台湾2025年的出口同比增长35%，达到6407亿美元。其中对美国出口占31%，对大陆出口占27%，对美 出口自1999年以来首次跃居首位。特朗普政府正在要求纠正与台湾之间的贸易逆差…… 在台湾的出口目的地中，2025年美国所占的比例超过中国大陆（包括香港），是26年来的首次。台湾 2025年的对美出口同比增长78%，达到1982亿美元，超过对大陆出口的1704亿美元。按全年数据来看， 对美出口自1999年以来首次跃居首位。 台湾方面的统计显示，台湾2025年的对美贸易顺差膨胀至1501亿美元，达到上年同期的2.3倍。美国特 朗普政府正在要求纠正与台湾之间的贸易逆差。台湾的赖清德政府对来自美国的关税压力和纠正新台币 贬值状态的要求等保持警惕。 台湾的财政部的统计显示，台湾2025年的出口同比增长35%，达到6407亿美元。其中对美国出口占 31%，对大陆出口占27%。 从市场份额来看，台湾企业在面向AI的服务器生产领域占全球9成，在半导体代工领域占7成。以AI热 潮带来的巨额数据中心投资为背景，美国英伟达等企业的需求扩大，显著改变了台湾的出口结构。 鸿海精密工业和广达电脑等台湾大型厂商在中国大陆拥有个人电脑和 ...

据日本共同社12月17日报道，本田公司当天透露，由于半导体零部件短缺，本田在日本和中国工厂的整 车生产计划从12月下旬到明年1月上旬期间暂停或减产。 本田方面称，与中国的广汽集团的合资工厂将从12月29日起停产5天。日本的工厂将在明年1月5日、6日 停产两天，7至9日的产量也低于原计划。 本田未公布具体涉及的日本工厂，但本田的埼玉制作所（埼玉县寄居町）和铃鹿制作所（三重县铃鹿 市）可能会受到减产影响。本田没有说明此次生产计划调整的完整规模，但表示其今后的生产将视半导 体的供应情况等作出判断。 此前由于中资半导体企业安世半导体（Nexperia）的零部件出口受到影响，本田在10月和11月暂停了墨 西哥工厂的生产，其在美国和加拿大的工厂也被迫减产。但本田没有说明导致此次减产的短缺半导体零 件是否也是安世产品。 但因半导体零件短缺导致的减产已经给本田带来了切实的损失。本田11月公布的截至2026年3月的财年 合并财报预期显示，因半导体短缺导致产量低于预想，反映主营业务盈利状况的营业利润将缩水1500亿 日元（约合人民币68亿元）。 本文系观察者网独家稿件，未经授权，不得转载。 ...

日本出口实现增长，这主要得益于对美出口八个月来首次回升，抵消了对华出口的下降，这为日本央行 周五加息再添支撑。 总体而言，日本未经调整的贸易收支呈现顺差，盈余为3223亿日元(21亿美元)。进口增长1.3%，略低于 普遍预期。 其中，日本对美贸易顺差为7398亿日元，同比增长11.3%。自美国总统特朗普1月开始第二任期以来， 该顺差持续存在，这意味着尽管特朗普政府试图通过提高关税来缩小贸易逆差，但贸易失衡问题依然存 在。 在美国于9月中旬将日本汽车及零部件关税从27.5%下调至15%后，日本11月对美汽车及零部件出口出现 增长。美国还将许多其他产品的关税设定在相同水平。 对美汽车出口额增长1.5%，而出口数量则跃升7.7%。这种差异持续存在，表明日本汽车制造商正通过 降价牺牲利润以维持市场份额。 不过，上月日本对美出口汽车单价约为408万日元，与4月特朗普首次宣布关税时的水平大致相当。 日本财务省周三报告称，11月整体出口同比增长6.1%，主要受半导体零部件和医疗用品推动。这一数 据超出经济学家预期，其中对美国和欧盟出口分别大幅增长8.8%和19.6%。 对日本央行而言，对美出口的回升将释放积极信号。市场普遍 ...

