1. 两大能源央企官宣重组。经报国务院批准，中国石油化工集团与中国航空油料集团实施重组。 两家企业重组后，将充分发挥炼化一体化、航油供应保 障体系等多方面优势，减少中间环节，降低供应成本，推动产业链高质量发展。 2. 房地产界颇具代表性的职业经理人郁亮，结束35年万科生涯。 万科A公告，因到龄退休，郁亮向董事会提请辞去公司董事、执行副总裁职务。万科董事 会将按照法定程序尽快完成董事补选工作。截至公告披露日，郁亮持有万科739.49万股股票，以1月8日收盘价计算，市值逾3600万元。 3. 黄金正式超越美国国债，三十年来首次成为全球规模最大的储备资产。 据世界黄金协会最新数据，若假设2025年底央行持有的黄金储备规模不变，以 年底价格计算，美国海外全球官方黄金储备价值已达3.93万亿美元，正式超越海外官方持有的美债规模，后者截至去年10月份的价值接近3.88万亿美元。 5. 汇丰控股与恒生银行联合公告，汇丰将恒生银行私有化的建议获恒生银行法院会议、恒生银行股东大会表决通过。 预期恒生银行股份将于1月27日16时 撤销上市地位。 1. 商务部举行例行新闻发布会，回应近期热点问题。对于Meta以20亿美元收购人工智 ...

Group 1 - Nvidia requires overseas customers to pay full prepayment for its H200 AI chips, with orders exceeding 2 million units, and TSMC has been asked to increase production [2] - Sinopec and China National Aviation Fuel are undergoing a restructuring approved by the State Council, aiming to reduce aviation fuel supply costs and enhance industry competitiveness [2] - Alibaba's Taobao Flash Sale has made significant progress, targeting to achieve absolute market share leadership by 2026, reflecting an upgrade in the company's competitive strategy in the e-commerce sector [2] - Nestlé has expanded its global recall of infant formula to at least 50 countries, including China, with regulatory bodies urging the company to manage the recall effectively [2] - TSMC maintains high capacity utilization for advanced processes, with continued demand for 3nm processes, and has paused new project initiations while encouraging clients to evaluate the adoption of 2nm processes [2] Group 2 - Zhongwei Company’s major shareholder plans to reduce its stake by up to 2%, which may exert short-term pressure on the company's stock price [4] - Huaxia Happiness is expected to report a loss in 2025, facing dual pressures from operational losses and arbitration involving its controlling shareholder [4] - Jiechuang Intelligent plans to procure IT equipment and components worth up to 4 billion yuan to enhance its cloud computing infrastructure [4] - Pritchard anticipates no large-scale orders for LCP film products in the brain-computer interface sector in the short term, advising the market to view the concept rationally [4] - Unisoc has initiated IPO counseling, benefiting from the AI-driven demand growth in storage chips, contributing to a wave of IPOs in the industry [4] Group 3 - Changxin Technology's application for an IPO on the Sci-Tech Innovation Board has been officially accepted, marking a significant step in its listing process [5] - Geely Automobile has obtained an L3-level autonomous driving road test license for its Zeekr 9X model, covering an area of 9,224 square kilometers [5] - HSBC's proposal to privatize Hang Seng Bank has been approved by the bank's court meeting and shareholder meeting, with the delisting expected on January 27, 2026 [5] - JD.com has established a "Chameleon Business Department" to oversee the development and commercialization of core AI products [5] - Anta Sports has made a takeover offer to acquire 29% of Puma from the Pinault family, although negotiations are reportedly stalled [5] Group 4 - Apple’s market value has dropped to third globally, with its annual shareholder meeting scheduled for February 24, and CEO Cook's total compensation for 2025 set at $74.3 million [6] - Alphabet has risen to second globally, driven by its AI business, and is enhancing collaboration with Siemens on industrial AI operating systems [6] - Meta Platforms is under scrutiny by China's Ministry of Commerce regarding its acquisition of the AI platform Manus, with delays in the release of AI smart glasses [6] - Microsoft has partnered with Shopify, PayPal, and Stripe to launch a retail AI Copilot Checkout feature, while restructuring its GitHub team to strengthen AI development [6] - Amazon has adjusted its target price and is requiring employees to provide proof of work efficiency, indicating potential personnel optimization [6] Group 5 - Samsung Electronics has regained the top share in the global DRAM market and is in talks with Qualcomm for 2nm chip foundry collaboration [9] - Toyota has announced the independence of Gazoo Racing as a high-performance sub-brand and launched new models in the European market [9] - LG Electronics' CEO presented a profit-oriented growth strategy at CES 2026, focusing on sustainable development [9] - Mitsubishi UFJ Financial Group plans to establish a full-service bank in the EU to expand overseas financing profits [9] - SK Hynix has lost its position as the global leader in the DRAM market and is focusing on domestic energy storage orders [9]

