tag:blogger.com,1999:blog-69407363383079860502024-03-16T09:12:20.741+08:00黃齊元的部落格台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.comBlogger1482125tag:blogger.com,1999:blog-6940736338307986050.post-26144381004378465572024-03-12T17:03:00.000+08:002024-03-12T17:03:00.984+08:00水資源,微軟/英特爾,輝達AI-RAN,KKR博通,輝達市值,輝達挑戰,機器人,安謀,比亞迪,比亞迪匈牙利,中芯,電池廠赴歐,日月光,矽智財日本,服務業,電視頻道,富豪財管,綠能基建熱,碳抵換,碳交所<p><a name="_Hlk76402598"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:水資源<span lang="EN-US">,</span>微軟<span lang="EN-US">/</span>英特爾<span lang="EN-US">,</span>輝達<span lang="EN-US">AI-RAN,KKR</span>博通<span lang="EN-US">,</span>輝達市值<span lang="EN-US">,</span>輝達挑戰<span lang="EN-US">,</span>機器人<span lang="EN-US">,</span>安謀<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,</span>比亞迪匈牙利<span lang="EN-US">,</span>中芯<span lang="EN-US">,</span>電池廠赴歐<span lang="EN-US">,</span>日月光<span lang="EN-US">,</span>矽智財日本<span lang="EN-US">,</span>服務業<span lang="EN-US">,</span>電視頻道<span lang="EN-US">,</span>富豪財管<span lang="EN-US">,</span>綠能基建熱<span lang="EN-US">,</span>碳抵換<span lang="EN-US">,</span>碳交所</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">水資源<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯任中原,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">由於生成式人工智慧(<span lang="EN-US">AI</span>)熱潮興起,微軟、<span lang="EN-US">Google</span>及臉書母公司<span lang="EN-US">Meta</span>等全球各大科技公司為了讓用戶繼續留連網路服務,近年的用水量都大增,以冷卻資料中心的熱度。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">英國金融時報(<span lang="EN-US">FT</span>)報導,學術界指出,<span lang="EN-US">AI</span>需求激增,將導致用水量在<span lang="EN-US">2027</span>年之前年增<span lang="EN-US">42</span>億<span lang="EN-US">~66</span>億立方公尺,相當於英國一年的總用水量。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">河濱(<span lang="EN-US">Riverside</span>)加州大學上周在「自然」期刊上發表的報告指出,基於水資源益發短缺,乾旱區域擴大,加上公共用水設施老舊,必須發掘並解決<span lang="EN-US">AI</span>熱潮引發的水足跡問題。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">過去一年來各大科技公司競相推出使用生成式<span lang="EN-US">AI</span>的產品,運用大型語言模組來處理及生成大量文件、數字及其他數據,使用水危機備受關注。這些模組需要龐大的運算能力,需用部署大規模的伺服器農場及水冷散熱系統,使用大量冷卻水吸收熱量;一些冷卻水經過蒸發後可以循環利用。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">最新數據顯示,由於資料中心的使用率提高,微軟<span lang="EN-US">2022</span>年用水量增加<span lang="EN-US">34%</span>,<span lang="EN-US">Google</span>增<span lang="EN-US">22%</span>,<span lang="EN-US">Meta</span>增<span lang="EN-US">3%</span>。這些公司已設定目標,將在<span lang="EN-US">2030</span>年之前藉由資助灌溉設施改善漏水問題,或復原濕地系統,讓地下水層新增的含水量超過業者的消耗量。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">OpenAI</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">表示,訓練大型<span lang="EN-US">AI</span>模組的確需要大量用水,「我們也相信大型語言模組有助於加速科學合作,並發現氣候解方」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">微軟表示,「目前<span lang="EN-US">AI</span>運算帳戶只占資料中心用電量一部分,總共約占全球電力供應量約<span lang="EN-US">1%</span>。用電量增加多少,以及<span lang="EN-US">AI</span>成長將如何影響排碳淨零,將依賴諸多因素來認定」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk85199238;"></span><span style="mso-bookmark: _Hlk76402598;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、資料中心需要用大量的水<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、台灣缺水、缺電<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、新加坡是亞洲水資源利用最成功的國家<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、全球開始注意資料中心用水程度<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台積電也需要用很多水<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">微軟<span lang="EN-US">/</span>英特爾<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 鄭勝得,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">23</span>日</span><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國晶片巨擘英特爾(<span lang="EN-US">Intel</span>)<span lang="EN-US">21</span>日宣布,旗下晶圓代工服務爭取到微軟這名重要客戶,後者將委託其生產一款客製化運算晶片。英特爾亦表示,預計<span lang="EN-US">2025</span>年前在先進晶片製造領域可望超越最大對手台積電。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">受晶圓代工搶單成功激勵,英特爾<span lang="EN-US">22</span>日早盤跳空開高大漲<span lang="EN-US">2.62</span>%,每股報<span lang="EN-US">44.61</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾在美國加州聖荷西首次舉辦的「晶圓代工服務大會」(<span lang="EN-US">IFS Direct
Connect</span>)上表示,微軟計畫使用他們的<span lang="EN-US">18A</span>製程生產一款晶片,該晶片由微軟自行設計。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">微軟與英特爾皆未透露這是一款什麼樣的產品。微軟近日宣布兩款自研晶片計畫,分別針對人工智慧(<span lang="EN-US">AI</span>)運算加速與雲端資料中心效能打造。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">微軟執行長納德拉(<span lang="EN-US">Satya Nadella</span>)聲明表示:「微軟需要最先進、高效能與高品質半導體的可靠供應,因此我們對於與英特爾合作感到興奮。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾如今預期,旗下晶圓代工訂單金額可達到<span lang="EN-US">150</span>億美元,高於該公司先前預估的<span lang="EN-US">100</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於英特爾來說,晶圓代工業務能爭取到微軟這般重量級客戶,有助提振投資人信心,令他們相信執行長基辛格(<span lang="EN-US">Pat Gelsinger</span>)可望逐步實現讓英特爾「重返榮耀」的承諾。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾在代工業務持續追趕台積電。基辛格先前曾放話,<span lang="EN-US">2025</span>年將以<span lang="EN-US">18A</span>製程與台積電一較高下。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾表示,他們計劃在今年下半年利用<span lang="EN-US">18A</span>製程從台積電手中奪回全球最先進晶片製造商的寶座,並利用<span lang="EN-US">14A</span>新技術將領先優勢延續至<span lang="EN-US">2026</span>年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾指出,目前已有四家大客戶簽約使用其<span lang="EN-US">18A</span>製程,但並未透露公司名稱。目前並不清楚這是否包含微軟在內。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台積電不願針對自身先進技術的競爭力多做評論,僅表示「一切以執行長魏哲家<span lang="EN-US">1</span>月份投資人大會的發言為主」。台積電在生產用於<span lang="EN-US">AI</span>應用的先進晶片方面占據主導地位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、客製化晶片是未來趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、英特爾也在積極進攻類似業務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、輝達跟很多雲端大廠合作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、英特爾爭取到微軟很不簡單<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這可能是美國政府在背後促成<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">輝達<span lang="EN-US">AI-RAN<o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 侯冠州,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">27</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">為搶攻近百億美元電信網路商機,<span lang="EN-US">AI</span>晶片龍頭輝達(<span lang="EN-US">NVIDIA</span>)進攻電信版圖,攜手亞馬遜網路服務公司(<span lang="EN-US">AWS</span>)、安謀(<span lang="EN-US">Arm</span>)、軟銀、愛立信、諾基亞、三星電子、微軟和<span lang="EN-US">T-Mobile</span>等科技巨頭成立<span lang="EN-US">AI-RAN</span>(無線存取網路)聯盟,將<span lang="EN-US">AI</span>技術整合到蜂巢網路中,提高網路驅動能力,改造電信基礎設施。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達於本屆<span lang="EN-US">MWC 2024</span>大會宣布成立<span lang="EN-US">AI-RAN</span>聯盟,業界認為,<span lang="EN-US">AI-RAN</span>聯盟可望讓<span lang="EN-US">AI</span>從雲走向端,預料未來基地台設備的運算強度可能會進一步提升,將拉高電源晶片、<span lang="EN-US">ASIC</span>、散熱、網訊設備及系統整合廠商需求,台達電、奇鋐、雙鴻、廣達、仁寶、智易及中磊等可望受惠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨自動駕駛、擴增實境、遠距醫療及網路投放廣告等新平台興起,對網路需求大幅提升,電信業者全力提升高速網路速度、質量及網路覆蓋力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業者指出,電信基地台將逐步導入輝達<span lang="EN-US">GPU</span>提高網路流量及覆蓋力,以<span lang="EN-US">AI</span>算力增加網路的「含晶量」,將成為電信產業的一項新動能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據研調機構統計,截至<span lang="EN-US">2035</span>年全球<span lang="EN-US">O-RAN</span>市場規模上看近<span lang="EN-US">70</span>億美元,年複合成長逾<span lang="EN-US">5</span>成,此外,全球電信產值亦上看百億元,新成立的<span lang="EN-US">AI-RAN</span>聯盟可以大幅提高網路效率,並透過<span lang="EN-US">AI</span>提高頻譜效率、產生新的<span lang="EN-US">AI</span>驅動收入,提高營運效率及提供行動用戶新服務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,<span lang="EN-US">2023</span>年<span lang="EN-US">5</span>月軟銀與輝達即與共同宣布,將合作打造一個基於<span lang="EN-US">NVIDIA GH200 Grace Hopper</span>超級晶片,鎖定面向生成式<span lang="EN-US">AI</span>和<span lang="EN-US">5G/6G</span>應用的開創性平台,軟銀也計劃在日本各地的全新分散式<span lang="EN-US">AI</span>數據中心採用該平台。預料國際電信龍頭也將逐步向<span lang="EN-US">AI-RAN</span>聯盟靠攏。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">NVIDIA</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電信資深副總裁<span lang="EN-US">Ronnie Vasishta</span>表示,<span lang="EN-US">AI-RAN</span>聯盟標誌著邁向未來的關鍵一步,將來可以充分利用<span lang="EN-US">AI</span>和數位雙生力量來實現行動網路和電信產業的轉型。該聯盟工作將有助於加快人工智慧創新的步伐,推動整個行業的效率達到前所未有的水平。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AWS</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">副總裁<span lang="EN-US">Jan Hofmeyr</span>表示,隨著使用雲端運算對<span lang="EN-US">RAN</span>進行軟體改造,行動電信商有龐大的機會在堆疊的各個層收集各種資料。這些數據作為人工智慧的燃料,為電信行業提供了巨大的機會,不僅可以優化<span lang="EN-US">RAN</span>部署的運營,還可以徹底改變消費者、企業和行業與行動網路交互的方式。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達積極打造生態系<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">AI-RAN</span>(無線存取網路)值得關注<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣有很多電信相關業者<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、過去有<span lang="EN-US">O-RAN</span>成功的經驗<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">AI-RAN</span>非常適合台灣企業打群架<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">KKR</span></u></b><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">博通<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳穎芃,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透引述消息報導,通訊晶片大廠博通(<span lang="EN-US">Broadcom</span>)最快<span lang="EN-US">26</span>日宣布私募基金<span lang="EN-US">KKR</span>投資<span lang="EN-US">38</span>億美元收購旗下終端使用者運算事業(<span lang="EN-US">EUC</span>),成為博通收購威睿(<span lang="EN-US">VMware</span>)後出售的第一個事業,接下來還打算出售資安軟體事業<span lang="EN-US">Carbon Black</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">內情人士透露,<span lang="EN-US">KKR</span>、<span lang="EN-US">EQT</span>及<span lang="EN-US">Thoma Bravo</span>等私募基金都在近日對博通開價求購<span lang="EN-US">EUC</span>事業,最終由<span lang="EN-US">KKR</span>開價<span lang="EN-US">38</span>億美元勝出。據了解,<span lang="EN-US">KKR</span>已委託<span lang="EN-US">Evercore</span>、德意志銀行及傑富瑞(<span lang="EN-US">Jefferies</span>)等投資銀行擔任顧問,博通則委託花旗集團擔任顧問。瑞銀、傑富瑞及<span lang="EN-US">KKR</span>資本市場部門將提供融資支持這項收購交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">EUC</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">事業原是威睿旗下部門,主要服務內容是協助企業用戶透過單一或多個裝置存取企業私有雲或公有雲中的虛擬桌面基礎架構。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">博通先前宣布斥資<span lang="EN-US">690</span>億美元收購威睿後,一度在中國經歷反壟斷主管機關長達<span lang="EN-US">18</span>個月的審查,終於在去年核准這項收購案,讓博通在去年<span lang="EN-US">11</span>月完成交易,<span lang="EN-US">EUC</span>事業也隨之納入博通旗下。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">博通執行長陳福陽在去年底已表明,博通為了集中資源發展核心事業,將陸續出脫<span lang="EN-US">EUC</span>事業及其他非核心事業。接下來博通打算出售原屬威睿旗下的資安軟體事業<span lang="EN-US">Carbon Black</span>。業界估計<span lang="EN-US">Carbon Black</span>含債務在內價值約<span lang="EN-US">10</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">KKR</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近年持續透過企業購併投資科技業,先是在<span lang="EN-US">2018</span>年投資<span lang="EN-US">85</span>億美元收購美國商用軟體公司<span lang="EN-US">BMC</span>,隨後又從<span lang="EN-US">Thoma Bravo</span>手中買下另一軟體公司<span lang="EN-US">Compuware</span>。<span lang="EN-US">2020</span>年<span lang="EN-US">KKR</span>將<span lang="EN-US">BMC</span>與<span lang="EN-US">Compuware</span>合併。<span lang="EN-US">2021</span>年<span lang="EN-US">KKR</span>又投資<span lang="EN-US">17</span>億美元,從私募基金<span lang="EN-US">Charlesbank Capital Partners</span>及<span lang="EN-US">M/C Partners</span>手中買下資訊服務業者<span lang="EN-US">Ensono</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">KKR</span>是美國第二大的私募股權基金<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、這兩年私募股權基金案子比較少<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、博通併購威睿非常成功<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、併購以後出售非核心事業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、博通已經成為美國最重要半導體公司之一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">輝達市值<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳苓,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達(<span lang="EN-US">NVIDIA</span>)引領全球<span lang="EN-US">AI</span>熱潮,不僅上季營收成長率為「美股七雄」之首,股價漲勢更是銳不可當,如今不僅是全美上市公司市值第三大,根據統計,其市值更超過全球多數經濟體的國內生產毛額(<span lang="EN-US">GDP</span>),只低於<span lang="EN-US">11</span>個經濟體。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達公布上季財報與亮麗財測後,股價在兩天內飆升<span lang="EN-US">17%</span>,上周五(<span lang="EN-US">23</span>日)收在<span lang="EN-US">788.17</span>美元,市值攀抵<span lang="EN-US">1.97</span>兆美元。根據巴隆金融周刊(<span lang="EN-US">Barron's</span>)統計,輝達上季營收年比成長<span lang="EN-US">265%</span>,遠高於蘋果、<span lang="EN-US">Meta</span>等其他美股七雄成員的<span lang="EN-US">2%</span>至<span lang="EN-US">25%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">MarketWatch</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導,富比世(<span lang="EN-US">Forbes</span>)彙整國際貨幣基金組織(<span lang="EN-US">IMF</span>)數據後發現,目前輝達市值已高過全球多數經濟的<span lang="EN-US">GDP</span>,例如俄羅斯、南韓、澳洲等,僅低於美國、中國大陸、日本等<span lang="EN-US">11</span>個經濟體。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但報導也說,以單一公司的市值比較各國<span lang="EN-US">GDP</span>,並非最佳做法,因為<span lang="EN-US">GDP</span>衡量一國產出,市值則評估上市公司所有股票的總價值。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達基本面亮眼,吸引大批投資人追捧,股價過去<span lang="EN-US">12</span>個月來大漲<span lang="EN-US">238%</span>。放眼芝加哥選擇權交易所全球市場(<span lang="EN-US">Cboe Global Markets</span>),輝達是選擇權市場的最熱門交易之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據芝加哥選擇權交易所全球市場統計,交易者過去一周對輝達相關的股票選擇權重押逾<span lang="EN-US">200</span>億美元,總值高過他們對特斯拉、微軟、蘋果、亞馬遜、臉書母公司<span lang="EN-US">Meta</span>、<span lang="EN-US">Google</span>母公司字母(<span lang="EN-US">Alphabet</span>)的押注總和。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達股價噴高,帶動許多相關選擇權的價值暴衝,讓進場者大賺一筆。高額獲利誘使更多人趁著漲勢持續之際,加入交易行列。買權(<span lang="EN-US">Call</span>)給予買家以特定價格敲進個股的權利,尤其受到歡迎。許多交易似乎顯示,投資人害怕錯過未來的更大漲勢。<span lang="EN-US">23</span>日最活躍的交易之一,是賭輝達股價跳升至<span lang="EN-US">800</span>或<span lang="EN-US">850</span>美元的買權。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資人也湧進能擴大對輝達股票曝險的指數型基金(<span lang="EN-US">ETF</span>)。<span lang="EN-US">GraniteShares</span>每日二倍做多輝達<span lang="EN-US">ETF</span>,<span lang="EN-US">2022</span>年底上市以來,淨吸金接近<span lang="EN-US">5</span>億美元。這檔<span lang="EN-US">ETF</span>今年股價翻倍,問世以來飆漲近<span lang="EN-US">650%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達市值成為美國第三大,非常驚人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達市值已經到達兩兆美金<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、到達三兆美金還要一段距離,但不是不可能<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、輝達帶動所有<span lang="EN-US">AI</span>概念股的上漲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、輝達相關的指數型基金也大漲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">輝達挑戰<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳苓,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達(<span lang="EN-US">NVIDIA</span>)搭上<span lang="EN-US">AI</span>熱潮,成為雄踞一方的科技廠,英國金融時報(<span lang="EN-US">FT</span>)分析,雖然輝達至少今年仍將是<span lang="EN-US">AI</span>一哥,前景卻面臨兩大挑戰:這波<span lang="EN-US">AI</span>榮景的規模與持久性,以及更多對手加入競爭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">FT</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">指出,輝達的第一個挑戰是,<span lang="EN-US">AI</span>晶片熱潮規模是否符合預期、且能長期持續。輝達執行長黃仁勳近來預測,全球資料中心為迎接<span lang="EN-US">AI</span>時代,未來四或五年需要翻新價值<span lang="EN-US">2</span>兆美元的設備。超微(<span lang="EN-US">AMD</span>)執行長蘇姿丰也估計,<span lang="EN-US">AI</span>晶片市場到<span lang="EN-US">2027</span>年時,年度規模將達<span lang="EN-US">4,000</span>億美元,相當於<span lang="EN-US">2019</span>年晶片市場總和。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">聯博的提爾尼認為,<span lang="EN-US">AI</span>榮景仍在相當早期階段,現在對市場最終規模的預測,有如盲目瞎猜。而且,<span lang="EN-US">AI</span>基礎建設潮能否長久,得看客戶是否覺得物有所值。多數公司才剛開始在業務中測試生成式<span lang="EN-US">AI</span>,或在想辦法解決<span lang="EN-US">AI</span>容易出錯的問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">挑戰之二是競爭者開始浮現。微軟、亞馬遜、<span lang="EN-US">Google</span>等雲端巨頭都在設計自家晶片,想從輝達的客戶變對手。晶片同業也急起直追,超微最近發布的新一代晶片,一般認為效能優於輝達的同級晶片。晶片分析師穆爾赫說,雲端大廠想擴增供應來源,會把一些生意丟給超微和英特爾,希望能有三方競逐。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">然而,就算競爭對手的表現追上輝達部分晶片,輝達優勢在於沒有一家業者的晶片種類、系統、軟體工具,比得上該公司。穆爾赫說,輝達的套裝技術構成強大的<span lang="EN-US">AI</span>平台,許多客戶要跳槽前會猶豫再三。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達面臨<span lang="EN-US">AI</span>榮景持久性挑戰<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、短期內股價漲幅太高,可能有泡沫化<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、帶動整個產業鏈上漲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、有更多競爭對手加入<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、微軟、亞馬遜、<span lang="EN-US">Google</span>,都想從輝達的客戶變成對手<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">機器人<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士透露,亞馬遜創辦人貝佐斯、輝達(<span lang="EN-US">Nvidia</span>)以及其他大型科技公司,將投資一家開發人工智慧(<span lang="EN-US">AI</span>)人形機器人的新創公司<span lang="EN-US">Figure AI</span>,一同尋找<span lang="EN-US">AI</span>的新應用。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊引述知情人士的說法報導,<span lang="EN-US">Figure</span>也已獲得<span lang="EN-US">OpenAI</span>與微軟同意投資,這家新創公司將在新一輪籌資中籌得約<span lang="EN-US">6.75</span>億美元,交易前對公司的估值約<span lang="EN-US">20</span>億美元。貝佐斯已透過他的公司<span lang="EN-US">Explore Investments</span>承諾投資<span lang="EN-US">1</span>億美元;微軟將投資<span lang="EN-US">9,500</span>萬美元,輝達和一個亞馬遜旗下基金將各提供<span lang="EN-US">5,000</span>萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">機器人已成為<span lang="EN-US">AI</span>產業的一個關鍵最前線領域,願景是要把尖端技術應用於現實世界的各種任務。<span lang="EN-US">Figure</span>的工程師們在研究一種外觀和行動都像人的機器人。該公司曾表示,希望旗下名為「<span lang="EN-US">Figure
