上市公司耐心资本数据 上市公司耐心资本数据（2007-2025年） 上市公司耐心资本数据（2007-2025年） 上市公司耐心资本数据（2007-2025年） 二、上市公司耐心资本数据的定义与量化革命 耐心资本并非传统财务指标的简单叠加，而是通过关系型债权占比与战略型股权稳定性双维度构建的动 态评估体系。这种创新定义突破了传统资本分析的短期视角，为理解资本的长期价值创造提供了新框 架。 关系型债权占比以长期负债（银行长期贷款、应付债券）占总负债的比例为核心，反映企业通过债务融 资支持战略创新的持续性。例如，深圳某半导体企业长期负债占比达45%，支撑其完成7nm芯片流片。 这种债务结构使其在行业低谷期仍能保持研发投入，避免了因短期资金压力而中断核心技术攻关。 战略型股权稳定性通过机构投资者持股比例与其过去3年持股标准差的比值量化，比值越高表明投资者 战略定力越强。数据显示，被社保基金连续持有超5年的上市公司，其年均ROE达25%，显著高于市场 平均水平。这种稳定性不仅降低了企业股权结构的波动风险，更通过长期资源投入助力企业构建技术壁 垒。 一、上市公司耐心资本数据下载地址 1.先在百度搜索以下图片的内容: 心资 ...

Core Viewpoint - The article argues that the advancements in China's semiconductor industry, particularly in 7nm and 5nm chip technologies, are significant and not merely experimental, countering claims made by U.S. officials about China's capabilities [1][3][6]. Group 1: 7nm Chip Technology - SMIC has made notable progress in its N+2 process technology, achieving a yield rate exceeding 70%, which is a substantial step towards mass production, challenging the notion that these are just "laboratory samples" [3]. - The domestic semiconductor supply chain is improving, with enhanced purity of semiconductor-grade silicon wafers and photoresists, reducing chip failure rates and supporting the mass production of 7nm chips [3]. - Huawei's Mate60 series smartphones demonstrate the successful commercialization of 7nm chips, with strong sales reflecting consumer acceptance and market performance [3]. Group 2: 5nm Chip Technology - Chinese researchers have innovatively utilized DUV lithography combined with self-aligned quadruple patterning (SAQP) to achieve 5nm-level precision, overcoming the limitations posed by the lack of EUV technology [5]. - The collaboration of high-resolution photoresists and carbon-based semiconductor materials has led to a 30% increase in transistor density and doubled heat dissipation efficiency, laying the groundwork for 5nm chip performance optimization [5]. - SMIC's advancements in 5nm technology and the establishment of multiple 5nm wafer fabs in the Yangtze River Delta are expected to boost domestic chip self-sufficiency to over 45% by 2025, with automotive-grade chip installation rates nearing 50% [5]. Group 3: U.S. Response and Implications - The U.S. attempts to isolate China's technology sector may backfire, potentially leading to scenarios where American industries need to source 28nm chips from China due to global oversupply of mature chips [6]. - The reliance on Chinese resources such as rare earths and gallium may expose vulnerabilities in the U.S. supply chain, particularly in military and renewable energy sectors [6]. - The comments made by U.S. officials are seen as an effort to rally domestic support while misleading international opinion to hinder China's semiconductor industry collaboration [6].

Core Viewpoint - The rapid development of China's chip industry has led to a significant drop in North American chip prices by 66%, creating a challenging situation for Western chip manufacturers [1][3][9] Group 1: Market Dynamics - China has become a global leader in the production of mid-to-low-end chips, surpassing the U.S. in chip output in 2024 [1][3] - The strong supply capacity of Chinese mid-to-low-end chips and their competitive pricing have contributed to the price decline in North America [3][5] - Chinese companies, such as Yangtze Memory Technologies, have successfully captured market share from American firms like Micron and Samsung through aggressive pricing strategies [3][5] Group 2: Impact on Western Companies - The influx of low-priced Chinese chips has pressured U.S. chip manufacturers, leading to significant revenue declines, such as a 96% drop in Wolfspeed's performance over three years and a 41.9% revenue decrease for Microchip Technology in Q4 2024 [5][7] - Many U.S. companies are facing survival challenges, resulting in layoffs and factory closures to cope with the market downturn [5][7] Group 3: Future Outlook - China's dominance in mid-to-low-end chips is expected to continue, as these chips are crucial for various consumer products, including air conditioners and electric vehicles [7][9] - Despite existing gaps in high-end chip technology, China is making strides, with companies like SMIC achieving mass production of 7nm chips [7][9] - The ongoing technological advancements suggest that China may soon break through existing barriers in the high-end chip market, further solidifying its global position [9][11] Group 4: Geopolitical Implications - The U.S. has attempted to counter China's chip rise through tariffs and sanctions, but these measures have not effectively curbed China's growth and have instead led to price drops in the U.S. market [9][11] - The potential for increased tariffs could backfire, leading to higher costs for American companies and further reliance on Chinese chips [7][9]

