公众号记得加星标⭐️，第一时间看推送不会错过。 台积电受惠AI应用火热，驱动3纳米以下先进制程产能吃紧，传出已和客户沟通，将从2026年至2029 年连续四年调升先进制程报价，2026年新报价将从元旦起生效，法人看好将押注台积电明年首季传统 淡季业绩持续冲锋，有望至少持平本季甚是小幅季增，挑战历年最旺的第1季。 台积电预定2026年元月15日召开实体法说会，外界聚焦2026年首季展望及涨价议题。法人认为，台 积电明年首季可望淡季不淡，主因辉达、超微等大客户新平台陆续推出，加上博通等非苹客户积极扩 大AI应用领域，成为台积电3纳米以下先进制程持续供不应求的关键动能。 报价方面，业界传出，台积电为厘清真实需求，已和客户沟通，将自2026年起至2029年连续四年涨 价。不过，即便台积电向客户提出涨价诉求，客户仍踊跃预定先进制程产能，目前AI军备竞赛仍未见 熄火。 据悉，台积电2026年涨价幅度为个位数百分比，借此反映生产成本垫高与产能供不应求盛况。不过， 个别客户依据采购等级与情况，报价涨幅不一。 研究机构与法人预期，台积电2026年先进制程报价有望看涨3%至10%不等，个别先进制程调升幅度 不一，但皆有望比今年高 ...

普徕仕环球投资方案主管(亚太区)兼基金经理Thomas Poullaouec及普徕仕亚洲投资委员会为亚洲投资者 发表最新的全球资产配置观点。在全球经济韧性及AI基建投资支撑下，普徕仕看好股市前景，但透过 区域资产重新配置以把握机遇及管理风险。 年初对于美国的财政赤字及债务水平的忧虑现已蔓延全球，推高长期债券收益率。日本新任首相高市早 苗推动进取财政政策刺激经济增长及国防开支，令日债收益率升至多年高位，日元转弱令日本央行正常 化步伐更添变数。投资者正审慎关注这项"财政实验"，因为日本已是全球最高债务负担的发达国家之 一，在当前借贷成本上升的环境下，继续增加债务负担将成为一项代价高昂的赌注。市场关注各国财政 扩张实验能否转化为实质经济增长，目前投资者对全球长期债券收益率仍需保持审慎。 普徕仕对美国大型股转持偏高配置，反映AI长期利好因素及大型科技股的强劲盈利动力，以及美国政 府对战略性科技产业的持续支持。虽然仍然关注美股估值偏高以及货币政策风险，但目前仍有较大的债 务融资空间，而且尚未出现实质的信贷压力。 债券方面，普徕仕维持偏低配置，因通胀及美国财政刺激措施或持续为长期利率带来上行压力。倾向短 存续期配置，对美 ...

Group 1 - The global semiconductor market value is revised upwards to $772 billion for this year, marking a 22% year-on-year increase, with expectations for further growth of over 25% next year, reaching $975 billion [1][2] - The growth is primarily driven by major players in the foundry sector such as TSMC, along with memory manufacturers like Samsung, SK Hynix, and Micron [1] - Strong growth in logic and memory segments is anticipated, with logic IC revenue expected to grow by 37.1%, making it the fastest-growing product category [1] Group 2 - The global semiconductor equipment shipment value increased by 11% year-on-year, reaching $33.66 billion in Q3 2025, with a 2% quarter-on-quarter growth [4][7] - The growth in equipment revenue is attributed to strong investments in advanced technologies, particularly in AI computing, logic chips, DRAM, and packaging solutions [4] - Significant growth in equipment shipments to China has further propelled overall growth momentum in the semiconductor industry [4] Group 3 - Regional data for Q3 2025 shows that China leads with a 28% quarter-on-quarter increase and a 13% year-on-year increase in semiconductor revenue [7] - Taiwan experienced a 6% quarter-on-quarter decline but a substantial 75% year-on-year increase, while North America saw a significant 24% quarter-on-quarter decline and a 52% year-on-year decrease [7] - Overall, the total semiconductor revenue for Q3 2025 reflects an 11% year-on-year growth, indicating a robust recovery in the market [7]