01</span>」的機器人能執行不適合人類執行的危險工作,相關技術亦有助緩解勞動力短缺問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其他有意出資的科技公司包括:英特爾的創投部門將投入<span lang="EN-US">2,500</span>萬美元,<span lang="EN-US">LG Innotek</span>將提供<span lang="EN-US">850</span>萬美元,三星旗下的投資集團承諾出資<span lang="EN-US">500</span>萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">支持<span lang="EN-US">Figure</span>的創投公司則包括,準備投資<span lang="EN-US">1</span>億美元的<span lang="EN-US">Parkway Venture Capital</span>,以及將提供<span lang="EN-US">9,000</span>萬美元的<span lang="EN-US">Align Ventures</span>。<span lang="EN-US">ARK Venture Fund</span>也將投資<span lang="EN-US">250</span>萬美元,<span lang="EN-US">Aliya Capital Partners</span>將投資<span lang="EN-US">2,000</span>萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">曾經一度考慮要收購<span lang="EN-US">Figure</span>的<span lang="EN-US">OpenAI</span>,將投資<span lang="EN-US">500</span>萬美元。彭博<span lang="EN-US">1</span>月報導了這輪募資,微軟和<span lang="EN-US">OpenAI</span>是最初的主要投資者。現在多家科技大公司投入,幫助吸引其他來源的資金流入。募得<span lang="EN-US">6.75</span>億美元,大幅高於<span lang="EN-US">Figure</span>最初尋求的<span lang="EN-US">5</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Figure</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">及這些投資者的代表,在彭博查證時,均不予置評或未立即回覆置評請求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士說,預計投資人<span lang="EN-US">26</span>日就會將承諾的資金匯給<span lang="EN-US">Figure</span>並正式簽署協議。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年<span lang="EN-US">5</span>月,<span lang="EN-US">Figure</span>在<span lang="EN-US">Parkway</span>領導的一輪募資籌得<span lang="EN-US">7,000</span>萬美元。當時<span lang="EN-US">Figure</span>執行長艾德卡克(<span lang="EN-US">Brett Adcock</span>)說,「我們希望我們是率先向市場推出真正有用、且能從事商業活動人形機器人的一員。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">機器人產業最近很熱鬧。今年稍早,<span lang="EN-US">OpenAI</span>也支持的挪威機器人新創公司<span lang="EN-US">1X Technologies</span>籌到<span lang="EN-US">1</span>億美元資金。另外,總部位於加拿大溫哥華的<span lang="EN-US">Sanctuary AI</span>,正在開發一款名為「<span lang="EN-US">Phoenix</span>」的人形機器人。特斯拉也正在研發一款名為「<span lang="EN-US">Optimus</span>」的機器人,執行長馬斯克已表示,這是他最重要的計畫之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、隨著人工智慧發展,機器人也變得更熱門<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、亞馬遜積極投資人形機器人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、過去幾年都是工業機器人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、人形機器人可能從事商業活動<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、目前以從事不適合人類執行的危險工作為主<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">安謀<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者蘇嘉維,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">全球矽智財(<span lang="EN-US">IP</span>)龍頭大廠安謀(<span lang="EN-US">Arm</span>)推出的全面設計(<span lang="EN-US">Total Design</span>)服務再添瑞昱(<span lang="EN-US">2379</span>)、聯詠等兩家台灣大廠,預期將集結各大廠打造全新公版商機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">安謀指出,加入全球設計服務的廠商可望使用<span lang="EN-US">Neoverse</span>平台開發<span lang="EN-US">10</span>奈米以下的先進製程,藉此提供給客戶<span lang="EN-US">AI</span>、<span lang="EN-US">HPC</span>等產品線,搶攻全球市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">安謀昨(<span lang="EN-US">22</span>)日舉行新品發表會,釋出全面設計服務最新進展。安謀指出,全面設計服務推出四個月,已吸引逾<span lang="EN-US">20</span>家全球半導體大廠加入,包含台積電、三星等晶圓代工廠,網通廠博通及<span lang="EN-US">IC</span>設計服務廠智原也入列。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此次吸引瑞昱及聯詠等兩大<span lang="EN-US">IC</span>設計廠加入,代表未來兩大<span lang="EN-US">IC</span>設計廠也可望加入<span lang="EN-US">Neoverse</span>平台搶食<span lang="EN-US">AI</span>、<span lang="EN-US">HPC</span>商機。同時也證實先前外界傳言,瑞昱及聯詠將與安謀結盟搶進<span lang="EN-US">AI</span>、<span lang="EN-US">HPC</span>市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,<span lang="EN-US">Neoverse</span>平台主要提供給雲端、高效能運算等全球運算基礎設施使用,客戶主要採用<span lang="EN-US">10</span>奈米以下先進製程打造高效能運算晶片。業界指出,全面設計服務好比一個大型公版設計,打破過往<span lang="EN-US">IC</span>設計廠僅採用安謀提供的<span lang="EN-US">CPU</span>、<span lang="EN-US">GPU</span>等指令集架構,同時自行打造公版,讓安謀無法提供公版平台而錯失這塊市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此次安謀推出的全面設計服務,代表未來加入生態系的<span lang="EN-US">IC</span>設計廠,可望集結各大廠商提供不同客製化服務,整合成安謀的<span lang="EN-US">Neoverse</span>平台服務,讓安謀及參與生態系的<span lang="EN-US">IC</span>設計廠都能搶攻<span lang="EN-US">AI</span>、<span lang="EN-US">HPC</span>商機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">安謀指出,合作夥伴早已開始開發各種項目,例如驗證<span lang="EN-US">IP</span>、客製化韌體,乃至於以全球最先進的製程節點建構小晶片,所有一切都是使用<span lang="EN-US">Neoverse CSS</span>平台,甚至運用安謀全面設計生態系夥伴的意見回饋,打造新近發表的小晶片系統架構<span lang="EN-US">CSA</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">瑞昱、聯詠加入生態系後,法人認為,瑞昱可藉此提供客製化的網通晶片產品。聯詠因具備高速訊號、影像及電源管理<span lang="EN-US">IC</span>等<span lang="EN-US">IC</span>設計服務,有機會以時序控制<span lang="EN-US">IC</span>等高速訊號產品切入資料中心或<span lang="EN-US">HPC</span>市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">由於安謀積極進軍<span lang="EN-US">AI</span>市場,並具備挑戰既有<span lang="EN-US">x86</span>架構龍頭英特爾及超微的能力,此次加入生態系的半導體廠,包括瑞昱、聯詠等廠商,都有機會藉此快速跨入<span lang="EN-US">AI</span>商機,搶食相關訂單。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、安謀最近股價大漲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、大股東軟銀是最大受惠者<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、安謀打造全球設計服務的生態系平台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、開發<span lang="EN-US">10</span>奈米以下的先進製程<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來加入生態系的<span lang="EN-US">IC</span>設計廠,可以整合各大廠提供客製化服務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯劉忠勇、林聰毅,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">27</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日內瓦車展<span lang="EN-US">26</span>日登場,歐洲傳統車廠與聚焦電動車的大陸車廠同場較勁。比亞迪<span lang="EN-US">25</span>日發表人民幣<span lang="EN-US">168</span>萬元(約新台幣<span lang="EN-US">737</span>萬元)的高性能純電超級跑車「仰望<span lang="EN-US">U9</span>」,但這家中國大陸車廠向來以平價電動車著稱。隨著大陸電動車廠挾著低價車款壓境,在歐洲市場攻城掠地,迫使當地的歐洲車廠降低成本,無論是歐洲車廠或是他們的供應商,勢必都將面臨艱難的一年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在這個因新冠疫情而暌違四年才舉行的歐洲主要車展上,大型車廠中只有三家業者將舉辦媒體活動,其中兩家還是來自中國大陸的上汽集團(<span lang="EN-US">SAIC</span>)和比亞迪,雷諾是唯一的歐洲代表。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雷諾在車展上讓<span lang="EN-US">R5</span>以平價電動車之姿重生;上汽集團旗下的<span lang="EN-US">MG</span>品牌則推出<span lang="EN-US">M3</span>混合動力車。比亞迪則以<span lang="EN-US">Seal</span>入圍年度風雲車的決選名單;不過最終由雷諾的家用電動休旅車<span lang="EN-US">Scenic E-Tech</span>奪下這項大獎。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">有別於歐洲汽車製造商,大陸業者採取垂直整合,幾乎所有的部件都由內部生產,藉此壓低成本,有助以更低的售價拚過歐洲業者。在英國,比亞迪<span lang="EN-US">Dolphin</span>電動掀背車售價為<span lang="EN-US">25,490</span>英鎊,比福斯的<span lang="EN-US">ID.3</span>便宜<span lang="EN-US">27</span>%。特斯拉同樣以低價取勝。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國也從大陸業者由墨西哥轉進北美市場感受威脅。美國製造業聯盟(<span lang="EN-US">AAM</span>)<span lang="EN-US">23</span>日指出,美國政府應阻止從墨西哥進口低成本的大陸車和零件,並警告這可能會威脅到美國汽車企業的生存。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這份報告說:「將低價的中國汽車引進美國市場,最終可能會給美國汽車業造成滅頂之災。這些車價格之所以低是因為有中國政府的權力和資金支持。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪的野心不止於此,隨時序快來到農曆新年後的價格戰,這家總部位於深圳的車廠正押注利潤較豐的高級車市場。比亞迪旗下豪車品牌仰望<span lang="EN-US">25</span>日在上海的活動上發表「<span lang="EN-US">U9</span>」,對標法拉利和藍寶堅尼的汽油車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪推出高性能電動車<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、過去比亞迪向來以平價車著稱<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、比亞迪積極侵入歐洲市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、過去歐洲市場是高檔車業者的地盤<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、但是比亞迪在性能、價格上都有很大競爭力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪匈牙利<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸車企巨頭比亞迪近日發文稱,比亞迪於<span lang="EN-US">23</span>日向匈牙利首批車主成功交付<span lang="EN-US">ATTO 3</span>(對應大陸元<span lang="EN-US">PLUS</span>)車型。該批車由比亞迪董事長王傳福親自出席交付,比亞迪稱該舉意味「成功開啟中東歐市場嶄新篇章」。而比亞迪在歐洲的首家乘用車廠也將落在匈牙利。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪指出,匈牙利外交部長西雅爾多(<span lang="EN-US">Szijj</span>á<span lang="EN-US">rt</span>ó<span lang="EN-US"> P</span>é<span lang="EN-US">ter</span>)出席此次活動。而匈牙利總理奧班(<span lang="EN-US">Viktor Orb</span>á<span lang="EN-US">n</span>)稍後也發文稱讚比亞迪為世界上最大的電動車製造商。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪去年<span lang="EN-US">12</span>月表示,將於匈牙利賽格德市建設電動車整車生產基地,這也是比亞迪在歐洲的第一家乘用車整車工廠。據了解,該工廠已開建,預計<span lang="EN-US">2025</span>年建成投產,預計生產電池與汽車整車,並為當地帶來數千個工作機會。而匈牙利是比亞迪進入的第一個中東歐市場,目前<span lang="EN-US">ATTO 3</span>、海豚、海豹三款車型已經於去年<span lang="EN-US">10</span>月在匈牙利完成首秀。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪在<span lang="EN-US">2021</span>年正式宣布「乘用車出海」計畫,加速海外市場布局。在歐洲市場,比亞迪的車型分別在挪威、德國、英國、法國、義大利、西班牙等地銷售;至於建廠,法國、德國等地都傳出比亞迪有意在當地設廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一方面,為加速出海,打破歐洲航運公司卡脖子局面,穩定出口,比亞迪還涉入滾裝船業務以運輸汽車。比亞迪首艘汽車滾裝運輸船「開拓者一號」近期出航,計劃駛向荷蘭符利辛根港和德國不來梅哈芬港。據小迪快報官方微博指出,「開拓者一號」已於<span lang="EN-US">21</span>日抵達荷蘭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪在東歐設廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、匈牙利是歐洲中,對中國最友善的國家<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、匈牙利是比亞迪在歐洲第一家整車工廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、比亞迪加速海外布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來法國、德國都傳出比亞迪有意在當地設廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">中芯<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林茂仁,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國對中國大陸加大科技圍堵,據報已對本土半導體企業施壓,要求停止向替華為代工的中芯國際提供原料和零件。專家指出,中芯很可能轉向台灣、日本和韓國等來源獲取晶片製造所需的原料和零件,但美國方面突然斷供,可能會迫使中芯最先進的晶圓廠三到九個月的生產活動被打亂。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透引述兩名消息人士指出,美國商務部在去年底向中芯國際的美國供應商發出幾十封信函,提出上述要求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中一名知情人士表示,雖然許多供應商已暫停向中芯國際銷售產品,但上述提到商務部的信件至少阻止一家供應商─美商英特格
(<span lang="EN-US">Entegris</span>)向中國大陸出口價值數百萬美元的晶片製造材料和零組件。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,英特格主要生產篩檢程式、氣體、化學物質和處理晶圓的產品,晶圓是製造晶片的基石。該公司表示會監控並遵守影響晶片產業的國際貿易「快速發展的監管要求」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透認為,中芯國際去年代工生產華為<span lang="EN-US">Mate 60 Pro</span>手機的麒麟<span lang="EN-US">9000s</span>晶片,引發「中國突破美國科技圍堵」的猜測,也是造成持續加強圍堵中芯的主要原因。知情人士指出,拜登政府正在加大對大陸國內晶片代工廠的制裁力道,尤其是切斷其最先進的晶圓代工廠中芯國際從美國進口更多零件或生產材料的機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透報導提到,目前沒有證據表明英特格違反任何美國法律或法規。英特格表示,公司是根據有效的出口許可證出貨,而且在收到美國商務部暫停向中芯國際出口產品的許可後便停止出貨。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於上述報導,中芯國際沒有回應置評請求,華為、白宮和美國商務部則拒絕置評。中國大陸駐華盛頓大使館發言人表示,這是徹頭徹尾的經濟欺凌,將不可避免地適得其反,敦促美方停止過度渲染國家安全概念,停止濫用國家權力打壓中國企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">批評人士說,美國商務部這一輪措施不夠深入。美國眾院外委會主席麥考爾 (<span lang="EN-US">Michael
McCaul</span>) 說,商務部應該更早採取行動。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國加大對中國科技的圍堵<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、要求本土半導體企業停止向中芯提供原料及零件<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、對中國半導體產業有一定的影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但並沒有辦法完全阻止中芯國際和華為<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國會加速發展半導體產業鏈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt; text-align: justify; text-justify: inter-ideograph;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電池廠赴歐<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸科技新媒體《<span lang="EN-US">36</span>氪》報導,大陸多家電池廠業務表示今年明確收到要求,歐洲車企<span lang="EN-US">2027</span>年以後的電池必須本土化,意味大陸動力電池廠赴歐洲建廠趨勢正在加速。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,大陸電池廠赴歐洲建廠直到去年都還處於模糊階段,但自今年開始,歐洲車企立場十分明確。「包括<span lang="EN-US">BMW</span>、<span lang="EN-US">PSA</span>、雷諾、戴姆勒、福斯等車企,幾乎統一提出了相似要求,<span lang="EN-US">2027</span>年之後的電池必須要本地化。」一位電池公司員工指出。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">歐洲車企對電池廠的本地化供應節點都是<span lang="EN-US">2027</span>年,但不同車企對電池的本地化生產要求則略有差異。比如德國車企要求電池總成本的<span lang="EN-US">65%</span>做到本土化生產,法國車企則要求正極材料的塗布以及後續在歐洲或者摩洛哥生產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">行業人士認為,該要求可能是基於歐盟的「新電池法」。該法案於去年<span lang="EN-US">8</span>月正式生效,規定自<span lang="EN-US">2027</span>年起,動力電池出口到歐洲需要持有符合要求的「電池護照」,其為電池上的二維碼,等於電池身分證,只要通過掃碼便能得知每塊電池的製造商、生產日期、產地、容量、健康狀態等資訊;同時自<span lang="EN-US">7</span>月起出口到歐洲的動力電池必須申報產品碳足跡,並在<span lang="EN-US">2027</span>年<span lang="EN-US">7</span>月前達到相關碳足跡的限值要求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">簡言之,如果到<span lang="EN-US">2027</span>年不能提供完整電池護照訊息,或碳足跡不達標的動力電池便無法出口歐洲。也有分析認為,該法規細節規定不完善,包括電池護照如何執行,是否直接對應到電池的本地化生產比例等問題都不清楚。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對大陸廠商而言,要到歐洲建設電池廠依舊面臨不少挑戰:一是歐洲本土環保要求;二是對設備等准入限制;三是對於僱傭勞工的限制要求等。比如大陸電池巨頭寧德時代雖然成功在德國建廠,但該工廠從第一批電芯順利下線至今,已超過一年時間,仍未傳出有大規模供貨消息;其第二座在匈牙利的工廠則受到當地民眾抗議,遇到不少阻力,直至<span lang="EN-US">2023</span>年<span lang="EN-US">10</span>月才透露第一期開工。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸多家電池廠加速赴歐建廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、歐洲車企<span lang="EN-US">2027</span>年後電池必須本土化<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、今年開始歐洲車企的立場開始明確<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、要求電池廠到歐洲設廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、大陸企業加速出海<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">日月光<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自<span lang="EN-US">Digitimes </span>記者康瓊之,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">受到地緣政治、產業結構轉變之大影響,不少台系半導體、零組件大廠近日前往新興市場開闢新戰場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">IC</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">封測龍頭日月光近期也發出聲明,將以新台幣<span lang="EN-US">21</span>億元以上收購英飛凌(<span lang="EN-US">Infineon</span>)兩大後段封測廠,分別落在菲律賓甲美地市(<span lang="EN-US">Cavite</span>)及南韓天安市(<span lang="EN-US">Cheonan</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這兩座目前分別是<span lang="EN-US">Infineon Technologies
Manufacturing Ltd.-Philippine Branch</span>及<span lang="EN-US"> Infineon
Technologies Power Semitech Co. Ltd.</span>的工廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日月光表示,將增加日月光半導體製造(股)公司產能,並進而滿足英飛凌後續訂單需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日月光營運長吳田玉對此表示,汽車和電源管理市場都是日月光的策略關注領域,收購英飛凌在甲米地和天安市的工廠,都標誌著日月光對與英飛凌建立長期戰略夥伴關係,開發後段製造解決方案以匹配未來成長機會的強烈承諾。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鑒於英飛凌在汽車和功率半導體的市場領導地位,以及日月光在後段半導體製造的領先地位,這個合作夥伴關係為整個生態系統,從產品公司到終端消費者,有望創造雙贏的解決方案。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">產業人士認為,日月光此次收購的動作,其實執行了先前吳田玉接受媒體聯訪提出的全球半導體產業擴廠方式。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">當時他談到,全球尤其歐美地區的<span lang="EN-US">Fabless</span>、整合元件廠(<span lang="EN-US">IDM</span>)廠的「擴產機制」也正產生質變,已經無法純粹用產品、區域市廠區分。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業者對此坦言,<span lang="EN-US">IDM</span>廠這幾年也不斷提到,未來<span lang="EN-US">5</span>年<span lang="EN-US">Fabless</span>、<span lang="EN-US">IDM</span>的質變,已經無法純粹用產品、區域市場區分。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">事實上,也有部分業內人士從趨勢觀察到,美系<span lang="EN-US">PA</span>大廠<span lang="EN-US">Qorvo</span>近期宣布,與蘋果(<span lang="EN-US">Apple</span>)供應鏈之一的立訊精密達成最終協議,將售予位於中國北京以及山東省德州的封裝與測試工廠給立訊。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此舉除了拉攏立訊外,<span lang="EN-US">Qorvo</span>選擇出售相對不重要的後段封測廠,可能也是為了樽節支出,對應日月光此次收購英飛凌位於菲律賓、南韓兩大廠的動作,在在顯現歐美<span lang="EN-US">IDM</span>大廠或是供應鏈都在朝「輕資產<span lang="EN-US">IDM</span>」前進。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同時,英飛凌後段營運執行副總裁暨負責人<span lang="EN-US">Alexander Gorski</span>表示,日月光多年來一直是英飛凌值得信賴的策略合作夥伴,未來也將成為新業主,雙方將繼續依循這項成功的路徑,並進一步強化這兩個據點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,值得注意的是,<span lang="EN-US">AI</span>商機籠罩下,全球晶圓代工先進製程戰再起,近期半導體議題中,先進封裝技術發展無疑成了市場熱門題材,近期台積電與日月光都有因應先進封裝產能,進行規模不了的擴廠計畫。日月光也正積極搶進先進封裝商機,值得持續留意相關進展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">各大半導體廠展開擴廠動作,意味著台灣半導體供應鏈未來持續受惠<span lang="EN-US">AI</span>、<span lang="EN-US">HPC</span>需求與消費性電子產業結束庫存調整,迎接新一輪的產業成長循環。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、繼台積電之後,其他半導體廠也走向海外<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、日月光的併購有指標意味<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、併購菲律賓和南韓業者<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、過去日月光在中國有併購<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這次有往北、也有向南,強化亞洲布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">矽智財日本<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 張珈睿,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台積電(<span lang="EN-US">2330</span>)熊本一廠預計今年第四季投產,以<span lang="EN-US">12</span>/<span lang="EN-US">16</span>奈米、<span lang="EN-US">22</span>/<span lang="EN-US">28</span>奈米特殊製程為主,生產包括<span lang="EN-US">CMOS</span>、<span lang="EN-US">MCU</span>等利基型產品。矽智財業者開始積極卡位,世芯<span lang="EN-US">-KY</span>(<span lang="EN-US">3661</span>)總經理沈翔霖指出,<span lang="EN-US">Sony</span>是世芯長期合作夥伴,未來在熊本廠一定有合作空間。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,去年底甫上興櫃之益芯科技(<span lang="EN-US">7707</span>)<span lang="EN-US">20</span>年前便與日本整合元件製造商完成<span lang="EN-US">180nm ASIC</span>設計服務,與日本客戶經驗及關係緊密,有望成為台積日本大擴廠受惠公司。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">沈翔霖親自到場祝賀,見證了台積電重要里程碑;沈翔霖指出,與以往不同的是,熊本廠開幕儀式幾乎為日本當地廠商,其中,索尼和世芯合作超過<span lang="EN-US">20</span>年,與董座吉田憲一郎交情深厚,並且曾為<span lang="EN-US">Sony</span>打造<span lang="EN-US">90</span>奈米之<span lang="EN-US">PSP ASIC</span>晶片,索尼將會是熊本廠落成之後第一個使用之業者。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">索尼在<span lang="EN-US">CMOS</span>感測器領域為全球市占率第一,沈翔霖估計,索尼係因產能不足,與台積電共同投資。世芯目前與索尼合作<span lang="EN-US">ISP</span>(影像處理器)專案,將是今年一大成長動能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,去年底上興櫃之益芯科技,深耕日本逾<span lang="EN-US">20</span>餘載,最初是美商益華電腦
(<span lang="EN-US">Cadence</span>)在台灣成立專責<span lang="EN-US">IC</span>設計服務業務的子公司,後來由台積電子公司世界先進接手。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據官網所示,益芯科去年參與「日本九州-台灣半導體交流團」,隨台積電赴日腳步,擴大營運規模;益芯科指出,有鑑於長期深耕日本<span lang="EN-US">IC</span>設計服務供應鏈市場,因此成為訪問團除台積電之外,唯一訪問之<span lang="EN-US">IC</span>設計服務公司。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">自益芯科過往經歷,不難看出其與日本客戶合作已久,從日本<span lang="EN-US">IDM</span>大廠開始取得成功之後,陸續獲得包括富士通、日系<span lang="EN-US">SSD</span>、車廠等客戶之<span lang="EN-US">ASIC</span>委託設計(<span lang="EN-US">NRE</span>),並且從<span lang="EN-US">2020</span>年起跨入<span lang="EN-US">12</span>奈米,更於<span lang="EN-US">2021</span>年即獲得<span lang="EN-US">AI</span>特殊運算元處理器設計定案。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">從日本開始著手,益芯科做出市場差異化,台積電於日本規模持續擴大之下,益芯科供應鏈管理服務(<span lang="EN-US">Turnkey</span>)隨日本客戶專案進入量產,營收規模有望同步成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台積電熊本廠順利投產<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、矽智財業者積極卡位<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、世芯和<span lang="EN-US">Sony</span>是長期合作夥伴<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">Sony</span>是台積電熊本廠落成後第一個客戶<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">Sony</span>的感測器在全球市占第一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">服務業<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者葉卉軒,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">依據行政院主計總處統計,<span lang="EN-US">2022</span>年製造業與服務業所創造的國內生產毛額(<span lang="EN-US">GDP</span>),分別為新台幣<span lang="EN-US">7</span>兆<span lang="EN-US">7,227</span>億元及<span lang="EN-US">13</span>兆<span lang="EN-US">7,509.12</span>億元,分別占<span lang="EN-US">GDP</span>的<span lang="EN-US">34.17%</span>及<span lang="EN-US">60.85%</span>。商研院商業發展與策略研究所所長朱浩表示,服務業占<span lang="EN-US">GDP</span>比率較<span lang="EN-US">2021</span>年增加,且其占<span lang="EN-US">GDP</span>已超過六成,顯示服務業仍是我國經濟生產的主要來源。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">從各業<span lang="EN-US">GDP</span>成長率來看,相較於<span lang="EN-US">2021</span>年、<span lang="EN-US">2022</span>年製造業為<span lang="EN-US">1.85%</span>,而服務業則有<span lang="EN-US">2.37%</span>。在服務業中,成長率最高者為藝術、娛樂及休閒服務業,達到<span lang="EN-US">23.47%</span>;其次為住宿及餐飲業的<span lang="EN-US">13.75%</span>,再次之為出版、影音製作、傳播及資通訊服務業的<span lang="EN-US">7.33%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">若依服務業各業別占<span lang="EN-US">GDP</span>的比率來看,則是以商業範疇(包含批發及零售業、運輸及倉儲業、住宿及餐飲業)所占比率最高,生產毛額達到新台幣<span lang="EN-US">4</span>兆<span lang="EN-US">9,968.81</span>億元,約占整體<span lang="EN-US">GDP</span>比重的<span lang="EN-US">22.10%</span>,其次為不動產業之<span lang="EN-US">1</span>兆<span lang="EN-US">7,040.23</span>億元及金融與保險業<span lang="EN-US">1</span>兆<span lang="EN-US">4,486.09</span>億元,分別占整體<span lang="EN-US">GDP</span>的<span lang="EN-US">7.54%</span>與<span lang="EN-US">6.41%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,朱浩還提到,由財政部統計月報,我們可從服務業的家數與銷售額預估觀察,進一步了解目前產業內的樣態,深化服務業的認識。我國服務業<span lang="EN-US">2022</span>年銷售額達新台幣<span lang="EN-US">30</span>兆<span lang="EN-US">2,351.83</span>億元,家數約<span lang="EN-US">127.88</span>萬家,<span lang="EN-US">2022</span>年與<span lang="EN-US">2021</span>年相比,營業家數與銷售金額均有提升。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另在服務業就業人口數和薪資表現上,服務業中以「批發及零售」人數與占比最高,與上年相同,占全國總就業人數比率的<span lang="EN-US">16.20%</span>。朱浩分析,主要因為批發零售業,是將商品由製造業移轉至消費者的最後一站,市場對其需求較大,就業吸納能力較大;再者,
