2月10日下午，芯片代工巨头台积电披露的数据显示，该公司1月份营收同比增长36.8%，创下数月来最 快增速，凸显出全球人工智能支出依然强劲。周二美股盘前，台积电股价直线拉升，涨幅超过3%。 另外，有外媒报道称，美国特朗普政府计划在即将出台的芯片关税中，给予亚马逊、谷歌、微软等大型 科技企业豁免，以支持它们建设推动人工智能（AI）发展的数据中心。 台积电业绩大增 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 芯片领域，传出多则重磅消息！ 台积电今日（2月10日）公布1月营收报告，当月合并营收约为4012.55亿新台币，较上月增加了19.8%， 较去年同期增加了36.8%。该数据披露后，台积电股价在美股盘前大幅拉升。截至券商中国记者发稿 时，台积电股价涨幅仍超过3%。如果在美股周二正式开盘后维持这一涨势，台积电的股价将再度刷新 历史新高。 台积电1月份的营收增速，高于其全年30%的营收增长预测，同时创下数月以来最快同比增速，显示出 全球人工智能支出持续增长的势头，尽管业界仍担忧存在产业泡沫。不过，由于2025年农历新年假期落 在1月，因此同比数据可能受到假期的影响。 同日，台积电公布董 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 2月10日消息，据台媒报道，台积电今日召开董事会，会中通过多项重大投资与人事决议，包 括核准高达 449 亿美元的资本预算，持续加码先进制程与先进封装产能布局。 同时， 董事会拍板晋升包括王英郎在内 4 位主管为资深副总经理，以及另外 4 名主管为副总经理。 在资本支出与长期产能规划上，董事会核准资本预算约美金 449 亿 6,200 万元，内容包括建置及升级先 进制程产能、建置及升级先进封装、成熟及／或特殊制程产能，以及厂房兴建与厂务设施工程，以因应 市场需求预测与技术开发蓝图所制定的长期产能布局。 此外，董事会亦核准于不超过 300 亿 美元 额度内，增资台积电百分之百持股之子公司 TSMC Global ， 以降低外汇避险成本；同时核准于不高于新台币 600 亿元额度内，于国内市场分次募集无担保普通公司 债，作为产能扩充及／或绿色相关支出之资金来源。 在人事方面，董事会核准多项高阶主管擢升案， 包括晋升晶圆厂营运副总经理王英郎博士、先进技术 暨光罩工程副总经理张宗生博士、平台研发副总经理吴显扬 ...

芯片领域，传出多则重磅消息！ 2月10日下午，芯片代工巨头台积电披露的数据显示，该公司1月份营收同比增长36.8%，创下数月来最快增 速，凸显出全球人工智能支出依然强劲。 周二美股盘前，台积电股价直线拉升，涨幅超过3%。 另外，有外媒报道称，美国特朗普政府计划在即将出台的芯片关税中，给予亚马逊、谷歌、微软等大型科技企 业豁免，以支持它们建设推动人工智能（AI）发展的数据中心。 台积电业绩大增 台积电今日（2月10日）公布1月营收报告，当月合并营收约为4012.55亿新台币，较上月增加了19.8%，较去年 同期增加了36.8%。 该数据披露后，台积电股价在美股盘前大幅拉升。截至券商中国记者发稿时，台积电股价 涨幅仍超过3%。如果在美股周二正式开盘后维持这一涨势，台积电的股价将再度刷新历史新高。 包括微软、亚马逊、Meta、甲骨文公司和Alphabet在内的科技巨头，正计划在2026年总计投入超过6000亿美元 的资本支出。对此，黄仁勋强调，"人类历史上规模最大的基础设施建设"正在展开，其背后动力是对算力 的"极度旺盛"的需求，AI公司和超大规模云服务商正利用这些算力来创造更多收入。 1月中旬，台积电发布的季度业 ...

| 2. 截至发稿，德国DAX指数涨0.09%，英国富时100指数跌0.22%，法国CAC40指数涨0.31%，欧洲斯托克50指数涨0.18%。 | | --- | | 3. 截至发稿，WTI原油涨0.42%，报64.63美元/桶。布伦特原油涨0.52%，报69.40美元/桶。 | 市场消息 市场抢跑"降息行情"：零售销售数据公布前，美债收益率持续走低。对于周二将公布的数据，经济学家预测，美国12月份零售销售额增速预计将从此前的 0.6%放缓至0.4%，而去年第四季度的就业成本指数预计将保持在0.8%的稳定水平。这些经济数据和随后的美联储官员的讲话可能会进一步强化进一步降息 的理由。美国10年期国债收益率下跌2个基点至4.18%，接近1月中旬以来的最低水平;而对政策更为敏感的美国2年期国债收益率下跌1个基点，呈现所谓 的"牛市趋平(bull-flattening,长端收益率比短端下得更快)"走势。货币市场目前预计美联储今年降息3次(每次降息25个基点)的概率约为25%，而一周前市场预 期降息2次。 盘前市场动向 1. 2月10日(周二)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.06%，标普500 ...

