Group 1 - The People's Bank of China will have a total of 13,236 billion yuan in reverse repos maturing next week, with specific maturities on Monday to Wednesday totaling 4,823 billion, 3,125 billion, and 5,288 billion yuan respectively [1] - A total of 36 restricted shares will be unlocked next week, with a total market value exceeding 160 billion yuan based on the latest closing prices. Notably, 16 stocks will have a market value exceeding 1 billion yuan upon unlocking [4] - Two new stocks will be issued next week, namely Zhixin Co. on the Shanghai main board and Kema Materials on the Beijing Stock Exchange, both available for subscription on Tuesday [4] Group 2 - The Consumer Electronics Show (CES) will take place from January 4 to 9 in Las Vegas, featuring major Asian tech companies like Alibaba, Lenovo, Samsung, and LG. The event will focus on AI hardware, including smart glasses and humanoid robots [5] - The first "18A" chip, crucial for Intel's foundry business, is expected to be unveiled at CES, highlighting advancements in software and applications from companies like Meta, Snap, and Apple [5] - The annual rebalancing of the Bloomberg Commodity Index (BCOM) will occur from January 8 to 14, with warnings from JPMorgan regarding potential forced selling of gold and silver due to their overweight positions in the index [7]

Core Viewpoint - The article highlights significant upcoming economic data releases and events that could impact investment opportunities, particularly focusing on the U.S. and China markets, as well as key technology developments at the CES event. Economic Data and Events - China is expected to release its December CPI and PPI data on January 9, with CPI growth projected to remain at 0.7% year-on-year and PPI decline narrowing to -1.9% from -2.2% [7] - The U.S. will release its December non-farm payroll report on January 9, with expectations of an increase of approximately 55,000 jobs and an unemployment rate holding steady at 4.6% [9] - The CES event will take place from January 4 to 9, featuring major tech leaders like NVIDIA's CEO Jensen Huang and AMD's CEO Lisa Su, who will present on advancements in AI hardware [10][11] IPOs and Market Activity - Several companies are set to launch IPOs in Hong Kong, including: - Zhipu AI, with a pricing of HKD 116.20 per share, expected to start trading on January 8 [15] - MiniMax, with a pricing range of HKD 151-165 per share, expected to start trading on January 9 [17] - Precision Medical, seeking to raise HKD 1.2 billion, expected to start trading on January 8 [18] - TianShu Intelligent Chip, aiming to raise HKD 3.68 billion, expected to start trading on January 8 [19] - GigaDevice Semiconductor, with a pricing range of HKD 162 per share, expected to be priced on January 9 [20] Geopolitical Events - South Korean President Lee Jae-myung is visiting China from January 4 to 7 to strengthen economic cooperation [21] - Venezuelan President Maduro may appear in a U.S. court on January 5, which could have implications for geopolitical stability and market reactions [12] - Ukrainian President Zelensky announced a meeting with U.S. officials on January 6 to finalize security agreements [13] Commodity Market Insights - The Bloomberg Commodity Index (BCOM) will undergo annual weight rebalancing from January 8 to 14, with warnings of potential technical sell-offs in gold and silver due to their overrepresentation in the index [14]

见闻财经日历 WSCN Economic Calendar v 华尔街见间 | 时间 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 1月5日 周一 | | | | | | 数据 | 09:45 | 中国 12月RatingDog服务业PMI | 52.1 | | | 23:00 | | 美国 12月ISM制造业指数 | 48.4 48.2 | | | 事件 | 待定 | 马杜罗可能于5日在美国纽约联邦法院出庭 | | | | 1月6日 周二 | | | | | | 数据 | | 元 | | | | 05:00 | | "科技春晚" CES媒体日,英伟达CEO发表演讲 | | | | 07:00 | | "科技春晚" CES媒体日，英特尔发布会 | | | | 10:30 | | "科技春晚" CES媒体日, AMD苏姿丰发表演讲 | | | | 事件 | 待定 | 联想集团将在1月6日与英伟达联合发布一款企业级AI产品 | | | | 待定 | | 泽连斯基宣布乌美将于6日举行新一轮会谈 | | | | 待定 | | 国际消费电子展(CES) 4日至 ...