Group 1 - The company focuses on the research, manufacturing, sales, and service of semiconductor equipment and components, as well as electronic manufacturing equipment [1] - The semiconductor components produced by the company are primarily used in the manufacturing of semiconductor equipment and semiconductor chips, covering core processes such as Physical Vapor Deposition (PVD), Chemical Vapor Deposition (CVD), etching, and ion implantation [2]

Core Insights - The collaboration between Taiwan and Anhui is transitioning from traditional manufacturing to emerging industries, highlighting a win-win partnership in economic development [1][2]. Group 1: Industry Development - Anhui province is evolving from a traditional agricultural base to a technology powerhouse, with significant growth in emerging industries such as new energy vehicles, integrated circuits, and artificial intelligence [1][2]. - By September 2025, Anhui is expected to have approved over 2,500 Taiwan-funded projects, attracting more than $20 billion in direct investments across various sectors [2]. Group 2: Business Expansion - Taiwanese businesses are shifting their focus from traditional sectors like textiles to high-tech industries, with a strong alignment between Taiwan's advantageous industries and Anhui's emerging sectors [2]. - Companies like 联宝 (Lianbao) have expanded their operations in Anhui, moving from producing laptop components to a broader range of products including automotive parts and precision bearings, with annual output exceeding 300 million RMB [2]. Group 3: Entrepreneurial Opportunities - Young Taiwanese entrepreneurs are increasingly establishing businesses in Anhui, drawn by the region's supportive environment and logistical advantages, as exemplified by a semiconductor company founded by three Taiwanese sisters [3][4]. - The local government provides comprehensive support for new businesses, enhancing the confidence of entrepreneurs in the region [3].

Summary of Conference Call for Jingsheng Electromechanical Company Overview - Jingsheng Electromechanical is backed by a publicly listed company, providing significant advantages in capital, technology research and development, and operational management [2][4][5] Industry Insights - The silicon carbide sector is improving despite Jingsheng starting late, with the company currently keeping pace with clients in 18-inch products and leading in 12-inch products due to strong technical capabilities and capital support [2][4] - The photovoltaic industry is expected to reach a turning point around 2027, driven by government intervention, the elimination of outdated production capacity, and improvements in downstream profitability [2][7] Key Points and Arguments - Jingsheng has reduced investment and quickly responded to process iterations by self-manufacturing equipment, adopting Industry 4.0 automation to lower labor costs, and establishing a showroom in Yinchuan to reduce energy costs [2][6] - The company’s semiconductor components business, initiated in 2016, currently meets 80% of its own needs through advanced imported machine tools and is set to begin external supply in 2024, with recognition from leading equipment manufacturers [2][8] - Despite low prices in the photovoltaic dry pot market in 2025, Jingsheng's market share is projected to increase from 25% in 2024 to 40%, attributed to product quality, longevity, and the exit of smaller competitors [2][9] Future Development Focus - Future R&D priorities include customized semiconductor components, new packaging products, ion implantation equipment for wafers, and domestic substitution of auxiliary materials like quartz products [2][10] - The growth drivers for the next few years include advancements in silicon carbide materials and equipment, promotion of new photovoltaic technologies, capacity expansion for overseas clients, and the growth of the semiconductor components business [2][11] Additional Important Insights - Key factors for overseas clients when selecting suppliers are technological strength and capital strength, as they prefer suppliers with long-term stability and strong operational conditions [3] - Jingsheng has improved the yield of silicon carbide products through multiple rounds of technological iterations and is exploring cost reduction opportunities [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][12][17] Core Views - The company has achieved record high revenue and profit in Q1 2025, driven by growth in target materials and components [4][6] - The company is the second largest in the global semiconductor target materials market and has successfully replaced raw materials domestically, with a continuously increasing market share [7][8] - The semiconductor components segment is rapidly growing, with a wide range of products covering all categories, indicating significant development potential [9][10] - The company plans to raise funds through a private placement to enhance production capacity for key components, which will improve its competitiveness and service capabilities [11][12] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.29 billion yuan, a year-on-year increase of 25.4%, and a net profit attributable to shareholders of 400 million yuan, up 39.7% year-on-year [6] - In Q3 2025, revenue reached 1.2 billion yuan, reflecting a year-on-year growth of 19.9% and a quarter-on-quarter increase of 9.3% [6] - The gross profit margin for Q3 2025 was 27.6%, with a net profit margin of 12.4% [6] Growth Projections - Revenue projections for the company are as follows: 3.605 billion yuan in 2024, 4.648 billion yuan in 2025, 5.957 billion yuan in 2026, and 7.574 billion yuan in 2027, with respective growth rates of 39%, 29%, 28%, and 27% [4][12] - Net profit attributable to shareholders is expected to reach 547 million yuan in 2025, 752 million yuan in 2026, and 912 million yuan in 2027, with growth rates of 37%, 37%, and 21% respectively [4][12] Market Position and Strategy - The company has established a comprehensive supply chain by localizing raw material procurement and enhancing its production capabilities, which positions it well to meet the growing demand for high-end chips [8][10] - The semiconductor equipment precision components market in China is projected to reach 138.4 billion yuan in 2025, providing substantial growth opportunities for the company [10]