批發零售展店模式標準化,提高展店效率,在大量展店的情況下,投入人數亦最多。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">關於服務業薪資結構,依據行政院主計總處的統計資料顯示,<span lang="EN-US">2022</span>年服務業每月平均經常性薪資達<span lang="EN-US">45,976</span>元,超過上年度的<span lang="EN-US">44,802</span>元,成長率為<span lang="EN-US">2.62%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在各業別中,又以「金融及保險業」的經常性薪資在服務業中最高,達<span lang="EN-US">65,598</span>元,其次為「出版、影音製作、傳播及資通訊服務業」,達<span lang="EN-US">64,035</span>元,再其次為「專業、科學及技術服務業」<span lang="EN-US">56,177</span>元,而經常性薪資高於<span lang="EN-US">4</span>萬元的產業還有「醫療保健服務業」、「運輸及倉儲業」 、「不動產業」及「批發零售業」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除了從各項關鍵數字觀察我國服務業發展現況與商業發展趨勢外,朱浩還特別提醒,近年,由於全球面臨的氣候變遷挑戰和環保意識抬頭,推動著各個行業尋求永續發展的道路。其中,服務業作為經濟中重要的一環,也面臨著減少碳排放、實現淨零碳排的壓力和挑戰。而我國的服務業在國內總碳排放中約占<span lang="EN-US">9%</span>,主要來自辦公室能耗、交通運輸和供應鏈等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣服務業占比已超越六成<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、台灣服務業薪資仍然較低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、製造業主要都是倚賴科技產業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣服務業極度缺人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、服務業薪資水平有待提升<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電視頻道<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者彭慧明、黃晶琳,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場盛傳,隸屬富邦集團的有線電視多系統營運商凱擘旗下<span lang="EN-US">MOMO TV</span>,將賣給博斯頻道董事長王志隆。據傳<span lang="EN-US">MOMO TV</span>交易金額低於<span lang="EN-US">2</span>億元,但未獲證實。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界分析,此舉意味富邦集團董事長蔡明忠淡出電視頻道事業,但會持續製作招牌節目,以大雲文創為基地,未來將在網路上播出。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">王志隆在<span lang="EN-US">2022</span>年將旗下包含寰宇新聞台在內的亞衛電視賣給愛山林董事長祝文宇,手上頻道主力剩下以體育為主的博斯系列。據了解,王志隆收購<span lang="EN-US">MOMO TV</span>,是要擴大體育、運動頻道布局,跨入<span lang="EN-US">CPBL</span>中華職棒轉播。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蔡明忠及富邦金控(<span lang="EN-US">2881</span>)董事長蔡明興兄弟旗下頻道事業包含凱擘旗下台灣優視媒體科技(<span lang="EN-US">MOMO TV</span>),富邦媒旗下<span lang="EN-US">momo</span>購物台,台灣大哥大(<span lang="EN-US">3045</span>)旗下<span lang="EN-US">momo</span>親子台。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此次出售的<span lang="EN-US">MOMO TV</span>旗下原有<span lang="EN-US">MOMO</span>綜合台、<span lang="EN-US">MOMO</span>追劇台、<span lang="EN-US">Win</span>兒童台。據了解,<span lang="EN-US">Win</span>兒童台及<span lang="EN-US">MOMO</span>追劇台已陸續在<span lang="EN-US">2020</span>年及<span lang="EN-US">2021</span>年停播。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">MOMO TV</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">位於有線電視的<span lang="EN-US">75</span>台,定頻率超過<span lang="EN-US">90%</span>,以體育節目為主,綜合資訊類節目為輔,首創以<span lang="EN-US">4K</span>轉播<span lang="EN-US">CPBL</span>中華職棒,以及職籃等運動賽事,擁有專業攝影棚及高畫質<span lang="EN-US">4K</span>轉播車(<span lang="EN-US">OB</span>車)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">MOMO TV</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雖然在有線電視平台上定頻,但非屬<span lang="EN-US">240</span>俱樂部(固定收取版權費頻道業者)之一,不僅沒有版權費收入,且需支付上架費。消息人士透露,<span lang="EN-US">MOMO TV</span>每年虧損<span lang="EN-US">1</span>億元,且大董(蔡明忠)觀察近年全球趨勢,電視頻道「勢頭」已過,決定轉型數位頻道。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蔡明忠去年在富邦媒(<span lang="EN-US">momo</span>購物)股東會上指出,<span lang="EN-US">momo</span>起家是電視購物,隨著有線電視年輕族群收視改變,未來電視購物將轉型變成影音銷售平台,轉型為直播電商,將與線上購物發揮綜效。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,<span lang="EN-US">MOMO TV</span>出售後,其他體育相關的主要節目回到大雲文創。大雲文創是專做內容的公司,董事長為李四端,未來將持續投資內容,延續<span lang="EN-US">MOMO TV</span>招牌節目持續製作,以大雲文創為基地,大雲食堂、<span lang="EN-US">Talk</span>一杯、小宇宙大爆炸等以後在網路上播放,同時將盡量安置員工,留任或轉到關係企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、有線電視的黃金世代已經過去<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、富邦出售有線電視頻道,不令人意外<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、富邦將來會積極從事網路布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來有線電視頻道業者會受到挑戰<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、富邦仍是台灣最有實力的財團<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">富豪財管<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 戴瑞瑤,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">今年國銀富豪財管業務競爭更形激烈,年初元大銀行加入戰局後,正式迎來<span lang="EN-US">10</span>家國銀的激戰。根據金管會統計,<span lang="EN-US">1</span>月國銀富豪財管業務累積客戶數來到<span lang="EN-US">7,328</span>人,總資產管理規模(<span lang="EN-US">AUM</span>)達<span lang="EN-US">8,842</span>億元,預估<span lang="EN-US">2</span>月將衝破<span lang="EN-US">9,000</span>億元大關。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金管會目前已核准<span lang="EN-US">11</span>家國銀承作「財管<span lang="EN-US">2.0</span>」業務,年初最新開業的是元大銀,使得開業銀行數提高到<span lang="EN-US">10</span>家,還有華南銀行也預計將在上半年開辦,另滙豐銀行正在審核中,若後續進行順利的話,今年開辦國銀高資產財管業務的銀行將有<span lang="EN-US">12</span>家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據金管會統計,<span lang="EN-US">1</span>月<span lang="EN-US">10</span>家已開辦國銀的高資產客戶數共<span lang="EN-US">7,328</span>人,年增<span lang="EN-US">3,562</span>人或<span lang="EN-US">95</span>%,總資產管理規模持續飆高至<span lang="EN-US">8,842</span>億元,年增<span lang="EN-US">4,137</span>億元或<span lang="EN-US">88</span>%。且自去年<span lang="EN-US">11</span>月起,已連續三個月總資產管理規模單月增加超過<span lang="EN-US">200</span>億元,推估若增加速度不變,<span lang="EN-US">2</span>月總資產管理規模將一舉突破<span lang="EN-US">9,000</span>億元大關,今年更有望力拚破兆元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">1</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">月<span lang="EN-US">10</span>家開辦國銀的成績單出爐,冠軍仍是中信銀行奪下,累積客戶數<span lang="EN-US">1,756</span>人,<span lang="EN-US">AUM</span>為<span lang="EN-US">1,792</span>億元;亞軍是兆豐銀行,累積客戶數<span lang="EN-US">1,384</span>人,<span lang="EN-US">AUM</span>為<span lang="EN-US">1,698</span>億元;合庫銀行力守第三名,累積客戶數<span lang="EN-US">1,264</span>人,<span lang="EN-US">AUM</span>為<span lang="EN-US">1,499</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">因應今年可望達<span lang="EN-US">12</span>家國銀開辦高資產業務,金管會擬開放高資產客戶可用外幣金融資產質借,向銀行進行外幣融資業務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金管會官員表示,目前還在規劃階段,法規也須要跟著調整,預計會在第三季完成研議後對外公布。另高資產客戶門檻目前還是維持資產須達<span lang="EN-US">1</span>億元以上。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">證券商高資產業務部分,<span lang="EN-US">8</span>家開辦券商累積客戶數達<span lang="EN-US">857</span>人、年增<span lang="EN-US">35</span>%;累計交易金額<span lang="EN-US">1,517</span>億元、年增達<span lang="EN-US">2.2</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">1</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">月由永豐金證拿下冠軍,交易金額、客戶數為<span lang="EN-US">723</span>億元、<span lang="EN-US">353</span>人,亞軍是國泰證的<span lang="EN-US">487</span>億元、<span lang="EN-US">139</span>人,第三名兆豐證<span lang="EN-US">207</span>億元、<span lang="EN-US">172</span>人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣本土財富管理市場前景光明<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、超過<span lang="EN-US">10</span>家銀行加入競爭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、中信金排名第一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、更多業者想要加入<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、證券永豐金拿下第一,打敗國泰證相當不容易<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">綠能基建熱<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者朱曼寧,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣綠能基礎建設發威,台電連三月釋出逾百億元大單,今年保守估計總訂單規模將突破千億元大關,未來五年持續增加。隨著政策利多力挺,重電業者大咬國家建設商機,近期更被訂單追著跑。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年<span lang="EN-US">12</span>月以來,重電五虎包括中興電(<span lang="EN-US">1513</span>)、華城、士電、亞力以及大同吃下多筆台電訂單,成為最大贏家;線纜業者則由華榮、合機及大亞領軍,在手訂單量能持續衝高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">統計去年<span lang="EN-US">12</span>月到今年<span lang="EN-US">2</span>月,近三月台電釋出的訂單,總量體達逾<span lang="EN-US">400</span>億元以上。電力設備中,包括變壓器、<span lang="EN-US">161kV</span>及<span lang="EN-US">345kV</span>氣體絕緣開關設備、自動線路開關等, 線纜則有<span lang="EN-US">345kV</span>、<span lang="EN-US">161kV</span>、<span lang="EN-US">69kV</span>的電線電纜等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">重電產業中,近三月以中興電接單最耀眼,取得標案件數、總金額為最多,奪下至少<span lang="EN-US">25</span>件,共<span lang="EN-US">34.1</span>億元訂單,主因中興電是國內唯一<span lang="EN-US">345kV</span>氣體絕緣開關(<span lang="EN-US">GIS</span>)認證廠商,長期獨占<span lang="EN-US">345kV</span>的<span lang="EN-US">GIS</span>標案,此次台電釋出多筆<span lang="EN-US">161kV</span>氣體絕緣開關設備訂單,也幾乎全由中興電拿下,並取得單筆<span lang="EN-US">5</span>億元左右的通霄電廠第二期<span lang="EN-US">161kV</span>開關場統包工程。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">變壓器也是台電此次主要釋出的訂單,由華城、士電及大同奪單,範圍包括<span lang="EN-US">345kV</span>、<span lang="EN-US">161kV</span>電力變壓器、<span lang="EN-US">69kV</span>比壓器等,每台變壓器訂單價格最小<span lang="EN-US">1,000</span>萬元,最大<span lang="EN-US">5</span>億元,以<span lang="EN-US">345kV</span>等級電壓器及改良套管型桿上變壓器每組標案金額較大,都約<span lang="EN-US">2</span>億元或<span lang="EN-US">5</span>億元左右,以華城取得較多筆,近三月拿下約<span lang="EN-US">28.1</span>億元訂單,其次為士電奪單<span lang="EN-US">18.58</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">亞力雖然取得標案件數較少,但都瞄準大金額標案,有三分之二標案規模都達億元以上,且亞力的強項之一為智慧開關及軌道統包工程,每次台電釋出自動線路開關的需求,亞力都可搶下多筆,此次更一舉拿下金門塔山發電廠<span lang="EN-US">23kV</span>開關場統包工程約<span lang="EN-US">6.17</span>億元訂單。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台電強韌電網計畫持續放電,大同為國內唯一可做線纜、又擁有變壓器、配電盤、<span lang="EN-US">GIS</span>設計製造能力的廠商,因此線纜、重電訂單雙吃,近三月共拿下<span lang="EN-US">16</span>件約<span lang="EN-US">40.4</span>億元訂單量。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">線纜業方面,台電近年釋出多以<span lang="EN-US">345kV</span>、<span lang="EN-US">161kV</span>的電纜訂單為主,每次總訂單量體都達百億元以上。上市櫃線纜廠僅合機、華榮、大亞,非上市櫃為大東有能力生產<span lang="EN-US">345kv</span>超特高壓電力電纜,因此,每次台電釋出相關訂單,都是由上述四家業者奪單,此次合機、華榮、大亞都有拿下單筆達<span lang="EN-US">26.41</span>億元的<span lang="EN-US">345kV</span>線纜大單。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一方面,華電、大山、宏泰及華新也都有獲得台電<span lang="EN-US">69kV</span>、<span lang="EN-US">161kV</span>電纜訂單,近三月取得訂單金額量皆超過<span lang="EN-US">13</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣綠能市場呈現大爆發<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、有很多基礎建設工程<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、對於重電業者來講是龐大商機<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、近期都被訂單追著跑<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來綠電基礎建設看好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">碳抵換<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 林于蘅,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">攸關企業營運成本的碳費費率將在<span lang="EN-US">3</span>月出爐,讓碳權交易也跟著發熱,除第二批碳權商品<span lang="EN-US">3</span>月將上架外。碳交所表示,台灣每年約有<span lang="EN-US">300</span>萬至<span lang="EN-US">400</span>萬噸的碳權需求,預估二~三年內,台灣企業可望登上國際碳抵換的前十名排行。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">歐盟碳關稅「碳邊境調整機制」(<span lang="EN-US">CBAM</span>)去年<span lang="EN-US">10</span>月試行,緊接著美國版的碳關稅「清潔競爭法案」(<span lang="EN-US">CCA</span>)也將在<span lang="EN-US">2024</span>年通過;台灣碳交所在去年<span lang="EN-US">12</span>月啟動首批碳交易,環境部也將在今年第一季拍板碳費徵收費率,各行各業企業的綠色需求愈來愈強烈,自願碳抵換成為主要減碳管道。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣是製造大國、年碳排量達到<span lang="EN-US">2.7</span>億噸,扣除台電、中鋼等能源及傳統製造業,多為半導體、電子業等外銷導向產業,但目前「全球最大的碳抵換排名」中,前十買家都還沒有看到台灣企業的身影。第一名的波音公司抵換的數量約落在<span lang="EN-US">100</span>多萬噸,第二名是德國能源供應商<span lang="EN-US">ENTEGA</span>,不及<span lang="EN-US">60</span>萬噸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">碳交所總經理田建中表示,台灣每年都將會有<span lang="EN-US">300</span>萬至<span lang="EN-US">400</span>萬噸的碳權需求,碳交所將持續推動碳權交易,預估台灣企業在未來二至三年內,可躋身國際碳抵換前十名。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">田建中指出,只要一項商品有碳中和的需求,需求就會一直持續存在,未來全台的碳權交易量將持續成長,不會只是單年度的需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,台灣的綠電尚處於發展階段,價格偏高,以目前綠電憑證的價格來衡量,減一噸的碳,成本花費高達<span lang="EN-US">160</span>至<span lang="EN-US">170</span>美元,全球再生能源倡議<span lang="EN-US">RE100</span>倡議對台灣企業來說負擔沉重。田建中認為,現階段企業應審慎規劃自身減碳路徑,朝較易執行的相關永續標準進行。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">企業可參考<span lang="EN-US">ISO14068-1</span>碳中和標準,在邁向碳中和的進程中,採用碳權抵換的方式作為減碳計畫的緩衝,提升碳中和目標的可達成性。相較於購買綠電,碳權負擔也確實較為輕鬆。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前也有科技大廠不惜砸下重金研發碳捕捉的減碳技術,特意購買每噸高達<span lang="EN-US">100</span>至<span lang="EN-US">200</span>美元的科技除碳商品,目的是要達到自身製程減碳的目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、碳權交易愈來愈熱<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、碳權交易所去年正式成立<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、預估<span lang="EN-US">2-3</span>年內,台灣企業可望登上國際碳抵換前十名排行<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣企業需要再教育<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、目前業者的意識普遍還不夠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">碳交所<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 林于蘅,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">27</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">碳交所第二批碳權商品拚<span lang="EN-US">3</span>月底前上架,其中又以自然碳匯最受矚目,為此,碳交所宣布,攜手中興大學推動本土自然碳匯,要讓自然碳匯的碳權交易在地化。碳交所董事長林修銘強調,自然碳匯是國家淨零轉型的關鍵戰略之一,土壤、森林等自願減量專案,未來都將是國內減量額度的重要供給。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">碳交所表示,碳權的類型多元,依功能特性分為「移除型」,如植樹造林、碳捕捉利用與封存等,以及「減少或避免排放型」,如再生能源、潔淨水源等。國內首批上架的商品,都集中在國際碳權,性質屬於再生能源及潔淨水源等類型,未來碳交所也將延伸到移除型碳權交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不僅如此,為了擴展碳權的多元性,碳交所今年陸續跟台北大學、清華大學、中山大學、中興大學及成功大學等五所指標大學,依不同大學屬性推動合作項目。例如,清大就鎖定高科技製造業的減碳作業,中山針對排放量較大的鋼鐵製造業及海洋碳,北大聚焦國際碳權趨勢,興大鎖定自然碳匯方面,成大將以營造建築業減碳為主。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">以自然碳匯而言,碳交所指出,考量企業對各類型碳權有不同需求及用途,自然碳匯的專案具有固碳、環境效益、生物多樣性等多重價值,是未來國內外重要的交易類型,因此,碳交所持續往多元類型的方向努力,以符合企業減碳策略的廣泛性需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,這次碳交所和興大簽訂的合作意向書(<span lang="EN-US">MOU</span>),合作範疇包括知識普及、產業再造等,未來還會依照具體合作計畫會再另簽協議,希望透過農作物種植來增加碳吸存量,另外也將研發增匯的作物栽培法,讓台灣農民也能在申請碳權到碳交所交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">林修銘強調,碳交所將透過強化自然碳匯潛量,發展綠色商機,助攻國家淨零排放政策,同時也增加農友及產業利害關係人收益。興大校長詹富智指出,興大具備豐沛農產業技術、研究及人才資源,對氣候衝擊、增匯及碳匯方法學皆有深厚研究,推動台灣自然碳匯責無旁貸,將與碳交所結合雙方優勢,深化農產業界對減碳行動及碳權的認識和參與。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、碳交所第二批碳權三月底上架<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、自然碳匯最受矚目<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、自然碳匯有很多問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣碳交易跟國際沒有接軌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來碳市場有龐大商機<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-9056708997643384382024-03-07T17:04:00.001+08:002024-03-12T17:04:51.626+08:00黃齊元/認清台灣角色,維護戰略優勢<p>黃齊元/認清台灣角色,維護戰略優勢</p><p>聯合報/ 黃齊元</p><p>最近台灣的境遇可以用三溫暖來形容,一方面因為輝達關係,享受到全球AI及半導體瘋狂洗禮,另一方面隨著兩岸一連串事件,危機與風險又逐漸提高。</p><p><br /></p><p>有外媒表示,在台灣看不到任何危機,因此所謂風險是無中生有、小題大作,被外界誤導。事實真的如此嗎?巴菲特因為地緣政治風險賣掉台積電,美國白宮國安顧問蘇利文最近表示兩岸「布滿地雷」,請問是外國政府和外資錯了?還是台灣人太天真?</p><p><br /></p><p>政府對M503事件處理,反映賴清德思維,就是兩岸必須在「對等尊嚴」下交流合作,但問題是兩岸從來不對等。四十年前中國是全世界最窮國家時,台灣已是四小龍模範,但今天大陸很多地方都領先世界。近來台灣鼓吹「不對稱作戰」,說明兩岸實力懸殊、毫不對等,因此台灣要靠特殊方法以小博大、以寡擊眾。</p><p><br /></p><p>全世界對危機看法很多是錯誤的,當初烏克蘭人認為俄國絕對不可能侵略家園,結果大錯特錯;以色列平安了很久,認為哈瑪斯不可能有動作,結果敵人在贖罪日五十周年隔天偷襲。許多人認為中國經濟不佳、政局危險,短期對台不致動武,那為何美國還要那麼緊張?</p><p><br /></p><p>國家戰爭正如同企業併購,基本上是看實力。如今講兩岸互不隸屬,已沒有意義,大陸就是想要統一,美國就是要遏止中國擴張。企業如果不願意被併購,自身抵抗實力要夠,要不然需有「白衣武士」(盟友)撐腰。公司併購取決於「代價」,但國與國無法用金錢來衡量,不過若有人願意做交易,「保護費」與「和談費」都有行情,川普是最大變數。</p><p><br /></p><p>地緣政治是大國的遊戲。布林肯最近赤裸裸表示,你不是在餐桌就是在菜單上。台灣因為半導體實力,是大國垂涎三尺的佳餚,但目前受邀入座,忘了自己是誰,在餐桌上大聲講話。西方民主同盟看上台灣短期戰略價值,終極目標就像奧特曼欲以七兆美元在全球廣建晶圓代工廠,吃乾抹淨整盤端走。</p><p><br /></p><p>石油和晶片,都是武器,從這個角度來看,台灣是武器超級大咖。美國不願意依賴沙國石油,正如同美國不願意受制台灣晶片。未來十年,美國在「智能戰」有優勢,但中國已完勝「綠能戰」,特別是川普公開表示其對綠能及電動車看法。美國在半導體想反敗為勝,聯手日本利用台灣壯大自己,但忽略中國寧可玉碎、也不願瓦全。</p><p><br /></p><p>台灣從兩岸立場看AI,只局限封鎖技術和封殺抖音,遠低估中共實力。大陸有數百個大型語言模型(LLM),中共可以用AI來模擬征服台灣情境,從軍事、能源、社會和國際局勢變化等多個角度,找出最佳時機、方式、成本代價及系統破口。未來AI和半導體已不是技術問題,而是戰略考量。</p><p><br /></p><p>從併購角度,中共「敵意併購」是下策,「合意併購」最佳,但機率低,台灣期待「白衣武士」助陣有很多變數,「控股公司」可能是解決方案。重點是「維持現狀」不應作為唯一選項,因為基礎脆弱。半導體產業走向世界,台灣不一定會更安全。真正的安全必須在餐桌上談條件,半導體是台灣籌碼,命運操之在人,還是操之在我,需要高度智慧。</p><p><br /></p><p>蔡英文幾年前講過,台灣是棋手不是棋子。我們要不然做一顆聽話的棋子,要不然就做高超的棋手。結局其實已呼之欲出,AI或命理均可導出答案;面對不對稱的軍事、外交和科技戰爭,台灣應該慎重考慮尊嚴與安全的取捨!(作者為藍濤亞洲總裁兼東南亞影響力聯盟創辦人)</p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-40480773519227592022024-03-06T14:38:00.004+08:002024-03-06T14:38:13.530+08:00蘋果放棄造電動車,其實是最棒的決定?企業經營就該學「善用有限資源」<p>蘋果放棄造電動車,其實是最棒的決定?企業經營就該學「善用有限資源」</p><p>上周有一則大新聞,蘋果宣布取消規劃10年的電動車計畫「泰坦計畫」(Project Titan)。蘋果在電動車上花了很多資源,但到現在只聞樓梯響、不見人下樓,整個電動車事業部約有2000人,目前會重新分派到其他部門,特別是生成式AI。</p><p><br /></p><p>蘋果最近市值被微軟超越,主要原因是微軟在AI布局大獲全勝,除了投資OpenAI外,上周又和另外一個法國生成式AI業者Mistral形成策略聯盟。</p><p><br /></p><p>蘋果進入電動車領域的教訓:關鍵布局太慢</p><p>蘋果一直計畫進入電動車領域,曾想和現代汽車(Hyundai)、中國奇瑞共同研發Apple Car,但後來都不了了之。現代汽車做得非常好,已和旗下品牌起亞汽車(KIA)成為美國第二大電動車業者;奇瑞最近則和華為結盟。企業如果在關鍵布局上,過度猶疑、沒有執行力,很快就會被競爭者超車,這就是蘋果的教訓。</p><p><br /></p><p>反觀中國比亞迪(BYD),以電池起家,2003年才透過購併跨入汽車領域。經過一系列布局、垂直整合,最近超越特斯拉、躍居全世界最大的電動車業者,甚至打造自己船隊,運送電動車到海外,形成無與倫比的競爭力。</p><p><br /></p><p>常被拿來和蘋果對比的,還有華為,美國前幾年制裁華為,剛開始的確把它打趴了,但華為去年推出高性能的手機東山再起,市占率也回到世界前5名。</p><p><br /></p><p>華為更厲害的在於電動車布局,重點並不是打造自有品牌,而是和其他汽車業者合作,包括賽力斯、奇瑞和長安汽車。華為開發電動車技術平台,帶動中國電動車產業,雖然還沒辦法到比亞迪的地步,但已震撼市場。</p><p><br /></p><p>另外,「中國的蘋果」小米在3年前宣布跨入電動車產業,投資超過人民幣100億,今年推出首款電動車。從比亞迪、華為、小米的例子,可以看出中國企業的執行力。</p><p><br /></p><p>蘋果推出Vision Pro、做折疊手機,是否看錯趨勢?</p><p>蘋果另外一大失誤是看錯趨勢。原本Meta積極布局元宇宙,佐柏格(Mark Zuckerberg)甚至把公司名字從Facebook轉為Meta,但一看趨勢不對立刻放棄,轉型投入生成式AI,打造開源式平台。如今Meta市值大反攻,增加了幾千億美元,成為最受關注的AI概念股之一。</p><p><br /></p><p>反觀蘋果推出的Vision Pro、布局元宇宙,定價高達3499美元,叫好不叫座,只能應用在小眾市場。這很可能是對趨勢的誤判,在不該花資源的地方,放了很多資源,該加強的地方卻沒有加速布局。</p><p><br /></p><p>蘋果還有一個失敗的地方,就是宣布在2026年推出折疊手機。折疊手機早在中國造成熱潮,華為囊括近4成市占率,韓國三星也很強。假如蘋果現在才要進入,且後年才推出產品,要如何有競爭力?</p><p><br /></p><p>蘋果放棄造電動車給的4個啟示</p><p>當前蘋果最大弱點,在於缺乏獨特的AI策略,微軟、Google、亞馬遜均大力布局生成式AI,但至今看不到蘋果在AI有具體行動。</p><p><br /></p><p>由以上例子可以歸納4點:</p><p><br /></p><p>1.企業對趨勢掌握非常重要。</p><p>2.如果錯了要立刻轉向,毫不猶豫壯士斷腕。</p><p>3.要把資源放在最重要的趨勢上面。</p><p>4.執行速度才是成功關鍵,而不是技術。</p><p><br /></p><p>如果說蘋果有什麼做對的話,那就是放棄電動車。現在連馬斯克都承認,中國電動車非常難纏,蘋果還有什麼機會?早點出場,至少不會變成明日的笑話!</p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-38977213732629346872024-03-05T16:51:00.002+08:002024-03-05T16:51:38.031+08:00鋰礦,OpenAI,沃爾瑪,巴菲特,哈佛,格芯,垃圾債,亞馬遜,電動車,比亞迪,華為折疊機,蘋果折疊機,香港上市,塔塔晶圓廠,瑞薩,嗶經濟,台電,華新歐洲,鴻海<p><a name="_Hlk76402598"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:鋰礦<span lang="EN-US">,OpenAI,</span>沃爾瑪<span lang="EN-US">,</span>巴菲特<span lang="EN-US">,</span>哈佛<span lang="EN-US">,</span>格芯<span lang="EN-US">,</span>垃圾債<span lang="EN-US">,</span>亞馬遜<span lang="EN-US">,</span>電動車<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,</span>華為折疊機<span lang="EN-US">,</span>蘋果折疊機<span lang="EN-US">,</span>香港上市<span lang="EN-US">,</span>塔塔晶圓廠<span lang="EN-US">,</span>瑞薩<span lang="EN-US">,</span>嗶經濟<span lang="EN-US">,</span>台電<span lang="EN-US">,</span>華新歐洲<span lang="EN-US">,</span>鴻海</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">鋰礦<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">19</span>日</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">動力電池的重要原料碳酸鋰在<span lang="EN-US">2023</span>年從短缺到過剩,現貨價格在去年整體跌幅達八成。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">期貨日報引述分析認為,<span lang="EN-US">2024</span>年有極大機率是大量過剩、產能出清的一年,受到礦端供給影響,鋰價主旋律向下,但在需求依舊維持增長背景下,也要留意階段性反彈風險。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">碳酸鋰期貨價格在<span lang="EN-US">2023</span>年盤面整體呈現下跌態勢,碳酸鋰期貨主力合約<span lang="EN-US">LC2401</span>從上市初期的每噸人民幣<span lang="EN-US">24.6</span>萬元,最低跌至每噸<span lang="EN-US">8.6</span>萬元,跌幅最高為<span lang="EN-US">65.1%</span>。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">中信期貨有色與新材料首席研究員沈照明分析,<span lang="EN-US">2023</span>年以來因為先前大量新建鋰礦項目的陸續投放,供應進一步大幅增加。同時上一年的高基數導致電動車需求增速快速下滑,供需增速出現較大分化,供給過剩逐漸明顯。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">碳酸鋰的產業鏈自上而下核心環節包括鋰礦—鋰鹽—貿易—材料—電池—終端等,而下游終端需求集中於新能源車(動力電池)、儲能集成系統(儲能電池)兩大板塊。