2026年的第一个交易日，虽然美股三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交 易日就迎来资金热情涌入。同时，受到港股开年大涨的提振，美股市场的中概股迎来意气风发的集体大 涨。 截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼 斯工业平均指数涨0.66%，报48382.39点。 （标普500指数日线图，来源：TradingView） 作为市场焦点，纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。 在一众昂扬上涨的明星中国科技股中，刚宣布分拆芯片业务IPO的百度收涨15.03%、阿里巴巴涨 6.25%、腾讯ADR涨5.23%、网易涨7.22%、台积电涨5.17%、富途控股涨8.68%、哔哩哔哩涨7.24%、万 国数据涨9.86%、小马智行涨10.83%。 巨头沉默之际，各类题材股的炒作却相当活跃。 美股"存储四巨头"美光科技周五涨10.51%、西部数据涨8.96%，齐创收盘历史新高，闪迪涨15.95%、 希捷科技也上涨4.41%。周五早些时候，韩国"存储双雄"SK海力士和三星电子均飙升并创出历史新高 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 英特尔曾是全球最大的半导体公司，但近年来，随着这家芯片制造商落后于台积电，并花费数十亿美 元试图追赶，其市值大幅下跌。 现在，英特尔已开始大规模生产 18A 芯片，该公司称这一新的芯片节点将扭转局面。 最大的问题是什么？是说服大型芯片厂商信任英特尔，委托其在新制程节点上进行生产。目前，英特 尔唯一的主要客户就是它自己。该公司期待已久的酷睿Ultra系列3 PC处理器，代号Panther Lake， 将于明年1月上市，成为首款采用18A制程节点制造的主要产品。 "目前它已经成为内部节点了，"Futurum Group首席执行官丹尼尔·纽曼表示。"许多公司为了确保良 率和晶圆产能，已经在台积电投入了巨资，所以他们现在还不会轻易转换。" 英特尔将吸引客户的希望寄托在位于亚利桑那州钱德勒市的新芯片制造厂Fab52上。在北部约50英里 的凤凰城，台积电也新建了一座晶圆厂，用于生产4纳米制程芯片。其最先进的2纳米制程芯片目前仅 在中国台湾生产。 英特尔的18A工艺在某些指标上，例如晶体管密度，通常与台积电的2nm工艺不相上下。但由于英特 尔在经历了多年前几代工艺的延误后仍在 ...

这显然不是陈立武（Lip-Bu Tan）所期待的英雄般的欢迎——2025年3月，陈立武被任命为英特尔 （Intel）的首席执行官，距离他此前辞去公司董事会职位只过去了七个月。一段时间以来，英特尔处在 飘摇动荡之中：前首席执行官突然退休，两位高层代管公司。如今，陈立武在线上向全球的英特尔员工 英特尔，这家曾经辉煌的公司，似乎找到了一条可行的救赎之路。图片来源：ILLUSTRATION BY DOUG CHAYKA; white house photo from Getty Images 发表他的第一次正式讲话。员工们渴望听到坦白真诚的发言——然而，如果他们认为陈立武的讲话并不 坦诚，英特尔的公司文化是鼓励他们说出真实感受的。 "在我们公司，你可以随意提问，不用担心后果。"一位在英特尔工作了30年、近期退休的员工对《财 富》杂志表示。那天，陈立武"立刻被问到：'你为什么辞职（辞去董事会职务）？你现在回来是想拯救 英特尔吗？'"陈立武回答说，他当时有一些私事需要处理，但听众对这个答案并不满意。这位资深员工 称，他身边马上出现了批评的议论声。"大家对他的回答感到失望。" 如果说当时的场面已经让陈立武脑门冒汗了，那么到 ...