分组1 - BP reported Q4 revenue of $47.38 billion, a 3.6% year-over-year increase, exceeding estimates by $5.05 billion [2] - BP's Q4 Non-GAAP EPADS was $0.60, in line with expectations [2] - For 2026, BP anticipates reported upstream production to be slightly lower and underlying upstream production to remain broadly flat compared to 2025 [2] - BP has decided to suspend share buybacks and allocate excess cash to strengthen its balance sheet, aiming to invest in oil and gas opportunities [2] 分组2 - The Trump administration plans to provide tariff carve-outs for companies like Amazon, Google, and Microsoft, linked to investment commitments from TSMC [2] - TSMC has pledged to invest $165 billion in building capacity in the U.S. as part of this tariff exemption plan [2] - The administration's plans are still in flux and have not yet been finalized [2] 分组3 - Instacart has partnered with 1-800-Flowers.com, allowing U.S. customers to order flowers directly through the Instacart app [2] - This partnership aims to expand Instacart's offerings in time for Valentine's Day, a significant gifting holiday [2] - Instacart reported a 1.47% increase in shares, while 1-800-Flowers.com saw a 0.25% rise [2]

Group 1 - The current Trump administration's "mercantilist" approach is evident in its chip tariff strategy, which is more about negotiating with chip manufacturers than a definitive goal [1] - Reports indicate that the U.S. plans to exempt major tech companies like Amazon, Google, and Microsoft from upcoming chip tariffs due to their investments in AI data centers, with exemptions linked to TSMC's investment commitments [1][4] - The U.S. government has announced a 25% tariff on certain imported semiconductors and related equipment, citing national security threats, while noting that only 10% of the chips needed are produced domestically [3] Group 2 - The new plan allows TSMC to allocate exemption quotas for its U.S. clients based on their investment levels in the U.S., aiming to encourage more domestic chip manufacturing [4][5] - TSMC has committed to investing $165 billion in expanding its U.S. production capacity, with the U.S. government closely monitoring the integrity of tariff and rebate measures [5] - Major U.S. tech companies are projected to invest $700 billion in AI infrastructure by 2026, nearly double last year's total, with significant portions allocated for data centers and advanced chips [6] Group 3 - The AI investment surge is reshaping the economic landscape, leading to increased demand for memory chips and computing components, which is causing shortages in parts needed for traditional consumer electronics [6] - European investments in AI, such as the €20 billion announced by France, are significantly lower than the investments by U.S. tech giants, highlighting challenges in financing AI development in Europe [7] - The reallocation of labor and materials in the U.S. to support large tech projects is driving up construction costs and exacerbating housing crises in various cities [7]

Group 1 - Dow futures rose by 0.09%, S&P 500 futures increased by 0.10%, and Nasdaq futures gained 0.07% [1] - Philips reported Q4 2025 earnings with a 1% year-over-year sales increase to €5.1 billion and an adjusted EBITA of €770 million, exceeding market expectations, leading to a 6.89% stock increase [2] - Cisco launched a new AI network chip, "Silicon One G300," expected to enhance AI computing task speeds by 28%, utilizing TSMC's 3nm process technology [2] Group 2 - Alphabet, Google's parent company, initiated its first issuance of Swiss franc bonds and British pound bonds, with maturities ranging from 3 to 100 years [2] - TSMC reported January sales of NT$401.26 billion, a 36.8% year-over-year increase and a 19.8% month-over-month rise, leading to a 3.09% stock increase [2] - BP's Q4 earnings showed a benchmark replacement cost profit of $1.54 billion, aligning with analyst expectations, but the full-year net profit of $7.49 billion fell short of the $7.58 billion forecast, resulting in a 4.9% stock decline [2] Group 3 - AstraZeneca's 2025 total revenue reached $58.739 billion, an 8% year-over-year increase, with growth in biopharmaceuticals, oncology, and rare diseases, and plans for significant investment in China [3] - AppLovin's stock rose by 3.5% after a short-seller retracted allegations against a major shareholder, ensuring the protection of legal rights [3] Group 4 - Eli Lilly announced a $2.4 billion acquisition of Orna Therapeutics to gain CAR-T therapy technology, aiming to produce cells in vivo rather than in the lab [4] Group 5 - Optical communication stocks saw a pre-market surge, with Redo Technology up over 17%, Astera Labs rising over 5%, and Corning increasing by over 1% [5]