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">當下游需求訂單增長時,通過產業鏈各環節的逐級放大效應,壁壘不高、集中度低的環節產能、庫存會逐級增長,而其中又以材料、鋰鹽環節形成的隱性庫存較多。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">招商期貨研究所所長王思然認為,市場一致對<span lang="EN-US">2024</span>年動力電池、儲能電池預期均較低。因此,<span lang="EN-US">2024</span>年鋰定價將由礦端供給的放量將主導,類比<span lang="EN-US">2022</span>年年底上行周期旺盛的需求推動鋰價衝高,<span lang="EN-US">2024</span>年不斷放量的鋰供給將推動鋰價回落。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">王思然表示,在鋰礦端供給確定性增加的基本面邏輯下,預計<span lang="EN-US">2024</span>年碳酸鋰期現價格均呈現偏弱震盪的尋底過程。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">沈照明測算,<span lang="EN-US">2024</span>年動力電池的需求提升帶動鋰資源總需求年增<span lang="EN-US">29%</span>,庫存需求也較<span lang="EN-US">2023</span>年增長<span lang="EN-US">2</span>萬噸。按鋰礦企業規劃測算,<span lang="EN-US">2024</span>年全球鋰資源供應量或達到<span lang="EN-US">150</span>萬噸<span lang="EN-US">LCE</span>,則過剩量為<span lang="EN-US">19%</span>;若部分項目延後,則供應量為<span lang="EN-US">142</span>萬噸,過剩量為<span lang="EN-US">13%</span>。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">若新項目難以釋放,僅舊項目爬產帶來增量,則供應量為<span lang="EN-US">136</span>萬噸,過剩量為<span lang="EN-US">8%</span>。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">而需求增長仍得靠動力電池驅動,沈照明認為,儘管新能源汽車增速有所放緩,但鋰需求增長主要還是靠新能源汽車動力電池來帶動。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk85199238;"></span><span style="mso-bookmark: _Hlk76402598;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、全球碳酸鋰供給過剩<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、鋰礦是電動車電池關鍵原料<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、中國大陸及韓國企業積極向電池產業上游整合<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、目前市場上已有探討非鋰礦的電池<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、從長期來說鋰的需求仍然逐漸增加<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">OpenAI<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲、季晶晶,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">17</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OpenAI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">與蘋果的人工智慧(<span lang="EN-US">AI</span>)開發都傳出新的進展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OpenAI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">發表以文字生成逼真<span lang="EN-US">AI</span>影片的新服務,且正在開發以微軟<span lang="EN-US">Bing</span>搜尋引擎為部分基礎的網路搜尋產品。蘋果則是傳出正接近完成一款供應用程式(<span lang="EN-US">App</span>)開發者方便使用的新軟體工具,其中將納入更多<span lang="EN-US">AI</span>效能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OpenAI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">宣布的文字生成<span lang="EN-US">AI</span>影音系統「<span lang="EN-US">Sora</span>」,能快速生成最長<span lang="EN-US">1</span>分鐘的影片,呈現出「有著多個人物與特定類型動作的複雜場景,以及主題與背景的正確細節」,拓展到文字生成文字與文字生成圖像以外的領域。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">執行長奧特曼在社群平台<span lang="EN-US">X</span>邀請網友提交提示詞,他將會分享後續生成的<span lang="EN-US">AI</span>影音。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Sora</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">初期只開放「限量創作者」使用,並讓評估<span lang="EN-US">Sora</span>安全性的團隊使用,之後才會整合到<span lang="EN-US">OpenAI</span>的產品中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另據<span lang="EN-US">The Information</span>報導,<span lang="EN-US">OpenAI</span>正在開發一款部分採用微軟<span lang="EN-US">Bing</span>搜尋引擎的網路搜尋產品,將挑戰<span lang="EN-US">Google</span>,目前仍然不清楚這項產品是否會單獨於<span lang="EN-US">ChatGPT</span>之外。但分析師認為,這款<span lang="EN-US">OpenAI</span>搜尋產品帶給<span lang="EN-US">Google</span>的風險並不會太高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除此之外,彭博資訊報導,蘋果已在開發旗艦程式編寫軟體「<span lang="EN-US">Xcode</span>」的新版本,將類似微軟的<span lang="EN-US">GitHub Copilot</span>,能運用<span lang="EN-US">AI</span>預測並完成程式碼區塊,簡化軟體開發的程式編寫流程,計劃最快在今年底前釋出給第三方軟體開發者。蘋果也在探索運用<span lang="EN-US">AI</span>生成測試<span lang="EN-US">App</span>的程式碼。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士透露,蘋果軟體工程資深副總裁費德里吉已告知他的團隊,要為今年的作業系統更新開發多項<span lang="EN-US">AI</span>新功能,而<span lang="EN-US">iOS 18</span>與<span lang="EN-US">iPadOS
18</span>將包含許多<span lang="EN-US">AI</span>新功能,蘋果計劃號稱的這項內部代號「<span lang="EN-US">Crystal</span>」的更新,是<span lang="EN-US">iPhone</span>過去<span lang="EN-US">16</span>年歷史的最重大更新之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、文字生成<span lang="EN-US">AI</span>語音系統<span lang="EN-US">Sora</span>震撼全球<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、將會大量取代文創工作者<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、初期只開放「限量創作者」使用<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">AI</span>發展的速度遠超過人類想像<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、值得憂心的是,<span lang="EN-US">AI</span>未來是否會發展出自己的意識<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">OpenAI<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 吳慧珍,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">17</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">推出生成式聊天機器人<span lang="EN-US">ChatGPT</span>一戰成名後,微軟資助的<span lang="EN-US">AI</span>新創公司<span lang="EN-US">OpenAI</span>又有進軍「影片生成」的創舉,<span lang="EN-US">15</span>日宣布開發出新<span lang="EN-US">AI</span>模型<span lang="EN-US">Sora</span>,可根據文字提示生成長達一分鐘的短影片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OpenAI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">透過部落格貼文聲明指出,<span lang="EN-US">Sora</span>目前用於抓出系統潛在風險的紅隊演練(<span lang="EN-US">Red Teaming</span>),協助辨識<span lang="EN-US">AI</span>系統缺陷,也供視覺藝術家、設計師和電影製作人使用,以獲取他們對<span lang="EN-US">Sora</span>模型的反饋。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">聲明說:「<span lang="EN-US">Sora</span>能生成複雜場景,有多重角色、特定類型動態畫面、精確詳盡的主題與背景。」<span lang="EN-US">Sora</span>除了可以從文字提示生成影片外,還能夠將靜態圖像製成動畫。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Sora</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">依擴散模型(<span lang="EN-US">diffusion model</span>)運作的原理,與<span lang="EN-US">OpenAI</span>現今最強大的圖像生成<span lang="EN-US">AI</span>工具<span lang="EN-US">Dall-E
3</span>很類似。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過<span lang="EN-US">OpenAI</span>也提到,<span lang="EN-US">Sora</span>模型尚未完成,仍有幾項缺陷尚待克服,包括對文字提示的空間細節產生混淆、無法準確模擬複雜場景的物理現象、難以釐清因果關係、依循特定的運鏡軌跡也有困難。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">舉例來說,<span lang="EN-US">Sora</span>生成影片中的主角咬了一口餅乾,餅乾卻未見咬痕,或是跑步機上的人跑錯方向。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OpenAI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">執行長奧特曼(<span lang="EN-US">Sam Altman</span>)在社群平台<span lang="EN-US">X</span>上發文寫道,<span lang="EN-US">Sora</span>模型初時只提供給「限量的創作者」。<span lang="EN-US">OpenAI</span>同時授權一專家團隊,在將<span lang="EN-US">Sora</span>導入該公司產品之前,負責評估該模型的安全性。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">臉書母公司<span lang="EN-US">Meta</span>、<span lang="EN-US">Alphabet</span>旗下谷歌、<span lang="EN-US">Runway AI</span>等,老早就開發文字轉影音的生成器。谷歌今年元月發表影片生成模型 <span lang="EN-US">Lumiere</span>;<span lang="EN-US">Meta</span>去年<span lang="EN-US">9</span>月底推出<span lang="EN-US">AI</span>圖像生成模型<span lang="EN-US">Emu</span>,為該社群媒體巨頭首款生成式<span lang="EN-US">AI</span>產品,可由文本提示編輯生成影像。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">影片生成技術雖加快創作過程,但也引發<span lang="EN-US">AI </span>影響藝術家生計及散播假訊息的疑慮,特別今年適逢關鍵選舉年。<span lang="EN-US">OpenAI</span>正另外開發工具,用以辨別影片是否由<span lang="EN-US">Sora</span>模型生成。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">Sora</span>能夠生成複雜的場景<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Sora</span>能夠具有多重角色以及精確詳盡的主題與背景<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、雖然有缺陷,但<span lang="EN-US">Sora</span>已經非常具有震撼力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">Meta</span>、<span lang="EN-US">Google</span>也在發展文字轉語音的生成器<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來假訊息傳播令人擔憂<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">沃爾瑪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安、記者李泠秭,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">15</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士透露,美國零售巨頭沃爾瑪(<span lang="EN-US">Walmart</span>)正洽談以逾<span lang="EN-US">20</span>億美元,收購智慧電視製造商<span lang="EN-US">Vizio</span>,從而獲得更多銷售廣告與兜售產品的空間,強化與亞馬遜競爭的實力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">相關消息激勵<span lang="EN-US">Vizio 13</span>日收盤勁揚近<span lang="EN-US">25%</span>,<span lang="EN-US">14</span>日早盤跌約<span lang="EN-US">1%</span>。據了解,台廠當中,鴻海集團、群創(<span lang="EN-US">3481</span>)、瑞軒都持有<span lang="EN-US">Vizio</span>股票,若沃爾瑪收購<span lang="EN-US">Vizio</span>成局,相關股東持股價值有望同步大增,沃爾瑪藉由<span lang="EN-US">Vizio</span>擴大搶市的目標明確,將持續衝刺<span lang="EN-US">Vizio</span>電視出貨,群創可望擴大面板出海口,成為交易案大贏家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鴻海集團與群創在<span lang="EN-US">2018</span>年<span lang="EN-US">6</span>月投資<span lang="EN-US">Vizio</span>,藉此衝刺美國電視整機銷售,當時群創持股比重高達<span lang="EN-US">4.14%</span>、鴻海集團則持股約<span lang="EN-US">3.1%</span>,惟之後鴻海集團不再以面板事業為優先,並退出群創董事會,<span lang="EN-US">Vizio</span>之後赴美上市股價也不太理想,鴻海集團與群創也未再對<span lang="EN-US">Vizio</span>相關持股多做說明。如今,沃爾瑪可能出手併購<span lang="EN-US">Vizio</span>,有望活化鴻海集團與群創手中<span lang="EN-US">Vizio</span>持股,進而變現增加更多現金流。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">瑞軒也是<span lang="EN-US">Vizio</span>大股東暨代工夥伴,惟瑞軒近年積極處分<span lang="EN-US">Vizio</span>股,最近一次公告是在今年<span lang="EN-US">2</span>月上旬,當時還認賠賣股,處分損失約<span lang="EN-US">460</span>萬元,處分完畢後,瑞軒目前持有<span lang="EN-US">Vizio</span>股票約<span lang="EN-US">440</span>萬股,持股比率約<span lang="EN-US">2.23</span>%。瑞軒表示,未來還會視<span lang="EN-US">Vizio</span>股價狀況逐步出脫持股。一般預料,若沃爾瑪收購<span lang="EN-US">Vizio</span>,也將順勢買下瑞軒手上<span lang="EN-US">Vizio</span>股票。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華爾街日報(<span lang="EN-US">WSJ</span>)報導,沃爾瑪提議併購<span lang="EN-US">Vizio</span>的談判還在進行中,也可能不會成功。沃爾瑪向來是<span lang="EN-US">Vizio</span>的最大客戶,旗下通路銷售額最高的電視品牌正是<span lang="EN-US">Vizio</span>,但沃爾瑪看中的是取得電視廣告銷售與收視數據,進而壯大廣告營收,而不是要賣更多電視機。電視作業系統的擁有者能夠掌控電視的廣告銷售與收視數據。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在大型零售商打造自家廣告業務並且相競爭之際,這樁談判凸顯消費者數據和投放廣告空間的重要性。沃爾瑪正測試透過聯網電視販售廣告,若成功收購<span lang="EN-US">Vizio</span>,將取得電視作業系統、更多廣告投放空間及廣告收視數據,增添對廣告主的吸引力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">廣告科技業者<span lang="EN-US">Sumulmedia</span>執行長墨根指出,沃爾瑪能藉此交易掌控龐大的自有收視數據,還能結合期消費者購買行為數據。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、沃爾瑪以<span lang="EN-US">20</span>億美元收購智慧電視製造商<span lang="EN-US">Vizio<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Vizio</span>是美籍華人所創立<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、鴻海集團與瑞軒都持有<span lang="EN-US">Vizio<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、過去<span lang="EN-US">Vizio</span>並不是相當成功<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">Vizio</span>前兩年<span lang="EN-US">IPO</span>失敗,因此如果能被沃爾瑪收購是最好選擇<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">巴菲特<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">申報文件顯示,「股神」巴菲特執掌的波克夏公司(<span lang="EN-US">Berkshire
Hathaway</span>)上季減持蘋果、惠普與派拉蒙等持股,加碼西方石油和雪佛龍等石油類股,對最新一筆投資仍「保密到家」。「金融巨鱷」索羅斯的索羅斯基金管理公司則押注美國休閒旅遊並加碼醫療保健類股,卻出清蘋果和安謀持股,可能錯失科技股今年來的強勁漲勢。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">波克夏上季賣出<span lang="EN-US">1,000</span>萬股的蘋果股票,約減持<span lang="EN-US">1%</span>,但仍持有<span lang="EN-US">9.05</span>億股,價值約<span lang="EN-US">1,660</span>億美元,依然是最大持股部位,占股票投資組合近<span lang="EN-US">50%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">波克夏上季加碼買進西方石油與雪佛龍的股票,但大砍惠普持股<span lang="EN-US">78%</span>、減持派拉蒙<span lang="EN-US">32%</span>,並且出清<span lang="EN-US">D.R. Horton</span>、<span lang="EN-US">Markel
Group</span>、<span lang="EN-US">StoneCo</span>等持股。波克夏上季未申報新投資,由於賣多於買,波克夏上季持有的股票數量減少到<span lang="EN-US">41</span>檔。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,波克夏已連續第二季從證管會(<span lang="EN-US">SEC</span>)取得保密待遇,在<span lang="EN-US">13F</span>持股變動申報文件予以省略一檔股票以上持股變動;該公司在進行重大投資時,偶爾會要求這類待遇,包括之前砸數十億美元入股雪佛龍、埃克森美孚、<span lang="EN-US">IBM</span>等公司。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">波克夏在去年<span lang="EN-US">11</span>月公布的第<span lang="EN-US">3</span>季財報暗示,這筆祕密投資可能涉及一家銀行、金融業者或保險公司,但這筆投資可能要到<span lang="EN-US">5</span>月中才會首度揭露,市場將緊盯巴菲特預定<span lang="EN-US">24</span>日公布的致波克夏股東信。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,索羅斯基金管理公司上季敲進捷藍航空、<span lang="EN-US">Spirit</span>航空、<span lang="EN-US">SunCountry</span>航空等廉航業者股票,以及禮來藥廠和默沙東等製藥業者股票,同時出清蘋果、安謀、通用汽車、<span lang="EN-US">PayPal</span>及<span lang="EN-US">Lyft</span>等持股,加碼醫療保健類股的程度甚於其他產業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、巴菲特的投資對象令人關注<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、近年巴菲特成功押寶蘋果<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、巴菲特減持蘋果有重大意義<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、巴菲特加碼買進石油類股票,代表重視傳統能源<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、但大砍惠普<span lang="EN-US">78%</span>,說明硬體製造商處境不佳<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">哈佛<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯吳孟真,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">最新研究顯示,美國哈佛大學的校產基金去年增加<span lang="EN-US">1%</span>至約<span lang="EN-US">495</span>億美元,再度蟬聯全美最有錢的大專院校。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">全美大專院校商務主管協會(<span lang="EN-US">NACUBO</span>)和共同基金研究所(<span lang="EN-US">Commonfund Institute</span>)在研究美國近<span lang="EN-US">700</span>間學術機構的金融資產後,<span lang="EN-US">15</span>日發布報告顯示,哈佛大學去年的校產基金約為<span lang="EN-US">495</span>億美元,為各校之首,更比約旦、波利維亞及巴拉圭等國的國內生產毛額(<span lang="EN-US">GDP</span>)還高,堪稱「富可敵國」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告顯示,去年排名第二的德州大學體系校產基金則為近<span lang="EN-US">450</span>億美元,耶魯大學校產基金略降至約<span lang="EN-US">407</span>億美元,位居第三。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,在止於<span lang="EN-US">2023</span>年<span lang="EN-US">6</span>月<span lang="EN-US">30</span>日的會計年度,美國大專院校校產基金平均報酬率為<span lang="EN-US">7.7%</span>。報告也發現,大專院校<span lang="EN-US">1988~2023</span>年度將校產基金投入另類投資的占比,已從不到<span lang="EN-US">10%</span>提高至逾<span lang="EN-US">50%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告也指出,去年各大學校產基金的主要支出,用於財務援助,各院校平均動用近<span lang="EN-US">48%</span>的款項於這類用途。這份報告發布之際,正值各界持續熱議是否該加強檢視富有且擁有節稅優勢的大學院校。相關人士已質疑,坐擁大比校產基金的大專院校,是否該投入更多資金於降低就學費用門檻。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大專院校則說,校產基金不只扮演銀行功用,而是更要支撐學校的長期未來。各大學也會限制校產基金的支出用途,因為捐款者常指定用途。大學機構也確實以校產基金支應營運,平均以校產基金支應<span lang="EN-US">11%</span>的年度營運預算,校產基金規模更大的比率更達<span lang="EN-US">17%</span>以上。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研究也指出,各大學去年度將約<span lang="EN-US">6.4%</span>的捐贈用於提升校園多元化、平等和包容性(<span lang="EN-US">DEI</span>)用途。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、哈佛是美國最有錢大學<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、校產基金積極投資私募股權基金<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、第二名有錢的學校居然是德州大學<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、可能是因為石油的緣故<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美國大專校產基金投資「另類投資」的占比已提高至<span lang="EN-US">50%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">格芯<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳苓,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">20</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國晶片法案的第三筆補助款得主出爐,拜登政府<span lang="EN-US">19</span>日宣布,將給予美國最大晶圓代工廠格芯(<span lang="EN-US">GlobalFoundries</span>)<span lang="EN-US">15</span>億美元擴產晶片,以強化本土供應鏈,為該法案至今最高撥款額。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據格芯與美國商務部的初步協議,該公司將在紐約州馬爾他(<span lang="EN-US">Malta</span>)打造新的半導體生產工廠,並要擴大在紐約州馬爾他和佛蒙特州伯靈頓的現有生產。與此同時,政府還將提供<span lang="EN-US">16</span>億美元的聯邦優惠貸款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">白宮國家經濟委員會主管布蘭納德(<span lang="EN-US">Lael Brainard</span>)說:「今日的投資,將藉由擴大衛星和太空通訊等晶片的國內生產,來保護國家安全。」參議院多數黨領袖舒默說,這是晶片法案至今最高額的初步補助。據商務部,格芯的擴產項目將創造逾<span lang="EN-US">1</span>萬個工作機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">商務部長雷蒙多說,格芯馬爾他工廠的擴建,將確保通用汽車(<span lang="EN-US">GM</span>)等汽車供應商和製造商,能取得穩定的晶片供給。格芯和通用汽車本月<span lang="EN-US">9</span>日已宣布了長期協議,通用將能取得美國製的處理器,避免晶片短缺導致工廠停產的事件重演。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雷蒙多並說,格芯馬爾他的新廠將生產美國目前尚未生產的高價值晶片。而整修後的伯靈頓工廠,將是美國第一家能夠大量生產次世代氮化鎵(<span lang="EN-US">GaN</span>)矽晶片的工廠,此種晶片可用於電動車、電網和智慧機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">晶片法案先前兩筆補助款的金額較小,商務部去年<span lang="EN-US">12</span>月公告英國航太系統(<span lang="EN-US">BAE Systems</span>)的美國子公司將獲<span lang="EN-US">3,500</span>萬美元補助,上月又表示微晶片科技(<span lang="EN-US">Microchip</span>)將獲<span lang="EN-US">1.62</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雷蒙多說,未來幾個月將宣布更多補助對象。晶片業高層表示,預料拜登<span lang="EN-US">3</span>月<span lang="EN-US">7</span>日發布國情咨文前,將發布重大補助;台積電和三星電子預料也將在補助清單上。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">晶片法案包含<span lang="EN-US">390</span>億美元直接補助,與<span lang="EN-US">750</span>億美元的貸款和貸款擔保,但發放過程緩慢。據傳英特爾正與拜登當局商討逾<span lang="EN-US">100</span>億美元的補助,倘若成真,將是此一法案迄今的最高額補助。英特爾正在擴建美國工廠,包括計劃中的俄亥俄廠,該廠可能是全球最大的晶圓廠。該公司說,擴廠速度部分取決於政府補助金額。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、格芯是全世界第四大晶圓代工商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、原來有謠傳英特爾要併購格芯<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但後來格芯選擇自己上市<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、拜登政府撥給格芯<span lang="EN-US">15</span>億美元,擴產晶片<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、主要目的是強化本土供應鏈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">垃圾債<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">20</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在今年債市普遍上漲之際,美國風險最高的「垃圾級」公司債價格卻不漲反跌,反映投資人擔憂企業的資金來源不穩定,以及低評級發債公司恐面臨更深的苦痛。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)報導,根據<span lang="EN-US">Ice
BofA</span>指數,目前信評等級最低的<span lang="EN-US">CCC</span>公司債,平均殖利率已升至<span lang="EN-US">13.6%</span>,高於去年底的逾<span lang="EN-US">13%</span>。當債券殖利率上升,價格走勢反向下跌。代表債券與公債殖利率差距的信用利差,同期則由<span lang="EN-US">8.51</span>個百分點擴大至<span lang="EN-US">9.28</span>個百分點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這與近幾周高品質債券的漲勢形成鮮明對比,這波漲勢也掀起發債潮。投資等級債券的發行者,在<span lang="EN-US">1</span>月的債券標售規模創下紀錄,高殖利率垃圾債的發售額也衝上兩年高點,顯示企業財務長把握殖利率下跌的機會,以更誘人的利率借款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資人和分析師表示,最高品質債券和最低品質債券的利差,顯示外界持續擔憂高風險公司失去融資管道,恐加深這類公司的困境,這種情況可能引發更多違約。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資管理公司<span lang="EN-US">King Street Capital</span>合夥人泰斯特曼表示,對於體質最差的公司來說,籌資管道會更少,這可能導致更多違約。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">垃圾債中最高級別的<span lang="EN-US">BB</span>級債券,在<span lang="EN-US">2</span>月<span lang="EN-US">15</span>日的平均利差為<span lang="EN-US">2.01</span>個百分點,甚至比去年底公司債需求飆升時的水準還低,此前聯準會(<span lang="EN-US">Fed</span>)表示將於<span lang="EN-US">2024</span>年開始削減借貸成本。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">泰斯特曼表示,評級較低和評級較高垃圾債券在利差方面的差距,意味著市場認為<span lang="EN-US">CCC</span>級債券市場的違約率將走高,違約後債權人的回收率將更低。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Ice BofA</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">指數中的<span lang="EN-US">CCC</span>債券發行者,包括最近與<span lang="EN-US">EchoStar</span>合併的電視集團<span lang="EN-US">Dish</span>。<span lang="EN-US">EchoStar</span>隨後提出一系列「不良資產交換」,這種交易通常涉及投資人被要求將其持有的部分債務,換成價值較低的資產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">標普全球評級公司說,<span lang="EN-US">AAA</span>級借款人今年可能面臨現金流疲軟和利息支出上升的局面,<span lang="EN-US">2024</span>年的違約將主要來自面向消費者的領域,例如消費品、媒體和娛樂產業,以及槓桿率仍然很高的醫療保健產業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、全球經濟前景不佳<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、「垃圾級」公司債價格不漲反跌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、反映投資人擔憂企業的資金來源不穩定<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來市場好的公司會更好,差的公司將被淘汰<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、很多企業會被降級成垃圾債券<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">亞馬遜<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 顏嘉南,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">22</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">標普道瓊指數公司(<span lang="EN-US">S</span>&<span lang="EN-US">P Dow