Core Viewpoint - The global semiconductor industry is engaged in a strategic competition centered around the establishment of 2nm wafer fabs, which are seen as critical for AI-era computing sovereignty [1][20]. Group 1: TSMC's Expansion Plans - TSMC plans to increase its 2nm fab count from seven to ten, with an estimated cost of approximately NT$300 billion (US$80-100 billion) per fab, totaling around NT$900 billion for the additional three fabs [2][3]. - TSMC's strategy focuses on serving top-tier clients in AI GPU, high-end CPUs, and mobile SoCs, ensuring long-term capacity even amid macroeconomic fluctuations [2][3]. - The company emphasizes that the most advanced nodes must remain in Taiwan, with overseas fabs primarily serving political and customer relationship needs [3][4]. Group 2: Intel's 18A Technology - Intel's 18A process technology is positioned to compete with TSMC's 2nm, with recent reports indicating a steady improvement in yield rates [6][8]. - The U.S. government has become Intel's largest single shareholder, converting subsidies into equity, which strengthens Intel's capital structure [8][9]. - Intel's success in the 2nm race will depend not only on the 18A technology but also on its ability to establish itself as a true foundry company [9]. Group 3: Samsung's Progress - Samsung's 2nm process yield has improved to 55-60%, with plans to increase monthly production from 8,000 wafers in 2024 to 21,000 by the end of 2025 [10][12]. - The company secured a significant contract with Tesla for AI6 chip production, valued at US$16.5 billion over eight years, which is crucial for enhancing Samsung's position in the U.S. foundry market [11][12]. - Samsung aims to regain profitability in its foundry business within two years while targeting a 20% market share [12][13]. Group 4: Japan's Rapidus Initiative - Rapidus, a smaller player, is focused on establishing domestic 2nm production capacity with government support, aiming for mass production by the second half of the 2027 fiscal year [15][17]. - The company plans to build a second factory in Hokkaido, with significant investment expected from the Japanese government and private sector [17][18]. - Rapidus's approach involves a unique single-wafer processing method, which may lead to higher capital expenditures but aims for better yield control [18]. Group 5: Market Dynamics and Geopolitical Implications - The 2nm node is viewed as a critical infrastructure for AI, with significant implications for capital expenditure and industry dynamics [20][21]. - The construction of 2nm fabs is heavily influenced by government policies and partnerships with major clients, making it a tool for national industrial policy [21][22]. - The concentration of 2nm production capacity in Taiwan and a few allied nations raises concerns about supply chain resilience and geopolitical risks [22]. Group 6: Potential Beneficiaries - Semiconductor equipment manufacturers are expected to benefit significantly from the construction of 2nm fabs, as these facilities require advanced equipment for production [24]. - Major clients like NVIDIA, Apple, and AMD will gain more bargaining power with multiple 2nm suppliers, but risks remain if AI demand declines or yields do not meet expectations [25][26].

Core Insights - The global semiconductor industry is engaged in a strategic competition centered around the establishment of 2nm wafer fabs, seen as a critical threshold for AI computing sovereignty in the AI era [1][18][25] - TSMC plans to expand its 2nm production capacity in Taiwan from seven to ten fabs, with significant investments in overseas projects in the US, Japan, and Germany [2][3][19] - Intel is positioning itself with its 18A process technology, backed by national capital, to compete directly with TSMC's 2nm offerings [4][8][19] - Samsung is ramping up its 2nm production capabilities, achieving a yield of 55-60% and securing significant contracts, including a long-term deal with Tesla [9][10][19] - Japan's Rapidus is also entering the 2nm race, supported by government initiatives, aiming to establish local production capabilities [12][16][19] TSMC's Strategy - TSMC's plan includes ten 2nm fabs in Taiwan, with an estimated cost of approximately NT$300 billion (US$80-100 billion) per fab, totaling around NT$900 billion for the additional three fabs [2][19] - The company emphasizes that advanced processes will primarily serve top-tier clients, particularly in AI and high-end computing sectors [2][3] - TSMC's strategy is a response to both the surging demand for AI chips and competitive pressures from rivals like Intel and Samsung [3][19] Intel's Positioning - Intel's 18A process is designed to compete with TSMC's 2nm technology, with recent reports indicating improvements in yield and production stability [4][6][19] - The company aims to establish itself as a significant foundry player, focusing on collaboration with design partners to enhance its manufacturing capabilities [8][19] Samsung's Developments - Samsung's 2nm process yield has improved significantly, and the company plans to increase its production capacity by 163% by the end of next year [9][10] - The company has secured a major contract with Tesla for AI chip production, which is expected to enhance its standing in the US market [9][10][19] Rapidus and Japan's Strategy - Rapidus is working on establishing 2nm production capabilities with government support, aiming to start mass production by the second half of the 2027 fiscal year [12][16] - The company is also planning to develop 1.4nm products, indicating a long-term commitment to advanced semiconductor manufacturing in Japan [16][19] Market Dynamics - The competition for 2nm fabs is driven by the need for higher transistor density and lower power consumption to support AI applications [18][19] - The establishment of these fabs is not only a corporate decision but also a reflection of national industrial policies, with significant government backing for companies like Intel and Rapidus [19][25] - The high capital expenditure required for 2nm fabs necessitates partnerships with key clients and government subsidies to mitigate financial risks [18][19] Conclusion - The race to build 2nm fabs represents a pivotal moment in the semiconductor industry, with implications for technological leadership, market dynamics, and geopolitical considerations [25] - Companies that successfully navigate this high-capital, high-risk environment will be well-positioned to influence the future of semiconductor manufacturing and AI capabilities [25]

