovoltaic new energy, continuously supporting industrial upgrades [2][4]. Group 2 - The transfer is pending compliance confirmation from the Shenzhen Stock Exchange, after which the share transfer procedures will be carried out [5].

本集团一直积极寻求扩展本集团的业务，以实现其业务多元化并扩展至具有增长潜力的领域。董事会认 为，备忘录及其项下拟进行的合作项目与本公司的发展策略一致，其条款属公平合理，且合作项目符合 本公司及股东的整体利益，为本公司股东创造可持续价值。 龙腾半导体及其附属公司为主要从事研发设计、晶圆制造、模组封装、测试应用为一体的功率半导体 IDM企业，专注提供高效、可靠、高性价比的功率器件及系统解决方案。 订约方拟透过合作项目，共同成立研究团队，在合法、合规的前提下进行商业合作，实现优势资源共享 互利，发挥龙腾半导体在功率半导体产品设计、工艺开发、生产运营等多方面经验优势来共同实现合作 项目。 中联发展控股(00264)发布公告，于2026年1月6日，本公司与铂威有限公司(合作方)订立一份不具法律约 束力的谅解备忘录(备忘录)，本公司拟与合作方建立战略合作伙伴关系，共同分享资源及探讨在香港建 立先进功率半导体技术研发中心(合作项目)。 研发中心将立足香港，面向全球，专注于成为三代功率半导体领域的技术创新高地。研发中心将聚焦碳 化硅(SiC)和氮化镓(GaN)等宽禁带半导体技术，构建从材料研究到系统应用的完整研发体系，推动功 ...

越秀资本1月6日在互动平台表示，粤芯半导体是公司控股子公司越秀产业基金管理基金的投资企业之 一，该投资不会对公司经营业绩产生重大影响。 ...

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 ↓ ↓ ↓ 1月6日消息，2025全年内存价格持续疯涨，目前已经引发消费电子行业史无前例的内存短缺和涨价潮，终端厂商和消费者都苦不堪言，而内存厂商们则成 了巨大的获利者。 分析师预计，三星2025年Q4营业利润预计达16.9万亿韩元（约合816亿元人民币），较去年同期的6.49万亿韩元同比飙升160%。 这一业绩将创下自2018年第三季度（17.6万亿韩元）以来的七年最高季度利润，部分乐观分析师甚至将利润预期上调至20万亿韩元以上。 此次内存涨价潮主要源于英伟达等巨头对AI芯片的疯狂需求，半导体厂商不得不将大量产能投入到高带宽内存的生产中。 这直接导致了传统DRAM（如DDR4、DDR5）和NAND闪存的产量减少，从而引发了全面的供应短缺。其中，DDR4基准价格在过去一年内飙升了近七 倍，创下2016年以来的最高水平。 需要注意的是，三星同时也是全球最大的智能手机制造商，内存成本的暴涨正在严重侵蚀其手机业务的利润空间。 三星电子联合首席执行官TM Roh表示："由于这种情况史无前例，没有任何一家公司能够免受其影 ...

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 ↓ ↓ ↓ 1月6日消息，针对"本田中国工厂因半导体短缺推迟两周复工"相关消息，本田中国今日回应称，综合考虑半导体供应及生产线技术改造等因素，广汽本田 决定对2026年1月生产节奏进行调整。 而在汽车用分立半导体领域，安世半导体的全球市场份额约达40%，该类产品是车辆电动助力转向系统、动力控制单元等关键部件的核心元件，几乎适配 全球多数车型，这也是其供应中断能引发全球多家车企减产的核心原因。 ***************END*************** 半导体公众号推荐 "本次短期生产调整的影响台数相对可控，预计全年可挽回损失的产量，不会影响对客户的产品交付。广汽本田将合理调整生产节奏，对全年生产安排做 好准备。" 据了解，因半导体芯片供应问题，广汽本田工厂此前决定自12月29日起停产3天，原计划于1月5日复工。 据了解，自今年9月底荷兰政府对安世半导体实施运营冻结后，其荷兰总部又对安世中国采取断供晶圆等单边操作，引发全球车规级芯片结构性短缺，多 个国家的车企因此出现减产、停产情况。 其中，本田受到的冲击 ...