Jones Indices</span>)<span lang="EN-US">20</span>日宣布,電商巨頭亞馬遜(<span lang="EN-US">Amazon</span>)<span lang="EN-US">2</span>月<span lang="EN-US">26</span>日起取代美國連鎖藥局沃爾格林(<span lang="EN-US">Walgreens
Boots Alliance</span>),加入道瓊工業平均指數,剛納入其權重占比排名就高居第<span lang="EN-US">17</span>大。消息帶動亞馬遜股價<span lang="EN-US">21</span>日早盤勁揚<span lang="EN-US">1.3</span>%,報<span lang="EN-US">169.17</span>美元,沃爾格林股價挫低<span lang="EN-US">2.7</span>%,降至<span lang="EN-US">21.71</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一方面,據呈交美國證交會(<span lang="EN-US">SEC</span>)的文件顯示,亞馬遜創辦人暨執行董事長貝佐斯(<span lang="EN-US">Jeff Bezos</span>)在短短<span lang="EN-US">9</span>個交易日完成出售<span lang="EN-US">5,000</span>萬股亞馬遜股票的計畫,總計套現<span lang="EN-US">85</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">標普道瓊指數公司表示,這項調整係因為沃爾瑪將股票<span lang="EN-US">1</span>分為<span lang="EN-US">3</span>,此舉降低沃爾瑪在道指的權重。道指為價格加權指數,股價較高的股票權重也更高。亞馬遜將在沃爾瑪執行股票分割同日(<span lang="EN-US">26</span>日)加入道瓊指數。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">亞馬遜進入道指、沃爾格林退出和沃爾瑪股票分拆,道指成分股的權重將大洗牌。屆時亞馬遜的權重將在道指<span lang="EN-US">30</span>檔成分股中排名第<span lang="EN-US">17</span>,沃爾瑪的權重將從<span lang="EN-US">17</span>降至<span lang="EN-US">26</span>。聯合健康集團(<span lang="EN-US">UnitedHealth
Group</span>)仍穩坐龍頭,權重<span lang="EN-US">9</span>%,微軟與高盛居次,約<span lang="EN-US">7</span>%。遭剔除的沃爾格林最低,僅<span lang="EN-US">0.4</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">沃爾格林在<span lang="EN-US">2018</span>年<span lang="EN-US">6</span>月納入道指,但自此之後股價便直線下滑,市值縮水逾三分之二。反觀亞馬遜自去年初起,股價翻揚將近一倍,目前市值逾<span lang="EN-US">1.7</span>兆美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另據文件顯示,貝佐斯在<span lang="EN-US">20</span>日止的<span lang="EN-US">3</span>個交易日出售逾<span lang="EN-US">1,400</span>萬股亞馬遜股票,價值約<span lang="EN-US">21.5</span>億美元。在此之前,貝佐斯自<span lang="EN-US">2</span>月<span lang="EN-US">7</span>日起出脫<span lang="EN-US">3,600</span>萬股亞馬遜股票。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">貝佐斯本次總計出售<span lang="EN-US">5,000</span>萬股持股,這是去年<span lang="EN-US">11</span>月預先安排的交易。依據售股計畫顯示,貝佐斯可在<span lang="EN-US">2025</span>年<span lang="EN-US">1</span>月<span lang="EN-US">31</span>日前出售至多<span lang="EN-US">5,000</span>萬股。他目前仍持有價值<span lang="EN-US">1,640</span>億美元亞馬遜股票。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在這批售股計畫之前,貝佐斯自<span lang="EN-US">2021</span>年<span lang="EN-US">5</span>月以來未曾出售亞馬遜股票,那年他卸下亞馬遜執行長職務。貝佐斯並未揭露出售股款的用途。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、亞馬遜加入道瓊指數意義重大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、一開始權重排名就高居第<span lang="EN-US">17</span>大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、貝佐斯出售<span lang="EN-US">5,000</span>萬股,套現<span lang="EN-US">85</span>億美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、共有<span lang="EN-US">30</span>檔成分股,沃爾瑪的權重將從<span lang="EN-US">17</span>降至<span lang="EN-US">26<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、互聯網地位愈來愈重要<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電動車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">19</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪董事長兼總裁王傳福昨(<span lang="EN-US">18</span>)日在廣東省高質量發展大會上表示,大陸新能源汽車產銷量已連續九年全球第一,占到全球<span lang="EN-US">60%</span>以上比重,電動車發展進一步提速,預計今年電動車單月滲透率將超過<span lang="EN-US">50%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">深視新聞報導,廣東省委、省政府昨天在深圳召開全省高質量發展大會,在企業經營者和科技教育界代表發言議程上,王傳福是首位上台發言的企業代表。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「新能源汽車發展只會愈跑愈快,不會給我們停下來、慢下來、喘口氣的機會。」王傳福表示,未來汽車產業將面臨三大發展機遇:一是汽車電動化進一步深入,大陸電動車滲透率將持續增長;二是大陸汽車高端品牌發力;三是出口加速。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">王傳福說,大陸汽車電動化將進一步深入,與此同時,中國品牌在大陸市場占有率不斷提升,已經從<span lang="EN-US">2020</span>年的<span lang="EN-US">38%</span>,提升至去年的<span lang="EN-US">56%</span>。而為了伴隨中國品牌「走出去」,比亞迪也進入滾裝船業務領域,王傳福稱,第一艘滾裝船「開拓者<span lang="EN-US">1</span>號」今年<span lang="EN-US">1</span>月已實現首航發運;未來兩年,還會有七艘滾裝船陸續投入營運,緩解出口運力不足,推動廣東新能源汽車進入全球更多國家和地區。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國電動汽車百人會副理事長兼秘書長張永偉在今年初預判,<span lang="EN-US">2024</span>年電動車整體滲透率超過<span lang="EN-US">40%</span>;中金則預計<span lang="EN-US">2024</span>電動車滲透率達<span lang="EN-US">46%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸工信部副部長辛國斌在<span lang="EN-US">1</span>月<span lang="EN-US">19</span>日國新辦記者會上指出,去年新能源汽車新車銷量達到汽車新車總銷量的<span lang="EN-US">31.6%</span>,換言之,去年大陸電動車滲透率為<span lang="EN-US">31.6%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸新能源車銷量已達全球<span lang="EN-US">60%</span>以上比重<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、今年單月滲透率將超過<span lang="EN-US">50%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、這是很驚人的數字<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中國品牌電動車市占率,從<span lang="EN-US">2020</span>年的<span lang="EN-US">38%</span>,提升至去年的<span lang="EN-US">56%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國電動車產業正積極走出去<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt; text-align: justify; text-justify: inter-ideograph;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">17</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">作為大陸新能源車市的「領頭羊」,比亞迪去年售出<span lang="EN-US">302.44</span>萬輛,完成<span lang="EN-US">300</span>萬輛的年銷量目標。按照比亞迪官方預計,今年銷量目標是<span lang="EN-US">450</span>萬輛,成長<span lang="EN-US">50%</span>,換算下來平均每月要售出<span lang="EN-US">37.5</span>萬輛。而華為與賽力斯共同推出的新能源汽車品牌問界則給出五倍增長目標,今年挑戰<span lang="EN-US">60</span>萬輛。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鈦媒體報導,比亞迪在大陸的市占率已接近頂峰,再往上突破有很大難度,因此正積極布局海外市場,不僅在東南亞和美洲、歐洲等市場,還屢次進入汽車進口禁區——日本。比亞迪想完成<span lang="EN-US">450</span>萬輛的目標,海外市場將是關鍵。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">傳統車企中,一汽、廣汽、長安等以合資品牌為主的汽車集團,旗下的新能源品牌非常激進,上汽旗下的智己品牌<span lang="EN-US">2024</span>年銷量目標為<span lang="EN-US">12</span>萬到<span lang="EN-US">13</span>萬輛,和<span lang="EN-US">2023</span>年累計銷量<span lang="EN-US">38,253</span>輛相比,增幅達兩倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而廣汽旗下新能源品牌埃安,外傳將在今年挑戰<span lang="EN-US">80</span>萬輛,<span lang="EN-US">2023</span>年廣汽埃安以超<span lang="EN-US">48.3</span>萬輛的成績,僅次於比亞迪和特斯拉中國。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">長安汽車將在今年衝刺<span lang="EN-US">280</span>萬輛,年增<span lang="EN-US">9.7%</span>,市占率突破<span lang="EN-US"> 9.1%</span>。長安集團旗下的深藍汽車、阿維塔等品牌,都立下了翻兩倍的目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">造車新勢力方面保持著向來激進姿態,理想汽車在新年第一天就宣布<span lang="EN-US">80</span>萬輛的銷量倍增目標,理想汽車董事長李想直言,將「致力於成為大陸市場豪華品牌銷量第一」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">問界則「狂妄」地給出了五倍增長的目標,表示將在今年挑戰<span lang="EN-US">60</span>萬輛,問界最大的底氣無疑來自華為賦能,新問界<span lang="EN-US">M7</span>後勁足,問界<span lang="EN-US">M9</span>則訂單足,今年還將推出問界<span lang="EN-US">M7</span>和問界<span lang="EN-US">M5</span>的改款車型,以及全新<span lang="EN-US">SUV</span>問界<span lang="EN-US">M8</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蔚來目標銷量只有兩位數的增長,今年主要任務是推出第二品牌阿爾卑斯,力求儘快甩掉虧損的包袱。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">實際上,根據中國汽車工業協會(中汽協)預測,<span lang="EN-US">2024</span>年大陸汽車總銷量將會超過<span lang="EN-US">3,100</span>萬輛,年增<span lang="EN-US">3%</span>,和各大車企的動輒數倍增長的銷量目標相比,增速相對平緩,這預告今年汽車市場的「內卷」程度將進入白熱化,大陸車企們也將面對更大的挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoListParagraph" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; mso-pagination: widow-orphan; mso-para-margin-left: 0gd; tab-stops: 162.0pt; text-indent: -36.0pt;"><!--[if !supportLists]--><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: 微軟正黑體; mso-font-kerning: 0pt;"><span style="mso-list: Ignore;">第一、<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪去年銷售超過<span lang="EN-US">300</span>萬輛<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、今年銷量目標是<span lang="EN-US">450</span>萬輛,成長<span lang="EN-US">50%</span>,進度非常驚人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、比亞迪積極布局海外市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、除了東南亞和美歐之外,比亞迪還進入日本市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國傳統車汽如一汽,也積極跨入電動車領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為折疊機<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場調查機構<span lang="EN-US">IDC</span>發布報告,<span lang="EN-US">2023</span>年全年大陸折疊手機市場出貨量約<span lang="EN-US">700.7</span>萬支,年增<span lang="EN-US">114.5%</span>。其中華為奪得<span lang="EN-US">2023</span>年大陸折疊手機市場銷量冠軍,市占達到<span lang="EN-US">37.4%</span>,遙遙領先其它手機廠商。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">快科技報導,<span lang="EN-US">IDC</span>中國高級分析師郭天翔認為,折疊手機依然是各廠商<span lang="EN-US">2024</span>年重點打造的產品,更多手機廠商的參與和更多產品的推出,將會繼續推動折疊手機市場的快速發展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華為拿下第一的最大功臣自然是華為<span lang="EN-US">Mate X5</span>手機,該機上市後一直處於加價購買狀態,且供不應求,成為年度爆款折疊手機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在華為<span lang="EN-US">Mate X5</span>開啟預售時,華為常務董事、終端<span lang="EN-US">BG CEO</span>余承東說:「最強折疊手機還得看華為!」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華為<span lang="EN-US">Mate X5</span>搭載麒麟<span lang="EN-US">9000s</span>晶片,與華為<span lang="EN-US">Mate 60</span>系列手機是同款晶片,顯然,麒麟晶片的回歸是<span lang="EN-US">Mate X5</span>被搶購的原因之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OPPO</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">獲得<span lang="EN-US">18.3%</span>的市占,排名第二,其中在豎折產品(上下折疊機)市場以<span lang="EN-US">36.3%</span>的市占位居第一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">榮耀在<span lang="EN-US">2023</span>年下半年致力於折疊手機市場,憑藉<span lang="EN-US">Magic V2</span>等多款折疊新品的熱銷獲得全年折疊手機市場第三,市占<span lang="EN-US">17.7%</span>,出貨量年增<span lang="EN-US">467%</span>,增速最快。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">三星在全球折疊手機市場中占據超過一半以上的市占,但在競爭激烈的大陸市場只獲得<span lang="EN-US">11%</span>的市占,排名第四。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">vivo</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">則排名第五,<span lang="EN-US">2023</span>年最早發布的<span lang="EN-US">5G</span>橫折產品<span lang="EN-US">X Fold 2</span>即將迎來換代。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">每日經濟新聞報導,自<span lang="EN-US">2019</span>年首款產品上市以來,大陸折疊手機市場連續四年增速超過<span lang="EN-US">100%</span>。隨著安卓廠商和上游供應鏈持續加大研發投入,以及軟硬體的優化,加上價格的進一步下探,更多消費者願意嘗鮮使用折疊手機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">價格方面,根據<span lang="EN-US">IDC</span>數據,<span lang="EN-US">2023</span>年大陸<span lang="EN-US">1,000</span>美元(約新台幣<span lang="EN-US">3.2</span>萬元)以上的折疊手機市占已經由前年的<span lang="EN-US">81%</span>下降到<span lang="EN-US">66.5%</span>,年減<span lang="EN-US">14.5</span>個百分點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除了整體成本的下降,豎折形態的產品相對而言售價更低,也使得<span lang="EN-US">2023</span>年折疊手機的售價下探到<span lang="EN-US">400</span>美元到<span lang="EN-US">600</span>美元價格段(約新台幣<span lang="EN-US">1.3</span>萬元到<span lang="EN-US">1.9</span>萬元)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">從產品形態來看,雖然豎折產品價格相對更低,但橫折產品憑藉更能體現折疊手機的大螢幕使用體驗,獲得更多大陸消費者的青睞。<span lang="EN-US">IDC</span>資料顯示,<span lang="EN-US">2023</span>年大陸橫折產品市占重新增加到<span lang="EN-US">68.1%</span>,年增<span lang="EN-US">10.4</span>個百分點。 <span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中國非常流行折疊機<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、華為是折疊機的領導者<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、華為在中國的折疊機是第二名的兩倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、三星也積極發展折疊機<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、折疊機代表手機發展的另一個新趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">蘋果折疊機<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲、記者蕭君暉,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">22</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近期市場傳出蘋果擱置折疊手機開發計畫,惟南韓媒體打臉相關傳聞,並披露蘋果對折疊手機「不止是探索,而是要積極達陣」,已調度多名頭戴裝置<span lang="EN-US">Vision Pro</span>團隊關鍵成員投入開發折疊<span lang="EN-US">iPhone</span>,預計<span lang="EN-US">2026</span>年推出,首年銷量目標<span lang="EN-US">5,000</span>萬支,遠高於目前折疊手機市場規模,誓言稱霸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前全球折疊機龍頭為三星,蘋果力圖彎道超車,成為折疊手機霸主,外界預期,鴻海(<span lang="EN-US">2317</span>)將是主要代工廠,大立光、兆利等蘋概股同樣吃香。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對大客戶蘋果未來是否與鴻海擴大合作,鴻海董事長劉揚偉<span lang="EN-US">20</span>日於鴻海<span lang="EN-US">50</span>周年晚宴前受訪時透露,雖然鴻海不對單一客戶評論,但可以確定未來雙方會有更深入、更廣泛合作,「這是非常確定的」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓媒《<span lang="EN-US">Alpha Economy</span>》 引述消息人士談話報導,蘋果頭戴裝置<span lang="EN-US">Vision Pro</span>團隊的不少關鍵成員,已經轉去開發折疊<span lang="EN-US">iPhone</span>,這些人員的特長在顯示技術,透露蘋果力圖克服先前的障礙,例如擔心折疊手機顯示螢幕的耐折程度。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,以三星最近拿到的美國軍用標準「<span lang="EN-US">MIL-STD 810G</span>」技術認證的標準來看,折疊螢幕現在耐用度大有進步,三星為蘋果終端產品螢幕主力供應商,其在折疊螢幕技術報捷,有助蘋果開發折疊<span lang="EN-US">iPhone</span>,打破先前業界盛傳蘋果因折疊螢幕技術問題而擱置開發折疊<span lang="EN-US">iPhone</span>的傳聞。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一般預料,蘋果若在<span lang="EN-US">2026</span>年推出折疊<span lang="EN-US">iPhone</span>,將隨著當年度的<span lang="EN-US">iPhone 18</span>系列發表,而且會在三星屆時的最新折疊機<span lang="EN-US">Galaxy Z Fold 8</span>之後。三星一向都在每年<span lang="EN-US">8</span>月發表新品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,蘋果傳出研發兩種類型折疊原型機,一種是類似三星<span lang="EN-US">Galaxy Z
Flip</span>的蚌殼式折疊機,另一種是向內折疊,打開後像是個小型<span lang="EN-US">iPad</span>的<span lang="EN-US">8</span>吋螢幕折疊機。向內折疊、螢幕增大應該是研發方向,因為向內折疊較為耐用。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一家韓媒《<span lang="EN-US">The Elec</span>》則認為,蘋果首款折疊產品要等到<span lang="EN-US">2026</span>年至<span lang="EN-US">2027</span>年間問世,而且不一定是折疊<span lang="EN-US">iPhone</span>。據悉,蘋果正在考慮一款螢幕大小介於<span lang="EN-US">7</span>吋到<span lang="EN-US">8</span>吋的折疊產品,可能會用來取代<span lang="EN-US">8.3</span>吋的<span lang="EN-US">iPad
mini</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界認為,蘋果正認真投入研發折疊產品,以蘋果過去的創新軌跡,顯然在沒有完全成功精進折疊機概念之前,不會輕易出手。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、蘋果折疊機發展速度落後中國<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、蘋果在很多趨勢都落後同業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、小米已經跨入電動車領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、蘋果跨入元宇宙頭盔反映不佳<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、蘋果市值已被微軟超越,未來可能差距會拉開<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">香港上市<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 蘇崇愷,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2024</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年以來,企業叩關港股熱度持續升溫,<span lang="EN-US">1</span>月份向港交所申請<span lang="EN-US">IPO</span>的企業數為<span lang="EN-US">14</span>家。港交所統計,截至<span lang="EN-US">14</span>日,<span lang="EN-US">2</span>月已有<span lang="EN-US">14</span>家企業申請上市。截至<span lang="EN-US">19</span>日,港交所正在處理的上市申請案達<span lang="EN-US">75</span>起,其中年內赴港上市意願較強的陸企,主要來自衣食住行、生技業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">上海證券報報導,陸企已成為港股<span lang="EN-US">IPO</span>主力。在<span lang="EN-US">2023</span>年港股新上市的企業中,超過九成的企業來自大陸。觀察<span lang="EN-US">2024</span>年赴港上市企業,在已上市的<span lang="EN-US">5</span>家公司中,有<span lang="EN-US">4</span>家公司的辦公地點在大陸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">值得注意的是,近年來,港股上市申請審核效率較高。從上市申請的審閱時間來看,截至<span lang="EN-US">2023</span>年<span lang="EN-US">6</span>月<span lang="EN-US">30</span>日的三年內,香港證監會完成審閱<span lang="EN-US">389</span>起上市申請,其中<span lang="EN-US">92</span>%的申請所需的審閱時間低於<span lang="EN-US">60</span>個營業日。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,港交所<span lang="EN-US">IPO</span>的審查速度也相對較快。香港華夏證券行政總裁王榮昆表示,港股上市申請通常需要<span lang="EN-US">6</span>個月至<span lang="EN-US">9</span>個月的時間來審批和審核。而香港較快的上市速度,也為陸企提供更快速的融資管道。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中泰國際策略分析師顏招駿表示,目前港股為大陸獨角獸企業提供較好的「上市港灣」。<span lang="EN-US">2023</span>年<span lang="EN-US">12</span>月至<span lang="EN-US">2014</span>年<span lang="EN-US">1</span>月,瑞浦蘭鈞、知行汽車科技、優必選、速騰聚創等多家獨角獸企業<span lang="EN-US">IPO</span>,掀起一小波港股上市潮。在<span lang="EN-US">2024</span>年遞表港交所的企業中,以衣食住行、生技業居多。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、香港去年表現非常糟糕<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、大部分企業不願意去香港上市<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、未來只有中國企業願意去香港上市<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、目前已經沒有很多互聯網公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來香港面臨中國大陸<span lang="EN-US">A</span>股市場的競爭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">塔塔晶圓廠<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯簡國帆、記者李孟珊,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">印度經濟時報引述知情官員的談話報導,印度塔塔集團可能攜手聯電(<span lang="EN-US">2303</span>)或力積電等台灣晶圓代工廠,在印度境內打造當地首座晶圓廠,主要生產成熟製程晶片,初期規劃月產能<span lang="EN-US">2.5</span>萬片。若成局,將是台灣半導體業首度在印度設晶圓廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於相關消息,聯電與力積電昨(<span lang="EN-US">20</span>)日都不予回應。業界人士指出,印媒的報導其來有自,尤其近年地緣政治議題升溫,晶片在地製造議題浮出檯面,印度積極爭取大廠進駐,對半導體需求龐大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">力積電董座黃崇仁曾於<span lang="EN-US">2023</span>年初透露,接獲前往印度協助設廠的邀請,但當時他並未透露邀約對象與細節。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">力積電迄今尚未宣布投資印度,反而先與日商<span lang="EN-US">SBI Holdings, Inc.</span>攜手在日本合資蓋<span lang="EN-US">12</span>吋廠,落腳宮城縣黑川區大衡村的第二北仙台中央工業園區,預定量產<span lang="EN-US">28</span>奈米至<span lang="EN-US">55</span>奈米製程,初期月產能規劃<span lang="EN-US">1</span>萬片,最終月產能目標<span lang="EN-US">4</span>萬片,鎖定車用晶片市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">聯電方面,近年也陸續被印度媒體披露派員赴印度考察,討論在當地設廠的機會,惟聯電迄今也尚無投資印度的動作,而是在<span lang="EN-US">2022</span>年啟動在新加坡設立<span lang="EN-US">22</span>奈米新廠的策略,該廠預計今年第<span lang="EN-US">2</span>季末完成,<span lang="EN-US">2025</span>年初量產,第一階段月產能上看<span lang="EN-US">2</span>萬至<span lang="EN-US">3</span>萬片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">即便聯電與力積電都沒有正式宣布投資印度,印度經濟時報報導,印度塔塔集團可能攜手聯電或力積電等台灣晶圓代工廠,在印度古加拉特邦<span lang="EN-US">Dholera</span>打造一座晶圓廠,初期鎖定<span lang="EN-US">65</span>奈米成熟製程,月產能<span lang="EN-US">2.5</span>萬片,後續將升級為<span lang="EN-US">48</span>奈米與<span lang="EN-US">28</span>奈米,並在幾年後支持生產繪圖處理器(<span lang="EN-US">GPU</span>)、消費電子產品及物聯網(<span lang="EN-US">IoT</span>)等應用晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">印度經濟時報引述消息人士談話指出,塔塔集團已敲定這座工廠的土地細節,可能近期動土,但塔塔集團進入<span lang="EN-US">28</span>奈米製程的計畫可能要花一段時間,因為必須確保印度市場的成熟製程訂單量充足。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、印度積極發展晶圓生產製造<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、力積電獲得很多國家的邀請<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、力積電投資海外市場關鍵在於政府有補助<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、東歐跟東南亞國家也在爭取台灣投資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台積電跟聯電目前投資地點非常聚焦<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">瑞薩<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 佘葳芸,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日本晶片供應商瑞薩(<span lang="EN-US">Renesas</span>)於<span lang="EN-US">15</span>日宣布,斥資<span lang="EN-US">91</span>億澳元(約<span lang="EN-US">59.1</span>億美元)收購澳洲軟體公司<span lang="EN-US">Altium</span>,以簡化其電子設計的流程,兩邊董事會已經同意此一交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">瑞薩擬透過銀行貸款和現金,以每股<span lang="EN-US">68.50</span>澳元(<span lang="EN-US">44.46</span>美元)收購<span lang="EN-US">Altium</span>。<span lang="EN-US">Altium</span>前一天收盤價為每股<span lang="EN-US">51.26</span>澳元,溢價高達<span lang="EN-US">33.6</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消息一出,在澳洲股市交易的<span lang="EN-US">Altium</span>股價暴漲<span lang="EN-US">31</span>%,當天早盤觸及每股<span lang="EN-US">67</span>澳元的歷史新高,收漲近<span lang="EN-US">29</span>%報<span lang="EN-US">66</span>澳元。而在日本股市掛牌的瑞薩電子則收跌<span lang="EN-US">2.54</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">由於<span lang="EN-US">Altium</span>主要業務為開發印刷電路板(<span lang="EN-US">PCB</span>)的設計工具,瑞薩認為此次收購將為其減少開發成本、加快創新速度。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,瑞薩認為,該筆收購即使沒有帶來綜效,也將帶來協同效應、立即增加收益。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Altium</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">曾在三年前拒絕美商<span lang="EN-US">Autodesk</span>的收購提議,這次預計成為瑞薩旗下子公司後,其執行長<span lang="EN-US">Aram Mirkazemi</span>將繼續帶領原有業務,他表示:「在與瑞薩電子緊密合作近兩年後,我們很高興能成為瑞薩電子的一員。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">瑞薩電子上個月甫以約<span lang="EN-US">3.39</span>億美元價格,收購美商<span lang="EN-US">Transphorm</span>(<span lang="EN-US">GaN</span>功率轉換產品),預計<span lang="EN-US">Altium</span>收購案將於今年下半年完成,仍須獲得股東和澳洲監管機構的批准。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日本券商<span lang="EN-US">Monex</span>策略主任柯爾(<span lang="EN-US">Jesper
