核心观点台积电 1Q25业绩：关税对制造端目前影响有限，看好先进制程提价台积电1Q25收入255.3亿美元，同比+35.3%，环比-5.1%，2Q25指引中位数288亿美元，环增12.6%，超出市场预期。业绩会上，我们观察到：1）关税暂缓90天政策暂未对设计厂商以及代工厂商产生排单节奏上的实际影响，但后续政策变化对设计与代工行业的整体影响仍有待观察；2）全球先进制程制造产能加速向美迁移，同时导致的...
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