Core Insights - Taiwan Semiconductor Manufacturing Company Limited (TSM) reported second-quarter 2025 earnings per share (EPS) of $2.47, reflecting a year-over-year increase of 60.7% and surpassing Zacks Consensus Estimates by 4.2% [1][10] - TSM's net revenues for the second quarter reached $30.07 billion, marking a 44.4% increase year over year and exceeding Zacks Consensus Estimate by 0.1% [1][10] Financial Performance - TSM's revenue distribution by platform in the second quarter was as follows: high-performance computing (60%), smartphone (27%), Internet of Things (5%), automotive (5%), digital consumer electronics (1%), and other segments (2%) [2] - The largest contribution to wafer revenues came from 5nm technology, accounting for 36% of total wafer revenues, followed by 3nm at 24% and 7nm at 14% [3][4] - Geographically, North America was the dominant contributor, accounting for 75% of total revenues, while China and the Asia Pacific region each contributed 9%, Japan 4%, and EMEA 3% [5] Margins and Cash Flow - TSM's gross margin was reported at 58.6%, an expansion of 540 basis points year over year, while the operating margin was 49.6%, expanding 710 basis points [6] - The net profit margin stood at 42.7%, reflecting an increase of 590 basis points [6] - As of June 30, 2025, TSM had cash and cash equivalents totaling $90.36 billion, an increase from $81.4 billion at the end of the previous quarter [7] Guidance - For the third quarter of 2025, TSM expects revenues to range between $31.8 billion and $33.0 billion, with a projected gross profit margin between 55.5% and 57.5% and an operating profit margin between 45.5% and 47.5% [9] - For the entirety of 2025, TSM anticipates a revenue increase of approximately 30% in U.S. dollars [9]

Core Viewpoint - TSMC's wafer production costs in Arizona are only about 10% higher than those in Taiwan, contrary to the belief that U.S. production is prohibitively expensive [1][2]. Cost Factors - Equipment costs account for over two-thirds of semiconductor production costs, and prices for tools from leading manufacturers are similar in both Taiwan and the U.S., mitigating location-based cost differences [2]. - Labor costs in the U.S. are approximately three times higher than in Taiwan; however, due to advanced automation, labor constitutes less than 2% of total costs in wafer manufacturing [2]. TSMC's Production and Logistics - TSMC's wafers produced in Arizona are sent back to Taiwan for cutting, testing, and packaging, complicating logistics but not significantly increasing costs. TSMC plans to build packaging capacity in the U.S. [2]. - TSMC reportedly charges a 30% premium for chips produced in the U.S. [2]. Revenue Distribution by Node - In 2024, nearly 50% of TSMC's revenue will come from nodes that are five years old or older, such as 7nm and above, contrasting with Intel's strategy of shutting down older nodes [3][4]. - Advanced nodes (3nm and 5nm combined) contribute 52% of revenue but only 27% of profit, indicating that profitability is still developing for these newer technologies [6][9]. Profitability Insights - The 3nm and 5nm nodes were reported to be operating at a loss in 2023, but profitability is expected to improve as production ramps up [9]. - TSMC's financial health is bolstered by older nodes that have fully depreciated, while newer nodes still carry depreciation costs [11]. Methodology - The analysis of TSMC's profitability by node involves estimating costs based on revenue shares and accounting for depreciation, R&D, and operational expenses [12].