Group 1 - European automakers are under significant pressure due to Chinese companies cutting off their access to key semiconductor suppliers, particularly referencing Anshi Semiconductor [1] - The situation in Europe is tense, with a planned visit from a Chinese high-tech delegation to discuss rare earth export restrictions, indicating ongoing diplomatic challenges [4] - Initial discussions have taken place regarding the temporary allowance of Anshi Semiconductor products to continue exporting, but no agreement has been reached yet [4] Group 2 - Anshi Semiconductor's control has shifted to the Netherlands, which has led to severe impacts on Germany's automotive industry, highlighting the interconnectedness of European supply chains [5] - German Chancellor Merz is urging the Netherlands to acknowledge its mistakes regarding Anshi Semiconductor, as China demands recognition before any negotiations can proceed [6] - The actions taken by the Netherlands have resulted in a significant loss of credibility for the country, as well as disruptions to the entire European automotive supply chain [6] Group 3 - The Anshi incident has provided an opportunity for Western countries to take aggressive actions against China, marking a shift in the dynamics of international relations [8]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][38]. Core Insights - The "Bay Chip Exhibition" will be held in Shenzhen from October 15-17, 2025, featuring leading companies such as New Kai Lai, North Huachuang, and others [3]. - New Kai Lai showcased 31 self-developed high-end equipment at SEMICON China 2025, indicating its strong position in the semiconductor industry [3]. - The semiconductor components sector is crucial for supporting the exponential growth of downstream industries, with an annual output value reaching over $10 billion [3]. - The demand for semiconductor components is expected to increase due to advanced equipment and process expansions, entering a new growth cycle [3]. - Investment recommendations include focusing on outstanding manufacturers in various segments of semiconductor components, such as New Lai Materials, Jiangfeng Electronics, and others [3]. Industry News and Commentary - Global semiconductor sales in August 2025 reached $64.9 billion, a year-on-year increase of 21.7%, with China growing by 12.4% [5][6]. - The Asia-Pacific region saw a significant sales increase of 43.1% year-on-year in August 2025 [6]. - DRAM and NAND flash memory prices continue to rise, reflecting market confidence in future price increases [12]. - TSMC's 2nm wafer pricing is approximately $30,000, representing a 10-20% increase compared to the 3nm process [21]. - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both experienced gains, with increases of 3.23% and 5.59% respectively [26].

Market Overview - The Shanghai Composite Index closed flat compared to the previous day, while the CSI 300 rose by 0.6%, the STAR 50 increased by 1.2%, the CSI 1000 fell by 0.4%, and the ChiNext Index rose by 1.6% [4] - The best-performing sectors included Media (+2.2%), Communication (+2.0%), Non-ferrous Metals (+1.9%), Electric Equipment (+1.6%), and Computer (+1.5%), while the worst-performing sectors were Textiles and Apparel (-1.5%), Comprehensive (-1.3%), Agriculture, Forestry, Animal Husbandry and Fishery (-1.2%), Home Appliances (-1.1%), and Transportation (-1.0%) [4] - The total trading volume in the Shanghai and Shenzhen markets was 23,711 billion, with a net inflow of 11.05 billion HKD from southbound funds [4] Important Recommendations Meili Xin (301307) - The company is a global leader in precision die-casting and is expected to explore new markets in liquid cooling, humanoid robots, and semiconductors [5] - The recommendation logic includes anticipated performance recovery and new business opportunities in liquid cooling, humanoid robots, and semiconductors [5] - Revenue projections for 2025-2027 are 4,190 million, 5,192 million, and 5,991 million, with growth rates of 14.5%, 23.9%, and 15.4% respectively [5] Weiteng Electric (688226) - The company is a leading domestic busbar manufacturer, positioned in the high-growth AIDC sector, with solar and energy storage businesses driving growth [6] - Revenue projections for 2025-2027 are 4,109.27 million, 4,806.30 million, and 5,645.62 million, with growth rates of 18.06%, 16.96%, and 17.46% respectively [7] Xizhuang Co., Ltd. (001332) - The company is a leader in high-end pressure vessels and is benefiting from trends in controllable nuclear fusion [8] - Revenue projections for 2025-2027 are 1,367.66 million, 1,504.43 million, and 1,654.87 million, with growth rates of -10.83%, 10.00%, and 10.00% respectively [8] Hanwei Technology (300007) - The company is a leading sensor manufacturer, with flexible sensors opening new growth opportunities [9] - Revenue projections for 2025-2027 are 2,502.43 million, 2,833.99 million, and 3,225.08 million, with growth rates of 12.34%, 13.25%, and 13.80% respectively [9]