<p>CITIC Securities maintains a buy rating on Taiwan Semiconductor, as the company's quarterly performance exceeded expectations, benefiting from strong demand for 3nm/5nm and high utilization rates of advanced process capacity. The improvement in AI prosperity has led to an upward adjustment of the revenue growth guidance for 2025 to 35% in USD, with capital expenditures increasing to USD 40-42 billion. With its leading position in advanced processes, the ramp-up of AI chips and the production of advanced packaging and testing will drive sustained high growth in AI revenue</p>

<p>CITIC Securities maintains a buy rating on Taiwan Semiconductor, as the company's quarterly performance exceeded expectations, benefiting from strong demand for 3nm/5nm and high utilization rates of advanced process capacity. The improvement in AI prosperity has led to an upward adjustment of the 2025 USD revenue growth guidance to 35%, with capital expenditures increasing to USD 40-42 billion. With its leading position in advanced processes, the ramp-up of AI chips and the production of advanced packaging and testing will drive sustained high growth in AI revenue</p>