台积电南京厂目前每月生产约20000片16/12nm晶圆及40000片28/22nm晶圆，占台积电整体产能约3%， 主要服务汽车芯片等特殊需求。台湾地区经济部门评估此政策调整不会影响台湾整体产业竞争力。 本文系观察者网独家稿件，未经授权，不得转载。 罗镇球重申，只要符合"监管要求"，中国大陆客户可利用台积电全球制造网络中更先进制程技术，不必 局限于南京晶圆厂16nm或28nm产能。有媒体称，此前小米的3nm芯片就是于台积电生产，这也侧面印 证了罗镇球的说法。 而针对VEU方面的问题，罗镇球表示台积电并非被动等待，而是在逐步解决问题，期望能符合监管要 求并履行对客户承诺。美国在2025年9月宣布终止台积电南京厂的VEU资格，新政策将于12月31日生 效，届时南京厂须改为逐案申请许可，从特别通道模式回归逐案审批。 据台湾科技媒体DIGITIMES本月24日报道，台积电中国区负责人及南京晶圆厂厂长罗镇球在2025年国 际电脑辅助设计大会（ICCAD）上明确表示，中国大陆客户可获得全球先进制程支援。罗镇球还回应 了台积电南京厂的VEU（最终用户认证）资格等问题。 罗镇球在大会上澄清了一项市场长期存在的"误解"。他表示 ...

Core Viewpoint - TSMC is recognized as the most trusted semiconductor foundry globally, built on decades of technological leadership, a rigorous business model, excellent operations, and reliability [2][5]. Group 1: Business Model and Trust - TSMC's pure foundry model is the foundation of its reputation, as it does not compete with clients and maintains strict confidentiality, ensuring clients' intellectual property is protected [2][3]. - The company has established deep trust within a vast ecosystem, making it the preferred manufacturing partner for leading chip designers like Apple, AMD, and Qualcomm [2]. Group 2: Technological Leadership - TSMC consistently leads in the production of advanced process nodes such as 7nm, 5nm, and 3nm, maintaining high yield rates, which is crucial for reliable and timely delivery of innovative products [3][5]. - The company's focus on process control and defect management has resulted in industry-leading yield rates, allowing clients to reduce costs and accelerate production ramp-up [3]. Group 3: Intellectual Property and Confidentiality - TSMC has a strong reputation for protecting intellectual property, having proven its ability to handle sensitive data securely through long-term collaborations with thousands of clients [4]. - The company's internal culture and strict access controls contribute to its reliability in safeguarding client information [4]. Group 4: Scale and Ecosystem Integration - TSMC's significant investments in fabs, equipment, and talent have created unmatched manufacturing capabilities, earning client trust [4]. - Collaborations with equipment suppliers and EDA vendors form a robust ecosystem that reduces risks and shortens time-to-market for clients [4]. Group 5: Long-term Strategic Vision - TSMC's proactive investment strategy, often initiated before demand arises, ensures sufficient capacity even during industry fluctuations [5]. - The company's capacity planning during recent global chip shortages has reinforced its image as a stable and responsible industry leader [5]. Group 6: Global Reputation and Governance - TSMC demonstrates transparency and compliance, fostering cooperation with governments and clients worldwide, despite geopolitical risks [5]. - The company's expansion into the US, Japan, and Europe reflects its commitment to supply chain resilience and global trust [5].

