{"id":716,"date":"2026-04-25T12:22:43","date_gmt":"2026-04-25T12:22:43","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e5%8f%b0%e7%a7%af%e7%94%b5-tsm%ef%bc%9a%e5%8d%8a%e5%af%bc%e4%bd%93%e9%a2%86%e5%9f%9f%e7%9a%84%e5%b7%a8%e6%93%98\/"},"modified":"2026-06-08T19:11:16","modified_gmt":"2026-06-08T19:11:16","slug":"%e5%8f%b0%e7%a7%af%e7%94%b5-tsm%ef%bc%9a%e5%8d%8a%e5%af%bc%e4%bd%93%e9%a2%86%e5%9f%9f%e7%9a%84%e5%b7%a8%e6%93%98","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e5%8f%b0%e7%a7%af%e7%94%b5-tsm%ef%bc%9a%e5%8d%8a%e5%af%bc%e4%bd%93%e9%a2%86%e5%9f%9f%e7%9a%84%e5%b7%a8%e6%93%98\/","title":{"rendered":"\u53f0\u79ef\u7535 (TSM)\uff1a\u534a\u5bfc\u4f53\u9886\u57df\u7684\u5de8\u64d8"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u5728\u534a\u5bfc\u4f53\u5de8\u5934\u7684\u6bbf\u5802\u4e2d\uff0c\u80a1\u7968\u4ee3\u7801\u4e3a <strong>TSM<\/strong> \u7684\u53f0\u6e7e\u79ef\u4f53\u7535\u8def\u5236\u9020\u516c\u53f8\uff08\u53f0\u79ef\u7535\uff09\u582a\u79f0\u6cf0\u6597\uff0c\u5176\u6280\u672f\u5b9e\u529b\u548c\u6218\u7565\u773c\u5149\u5851\u9020\u4e86\u73b0\u4ee3\u8ba1\u7b97\u683c\u5c40\u3002\u622a\u81f3 2026 \u5e74 4 \u6708\uff0c\u53f0\u79ef\u7535\u80a1\u4ef7\u7ef4\u6301\u5728 402.46 \u7f8e\u5143\u5de6\u53f3\uff0c\u5e02\u503c\u8d85\u8fc7 2 \u4e07\u4ebf\u7f8e\u5143\u3002\u5b83\u4e0d\u4ec5\u4ec5\u662f\u4e00\u5bb6\u4ee3\u5de5\u5382\uff0c\u66f4\u662f\u5168\u7403\u534a\u5bfc\u4f53\u751f\u6001\u7cfb\u7edf\u7684\u652f\u67f1\uff0c\u5c24\u5176\u662f\u5728\u4eba\u5de5\u667a\u80fd\u548c\u5148\u8fdb\u8ba1\u7b97\u8303\u5f0f\u65f6\u4ee3\u3002 <\/p>\n\n<h2 class=\"wp-block-heading\">\u516c\u53f8\u6982\u51b5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u53f0\u79ef\u7535\u6210\u7acb\u4e8e 1987 \u5e74\uff0c\u5f00\u521b\u4e86\u7eaf\u4ee3\u5de5\u4e1a\u52a1\u6a21\u5f0f\uff0c\u4e13\u6ce8\u4e8e\u534a\u5bfc\u4f53\u5236\u9020\uff0c\u800c\u4e0d\u4e0e\u82af\u7247\u8bbe\u8ba1\u5ba2\u6237\u7ade\u4e89\u3002\u8fd9\u79cd\u4e13\u6ce8\u4f7f\u53f0\u79ef\u7535\u78e8\u7ec3\u51fa\u4e86\u57fa\u4e8e\u5c16\u7aef\u7845\u7247\u5236\u9020\u5de5\u827a\u3001\u89c4\u6a21\u7ecf\u6d4e\u4ee5\u53ca\u4e0e\u82f9\u679c\u3001AMD\u3001\u82f1\u4f1f\u8fbe\u548c\u9ad8\u901a\u7b49\u884c\u4e1a\u9886\u5bfc\u8005\u6df1\u539a\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u7684<strong>\u6280\u672f\u62a4\u57ce\u6cb3<\/strong>\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\">\u53f0\u79ef\u7535\u7684\u6280\u672f\u9886\u5148\u5730\u4f4d\u4f53\u73b0\u5728\u5176\u5148\u8fdb\u5de5\u827a\u8282\u70b9\u7684\u5f00\u53d1\u548c\u90e8\u7f72\u4e0a\uff0c\u5305\u62ec\u6700\u8fd1\u63a8\u51fa\u7684 <strong>A13<\/strong> \u548c <strong>N2U<\/strong> \u6280\u672f\uff0c\u8fd9\u4e9b\u6280\u672f\u7a81\u7834\u4e86\u6676\u4f53\u7ba1\u5bc6\u5ea6\u3001\u529f\u8017\u6548\u7387\u548c\u6027\u80fd\u7684\u6781\u9650\u3002\u8fd9\u4e9b\u8282\u70b9\u662f AI \u52a0\u901f\u5668\u548c\u9ad8\u6027\u80fd\u8ba1\u7b97\u82af\u7247\u7684\u5173\u952e\u63a8\u52a8\u529b\uff0c\u4f7f\u53f0\u79ef\u7535\u5904\u4e8e\u5f53\u524d <strong>AI \u9769\u547d<\/strong>\u7684\u6838\u5fc3\u5730\u4f4d\u3002 <\/p>\n\n<h2 class=\"wp-block-heading\">\u8d22\u52a1\u8868\u73b0<\/h2>\n\n<p class=\"wp-block-paragraph\">\u53f0\u79ef\u7535\u6700\u8fd1\u7684\u8d22\u62a5\u51f8\u663e\u4e86\u5176\u4e3b\u5bfc\u5730\u4f4d\u548c\u5f3a\u52b2\u7684\u589e\u957f\u8f68\u8ff9\u30022026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u516c\u53f8\u8425\u6536\u8fbe 359.0 \u4ebf\u7f8e\u5143\uff0c<strong>\u540c\u6bd4\u589e\u957f 40.6%<\/strong>\uff0c\u589e\u5e45\u60ca\u4eba\u3002\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca (EPS) \u98d9\u5347 58.3% \u81f3 3.49 \u7f8e\u5143\uff0c\u8fd9\u4e0d\u4ec5\u53cd\u6620\u4e86\u8425\u6536\u7684\u589e\u957f\uff0c\u4e5f\u53cd\u6620\u4e86\u8fd0\u8425\u6760\u6746\u7684\u63d0\u5347\u548c\u5229\u6da6\u7387\u7684\u6269\u5f20\u3002  <\/p>\n\n<p class=\"wp-block-paragraph\">\u8be5\u516c\u53f8\u62e5\u6709<strong>\u7ea6 66% \u7684\u6bdb\u5229\u7387<\/strong>\uff0c\u8bc1\u660e\u4e86\u5176\u5728\u8d44\u672c\u5bc6\u96c6\u578b\u884c\u4e1a\u4e2d\u7684\u5b9a\u4ef7\u80fd\u529b\u548c\u8fd0\u8425\u6548\u7387\u3002\u53f0\u79ef\u7535\u7684\u8425\u6536\u589e\u957f\u53d7\u5230\u534a\u5bfc\u4f53\uff08\u5c24\u5176\u662f AI \u82af\u7247\uff09\u957f\u671f\u9700\u6c42\u7684\u63a8\u52a8\uff0c\u8fd9\u4e9b\u82af\u7247\u9700\u8981\u65e5\u76ca\u590d\u6742\u7684\u5236\u9020\u6280\u672f\u3002 <\/p>\n\n<h3 class=\"wp-block-heading\">\u8d22\u52a1\u6307\u6807\u6982\u89c8<\/h3>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u6307\u6807<\/strong><strong><\/strong><\/td><td><strong>\u6570\u503c<\/strong><strong><\/strong><\/td><td><strong>\u8bc4\u8ff0<\/strong><strong><\/strong><\/td><\/tr><tr><td><strong>\u80a1\u4ef7<\/strong><strong><\/strong><\/td><td>$402.46<\/td><td>\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u5e02\u573a\u4fe1\u5fc3<\/td><\/tr><tr><td><strong>\u5e02\u503c<\/strong><strong><\/strong><\/td><td>$2.087 \u4e07\u4ebf<\/td><td>\u5168\u7403\u6700\u5927\u7684\u534a\u5bfc\u4f53\u516c\u53f8\u4e4b\u4e00<\/td><\/tr><tr><td><strong>\u5e02\u76c8\u7387 (P\/E)<\/strong><strong><\/strong><\/td><td>30-35<\/td><td>\u56e0\u589e\u957f\u524d\u666f\u800c\u5904\u4e8e\u9ad8\u4f4d<\/td><\/tr><tr><td><strong>\u8fdc\u671f\u5e02\u76c8\u7387<\/strong><strong><\/strong><\/td><td>21-25<\/td><td>\u9884\u793a\u9884\u671f\u6536\u76ca\u52a0\u901f\u589e\u957f<\/td><\/tr><tr><td><strong>\u80a1\u606f\u7387<\/strong><strong><\/strong><\/td><td>~0.91%<\/td><td>\u6536\u76ca\u7387\u9002\u4e2d\uff0c\u53cd\u6620\u4e86\u589e\u957f\u518d\u6295\u8d44<\/td><\/tr><tr><td><strong>\u6bdb\u5229\u7387<\/strong><strong><\/strong><\/td><td>~66%<\/td><td>\u884c\u4e1a\u9886\u5148\u7684\u76c8\u5229\u80fd\u529b<\/td><\/tr><tr><td><strong>\u8425\u6536\u540c\u6bd4\u589e\u957f<\/strong><strong><\/strong><\/td><td>37.56%<\/td><td>\u5f3a\u52b2\u7684\u957f\u671f\u9700\u6c42<\/td><\/tr><tr><td><strong>2026 \u5e74 Q1 EPS \u589e\u957f<\/strong><strong><\/strong><\/td><td>58.3%<\/td><td>\u5f3a\u52b2\u7684\u76c8\u5229\u6269\u5f20<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u53f0\u79ef\u7535\u7684<strong>\u524d\u77bb\u6027\u4f30\u503c\u6307\u6807<\/strong>\u8868\u660e\uff0c\u968f\u7740\u65b0\u5de5\u827a\u8282\u70b9\u7684\u91cf\u4ea7\u548c AI \u9700\u6c42\u7684\u52a0\u5267\uff0c\u5e02\u573a\u9884\u671f\u5176\u6536\u76ca\u5c06\u6301\u7eed\u52a0\u901f\u589e\u957f\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u4f30\u503c\u6307\u6807<\/h2>\n\n<p class=\"wp-block-paragraph\">\u4ece\u4f30\u503c\u89d2\u5ea6\u770b\uff0c\u53f0\u79ef\u7535\u7684\u5e02\u76c8\u7387\u7ef4\u6301\u5728 30-35 \u4e4b\u95f4\uff0c\u53cd\u6620\u4e86\u6295\u8d44\u8005\u5bf9\u5176\u6280\u672f\u9886\u5148\u5730\u4f4d\u548c\u589e\u957f\u6f5c\u529b\u7684\u6ea2\u4ef7\u8ba4\u53ef\u3002\u8fdc\u671f\u5e02\u76c8\u7387\u5219\u66f4\u4e3a\u4fdd\u5b88\uff0c\u5728 21-25 \u4e4b\u95f4\uff0c\u9884\u793a\u7740\u589e\u957f\u9884\u671f\u5c06\u8d8b\u4e8e\u5e73\u7a33\uff0c\u4f46\u4ecd\u8fdc\u9ad8\u4e8e\u534a\u5bfc\u4f53\u884c\u4e1a\u7684\u5e73\u5747\u6c34\u5e73\uff0c\u51f8\u663e\u4e86\u53f0\u79ef\u7535\u7684\u4f18\u8d28\u5730\u4f4d\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\">\u867d\u7136\u6b64\u5904\u672a\u6307\u660e<strong>\u5e02\u51c0\u7387 (P\/B)<\/strong>\uff0c\u4f46\u9274\u4e8e\u53f0\u79ef\u7535\u5728\u5de5\u827a\u6280\u672f\u548c\u77e5\u8bc6\u4ea7\u6743\u65b9\u9762\u62e5\u6709\u5927\u91cf\u65e0\u5f62\u8d44\u4ea7\uff0c\u5176\u5e02\u51c0\u7387\u4f20\u7edf\u4e0a\u8d8b\u4e8e\u8d70\u9ad8\u3002<strong>\u4f01\u4e1a\u4ef7\u503c\u500d\u6570 (EV\/EBITDA)<\/strong> \u76f8\u5bf9\u4e8e\u540c\u884c\u4ecd\u5904\u4e8e\u9ad8\u4f4d\uff0c\u8fd9\u5f97\u76ca\u4e8e\u8be5\u516c\u53f8\u7684\u4e3b\u5bfc\u5e02\u573a\u4efd\u989d\u548c\u5f3a\u52b2\u7684\u73b0\u91d1\u6d41\u4ea7\u751f\u80fd\u529b\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\">\u7ea6 0.91% \u7684\u80a1\u606f\u7387\u8f83\u4f4e\uff0c\u53cd\u6620\u4e86\u53f0\u79ef\u7535\u503e\u5411\u4e8e\u5c06\u8d44\u672c\u91cd\u65b0\u6295\u5165\u7814\u53d1\u548c\u4ea7\u80fd\u6269\u5f20\uff0c\u800c\u975e\u6fc0\u8fdb\u5730\u8fd4\u8fd8\u73b0\u91d1\u3002\u8fd9\u7b26\u5408<strong>\u534a\u5bfc\u4f53\u5236\u9020<\/strong>\u8d44\u672c\u5bc6\u96c6\u578b\u7684\u672c\u8d28\uff0c\u5373\u9700\u8981\u6301\u7eed\u6295\u8d44\u4ee5\u4fdd\u6301\u6280\u672f\u9738\u6743\u3002 <\/p>\n\n<h2 class=\"wp-block-heading\">\u7ade\u4e89\u683c\u5c40<\/h2>\n\n<p class=\"wp-block-paragraph\">\u53f0\u79ef\u7535\u5728\u534a\u5bfc\u4f53\u4ee3\u5de5\u9886\u57df\u62e5\u6709<strong>\u7ea6 70% \u7684\u5168\u7403\u5e02\u573a\u4efd\u989d<\/strong>\uff0c\u8fd9\u4e00\u5730\u4f4d\u65e0\u53ef\u5339\u654c\u3002\u5176\u6700\u63a5\u8fd1\u7684\u5bf9\u624b\u5305\u62ec\u4e09\u661f\u4ee3\u5de5\u548c\u683c\u82af\uff0c\u4f46\u4e24\u8005\u5728\u5de5\u827a\u8282\u70b9\u5148\u8fdb\u6027\u3001\u89c4\u6a21\u548c\u5ba2\u6237\u5173\u7cfb\u65b9\u9762\u90fd\u65e0\u6cd5\u4e0e\u53f0\u79ef\u7535\u76f8\u63d0\u5e76\u8bba\u3002 <\/p>\n\n<p class=\"wp-block-paragraph\">\u8be5\u516c\u53f8\u7684<strong>\u6280\u672f\u62a4\u57ce\u6cb3<\/strong>\u6e90\u4e8e\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5148\u8fdb\u5de5\u827a\u6280\u672f<\/strong>\uff1a\u53f0\u79ef\u7535\u5728\u5f00\u53d1\u66f4\u5c0f\u3001\u66f4\u9ad8\u6548\u7684\u6676\u4f53\u7ba1\u8282\u70b9\u65b9\u9762\u59cb\u7ec8\u4fdd\u6301\u9886\u5148\uff0c\u8fd9\u5bf9\u4e8e AI \u548c\u9ad8\u6027\u80fd\u8ba1\u7b97 (HPC) \u5de5\u4f5c\u8d1f\u8f7d\u81f3\u5173\u91cd\u8981\u3002<\/li>\n\n\n\n<li><strong>\u89c4\u6a21\u7ecf\u6d4e<\/strong>\uff1a\u5de8\u5927\u7684\u5236\u9020\u80fd\u529b\u964d\u4f4e\u4e86\u5355\u4f4d\u6210\u672c\uff0c\u5e76\u80fd\u5feb\u901f\u5b8c\u6210\u5927\u989d\u8ba2\u5355\u3002<\/li>\n\n\n\n<li><strong>\u5ba2\u6237\u4eb2\u5bc6\u5ea6<\/strong>\uff1a\u4e0e\u5168\u7403\u82af\u7247\u8bbe\u8ba1\u9886\u5bfc\u8005\u5efa\u7acb\u7684\u957f\u671f\u5173\u7cfb\u786e\u4fdd\u4e86\u7a33\u5b9a\u7684\u9700\u6c42\u548c\u534f\u540c\u521b\u65b0\u3002<\/li>\n\n\n\n<li><strong>\u7814\u53d1\u5b9e\u529b<\/strong>\uff1a\u5bf9\u4e0b\u4e00\u4ee3\u5de5\u827a\u6280\u672f\u7684\u6301\u7eed\u6295\u8d44\uff0c\u5305\u62ec EUV \u5149\u523b\u548c\u7845\u5149\u5b50\u96c6\u6210\u3002<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e09\u4f4d\u4e00\u4f53\u7684\u4f18\u52bf\u4e3a\u4efb\u4f55\u65b0\u7ade\u4e89\u8005\u8bbe\u7f6e\u4e86\u5de8\u5927\u7684\u51c6\u5165\u95e8\u69db\uff0c\u5e76\u4f7f\u53f0\u79ef\u7535\u514d\u53d7\u56f0\u6270\u534a\u5bfc\u4f53\u4f9b\u5e94\u94fe\u5176\u4ed6\u73af\u8282\u7684\u5546\u54c1\u5316\u98ce\u9669\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u98ce\u9669\u56e0\u7d20<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5c3d\u7ba1\u53f0\u79ef\u7535\u5730\u4f4d\u663e\u8d6b\uff0c\u4f46\u4ecd\u9762\u4e34\u6295\u8d44\u8005\u5fc5\u987b\u4ed4\u7ec6\u8003\u8651\u7684\u51e0\u9879\u98ce\u9669\u3002<\/p>\n\n<p 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