Core Viewpoint - Huatai Securities has raised the target price for SMIC's H-shares from HKD 63 to HKD 119 and for A-shares from CNY 118.3 to CNY 238, maintaining a "Buy" rating [1] Financial Projections - The firm maintains its net profit forecasts for 2025 to 2027, expecting annual increases of 26%, 22%, and 27%, reaching USD 620 million, USD 760 million, and USD 960 million respectively [1] Market Positioning - The firm is optimistic about SMIC's competitive advantage in advanced process technology and anticipates that the company will enter a new expansion cycle following its current A-share issuance, allowing it to capitalize on growth opportunities in the advanced manufacturing market [1]

10月9日，台积电公布业绩数据显示，公司9月销售额3309.8亿元新台币，同比增长31.4%，环比下降 1.4%。台积电第三季度营收同比增长30%，达到9899亿新台币，超出分析师平均预期的9628亿新台币。 今年以来累计销售额2.76万亿元新台币，同比增长36.4%。 台积电是英伟达、AMD和博通等主要AI加速器设计商的首选芯片制造商。随着全球科技巨头持续在人 工智能领域进行数十亿美元的投资，对高端芯片的需求为台积电带来强劲业绩支撑。 素材源：吕怡蕾 编辑：康书源 审核：张强 台积电高管认为，美国科技公司在云计算能力建设方面的大规模支出将成为公司重要的长期增长引擎， 这一趋势推动了对先进制程芯片的持续需求。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 研究机构认为，在AI需求推行下，2025年半导体行业或迎来全面复苏，产业竞争格局有望加速出清修 复，产业盈利周期和公司利润有望持续修复。 ...

Group 1 - The core conclusion of the report is that the goals set by the "Made in China 2025" initiative have largely been achieved, with 86% of quantitative indicators met [1][7] - The manufacturing industry's global share has increased from 25% in 2015 to over 30% in 2025 [13] - The report highlights that China is now the largest market and exporter of new energy vehicles, marking a significant achievement in this sector [8] Group 2 - The ten key areas of focus for the "Made in China 2025" initiative include advanced manufacturing sectors such as aerospace, new energy vehicles, and high-performance medical equipment [5] - The report indicates that while some sectors like new energy vehicles have achieved self-sufficiency, others such as semiconductors and high-end machine tools still rely on imports [11] - The manufacturing capacity utilization rate has dropped below pre-pandemic levels in several industries, indicating potential overcapacity issues [12] Group 3 - The report notes a significant decline in exports to the U.S. by approximately 40% in early 2025, followed by a rebound of over 20% after negotiations in June [13] - The AI core industry is projected to reach a scale of 1 trillion yuan, with a year-on-year growth of 30%, marking 2025 as a pivotal year for generative AI [14] - The contribution of real estate to GDP has decreased from 16% to 8%, reflecting ongoing challenges in the housing market [14]

Core Points - TSMC's board approved a new capital budget plan totaling approximately $20.6575 billion, primarily for advanced process capacity construction, advanced packaging, and facility engineering [2] - The total capital expenditure for TSMC in the first three quarters of the year has reached approximately $53.0466 billion [2] - TSMC reported consolidated revenue of approximately NT$933.79 billion and a net profit of NT$398.27 billion for Q2 2025, with earnings per share of NT$15.36 [2] - The board approved a cash dividend of NT$5.0 per share [2] - TSMC plans to issue up to NT$60 billion in unsecured corporate bonds to fund capacity expansion and related green projects [2] - The company will also increase its wholly-owned subsidiary TSMC Global's capital by up to $10 billion to optimize foreign exchange risk management costs [2]

Group 1 - TSMC will gradually cease its 6-inch wafer production over the next two years and will continue to integrate its 8-inch wafer manufacturing capacity to enhance operational efficiency [1][2] - The decision is based on market dynamics and aligns with the company's long-term development strategy [1] - TSMC currently operates one 6-inch wafer plant and four 8-inch wafer plants in Taiwan, primarily for mature process chips [1] Group 2 - The capacity adjustment will not affect TSMC's previously announced financial targets [1] - TSMC has raised its sales growth forecast for this year from the mid-20% range to approximately 30% [1] - The company expects third-quarter revenue to be between $31.8 billion and $33 billion, significantly up from $23.5 billion year-on-year and $30 billion quarter-on-quarter [1] Group 3 - TSMC reported July revenue of NT$323.2 billion (approximately $10.8 billion), a year-on-year increase of 26%, indicating accelerated investment in the AI sector [1] - TSMC continues to provide advanced process chips for major clients like Apple and NVIDIA at its 12-inch wafer plants [2] - The company plans to maintain its capital expenditure for the year between $38 billion and $42 billion while advancing its multi-billion dollar capacity expansion projects in the U.S., Japan, Germany, and Taiwan [2] Group 4 - The strategic adjustment focuses on optimizing resource allocation and enhancing production efficiency through the integration of mature process capacity [2] - Advanced process business remains unaffected by this adjustment and continues to be a key support for the company's core competitiveness [2]

Group 1 - The core report "Brand Finance 2025 China Brand Value Top 500" was officially released on May 9, 2025, with Phoenix News as the exclusive media partner [1] - TSMC's brand value increased to $34.24 billion, a growth of 36.7%, and its ranking rose from 18th to 11th, with a brand strength rating of AAA+ [1] - TSMC has significantly increased its investment in advanced process research and development, solidifying its leading position in the chip manufacturing sector [1] Group 2 - A total of 17 semiconductor brands made it to the China Top 500, with 10 brands contributing $46.9 billion to the semiconductor industry's brand value, accounting for 89% of the total brand value in this sector [1]