智通财经APP获悉，Counterpoint Research发文称，半导体产业已正式迈入"晶圆代工 2.0"时代，这一阶段以制造、封装与测试的深度整合为特征，并在全 球 AI 热潮的推动下实现更高质量的增长。根据 Counterpoint Research 最新发布的《按节点划分的代工收入、良率与产能利用率追踪报告》，2025 年Q3全 球晶圆代工2.0市场营收同比增长17%，达到848亿美元。这一两位数增长主要来自AI GPU在前端晶圆制造及后端先进封装领域的持续需求。 非台积电晶圆代工厂增长趋缓：非台积电晶圆代工厂整体在 2025 年 Q3 实现 6% 的同比增长，低于 2025 年 Q2 的 11%。 非存储 IDM 企业迎来复苏：非存储 IDM 厂商整体恢复增长，同比提升 4%，表明库存去化周期已接近尾声。德州仪器以 14% 的同比增长领跑，而意法半 导体也显示出下滑趋势缓解的迹象。 OSAT 行业持续繁荣：OSAT 行业在 2025 年 Q3 营收同比增长 10%(2024 年同期为 5%)。日月光与矽品成为当季主要增长贡献者，其 FOCoS(扇出型基板芯 片封装)方案受益于台积电为满足 AI G ...

Core Viewpoint - The semiconductor industry has officially entered the "Wafer Foundry 2.0" era, characterized by deep integration of manufacturing, packaging, and testing, driven by the global AI boom, leading to higher quality growth [4][8]. Group 1: Market Overview - The global wafer foundry 2.0 market revenue is expected to grow by 17% year-on-year in Q3 2025, reaching $84.8 billion, primarily driven by the demand for AI GPUs in front-end wafer manufacturing and advanced packaging [4][8]. - TSMC continues to lead the pure wafer foundry market with a 41% year-on-year revenue growth, supported by the ramp-up of 3nm chips for Apple's flagship smartphones and strong demand from AI accelerator customers like NVIDIA and AMD [7][8]. - Non-TSMC wafer foundries experienced a modest 6% year-on-year revenue growth in Q3 2025, indicating a diminishing effect from previous tariff-related orders, although local subsidy policies in China still provide some support [8][12]. Group 2: Segment Performance - Non-storage IDM manufacturers saw a brief recovery with a 4% year-on-year revenue growth in Q3 2025, led by a 14% increase from Texas Instruments [8][12]. - The OSAT industry continued its growth momentum with a 10% year-on-year revenue increase in Q3 2025, driven by strong demand for advanced packaging, particularly from companies like ASE and SPIL [8][12]. Group 3: Future Outlook - The overall wafer foundry 2.0 market revenue growth for 2025 is projected to be around 15%, with the pure wafer foundry market expected to grow by 26%, supported by ongoing shipments of AI GPUs and ASICs [10]. - TSMC's advanced packaging capabilities are anticipated to continue driving revenue growth into 2026, with a focus on NVIDIA's AI GPU platforms [9][10]. - The OSAT sector is expected to see a significant increase in advanced packaging capacity by 100% in 2026, with AI GPU and ASIC demand becoming the primary growth engines for OSAT manufacturers [12].

近日，光通信行业市场研究机构LightCounting在最新的报告中提到，2025年第三季度， Alphabet、亚马逊、Meta和微软的资本开支创下新纪录。甲骨文的资本开支环比下降6%，但同 比则大幅增长269%。Meta的资本开支相比2024年第三季度增长了一倍多。 这五家公司在2025年前九个月的总资本开支已超过3070亿美元，对供应链造成了前所未有的压 力。LightCounting估计，目前许多产品（包括光模块）的需求量已超过供应量两倍或更多。市场 对未来一年的预测将取决于供应商增加产能的能力。 如果您希望可以时常见面，欢迎标星收藏哦~ 台积电计划明年将2nm芯片的产能提高一倍，并且目前正在继续增加3nm芯片的产能，这帮助英 伟达在第三季度创下新的营收纪录：570亿美元，同比增长62%，环比增长22%，远超8月份给出 的业绩指引上限。其前四大客户贡献了总营收的61%，其中前两大客户合计占总营收的37%。 博通的营收创下180亿美元的纪录，同比增长28%，环比增长13%，显著高于9月份的业绩指引。 该公司人工智能相关的订单积压总额超过730亿美元，计划在未来18个月内交付。AMD报告的营 收为92亿美 ...