Core Viewpoint - The global semiconductor industry is engaged in a strategic competition centered around the construction of 2nm wafer fabs, seen as a critical threshold for AI-era computing sovereignty, with major players like TSMC, Intel, Samsung, and Japan's Rapidus making significant investments and advancements in this area [1][20]. TSMC's Expansion Plans - TSMC has upgraded its plan for 2nm fabs in Taiwan from seven to ten, with an estimated cost of approximately NT$300 billion (US$80-100 billion) per fab, totaling around NT$900 billion for the additional three [2]. - The company is also expanding its overseas presence, increasing its investment in Arizona to US$165 billion, citing insufficient local capacity to meet AI customer demands [2][3]. - TSMC's strategy focuses on serving top-tier clients in AI and high-performance computing, ensuring long-term capacity even amid macroeconomic fluctuations [2][3]. Intel's 18A Technology - Intel's 18A process technology is positioned to compete with TSMC's 2nm offerings, with recent reports indicating improved yield rates and a path to mass production by Q4 2025 [6][8]. - The U.S. government has become Intel's largest single shareholder through the CHIPS Act, providing significant capital support, while NVIDIA has also invested US$5 billion in Intel [8][9]. - Intel's success in the 2nm race will depend not only on the 18A technology but also on its ability to establish itself as a competitive foundry [9]. Samsung's Progress - Samsung's 2nm process yield has improved to 55-60%, with plans to increase monthly production from 8,000 wafers in 2024 to 21,000 by the end of 2025 [11]. - The company has secured a significant contract with Tesla for AI6 chip production, valued at US$16.5 billion over eight years, which is crucial for enhancing Samsung's position in the U.S. foundry market [11][12]. - Samsung aims to regain profitability in its foundry business within two years, leveraging high ASP orders to support its 2nm production ramp-up [12][13]. Japan's Rapidus Initiative - Rapidus, a smaller player, is focusing on establishing domestic 2nm production capabilities with government support, aiming for mass production by the second half of the 2027 fiscal year [15][17]. - The company plans to build a second factory in Hokkaido, with significant investment expected from the Japanese government and private sector [17]. - Rapidus's strategy involves a unique approach to wafer processing, utilizing single-wafer techniques to enhance yield and defect control [18]. Geopolitical and Economic Implications - The race to build 2nm fabs is driven by technological, economic, and geopolitical factors, with 2nm seen as essential for AI infrastructure [20][21]. - Major investments are being supported by government policies and partnerships with leading customers, making the establishment of 2nm fabs a national strategic priority [21]. - The concentration of 2nm production capacity in a few regions raises concerns about supply chain resilience and geopolitical risks [22]. Industry Outlook - The construction of 2nm fabs is expected to benefit semiconductor equipment suppliers significantly, as these facilities require advanced manufacturing technologies [24]. - The expansion of 2nm capacity will also drive demand for advanced packaging and testing solutions, essential for AI chip production [24]. - However, the industry faces uncertainties regarding sustained demand and the potential for overcapacity leading to financial pressures in the future [22][24].

Core Insights - TSMC plans to accelerate the production of advanced 2nm chips in the U.S. to meet strong AI demand, indicating potential further expansion beyond the previously committed $165 billion investment [1][2] - The company is nearing the acquisition of a second large plot near its Arizona facility to enhance flexibility in response to sustained AI demand [1] - TSMC's North American revenue surged by 76% in Q3, driven by the growing demand from leading AI chip developers, while revenue growth in China decreased from 11% to 8% [2] Group 1 - TSMC's CEO, C.C. Wei, emphasized the company's commitment to producing numerous AI chips to support AI development [3] - The expansion plan includes the construction of three new chip manufacturing plants, two advanced packaging facilities, and a large R&D center [3] - TSMC aims to establish a Gigafab in Arizona to support leading customers in smartphones, AI, and high-performance computing applications [1] Group 2 - Applied Materials believes that the AI boom and related demand will not slow down, while ASML expects its revenue in 2026 to remain above 2025 levels despite a slowdown in China [2] - External macroeconomic risks are considered manageable, as short-term performance remains well-supported by demand [2] - TSMC's CEO downplayed the impact of export controls and AI chip restrictions from Beijing, expressing confidence in AI growth regardless of access to the Chinese market [1]