台积电_难以免受全球贸易紧张局势影响；维持买入评级，但下调预期

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 A c t i o n | 09 Apr 2025 07:55:10 ET │ 17 pages TSMC (2330.TW) Not Immune from Global Trade Tensions; Maintain Buy, but Lower Estimates CITI'S TAKE While the tariffs initiated by the US currently exempt semiconductors, the reciprocal tariffs may slow the global economy; thus the semiconductor industry likely won't be immune if the situation intensifies, especially between the US and China, the largest two economies globally. We believe TSMC's strong position in leading-edge tec ...