Core Viewpoint - TSMC's investment plans in the U.S. have become increasingly complex, with U.S. Secretary of Commerce Gina Raimondo stating that TSMC's previous commitments are insufficient, now requiring a minimum investment of $200 billion and the creation of 30,000 jobs [1][4]. Group 1: Investment and Financial Implications - The starting point of this negotiation was the CHIPS Act signed during the Biden administration, which provided TSMC with $6 billion in subsidies, but only resulted in an initial investment of approximately $60 billion for factory construction, which Raimondo deemed inadequate [4]. - TSMC has since raised its planned investment to $165 billion, but U.S. expectations have now increased to $200 billion, which is a reduced target from earlier internal expectations exceeding $300 billion [4]. - TSMC's U.S. subsidiary reported a significant drop in profits, with earnings of only NT$41 million in Q3 2025, down 99% from NT$4.223 billion in Q2, reflecting the financial pressures and challenges faced in the U.S. market [6]. Group 2: Technological and Operational Challenges - TSMC is facing multiple challenges in the U.S., including high costs, talent shortages, and cultural conflicts, which have directly impacted its financial performance [5]. - The advanced process and packaging technologies, previously considered core assets, are gradually being transferred to the U.S., with TSMC's Arizona facility already producing 4nm chips and plans for 3nm and 2nm processes in the future [4].

大周五，咱们「国产 GPU 第一股」摩尔线程，整了个让资本市场直呼「看不懂」的骚操作。 公告字数不多，核心就一句：准备拿不超过 75 亿元的闲置资金，去买理财产品 。 这事儿有多魔幻？ 稍微翻翻账本你就知道，摩尔线程这次 IPO，扣除发行费后真正落袋的净额，一共才75.76 亿元。 换句话说，上市敲钟融来的钱，还没在账上捂热乎，99% 的资金就被原封不动地转手存进了「余额 宝」 。 是不是很有趣？网上瞬间炸了锅，段子手们调侃说：这操作，大洋彼岸的黄仁勋看了都得笑出声，说实 话，我也跟着笑了一会儿。 不过，笑完后，我认认真真又花几个小时看了下他们家的财报、行业数据，发现看似荒诞的「99% 闲 置率」背后，藏着一个中国硬科技行业最尴尬、也最残酷的真相。 01 什么真相呢？我们先说下这 75 亿，到底是个什么概念？ 根据摩尔线程 12 月 12 日晚上的公告，这 75 亿是买协定存款、通知存款、结构性存款这些「安全性 高、流动性好的保本型产品」 。 说白了，把钱放在银行的保险柜里，顺便吃点比活期高一丢丢的利息，而且期限不超过 12 个月 。 看到这儿，很多股民的第一反应还是想骂：我给你这么多钱，让你去造核弹，你却给 ...

Core Insights - TSMC's 3nm advanced process capacity is facing significant constraints due to surging demand from AI chip giants like NVIDIA, leading to a supply-demand gap that is expected to drive TSMC's overall gross margin above 60% by 2026 [2][4]. Group 1: Capacity Constraints - TSMC's 3nm monthly capacity is projected to reach only 140,000 to 145,000 wafers by the end of 2026, which will not meet the total orders [2]. - Major clients including NVIDIA, Apple, Qualcomm, MediaTek, Google, Amazon, Meta, and Microsoft have fully booked the 3nm capacity, covering critical areas such as AI training chips and flagship smartphone processors [4]. Group 2: Profitability and Pricing - The scarcity of capacity is translating into profitability for TSMC, with some clients willing to pay 50% to 100% above normal prices for expedited orders [4]. - If this trend continues, combined with planned price increases in 2026, TSMC's gross margin is expected to remain above 60%, with growth momentum likely to exceed market expectations [4]. Group 3: Capacity Expansion Strategies - To alleviate capacity pressure, TSMC is implementing flexible strategies, such as converting part of the 4nm production line at the Tainan Fab18 to 3nm, which will increase monthly output by approximately 25,000 wafers [5]. - TSMC is also collaborating across factories to utilize 6nm/7nm lines at Fab14 for 3nm backend processes, potentially releasing an additional 5,000 to 10,000 wafers per month in the second half of 2026 [5]. - The 3nm capacity at TSMC's Arizona facility is not expected to contribute until early 2027 [5].