Koll</span>)指出,瑞薩決心奪回全球晶片製造鏈的主導地位。該公司擁有大量閒置資本,加上日本政府實質的零利率政策,為其野心提供充足銀彈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">科爾預測,到<span lang="EN-US">2028</span>至<span lang="EN-US">2030</span>年間,瑞薩將掌握全球晶片製造鏈高達三分之一,較目前的比重增加超過一倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、瑞薩收購軟體公司令人耳目一新<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、特別是這家公司來自澳洲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、硬軟的結合模範生是美國的博通<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、在<span lang="EN-US">AI</span>快速發展下,未來科技公司模式需要適度的垂直整合<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、瑞薩是日系半導體公司相對保守<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">嗶經濟<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 戴瑞瑤,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">19</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">國人去年非現金支付成績單出爐,根據金管會統計,去年國人使用非現金支付交易金額達<span lang="EN-US">7.27</span>兆元,等於民間消費約有<span lang="EN-US">6</span>成使用非現金支付,其中以信用卡的貢獻最大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金管會統計指出,去年國人非現金支付交易筆數共<span lang="EN-US">69.12</span>億筆,年成長<span lang="EN-US">27</span>%,離金管會的目標<span lang="EN-US">78</span>億筆,達成率為<span lang="EN-US">88</span>%。去年使用非現金支付的金額達<span lang="EN-US">7.27</span>兆元,年增<span lang="EN-US">18</span>%,則是超過金管會所訂的目標<span lang="EN-US">6</span>兆元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金管會從<span lang="EN-US">2015</span>年提出「電子化支付比率五年倍增計畫」,在<span lang="EN-US">2021</span>年改為每三年成長的目標,設定筆數、金額目標。第一期目標從<span lang="EN-US">2021</span>年~<span lang="EN-US">2023</span>年,非現金支付交易筆數要成長<span lang="EN-US">50</span>%,也就是要達到<span lang="EN-US">78</span>億筆、金額要達到<span lang="EN-US">6</span>兆元,最終結果是筆數未達標,但金額順利超前達標。主要是因疫情導致搭乘大眾運輸人數還未回到疫情前,拿儲值卡搭乘大眾運輸的交易筆數成長不如預期導致。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年國人使用非現金支付的交易<span lang="EN-US">7.27</span>兆元,以民間消費總金額<span lang="EN-US">11.3</span>兆元來估算,非現金支付消費比重已達到<span lang="EN-US">64</span>%,相較<span lang="EN-US">2019</span>年的<span lang="EN-US">50</span>%高出許多,等於國人現在有<span lang="EN-US">6</span>成的民間消費,包含交通、購物、旅遊等,不再是拿現金來支付,改採非現金支付工具。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">觀察去年國人最常使用的非現金支付工具主要有四項,包含信用卡、儲值卡、電子支付、<span lang="EN-US">ATM</span>轉帳購物,金額以信用卡貢獻最大,約<span lang="EN-US">4</span>兆元為信用卡支付;筆數則是儲值卡貢獻最大,約<span lang="EN-US">28</span>億筆是來自儲值卡。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對第二期目標,金管會已提出<span lang="EN-US">2026</span>年非現金支付交易筆數要達<span lang="EN-US">80</span>億筆、交易金額要達<span lang="EN-US">10</span>兆元的目標。金管會表示,第一期的目標若用全台<span lang="EN-US">2,350</span>萬人來推估,每人每年非現金支付有<span lang="EN-US">330</span>筆,等於每人每天都用非現金工具完成一筆交易,且每人每年有<span lang="EN-US">25</span>萬元支出是透過非現金工具支付;第二期目標是<span lang="EN-US">2026</span>年要達到<span lang="EN-US">80</span>億筆、<span lang="EN-US">10</span>兆元,若能達標,將會是每人每年非現金支付有<span lang="EN-US">340</span>筆、<span lang="EN-US">42.5</span>萬元的交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、國人電子交易大幅增加<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、電子化支付比例提高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但台灣金融科技仍落後東南亞<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、政府法令限制是一大問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、領導者需要有整體的思維<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">台電<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者江睿智,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">19</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台電滾雪球虧損已成燙手山芋。經濟部已在<span lang="EN-US">2024</span>年編列千億元台電增資預算,並獲立院通過,台電將在本周五(<span lang="EN-US">23</span>日)召開股東臨時會通過增資案,台電資本將擴大至<span lang="EN-US">5,800</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">然而,台電增資速度抵不上虧損速度。才剛增資,台電<span lang="EN-US">2024</span>年預計虧損近<span lang="EN-US">2,000</span>億元,相當驚人,如果政府沒有採取任何行動,台電今年再度陷入「資不抵債」的局面。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">因此,經濟部現向行政院爭取<span lang="EN-US">2023</span>年歲計賸餘<span lang="EN-US">1,000</span>億元以上撥補台電,官員表示,這次爭取額度不是增資,希望直接讓台電打掉虧損,以利台電現金流。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">財政部日前公布,<span lang="EN-US">2023</span>年全國總稅收<span lang="EN-US">3</span>兆<span lang="EN-US">4,319</span>億元、年增<span lang="EN-US">5.7%</span>,創新高,財政部預估全年稅收再超徵<span lang="EN-US">3,617</span>億元,換言之,<span lang="EN-US">2023</span>年將有歲計賸餘,惟主計總處說,整體稅收包含中央、地方,最終歲計賸餘仍須確定。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但<span lang="EN-US">2023</span>年確定有歲計賸餘,成為各方爭取分配的焦點,包括勞保、健保及台電。勞長許銘春表示,爭取勞保撥補不得少於<span lang="EN-US">300</span>億元,經濟部爭取千億元以上撥補。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">因各方都在爭取<span lang="EN-US">2023</span>年歲計賸餘這塊大餅,經濟部能否爭取到千億元以上,甚至更多,以打掉台電虧損,讓電價少漲,現仍有變數。「到時看看誰的比較急迫,」經濟部高層官員說。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣電價偏低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、提高電價勢在必行<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但有很多政治阻礙<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣為了政治理由,沒有提高電價,現在變成燙手山芋議題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台電還會繼續虧損<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華新歐洲<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者朱曼寧,<span lang="EN-US">113</span>年<span lang="EN-US">03</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華新(<span lang="EN-US">1605</span>)深化航太、新能源領域布局,昨(<span lang="EN-US">20</span>)日宣布,將透過歐洲子公司、不銹鋼原料大廠<span lang="EN-US">CAS</span>斥資<span lang="EN-US">45</span>億元,併購歐洲指標無縫不銹鋼管廠<span lang="EN-US">MST</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華新麗華昨公告,董事會決議通過其義大利子公司<span lang="EN-US">Cogne Acciai
Speciali</span>(<span lang="EN-US">CAS</span>) 以總價<span lang="EN-US">1.35</span>億歐元(約新台幣<span lang="EN-US">45.7</span>億元),向德國<span lang="EN-US">Salzgitter</span>集團取得<span lang="EN-US">Mannesmann Stainless Tubes GmbH</span>(<span lang="EN-US">MST</span>)<span lang="EN-US">100%</span>股權,華新對<span lang="EN-US">MST</span>綜合持股約為<span lang="EN-US">70%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華新指出,該投資案主要是為整合下游產業鏈,提升<span lang="EN-US">CAS</span>熔煉廠產能利用率,並延伸油氣、航太、新能源等高階市場布局及銷售網絡,後續待各國主管機關核准後,預計今年第<span lang="EN-US">3</span>季交割並把<span lang="EN-US">MST</span>併入集團合併財務報表。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華新說明,<span lang="EN-US">MST</span>是全球前五大無縫不銹鋼管廠,專精於耐受極端壓力與溫度的高階管材研製,客戶涵蓋油氣、航太、化工、新能源等行業頂尖企業,並有五個廠區,<span lang="EN-US">2023</span>年總銷量為<span lang="EN-US">2</span>萬噸,以產能分布來看,熱擠壓約<span lang="EN-US">3.9</span>萬噸、冷軋及冷拔約<span lang="EN-US">1.8</span>萬噸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">MST</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">成立於<span lang="EN-US">1994</span>年,最初是由德國<span lang="EN-US">Mannesman</span>、義大利<span lang="EN-US">Dalmine</span>及法國<span lang="EN-US">Vallourec</span>三大鋼鐵集團旗下不銹鋼部門合併成立的合資公司,並承襲<span lang="EN-US">Mannesmann</span>兄弟於<span lang="EN-US">1885</span>年發明無縫管的創新精神,並持續成長為跨國型企業,目前在德國、法國、義大利和美國均設有生產基地。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華新指出,此收購案完美結合<span lang="EN-US">CAS</span>的獨家材料供應與<span lang="EN-US">MST</span>強勁的專案需求。<span lang="EN-US">MST</span>將立即受益於<span lang="EN-US">CAS</span>提供的穩定料源,大幅提升其市場競爭力;<span lang="EN-US">CAS</span>則得以充分發揮熔煉產能,並延伸價值鏈下游的產品組合。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華新麗華董事長焦佑倫表示,<span lang="EN-US">MST</span>在集團的目標市場裡擁有強大的客戶群及深厚產業知識,其綿密的銷售網絡與堅實的產品開發能力是集團推動下一世代成長和創新的關鍵要素。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">焦佑倫指出,<span lang="EN-US">MST</span>與華新均致力於以具有競爭力的價格提供頂級解決方案,與客戶創造雙贏,非常榮幸並歡迎<span lang="EN-US">MST</span>加入華新╱<span lang="EN-US">CAS</span>這個大家庭,推進集團在不銹鋼產業打造整合一貫廠的策略布局,並快速提升集團在高端市場應用與頂尖企業客戶的滲透率。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">展望未來,焦佑倫指出,相當看好這項策略結盟的前景,並相信<span lang="EN-US">MST</span>能協助推升集團在目標市場的成長,華新麗華未來將持續透過計畫性的投資和有機成長雙軌並行的模式實現策略願景,鞏固市場領先地位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、華新這兩年積極海外併購<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、併購金額都落在一億美金多左右<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、德國是傳統鋼鐵重鎮<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、華新在東南亞也有投資布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、企業積極往海外併購是一件好事<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">鴻海<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 記者方韋傑,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電子大廠鴻海(<span lang="EN-US">2317</span>)昨舉辦集團創立<span lang="EN-US">50</span>週年慶祝晚宴,董事長劉揚偉指出,除了創辦人郭台銘外,出席賓客包括客戶、供應商與車用供應鏈夥伴,後續在營運方面,將繼續更深入、更廣泛地與蘋果合作,也會增強旗下<span lang="EN-US">3</span>大服務平台實力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">提到鴻海與蘋果之間的合作,是否涉及<span lang="EN-US">AI</span>與電動車領域?劉揚偉說,鴻海基於對行規的尊重,不能針對單一客戶說明合作情況,但是,「我們會更深入、更廣泛地合作,這是非常確定的事情」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">半導體新廠 正與印度磋商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">關於鴻海與泰國<span lang="EN-US">PTT</span>集團合資設立<span lang="EN-US">HORIZON
PLUS</span>電動車工廠,劉揚偉說,總裝工程就要開始,完工後不排除正式對外接單;提到半導體新廠布局,鴻海正與印度政府磋商,鴻海在此產業鏈中位於下游,會持續密切關注市場對於晶圓的需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達等供應商、客戶出席晚宴<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">劉揚偉說,昨日出席晚宴的賓客包括前<span lang="EN-US">10</span>大客戶代表,以及輝達(<span lang="EN-US">NVIDIA</span>)、英特爾(<span lang="EN-US">Intel</span>)、超微(<span lang="EN-US">AMD</span>)等供應商,還有恩智浦(<span lang="EN-US">NXP</span>)等車用供應鏈合作夥伴,集團經營到現在,成果得來不易,未來希望在既有基礎擴大規模與影響力,並為國際社會做出更多貢獻。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">劉揚偉認為,鴻海後續除了增強製造領域,也要藉由軟硬體技術提升平台服務,「從製造的鴻海,變成平台科技的鴻海」,包括有效轉換鴻海龐大的代工資料庫,打造智慧製造平台,隨著越來越多的自家電動乘用車,以及大、中、小型電動巴士上路,將有助於匯集大數據優化智慧電動車平台,最後,整合前<span lang="EN-US">2</span>項平台實力,鎖定發展智慧城市平台。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">劉揚偉分析,智慧城市平台底下多達<span lang="EN-US">16</span>個垂直應用領域,諸如智慧醫院、學校、住宅等,未來透過平台將不同的領域串接與整合,提供整合式服務,提供給相關單位提升決策效率,讓市民更能充分利用資源,企業也可以善用相關資料,以達營運效益。。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、鴻海是台灣最具有代表性的電子企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、鴻海這兩年積極轉型電動車領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、鴻海不應該再被視為「蘋果概念股」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、鴻海跨入電動車領域遇到很多挑戰<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、鴻海努力打造整體智慧城市平台<span lang="EN-US"><o:p></o:p></span></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-22012774083636413662024-03-01T13:56:00.001+08:002024-03-01T13:56:02.294+08:00 Sam Altman欲集資7兆美元重塑半導體世界,這什麼概念?<p> Sam Altman欲集資7兆美元重塑半導體世界,這什麼概念?</p><p><br /></p><p>今天台灣正面臨AI大潮流。作為全世界科技製造重鎮,許多公司如台積電、聯發科及中下游廠商,都受惠於AI和半導體帶來的商機。</p><p><br /></p><p>只要看龍頭股漲幅,便可以知產業榮景。截至2月22日,輝達股價今年以來上漲63%、台積電漲了27%,輝達前幾年想併購的安謀(ARM)更漲了87%。軟銀作為安謀大股東,馬上將過去2年百億多美元的虧損一筆勾消。</p><p><br /></p><p>但在這個萬眾歡呼的時刻,風險也隨之升高。</p><p><br /></p><p>伴隨AI發展,半導體產業瘋狂擴張</p><p>農曆春節期間,OpenAI創辦人奧特曼(Sam Altman)表示,由於AI發展太快,半導體生產供給的速度太慢,因此計畫重塑全世界半導體產業,準備和台積電、中東金主和能源業者合作,希望在全世界打造幾十座晶圓代工製造工廠,需要的總資金高達7兆美元。</p><p><br /></p><p>這絕對不是一件好事,就像半導體進入了瘋狂階段。7兆美元是什麼概念?</p><p><br /></p><p>超過蘋果加微軟的市值(6兆美元),是台灣GDP的11倍;去年全球半導體產業的總產值,也只有5268億美元。2017年,軟銀募集超過1000億美元成立「願景基金」,已經創造紀錄。這次奧特曼喊出7兆美元,更是獅子大開口。</p><p><br /></p><p>在奧特曼宣布募資7兆美元後一週,軟銀集團創辦人孫正義也研擬募資1000億美元資金,從事晶片製造。看了這些現象,與其說高興,更多是憂心。半導體產業的瘋狂擴張,會對全世界資源分配造成不利影響。</p><p><br /></p><p>如果哪個富豪能拿1億美元拯救非洲飢民,或用100億美元來協助烏克蘭和巴勒斯坦難民,世界痛苦便會減少許多。然而,居然有人想把世界上所有的錢,通通拿走並扮演上帝,這是多麼自私的想法!</p><p><br /></p><p>AI已經開始取代人類?</p><p>上週OpenAI推出新產品Sora,只要給幾個關鍵字,即可立刻做出一分鐘的影片,且品質極為優異。新聞發布後,這項產品震驚文創產業,未來AI很可能可超越人類,快速產出大量作品。</p><p><br /></p><p>還有市場上最夯的新產品AI Pin,是一款類似蘋果iPod shuffle大小的四方型裝置,沒有顯示螢幕,但可以透過雷射將畫面投影在掌心操作。AI Pin要4月中才開始出貨,但已轟動歐美。</p><p><br /></p><p>上個月,Google的銷售、硬體和工程部門大裁員,不禁令人聯想,AI是否已取代部分白領階層的工作,而且速度遠比大家想像得更快。</p><p><br /></p><p>目前許多人還未享受到AI帶來的成果,就受到各種危機衝擊。「通用人工智慧」(AGI)時代可能比想像中的快來臨,即AI具有類似人類的意識。假如這件事情成真,電影《魔鬼終結者》中,機器統治人類的場面,已經離我們已不遠了!</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-48581651311720286922024-02-27T16:08:00.001+08:002024-02-27T16:08:18.668+08:00美日AI聯盟,美半導體國家中心,輝達,OpenAI,美創投中企,輝達,台積電海力士,末日消費,Meta,LVMH,鋅空氣充電電池,智慧車,電動車企招人,華為,華為AI晶片,TikTok,酷澎,統一,黃志芳新書,AI晶片<p><a name="_Hlk76402598"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:美日<span lang="EN-US">AI</span>聯盟<span lang="EN-US">,</span>美半導體國家中心<span lang="EN-US">,</span>輝達<span lang="EN-US">,OpenAI,</span>美創投中企<span lang="EN-US">,</span>輝達<span lang="EN-US">,</span>台積電海力士<span lang="EN-US">,</span>末日消費<span lang="EN-US">,Meta,LVMH,</span>鋅空氣充電電池<span lang="EN-US">,</span>智慧車<span lang="EN-US">,</span>電動車企招人<span lang="EN-US">,</span>華為<span lang="EN-US">,</span>華為<span lang="EN-US">AI</span>晶片<span lang="EN-US">,TikTok,</span>酷澎<span lang="EN-US">,</span>統一<span lang="EN-US">,</span>黃志芳新書<span lang="EN-US">,AI</span>晶片</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">美日<span lang="EN-US">AI</span>聯盟<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯簡國帆,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">11</span>日</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">日本讀賣新聞報導,日本與美國正考慮結合雙方的超級電腦運算能力,開發人工智慧(<span lang="EN-US">AI</span>),希望今年春季達成協議。美國也已宣布計劃支出<span lang="EN-US">110</span>億美元於半導體相關研發,正砸<span lang="EN-US">50</span>億美元成立國家半導體科技中心(<span lang="EN-US">NSTC</span>),凸顯美國致力厚植<span lang="EN-US">AI</span>與半導體的研發能量,迎擊中國大陸的挑戰。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">讀賣報導指出,日本國家研發單位理化學研究所(<span lang="EN-US">Riken</span>)與美國科學和工程研發機構<span lang="EN-US">Argonne</span>國家實驗室正為結盟而努力。日本和美國將評估以理化學研究所的富岳(<span lang="EN-US">Fugaku</span>)超級電腦及<span lang="EN-US">Argonne</span>的<span lang="EN-US">Aurora</span>系統,共同開發<span lang="EN-US">AI</span>、並共享數據與結果。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">日本和美國都正在開發用於專業研究的<span lang="EN-US">AI</span>,日本著重發現藥物等生命和醫學科學領域、以及發現新材料等材料領域。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">理化學研究所估算,<span lang="EN-US">AI</span>有望縮短藥物的發現時間至兩個月,遠少於目前的兩年。<span lang="EN-US">Argonne</span>國家實驗室的<span lang="EN-US">AI</span>開發則聚焦氣候、癌症和太空等領域的科學研究。由於<span lang="EN-US">AI</span>預料將加劇各國之間對全球科學發現的競爭,因此美國與盟邦合作推動發展。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">此外,美國<span lang="EN-US">9</span>日正式成立規模<span lang="EN-US">50</span>億美元的國家半導體科技中心,為繼<span lang="EN-US">30</span>億美元的先進晶片封裝計畫後,<span lang="EN-US">2022</span>年晶片法的第二項重大研發投資。國家半導體科技中心將設立投資基金,幫助新興半導體業者推動技術商業化。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">美國商務部長雷蒙多在白宮的一場活動上表示,國家半導體科技中心是集結政府、產業客戶、供應商、學術界、創業家及創投家創新並解決問題的產官合作,讓美國在全世界的競爭脫穎而出,暗示要藉此反制中國大陸搶奪產業優勢的努力。她說,未來六到<span lang="EN-US">12</span>周將針對晶片補貼做出「更重大的宣布」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">負責標準和技術的商務部副部長羅卡西奧(<span lang="EN-US">Laurie E. Locascio</span>)表示,美國除了要縮小在封裝和硬體等關鍵領域研究生態系的差距,還要避免中國從國家半導體科技中心資助的研究受益,「中國作為我們的主要競爭對手,正投資相當大量資金於晶片設計和晶片製造」,「我們正非常、非常認真思考,如何在資助的機會內豎架適當圍欄-如何保護智財權、怎麼擬定研究安全計畫」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk85199238;"></span><span style="mso-bookmark: _Hlk76402598;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國和日本最近走得很近<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、日本積極發展半導體產業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、半導體產業重點在於<span lang="EN-US">AI<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、美日現在也結合<span lang="EN-US">AI</span>,共同發展超級電腦<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美日的基礎研究能力均相當強大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">美半導體國家中心<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 編譯茅毅,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美聯社及美國之音(VOA)報導,作為美國「晶片與科學法」和總統拜登「投資美國議程」的一環,拜登政府九日宣布將投資逾五十億美元(約台幣一五八一億元),推動半導體相關研發與員工培訓,包括成立國家半導體技術中心(NSTC),以支持美國先進電腦晶片研發,實現拜登促進美國高科技研發目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">白宮九日發布的事實說明雖未點名中國大陸,但正由於中國在包括半導體晶片在內的諸多高科技業以美國為衡量標準,並對美國國安構成潛在威脅,使美國政府近年來愈來愈正視中國對美國形成的挑戰及美中戰略競爭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美聯社報導提到,新冠肺炎疫情暴露過度仰賴台灣供應先進晶片,對美國經濟與國安帶來的風險。另一方面,人工智慧(AI)興起很可能推升對更新型又更創新晶片的需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據該說明,前述投資旨在推進美國半導體研發領先地位、減少新技術商業化的成本和時間、強化美國國安,並集結和支持勞工獲良好的半導體工作。該說明強調,半導體在美國誕生,但如今美國半導體晶片產量在全球占比竟不到一成,產品中還完全沒有最先進晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該說明寫道,距今幾十年前美國政府曾將近百分之二國內生產毛額(GDP)投資高科技研發,資助的研發計畫使美國躋身全球創新火車頭,創造改變人類生活的全球定位系統及網路等高新技術。但近年來美國政府對科技研發投資比例已降至GDP百分之一以下。在拜登的投資美國議程下,晶片與科學法試圖藉由歷史性投資改變如此現況。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">白宮九日召開多場半導體研發與勞工培訓相關會議,美國政府高官和產學界、智庫、州等地方政府和勞工代表等晶片業利害關係人齊聚一堂,商討重振美國半導體研發之道。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國商務部長雷蒙多表明,這是晶片業一個轉折點,「不僅出於我們(美國)在(所需的)那麼多晶片上,不安全地依賴一國」,而且AI將造成對晶片、尖端晶片、能源效率更佳晶片及符合成本效益晶片的需求爆發。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">白宮表示,拜登政府計畫投資至少五十億美元建立NSTC,成為美國商務部、國防部、能源部、國家科學基金會(NSF)主任和國家半導體技術促進中心(<span lang="EN-US">Natcast</span>)首席執行官漢福德(<span lang="EN-US">Deirdre Hanford</span>)共同參與的公私合作聯營機構。另投資至少數億美元,以培訓半導體產業勞工。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在關鍵研發需求上,美國商務部接連發布意願通告,計畫投資至少共六億美元(約台幣一九○億元),包括兩億美元設立晶片製造業美國研究所;對基礎材料先進封裝技術的新研發活動挹注三億美元;對廿九個晶片研發計量計畫項目提供逾一億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國積極培養「半導體國家隊」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、成立「半導體中心」是正確看法<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、黃仁勳也計畫在越南成立半導體中心<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、半導體中心整合產、學、研資源<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美國的半導體研究需要投入大幅資源<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">輝達<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯葉亭均,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">10</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">繪圖晶片大廠輝達(<span lang="EN-US">Nvidia</span>)股價漲勢無可擋,如今已是美國市值第五大企業。