Investment Rating - The investment rating for the semiconductor and semiconductor production equipment industry is "Positive" and maintained [14]. Core Insights - The silicon carbide (SiC) industry is undergoing a dual transition of new and old driving forces, along with a reshaping of the supply landscape. Demand is shifting from traditional applications like electric vehicles and photovoltaics to AI chip cooling, driven by a surge in computing power needs. This new demand is expected to grow at a higher rate and with long-term certainty, creating a dual driving force alongside a stable fundamental base. On the supply side, domestic companies are leading breakthroughs in 12-inch substrate R&D and pilot production, while overseas leader Wolfspeed is entering bankruptcy restructuring due to ongoing massive losses, accelerating the global supply chain's shift towards China. Domestic substrate companies are poised to capture the dual dividends of "computing power β + domestic α," propelling SiC from a material supplier to a core enabler of computing infrastructure, initiating a new growth cycle characterized by simultaneous increases in volume and price [5][13]. Summary by Sections AI Demand and Constraints - The explosive growth in computing power is facing three rigid constraints: economic, technical, and performance-related. The rising costs associated with process upgrades and design investments are deteriorating the input-output ratio. Technically, transistor miniaturization is approaching atomic scales, leading to quantum tunneling and leakage effects, which slow down single-thread performance growth. Performance-wise, while multi-core stacking increases total computing power, it results in GPU power consumption exceeding 400W, with future overall power consumption potentially surpassing 1kW, creating a "power wall" that restricts frequency enhancement and long-term stability [11][26]. Silicon Carbide as a Cooling Material - Silicon carbide has been validated in high-reliability scenarios such as electric vehicles and photovoltaic inverters over the past decade. Its material properties enable efficient cooling for computing power: a thermal conductivity of 4.9 W/cm·K (about three times that of silicon), low thermal expansion coefficient, and high Young's modulus. Laser-assisted through-silicon vias can precisely construct high aspect ratio 3D thermal channels, significantly optimizing heat flow paths. Stress tests confirm its superiority over silicon-based solutions in controlling radial stress and axial strain [12][13]. Market Growth and Supply Restructuring - The SiC industry is at a historic turning point with "demand expansion + supply restructuring." The demand side sees AI chip cooling creating a new market, with TSMC's CoWoS capacity expected to reach 1 million pieces per month by 2026, potentially generating over $1 billion if 30% adopts SiC solutions. Coupled with steady growth in the renewable energy sector, the industry is entering a high-growth phase driven by dual forces. On the supply side, leading domestic companies are accelerating the realization of their capacity plans, while Wolfspeed's bankruptcy is shifting global supply chain dominance towards China. In this context, leading companies with technological barriers and deep customer ties are set to fully capture the dual dividends of "computing power β + domestic α," elevating SiC from a material supplier to a core enabler of computing infrastructure [13][14].

IT之家注意到，台积电董事会 2025 年核准的资本预算累计达 680 亿美元。换句话说今天这一期的金额就接近去年全年金额的 2/3。 ▲ 图源：台积电 IT之家 2 月 10 日消息，台积电董事会在今日召开的会议上作出了多项决议，其中包括一笔 449.62 亿美元（IT之家注：现汇率约合 3115.65 亿元人民币）的 巨额资本预算。 台积电董事会还核准了 2025 年营业报告书及财务报表、总计超 2000 亿新台币的员工业绩奖金与酬劳（分红）、600 亿新台币的公司债发行额度，并提升了 多位高管的层级。此外台积电今年的股东常会将于 6 月 4 日 09:00 在新竹喜来登大饭店举行。 ...

Core Viewpoint - TSMC's board of directors approved eight key proposals, including maintaining a cash dividend of NT$6 per share and setting a record for employee performance bonuses and compensation totaling approximately NT$206.15 billion [1][2]. Group 1: Financial Performance and Dividends - TSMC's consolidated revenue for 2025 is projected to be approximately NT$3.81 trillion, with a net profit after tax of about NT$1.72 trillion, resulting in earnings per share of NT$66.25 [1]. - The cash dividend for the fourth quarter of 2025 is set at NT$6.0 per share, with the record date for common stock dividend set for June 17, 2026, and the ex-dividend date on June 11, 2026 [1]. Group 2: Employee Compensation - The total employee performance bonuses and compensation for 2025 is approximately NT$206.15 billion, with performance bonuses of about NT$103.07 billion already distributed quarterly, and the remaining compensation to be distributed in July [2]. Group 3: Capital Expenditure and Financial Strategy - TSMC approved a capital budget of approximately USD 44.96 billion to enhance advanced process capacity, upgrade packaging, and construct new facilities [2]. - The company also approved a capital increase of up to USD 30 billion for its wholly-owned subsidiary TSMC Global to reduce foreign exchange hedging costs [2]. - Additionally, TSMC plans to raise up to NT$60 billion in unsecured corporate bonds in the domestic market to support capacity expansion and green-related expenditures [2]. Group 4: Corporate Governance and Personnel Changes - TSMC has scheduled its 2026 annual shareholders' meeting for June 4, 2026, at the Sheraton Hsinchu Hotel [2]. - Several personnel promotions were approved, including the elevation of key executives to senior vice president positions within various operational and research departments [2].