但為了鞏固領導地位,輝達傳出正要成立一個新部門,為雲端運算等企業設計客製化晶片,包括先進的<span lang="EN-US">AI</span>處理器,顯然是要搶攻快速擴大的客製化<span lang="EN-US">AI</span>晶片市場,抵禦市場競爭的衝擊。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達挾著<span lang="EN-US">AI</span>題材,股價漲勢如虹,<span lang="EN-US">9</span>日收在<span lang="EN-US">721.33</span>美元,依彭博資訊資料市值達<span lang="EN-US">1.78</span>兆美元,是美國市值第五大企業,直逼第四名亞馬遜的<span lang="EN-US">1.81</span>兆美元,也等同是所有在港股上市中國大陸企業的合計市值。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透報導,輝達目前掌控約八成高端<span lang="EN-US">AI</span>晶片市場,從<span lang="EN-US">ChatGPT</span>的開發者<span lang="EN-US">OpenAI</span>,到微軟、<span lang="EN-US">Alphabet</span>和<span lang="EN-US">Meta</span>都是其客戶,但這些科技巨擘紛紛開始開發自家的晶片,以滿足特定需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,輝達企圖在幫助這些公司開發客製化<span lang="EN-US">AI</span>晶片上發揮作用。目前資料中心的客製化晶片設計市場由博通和<span lang="EN-US">Marvell</span>主導。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士透露,輝達高層已拜會亞馬遜、<span lang="EN-US">Meta</span>、微軟、<span lang="EN-US">Google</span>和<span lang="EN-US">OpenAI</span>的代表,討論為他們量身訂做晶片的事宜。除了資料中心晶片之外,輝達還嘗試開發電信、汽車和網路遊戲等領域的客戶。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在典型的分工模式中,輝達等晶片設計商會提供智財權和技術,但將晶片製造、封裝和其他步驟留給台積電(<span lang="EN-US">2330</span>)或其他晶圓代工廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Nvidia</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">曾在<span lang="EN-US">2022</span>年表示,將允許第三方客戶將其部分專有網絡技術整合到客戶自家的晶片中。此後該公司就沒有再對該計畫發表任何言論。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研究公司<span lang="EN-US">650</span>集團預估,資料中心客製化晶片市場規模今年將增長至<span lang="EN-US">100</span>億美元,<span lang="EN-US">2025</span>年將擴大一倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除此之外,輝達據了解也正與電信設備商愛立信(<span lang="EN-US">Ericsson</span>)商談,同時還計劃瞄準汽車和遊戲市場。消息人士透露,預計今年推出的第二款<span lang="EN-US">Switch</span>,將採用輝達的一款客製化晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">650</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">集團預估,電信客製晶片市場將保持平穩,每年的銷售規模約<span lang="EN-US">40</span>億至<span lang="EN-US">50</span>億美元。汽車客製晶片市場目前規模為<span lang="EN-US">60</span>億至<span lang="EN-US">80</span>億美元,預估將以每年<span lang="EN-US">20%</span>的速度持續增長;而隨著<span lang="EN-US">Xbox</span>和<span lang="EN-US">Sony</span>下一代遊戲機的推出,<span lang="EN-US">70</span>億至<span lang="EN-US">80</span>億美元的遊戲客製化晶片市場可能也會擴大。任天堂現在銷售的<span lang="EN-US">Switch</span>掌機已經搭載輝達的<span lang="EN-US">Tegra X1</span>晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達漲勢無可阻擋<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達現在已變成美國市值第三名企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">AI</span>晶片是下一個重點<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、輝達黃仁勳提出每一個國家都應有自己的<span lang="EN-US">AI</span>政策<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、輝達也積極和雲端平台業者策略聯盟<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">OpenAI<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 編譯茅毅,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">10</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華爾街日報九日引述知情人士報導,人工智慧(AI)公司<span lang="EN-US">OpenAI</span>執行長奧特曼正和包括阿拉伯聯合大公國政府在內的投資人洽商,尋求重塑全球半導體及AI產業,可能需籌募五兆美元至七兆美元(約台幣一五八兆元至二二一兆元)資金。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">計畫提供台積電資金建工廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">奧特曼已和阿聯高官、日本軟銀執行長孫正義及台積電等晶片製造商代表開會。奧特曼提出在未來幾年內運用中東資金興建數十座晶片製造廠的構想,並向台積電提供大筆資金,以建造營運這些工廠。這筆巨資若到位,將使當前全球半導體產業的規模相形失色。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年全球晶片總銷售額五二七○億美元(約台幣十六點七兆元),至二○三○年可望達每年一兆美元(約台幣卅一點六兆元)。據國際半導體產業協會(SEMI)預估,去年全球半導體製造設備總銷售額一千億美元(約台幣三點二兆元)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">微軟與蘋果市值共<span lang="EN-US">6</span>兆美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">若按企業籌資標準,奧特曼商討中的這筆金額極為龐大,不只比若干全球主要經濟體國債規模還高,也大於大型主權財富基金規模。以美國目前市值最高的公司微軟與蘋果為例,這兩家市值共約六兆美元(約台幣一九○兆元)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">奧特曼曾試圖引領具人類水準的AI發展,他最新的科技計畫則是集資提升全球晶片製造能力,加強晶片為AI提供動力的能力,以解決抑制該公司成長的因素,例如昂貴AI晶片稀缺性,這類晶片可用於訓練聊天機器人<span lang="EN-US">ChatGPT</span>等AI系統背後的大型語言模型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">欲實現前述計畫,奧特曼需說服一個由投資人、晶片製造商及電力供應商等業界夥伴與政府組成的全球合作複雜網路,尤其是美國政府同意。他亦傾向將新晶片工廠設在美國,但台積電在美國亞利桑那州斥資四百億美元的晶圓廠面臨熟練工短缺等挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">已和美商務部長雷蒙多會談<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士向華爾街日報指稱,奧特曼已和美國商務部長雷蒙多就這項倡議會談,計畫資金可能大多藉由舉債取得,此一合作網路將合資興建晶片代工廠,再交由現有晶片製造商營運,<span lang="EN-US">OpenAI</span>則將成為這些新代工廠客戶。奧特曼近幾周和阿聯國安顧問塔赫農等多位參與該計畫人士洽談,塔赫農另一身分是阿聯元首穆罕默德兄弟及阿聯人工科技公司G<span lang="EN-US">42</span>董事長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士提到,若美國政府同意,阿聯政府將成為該計畫要角。共和黨籍美國聯邦眾議院中國問題特別委員會主席蓋拉格一月致函雷蒙多,敦促該部調查G<span lang="EN-US">42</span>與中國間的關係。該公司則不願對此置評。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">OpenAI</span>的計畫一點都不現實<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">7</span>兆美元比兩個蘋果的市值還要來得大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、等於<span lang="EN-US">11</span>個台灣的<span lang="EN-US">GDP<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、這說明奧特曼的和科技業的「傲慢」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台積電千萬不能參與其中,未來只會弱化自己的關鍵角色<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">美創投中企<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 編譯劉忠勇、記者廖士鋒,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">10</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">〔編譯魏國金/綜合報導〕華爾街日報八日報導,美國國會調查發現,五家美國創投公司投資中國技術開發企業至少三十億美元(九四一億台幣),相關技術據信使中國軍方與政府獲益,並且用來侵犯人權,其中近三分之二的資金,或十九億美元(五九六億台幣)流向人工智慧(<span lang="EN-US">AI</span>)公司,而一些公司甚至被美國政府列入黑名單。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">包括資金、知識轉移等獲益<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國眾議院的美國與中共戰略競爭特設委員會發表該調查報告說,「數十年來美國創投公司的投資,包括資金、知識轉移與其他無形利益,協助打造與強化中國的重點產業」。該委員會沒有挑戰投資的合法性,但呼籲改變政策,確保美國的創投公司不得促進中國的國家安全與監控行動。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該調查於去年展開,當時被委員會要求提供資料的創投公司包括紅杉資本、高通創投部門、華登國際、紀源資本與金沙江創投。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這些公司投資中國的資金來自退休基金、大學捐贈基金等美國合夥人。當中許多投資發生在華府將一些中企列為國安威脅之前。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告說,這五大美國公司向供應中國軍方或其包商技術的<span lang="EN-US">AI</span>公司投資一.四億美元、向被美國列為協助侵犯人權的<span lang="EN-US">AI</span>新創公司投資逾一.三億美元、向中國半導體公司投資逾十億美元,其中約一.八億美元流入出售中國軍方或其供應商產品的晶片公司。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">以華登國際投資<span lang="EN-US">140</span>項最多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,投資項目最多的是華登國際,該公司對報告涉及的中國晶片公司進行了約一四○項投資。委員會主席、共和黨眾議員蓋拉格說,「至少在先進技術領域,我們必須切斷金流;我們承受不起對自我毀滅持續提供資金的後果」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">20</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">多家中國<span lang="EN-US">AI</span>公司獲注資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該報告並列出二十多家中國<span lang="EN-US">AI</span>公司,其中包括<span lang="EN-US">TikTok</span>母公司字節跳動與無人機巨頭大疆創新。報告說,字節跳動從紅杉資本美國與中國基金集資十四億美元,而大疆創新則從紅杉資本中國基金與華登國際集資數千萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國現在開始調查<span lang="EN-US">VC</span>對中國的投資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、華登國際過去投資中國最多半導體企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、半導體跟<span lang="EN-US">AI</span>都在禁止投資行列<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中資過去積極投資美國科技公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美國希望從金流端切斷,中國對美國科技的接觸<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">輝達<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 編譯黃淑玲、馬瑞璿,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">09</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">(人工智慧)新時代來臨,這讓美國晶片大廠輝達(<span lang="EN-US">NVIDIA</span>)七日收盤價再創新高,不僅登上七百美元整數關卡,市值更直逼亞馬遜(<span lang="EN-US">Amazon</span>)、距離<span lang="EN-US">Google</span>母公司<span lang="EN-US">Alphabet</span>也不遠了,與此同時,輝達執行長黃仁勳也獲選為美國國家工程學院(NAE)二○二四年院士,輝達可說是雙喜臨門。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外資摩根士丹利證券出具最新報告,將輝達目標價從六○三美元調升至七五○美元,分析師<span lang="EN-US">Joseph
Moore</span>指出,科技公司積極將<span lang="EN-US">AI</span>技術納入旗下產品和服務,包含<span lang="EN-US">Meta</span>等大型科技公司在內,向輝達採購將近數十億美元的繪圖晶片,這讓輝達成為這波<span lang="EN-US">AI</span>新潮流的最大受惠者。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">受惠於<span lang="EN-US">AI</span>題材,輝達去年股價已翻倍;外媒報導,今年以來,輝達股價已飆漲逾四成,七日股價以上漲百分之二點七、收在七百點九九美元。根據彭博資訊統計,輝達目前公司市值達一點七三兆美元,在全球排名第六,直逼第五名亞馬遜的一點七七兆美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而在摩根士丹利發布報告之後,輝達股價更登上了七百美元大關。輝達也預計將在二月二十一日公布最新財報。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國國家工程學院也在六日發表今年新院士名單,黃仁勳以帶領輝達研製「高效能繪圖處理器(GPU),點燃人工智慧(AI)革命」成就入選。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">NAE表示,NAE院士是對工程專業人士的最高專業肯定之一,表彰在工程界研究、實行或教育上,以及在新興或傳統領域領導創新有傑出貢獻人士。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">特斯拉創辦人馬斯克,則是以他設立太空公司<span lang="EN-US">SpaceX</span>的成績,在二○二二年獲選為NAE院士。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達目前在全球加速運算GPU領域,也就是俗稱AI晶片的市場市占率逾九成。要訓練<span lang="EN-US">ChatGPT</span>這類AI系統,必須配備這類高效運算晶片。輝達的A100、H100晶片供不應求,成為AI熱潮最大受益者之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、黃仁勳入選美國工程學院院士,實至名歸<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達的股價還會進一步提升<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、輝達近期漲幅實在太恐怖<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、輝達不願意放棄中國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、輝達曾經想要併購<span lang="EN-US">ARM<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">台積電海力士<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報記者李孟珊、編譯易起宇,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">09</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">全球第三大記憶體製造商SK海力士與晶圓代工龍頭台積電合作再傳新進展,外媒報導指出,SK海力士將與台積電合作開發第六代的高頻寬記憶體(HBM),搶食AI(人工智慧)成長確立的龐大市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研調機構<span lang="EN-US">Omdia</span>指出,二○二三年第三季,SK海力士在DRAM領域市占率已達百分之三十五,超車一哥三星,主要就是因為受惠搭載在高階AI伺服器的HBM需求激增,加上HBM進入門檻高,讓SK海力士獲得「贏者全拿」的優勢。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓媒指出,海力士已和台積電組成名為「<span lang="EN-US">One Team</span>」的戰略同盟,合作開發第六代高頻寬記憶體,這個戰略同盟的目標,是透過匯集兩家公司在新世代AI半導體封裝上的技術專業,鞏固雙方於AI晶片市場上的地位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">SK海力士發言人表示,無法證實與其夥伴有關的任何細節;台積電方面,在本報昨截稿前,尚未取得公司回應。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界點出,十年前,台積電在布局<span lang="EN-US">3</span>D IC技術時,將封測技術納入,提出<span lang="EN-US">CoWoS</span>一次購足服務,當時,台積電在記憶體晶片上,就與SK海力士合作,如今兩大巨頭瞄準AI領域,全力強化布局該領域的量能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓媒報導進一步說,在生成式AI日漸普及之際,SK海力士已成為HBM市場的強力參與者,而台積電則是全球最大的半導體代工廠,兩家公司都在加強於AI晶片市場的影響力,同時,這個AI半導體同盟也被視為要組成共同戰線,對抗三星電子。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對AI的發展,在先前的法說會上,台積電總裁魏哲家就預估,未來幾年由HPC(高效能運算)驅動的AI營收年複合成長率高達百分之五十,此數據尚不包括邊緣裝置端,並研判AI相關營收會在二○二七年占台積電整體營收約百分之十七至十九,看好除了AI處理器,包括網通、手機與PC都會陸續導入,推升各類終端裝置的半導體含量增加。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界認為,SK海力士在HBM的技術上領先同業,日前宣布在二○二四年上半年將推出第五代高頻寬記憶體,台積電的產業地位同樣超前,兩強聯手將能加速技術的進展,在AI市場中搶占絕佳戰鬥位置。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣跟南韓一向是在半導體產業強烈競爭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、台積電跟海力士聯盟意義重大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、彼此的技術又是互補<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、聯電最近也和英特爾策略聯盟<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台積電未來需要廣泛跟業者合作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">末日消費<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯易起宇,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">03</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一般人會在經濟狀況不穩定時減少支出,如今卻有愈來愈多美國年輕世代肆意揮霍,他們的學貸負擔加重、生活成本高漲,加上勞動市場變化,無論買房或存退休金都成了難以達成的財務目標,對自己的未來也深感絕望。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊舉了一個例子,<span lang="EN-US">24</span>歲的霍蘭德買了一個<span lang="EN-US">2,500</span>美元(約新台幣<span lang="EN-US">7.8</span>萬元)的二手香奈兒包,花光了儲蓄。她知道自己可以有更好的花錢方式,但她並不覺得這麼做不負責任。反正買房或生子等傳統人生目標對她來說太遙不可及,「稍微放縱一下」又何妨。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">她說:「經濟糟糕透頂、地球正在暖化、全球政治和社會不安不斷頻傳。我不過是覺得把錢花在能立即帶來滿足感的東西上,比較輕鬆。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據個人理財公司<span lang="EN-US">Credit Karma</span>調查,約<span lang="EN-US">27%</span>的美國人承認會用「末日消費」(<span lang="EN-US">doom spending</span>)來解決對經濟和國際紛擾的擔憂。這個比率在千禧世代和<span lang="EN-US">Z</span>世代中又更高,分別達到<span lang="EN-US">43%</span>和<span lang="EN-US">35%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Credit Karma</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消保顧問艾勒芙說:「這是一種解決方式,雖然不是最健康的一種。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雖然末日消費可能是當今的時代思潮,但並不是一種新的習慣。漢密爾頓學院經濟學教授<span lang="EN-US">
Stephen Wu </span>在<span lang="EN-US">2004</span>年的研究中寫到,那些認為運氣和其他外在因素能影響自己財務成就的人,比較不太會儲蓄。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他表示,宿命論和反直覺消費習慣近年來已愈發普遍,尤其是在新冠疫情和經濟大衰退後,眾人開始意識到「大部分的成功或失敗,並不在自己的掌控中」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於年輕世代能夠如何大肆揮霍,或許也取決於父母親的支持。由於近半年輕人都住在家裡,因此有些人會使用多餘的可支配所得來犒賞自己。當社群媒體上充斥著年輕人花大錢吃大餐、奢華度假和買精品的照片時,也很容易會覺得這很合理。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">耶魯大學畢業的<span lang="EN-US">27</span>歲網紅梅爾喬,專注在<span lang="EN-US">Z</span>世代的理財教育。她在一則瀏覽次數<span lang="EN-US">180</span>多萬的<span lang="EN-US">TikTok</span>影片中說,當老一輩的人問年輕人,為何能負擔得起他們從來捨不得買給自己的東西時,她會說,那是因為他們負擔不起其他東西。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">她說:「買房或成家是那麼遙不可及,以至於我們把頭期款或育兒金用在我們可以負擔得起的任何東西上,那讓我們外表看起來像是我們承諾過要成為的大人。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、現在年輕人不會儲蓄<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、多半大肆揮霍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、其中原因是對未來前景沒有寄望<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、也取決於父母的支持<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">Z</span>世代的理財教育跟老一代有很大差別<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">Meta<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 蕭麗君,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">04</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">受益於亮眼的業績表現,<span lang="EN-US">Meta</span>股價<span lang="EN-US">2</span>日飆升超過<span lang="EN-US">2</span>成,也讓市值一舉暴增將近<span lang="EN-US">2,000</span>億美元,不僅締造美股史上最大單日市值增加紀錄,也讓創始人兼執行長祖克伯(<span lang="EN-US">Mark Zuckerberg</span>)身家財富超越比爾蓋茲,在全球億萬富翁排行榜上晉升到第四名。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Meta</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">股價<span lang="EN-US">2</span>日收漲<span lang="EN-US">20.32</span>%至<span lang="EN-US">474.99</span>美元,除了股價創下新高,也帶動市值單日激增<span lang="EN-US">1,970</span>億美元,超越蘋果在<span lang="EN-US">2022</span>年<span lang="EN-US">11</span>月<span lang="EN-US">10</span>日增加<span lang="EN-US">1,909</span>億美元,寫下美股單日市值增加最多紀錄。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Meta</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">股價強不可擋,主要歸因於日前公布財報意外強勁。它透過大規模裁員緊縮支出,以及核心業務在去年年終假日表現良好,使得上季獲利表現大幅超越市場預期。此外<span lang="EN-US">Meta</span>還宣布額外的<span lang="EN-US">500</span>億美元股票回購與史上首次分紅紀錄,更令華爾街感到驚喜。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著股價狂漲,祖克伯身價也水漲船高,一日財富就狂增<span lang="EN-US">271</span>億美元到<span lang="EN-US">1,695</span>億美元,在富豪排行榜上已超車比爾蓋茲,躍升第四名。祖克伯持有<span lang="EN-US">Meta</span>約<span lang="EN-US">3.5</span>億股,一旦<span lang="EN-US">Meta</span>開始發放股息,他一年約可獲得<span lang="EN-US">7</span>億美元股息。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據先前遞交給美國證券交易委員會(<span lang="EN-US">SEC</span>)的申報文件揭露,祖克伯自去年<span lang="EN-US">11</span>月<span lang="EN-US">1</span>日到年底兩個月時間,每個交易日都在出售股份,兩個月期間累積賣出接近<span lang="EN-US">128</span>萬股、套現約<span lang="EN-US">4.28</span>億美元。公司發言人指稱,祖克伯售股的主要目的是為了資助慈善活動。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,亞馬遜創始人貝佐斯也趁股價飆升到高位之際、制定一項售股計畫。在給<span lang="EN-US">SEC</span>的文件指出,貝佐斯計畫在<span lang="EN-US">2025</span>年<span lang="EN-US">1</span>月<span lang="EN-US">31</span>日前出售<span lang="EN-US">5,000</span>萬股股票,按目前股價計算約為<span lang="EN-US">86</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">如果貝佐斯執行上述計畫,這將是他自<span lang="EN-US">2021</span>年以來首度出售所持有的亞馬遜股份。不過,這次拋售計畫正值亞馬遜股價創高之際,套現規模也將遠超過兩年前水準。貝佐斯當時共出售<span lang="EN-US">2,000</span>萬股,套現金額約為<span lang="EN-US">33.3</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">Meta</span>近期積極轉型,速度超快<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Meta</span>早已放棄元宇宙<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、蘋果推出元宇宙頭盔成效不彰<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">Meta</span>快速轉型人工智慧,是股價大漲原因<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這也是<span lang="EN-US">Meta</span>股價大漲的原因<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt; text-align: justify; text-justify: inter-ideograph;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">LVMH<o:p></o:p></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯易起宇,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">精品巨擘路易威登(<span lang="EN-US">LVMH</span>)正以改組後的手表部門,和一系列高價新表,搶攻規模<span lang="EN-US">300</span>億美元的全球精品手表市場,盼能提高市占率。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">CNBC</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導,<span lang="EN-US">LVMH</span>今年<span lang="EN-US">1</span>月任命董事長暨執行長阿諾特<span lang="EN-US">29</span>歲的三子弗雷德里克(<span lang="EN-US">Fr</span>é<span lang="EN-US">d</span>é<span lang="EN-US">ric Arnault</span>)擔任改組後的手表部門<span lang="EN-US">LVMH Watches</span>執行長,掌管旗下泰格豪雅(<span lang="EN-US">TAG Heuer</span>)、宇舶(<span lang="EN-US">Hublot</span>)和真力時(<span lang="EN-US">Zenith</span>)等手表品牌。分析師估計,這三個品牌去年營收約<span lang="EN-US">20</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">弗雷德里克在擔任泰格豪雅執行長期間推出多款高度受歡迎新品,預料他將會把對創新、尖端材料和創意設計的專注,帶到這個更大的品牌集團。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">分析師表示,如果可行,<span lang="EN-US">LVMH</span>也可能會繼續收購更多有吸引力的品牌。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">LVMH</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">也正在瞄準精品手表成長最快的一塊市場:女用手表。雖然這類手表仍僅占整體銷售的約三分之一,但由於在社群媒體上的曝光度增加,以及專為女性設計的款式增加,使女性對精品機械表的興趣攀升。全球富有女性的不斷增加(無論是白手起家或繼承而來),也推動銷售成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同時,許多<span lang="EN-US">LVMH</span>手表品牌正在推出更昂貴的限量產品。例如,宇舶剛推出<span lang="EN-US">25</span>萬美元的限量版手表「<span lang="EN-US">MP-10</span>陀飛輪重量能量系統」,這個充滿未來感的手表僅生產<span lang="EN-US">50</span>只,預計很快就會銷售一空。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據市場研究公司<span lang="EN-US">IMARC</span>集團,由於全球財富增加,以及<span lang="EN-US">Z</span>世代和千禧世代對高檔機械表愈來愈有興趣,全球精品手表銷售今年料將達到約<span lang="EN-US">300</span>億美元,並將在<span lang="EN-US">2032</span>年前成長至逾<span lang="EN-US">370</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在<span lang="EN-US">LVMH</span>舉辦的手表周活動上,各品牌執行長在接受<span lang="EN-US">CNBC</span>訪問時表示,在去年面臨利率上漲和衰退疑慮打擊需求後,今年的發展已經比去年強勁,尤其是美國精品消費者的韌性讓他們受到鼓舞。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">真力時執行長德克萊克表示:「一切都是和周期有關,美國的美妙之處就在於周期非常短。雖然我們經歷了顛簸,但我能向你保證,真力時目前絕對是在走上坡,因為在美國市場獲得很好的接受度。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">手表銷售正循著廣大精品市場的模式,最有錢的消費者買氣依然強勁。公司主管們表示,由於富豪較不受到利率升高和經濟不確定性影響,愈來愈多品牌正在迎合這些持續花錢在最高品質和工藝上的超級消費者和<span lang="EN-US">VIP</span>收藏家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">寶格麗執行長巴彬表示:「高端消費者確實是我們的主要成長動力之一。我認為富豪正比以往更渴望投資在可靠、有聲譽且永恆的品牌上。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">LVMH</span>積極投入新領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、包括年輕人的市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、也包括「低調奢華」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">LVMH</span>對於<span lang="EN-US">Z</span>世代和千禧世代特別專注<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">LVMH</span>擁有巨大品牌效益<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">鋅空氣充電電池<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯林聰毅,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鋅已成為下一代電池的候選材料,日本主要製造商夏普和<span lang="EN-US">FDK</span>正在測試使用這種金屬的產品。相較於一般鋰離子電池,鋅可以降低一半成本。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日經新聞報導,夏普正在開發一種鋅空氣(<span lang="EN-US">zinc-air</span>)充電電池,目標是在<span lang="EN-US">2025</span>年度開始試驗。鋅空氣電池每單位體積的能量密度類似主流的鋰離子電池,但使用壽命約<span lang="EN-US">20</span>年,約是主流鋰電池的兩倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鋅已被用於可拋棄式鹼性電池的負極,但該元素基本上未被用於充電電池。反覆充電和放電會導致電極上形成針狀晶體,易造成短路。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">夏普的鋅空氣電池有各自獨立充電和放電電池,即使形成晶體,也會減少短路的可能性。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">夏普的目標是在固定蓄電池中使用這項技術,儲存來自太陽能、風電和其他再生能源的剩餘電力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鋰離子電池使用鋰、鈷和鎳等關鍵金屬。由於全球總蘊藏量或蘊藏地點多集中在少數國家,每種金屬都有其限制。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著電動車日益普及導致需求增加,這些金屬的價格也相當波動。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一方面,鋅是一種蘊藏豐富、生產成熟的基本金屬,易於提煉,採購成本較低。夏普公司表示,如果鋅空氣電池商業化,它們可能會比鋰電池便宜。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日本電池製造商<span lang="EN-US">FDK</span>正在開發一種鎳鋅電池,使用氫氧化鎳作為正極,並以鋅作為負極。<span lang="EN-US">FDK</span>在去年<span lang="EN-US">11</span>月表示,該電池在經過<span lang="EN-US">1,000</span>次充放電循環後仍能維持約<span lang="EN-US">60%</span>的容量。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該公司並計劃在<span lang="EN-US">2024</span>年度結束前將產能增加兩倍,達到每月<span lang="EN-US">30,000</span>個。<span lang="EN-US">FDK</span>預計其鎳鋅電池將用於發動汽車引擎或作為備用電源。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、鋰電池是目前主流,現在電池需求量很大,所以鋅空氣電池又發展出來<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、可以降低一半成本,使用壽命是鋰電池的兩倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、全球電池的技術會不斷創新<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣在這一方面遠遠落後<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、日本廠商在這一方面的技術能力不容忽視<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">智慧車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">09</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊引述知情人士報導,美國政府基於資料安全考量,考慮限制中國大陸的「智慧車」與相關零組件進口。只要車輛與零組件源自中國大陸,不管是在何處進行最後組裝,都準備列入管制,以避免由墨西哥等第三國輸入。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,限制措施也將適用於任何美國認定有資安疑慮的國家。官員認為,光靠關稅沒有辦法全面應對相關問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消息來源表示,美國官員特別關心「智慧車」(<span lang="EN-US">smart cars</span>)收集到的大量資料的安全性。所謂的「智慧車」包括電動車,以及其他可連網的車輛或自駕車。如今許多汽車,無論是油車還是電動車,都可連上網際網路,因而可能成為駭客攻擊目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">拜登政府可能以商務部既有的權限,基於資料安全,規範部分資訊與通訊技術交易,不過官員目前仍在進行全面性的政策研究,還沒決定執行架構。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">最快在下周,美國將頒布另一道行政命令,主要為確保資料隱私。另外官員們也在衡量是否調整對中國電動車課徵的<span lang="EN-US">27.5%</span>關稅。這個關稅最初是在前總統川普任內實施。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電動車收集大量有關駕駛人與車輛周邊環境的資料,由於業界競爭激烈,車廠致力優化車輛的感測器與輔助駕駛軟體,收集到的資料愈來愈多。中國大陸的法規要求汽車公司,必須在中國境內儲存與處理絕大部分的資料。美國商務部長雷蒙多上周在智庫大西洋理事會的活動上提到,她擔心資料最後會落入北京手中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">她舉了中國大陸也有資安考量的例子,那就是中國政府禁止特斯拉的車輛在當地開得太靠近政府機關。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、電動車正走向智慧車發展<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、比亞迪已經宣布「智慧」是其未來重要的策略<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、智慧車可以收集很多數據<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、美國最擔心會影響資料隱私<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這只會讓美國電動車產業,愈來愈落後<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電動車企招人<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 楊晴安,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">04</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸產業熱點轉移,名校畢業生就業趨勢隨之改變,過去備受追捧的網路業不再吃香,在新能源汽車產業帶動下,從事製造業的比例大幅上升。其中,<span lang="EN-US">2023</span>年車企龍頭比亞迪的校招總人數有多達<span lang="EN-US">3.18</span>萬人,較<span lang="EN-US">2022</span>年的人數翻番。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">谷雨實驗室報導,近期大陸名校「<span lang="EN-US">985</span>院校」陸續公布報告顯示,已公布的名校平均升學率為<span lang="EN-US">61.17</span>%,清華大學讀研的比例高達<span lang="EN-US">80</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">就業方面,目前少數大學已公布的<span lang="EN-US">2023</span>年應屆畢業數據顯示,應屆畢業生投入網路業就業的比例下降,加入製造業的比例大幅上升。以西安交大為例,應屆畢業生在網路產業就業的比例相比前屆大減超過<span lang="EN-US">10</span>%,製造業的比例則上升<span lang="EN-US">10</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在網路行業飽和,以及新能源汽車產業擴張背景下,比亞迪積極搶攻人才,以機械工程、材料科學與工程等等新能源車相關專業的畢業生為主。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">西安交大統計,共有<span lang="EN-US">832</span>名該校應屆畢業生透過校招進入比亞迪工作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">由於比亞迪在西安建有基地,且該廠規模僅次於深圳總部,使其一舉成為西安交大畢業生在所有列入統計的央企、科研單位、世界<span lang="EN-US">500</span>強企業中,就業人數最多的一家企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">獵聘大數據研究院報告顯示,與新能源汽車相關產業的新發職位,正在同步迅速成長,機械/製造業已成為應屆新發職位數量第三多的行業,而<span lang="EN-US">3</span>年前僅位列第六。另一方面,儘管網路產業的職位比例連降<span lang="EN-US">2</span>年,但仍衛冕首位,而房地產和金融業的新增職缺數量都跌出前<span lang="EN-US">5</span>名。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">地區分布來看,<span lang="EN-US">48</span>%的畢業生傾向前往一線城市發展,但占比相較於三年前有所下降。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪變成受到各界追捧的企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、名校學生希望加入比亞迪<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、電動車是未來具有潛力的行業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、電動車將帶動中國工業發展<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、整個電動車的產業鏈,可以帶動許多工作機會<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場調研機構<span lang="EN-US">Counterpoint Research</span>在昨(<span lang="EN-US">4</span>)日發文表示,根據<span lang="EN-US">Counterpoint</span>中國大陸智慧手機周銷量模型追蹤的最新數據,大陸手機品牌華為在今年的前兩周,擊敗美國蘋果手機,坐上大陸智慧手機銷量第一的位置。這也是華為因<span lang="EN-US">2019</span>年遭美國制裁以來,首次重獲冠軍寶座。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,<span lang="EN-US">Mate 60</span>系列是華為近期成功的關鍵驅動因素。此外,其強大的品牌忠誠度以及<span lang="EN-US">HarmonyOS</span>操作系統的成功推出也為其助力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Counterpoint Research</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在文中提及,<span lang="EN-US"> 2023</span>年大陸高端智慧手機市場增長<span lang="EN-US">27%</span>。蘋果憑藉其在<span lang="EN-US">2023</span>年上半年的出色表現保持了市場領導地位。然而,從<span lang="EN-US">2023</span>年第<span lang="EN-US">3</span>季開始,蘋果的市場占有率開始被華為和其他大陸品牌蠶食。預計大陸品牌將在高端市場繼續發力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Counterpoint Research</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">還稱,儘管華為強勢回歸,但市場競爭依然激烈。小米、<span lang="EN-US">OPPO</span>、<span lang="EN-US">vivo</span>等大陸品牌也在高端市場上不斷推出新機型,挑戰蘋果和三星等國際巨頭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研調機構<span lang="EN-US">Canalys</span>統計顯示,<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季華為智慧手機出貨<span lang="EN-US">1,040</span>萬支,較<span lang="EN-US">2022</span>年大增<span lang="EN-US">47%</span>,回歸中國手機市占前五榜單,排名第四。<span lang="EN-US">Canalys</span>表示,<span lang="EN-US">Mate 60 Pro</span>透過自研麒麟晶片及衛星通話等創新功能,成為拉動華為出貨復甦的領導機型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">快科技報導,<span lang="EN-US">Canalys</span>分析師鍾曉磊指出,華為成為<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季手機市場最大黑馬,時隔十季重返中國市場出貨前五名。整體市場也在華為新旗艦機型拉動下出現結構性恢復,高階市場表現有進一步成長。此外,華為已著手將麒麟晶片拓展至<span lang="EN-US">nova</span>系列,未來也有助於其進一步拉動中階市場需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此前,市調機構<span lang="EN-US">IDC</span>發布報告顯示,蘋果在大陸市場<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季和<span lang="EN-US">2023</span>年全年出貨量排名中均處於首位。榮耀在<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季和<span lang="EN-US">2023</span>年全年出貨量排名中排第二,也是大陸安卓市場第一。值得一提的是,華為追趕在後,<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季大陸市場出貨量大增<span lang="EN-US">36.2%</span>,以<span lang="EN-US">13.9%</span>的占有率排名第四。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、華為手機正在積極捲土重來<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、蘋果的大陸市占率被華為侵蝕<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、華為成為去年第四季最大黑馬<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但<span lang="EN-US">2024</span>年華為不一定會繼續重押手機<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、華為更重要的優勢是在於<span lang="EN-US">AI</span>的發展,這牽涉到國家安全<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為<span lang="EN-US">AI</span>晶片<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安、林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">06</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透引述知情人士報導,大陸市場對華為人工智慧(<span lang="EN-US">AI</span>)晶片需求飆升,加上製造方面的局限,迫使華為要求代工業者優先生產<span lang="EN-US">AI</span>晶片,並放緩高階<span lang="EN-US">Mate 60</span>手機晶片生產速度。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">三位知情人士表示,華為採用一家工廠生產昇騰<span lang="EN-US">AI</span>晶片和麒麟晶片,其中兩位人士說,因為良率低導致產量減少。華為<span lang="EN-US">Mate 60</span>手機配備麒麟晶片,這款手機與蘋果<span lang="EN-US">iPhone</span>打對台。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在美中科技對峙、全球競相發展<span lang="EN-US">AI</span>之際,華為將手機的優先順序排到第二位。在這之前,華為睽違三年多來,再度奪回中國智慧手機銷量第一的寶座。華為未予置評。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">自<span lang="EN-US">2019</span>年美國以國家安全為由實施制裁,切斷華為獲得先進晶片製造工具的管道並削弱其智慧手機部門以來,華為不斷努力突破重重限制。昇騰<span lang="EN-US">910B</span>被廣泛視為中國最具競爭力的非輝達(<span lang="EN-US">Nvidia</span>)的<span lang="EN-US">AI</span>晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士稱,華為優先生產昇騰晶片而不是麒麟晶片,因此放慢了<span lang="EN-US">Mate 60</span>的生產速度。至於何時開始出現這種變化,消息人士並未透露。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士還表示,華為仍在努力提高良率,因此這種生產安排有望只是短期的。另兩位消息人士稱,受生產瓶頸影響的其他華為產品,還包括配備昇騰<span lang="EN-US">AI</span>晶片的<span lang="EN-US">MDC810</span>智能駕駛計算平台。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">智通財經報導,華為的昇騰<span lang="EN-US">910B</span>晶片被普遍認為是目前大陸市場上最具競爭力的<span lang="EN-US">AI</span>晶片,在輝達產品受到限制的情況下,<span lang="EN-US">910B</span>變得很受歡迎。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士透露,輝達最近幾周一直在為中國特供版<span lang="EN-US">AI</span>晶片<span lang="EN-US">H20</span>經銷商的訂單定價,<span lang="EN-US">H20</span>初步設定的價格為每顆<span lang="EN-US">1.2</span>萬美元,但銷售情況傳出不如華為昇騰<span lang="EN-US">910B</span>晶片。輝達<span lang="EN-US">H20</span>的規格似乎也顯示,在一些關鍵領域,它的功能不如華為的<span lang="EN-US">910B</span>,其中一個例子是<span lang="EN-US">H20</span>在<span lang="EN-US">FP32</span>性能上似乎落後於<span lang="EN-US">910B</span>,這是衡量晶片處理普通任務的速度的一個重要指標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸市場對<span lang="EN-US">AI</span>智慧晶片需求龐大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達最高性能的晶片無法銷售中國<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、輝達<span lang="EN-US">H20</span>的功能相當之低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、大陸市場上寧可使用華為生產的昇騰晶片<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、華為為了生產昇騰晶片,甚至願意放慢<span lang="EN-US">Mate60</span>手機生產速度<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">TikTok<o:p></o:p></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 徐子苓,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">短影音平台<span lang="EN-US">TikTok</span>(抖音國際版)是台灣最受歡迎的中國<span lang="EN-US">App</span>之一,台灣網路資訊中心(<span lang="EN-US">TWNIC</span>)、全球網路索引(<span lang="EN-US">GWI</span>)等調查,台灣逾五百萬人使用<span lang="EN-US">TikTok</span>。專家憂心,「<span lang="EN-US">TikTok</span>最大問題是演算法」,中國掌握了演算法,就能掌握台灣人看到的內容,利用演算法加以推薦特定影音,進而影響政治偏好。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">專家:推薦特定影音 影響政治偏好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國政府規定,包含<span lang="EN-US">TikTok</span>母公司字節跳動等科技巨頭須交出演算法;具中國官方背景的組織持有字節跳動約一%股份,且名為余英濤的前任主管具名指控,字節跳動是中共「宣傳工具」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">立委沈伯洋指出,<span lang="EN-US">TikTok</span>最大問題是中共可透過演算法操縱台灣用戶看到的內容,「很像中國在台灣設一個電視台,大家很愛看,可能九成是民眾喜歡的唱歌跳舞,只有一成是政治宣傳」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">學者王宏恩調查發現,國民黨或民進黨支持者是否使用<span lang="EN-US">TikTok</span>,對於政治態度並無顯著影響;但對於民眾黨支持者,會從傾向支持台獨變成反對台獨,從傾向與美國站在一起,轉為傾向和中國站在一起。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">柯大選時聲量 是侯、賴兩人的四倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另台灣人工智慧實驗室報告,總統大選期間的<span lang="EN-US">TikTok</span>,民眾黨柯文哲聲量明顯高於國民黨侯友宜、民進黨賴清德,是兩人的四倍;且有關柯的貼文中,高達七十六%是正面論述,但提到賴卻有六十七%是負面。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">沈伯洋說,「中國不一定會支持哪一位候選人,它可能偶爾支持侯或柯,偶爾支持賴在黨內的對手,造成台灣社會分裂與對民主不信任,才是它的最終目標」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣一直擔心受到大陸網路的影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、政府對於唐鳳非常不滿意<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、政府想要封掉<span lang="EN-US">TikTok</span>,非常不現實<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣有<span lang="EN-US">500</span>萬人使用<span lang="EN-US">TikTok<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣勢必加入對網路的控制<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">酷澎<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯易起宇,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">03</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓最大電商公司酷澎(<span lang="EN-US">Coupang</span>)去年成為該國第二大雇主,超越現代汽車,僅次於三星電子。雖然其員工多數為短期約聘工,但苦尋不著工作的年輕人,和因育兒等原因中斷職涯的中年婦女,都把這家電商視為很好的職涯跳板。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓每日經濟新聞報導,根據從退休基金國民年金公團(<span lang="EN-US">NPS</span>)取得的就業數據,酷澎和其物流子公司去年底直接僱用的員工人數達<span lang="EN-US">69,057</span>人,比現代汽車的<span lang="EN-US">68,427</span>人多出<span lang="EN-US">600</span>多人。最大雇主三星電子則僱有<span lang="EN-US">120,877</span>名員工。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">創立於<span lang="EN-US">2010</span>年的酷澎,僅花十年就爬升到企業僱用排行的第三名,超越樂金電子(<span lang="EN-US">LG</span>),並又只花短短三年就晉升到第二名。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著非面對面運送市場在<span lang="EN-US">2020</span>年新冠疫情爆發後快速成長,酷澎的聘僱人數短短兩年內暴增了近四萬人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雖然員工數在疫後的<span lang="EN-US">2022</span>年下滑約<span lang="EN-US">1</span>萬人,但去年卻又再增加<span lang="EN-US">13,391</span>人,證明該公司穩定創造就業機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,酷澎的物流中心子公司酷澎履行服務(<span lang="EN-US">CFS</span>)或物流子公司酷澎物流服務(<span lang="EN-US">CLS</span>)僱用的員工,多數都是一至兩年的短期約聘工。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、酷澎成長迅速<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、酷澎成為南韓第二大雇主,意義重大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、酷澎已經變成南韓的亞馬遜,帶動經濟產值<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、酷澎只花<span lang="EN-US">10</span>年,便爬到企業僱用排行的第三名<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣的電商沒有如此龐大的影響力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">統一<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 林淑惠、李麗滿,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">03</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">砸下<span lang="EN-US">2,500</span>萬美元的巨額代價,統一投資前進<span lang="EN-US">Yahoo</span>電子商務!<span lang="EN-US">Yahoo</span>台灣<span lang="EN-US">2</span>日宣布與統一集團展開策略合作,第一階段將由統一集團針對<span lang="EN-US">Yahoo</span>台灣電子商務業務進行投資,投資金額<span lang="EN-US">2,500</span>萬美元(相當於新台幣<span lang="EN-US">7.8</span>億元)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">曾是國內電商龍頭的<span lang="EN-US">Yahoo</span>奇摩,出售傳聞多年之後,確定由統一出手投資,意味著超商龍頭有意藉此跨足電商市場、展開<span lang="EN-US">OMO</span>(<span lang="EN-US">Offline merge Online</span>)虛實整合,坐擁<span lang="EN-US">OMO</span>市占龍頭企圖心,消息一出,震撼了國內整體通路產業。根據公告,統一將由子公司<span lang="EN-US">Cayman
President Holdings Ltd.</span>認購香港商雅虎資訊公司(<span lang="EN-US">Yahoo! Taiwan
Holdings Limited</span>)發行的可轉債,認購總金額<span lang="EN-US">2,500</span>萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Yahoo</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣表示,此次策略合作,代表統一集團對<span lang="EN-US">Yahoo</span>台灣在網購生態圈策略布局的肯定,雙方不排除在電子商務上有進一步商業合作的可能性,展現擴張台灣電商版圖的企圖心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Yahoo</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣執行長暨<span lang="EN-US">Yahoo</span>亞洲區總經理黃吉樂強調,<span lang="EN-US">Yahoo</span>台灣擁有豐沛人才、有價值的數據洞察,並累積多年的數位經驗、創新研發能量,過去<span lang="EN-US">20</span>多年來,為電商產業生態圈的發展帶來重大貢獻。此次統一集團的投資,主要奠基於雙方過去已在銷售及金物流合作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">統一強調,此次財務投資主要看好<span lang="EN-US">Yahoo</span>台灣在網購生態圈的策略布局,更可藉此提升台灣電商領域的整體發展、技術能力及產業競爭力,為在地消費者打造全新網購體驗。統一集團在符合法令及取得主管機關必要許可的前提下,不排除與<span lang="EN-US">Yahoo</span>台灣在電子商務上,有進一步商業合作的可能性。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">事實上,統一集團最大金雞母統一超商在實體通路已擁近<span lang="EN-US">7,000</span>家據點為通路王,並早已發展<span lang="EN-US">7-ELEVEN</span>電商購物城,未來結合<span lang="EN-US">Yahoo</span>台灣電商「強強聯手」,強化電商實力不可小覷。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、統一投資<span lang="EN-US">Yahoo</span>電子商務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、統一並沒有全面對其進行併購<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、統一是用可轉換公司債的形式投資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、統一未來有可能進一步加碼<span lang="EN-US">Yahoo<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來是「虛實整合」的時代<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">黃志芳新書<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 李麗滿,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">03</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外貿協會<span lang="EN-US">2</span>日雙喜臨門,董事長黃志芳出新書「變局中的抉擇 」,提供台商第一本全球總經現況與因應對策,並指出<span lang="EN-US">2023</span>是貿協拓展豐收的一年,<span lang="EN-US">2024</span>將大展身手,貿協準備花六年轉型為科技公司,而數位轉型最後一塊拼圖就是辦公室大改裝,完成數位化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">黃志芳任職貿協董事長六年,他在新書發表會上指出,美中爭霸還會持續<span lang="EN-US">20</span>年,若台商把眼光都放在中國大陸,可能會做出誤判,應在市場、金融管理和生意種類三方面做出抉擇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">黃志芳進一步說,疫情三年變化大,台灣企業家發現地緣政治、總體經濟與新科技發生重大變化,人類正面臨產業與政治社會重大轉折,舊的規則與思維不適用,必須用新的遊戲規則,做出全新選擇,若不看清形勢、利用新科技,在未來商戰中會十分危險。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於下一步怎麼發展?黃志芳指出,貿易戰後的大陸供應鏈不但沒被打下去,反而在世界上進一步延伸;科技戰後各領域市占率第一名的企業,更自<span lang="EN-US">10</span>家擴增為<span lang="EN-US">16</span>家,台商未來如能善用新科技<span lang="EN-US">AI</span>、元宇宙,影響力會更大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他說,台灣一直夾在美中爭霸之中,這是地緣政治中不可避免的。呼籲台商正視三大迷失,包括市場的迷失、金融管理迷思以及生意種類的抉擇。過去台商只要有訂單就去衝,可以做生意的地方就去做。但現在要關注的是,在<span lang="EN-US">AI</span>新科技中如何突破以往窠臼,用全新思維做業務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對新科技時代,黃志芳強調,<span lang="EN-US">2023</span>年<span lang="EN-US">Chatgtp</span>應用後,是<span lang="EN-US">AI</span>和<span lang="EN-US">AI</span>的競爭,若台商仍堅持人力與<span lang="EN-US">AI</span>的競爭,在商業領域將會落後,呼籲台商都應發展自己的企業<span lang="EN-US">AI</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、黃志芳從外交部長轉型貿協董事長相當成功<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、轉眼已經擔任了六年<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、貿協積極轉型成科技公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、黃志芳對於地緣政治與科技變化,有很深刻的領會<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這本書有一定的高度,值得推薦<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">AI</span></u></b><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">晶片<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者蕭君暉,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鴻海(<span lang="EN-US">2317</span>)董事長劉揚偉昨(<span lang="EN-US">4</span>)日表示,鴻海今年<span lang="EN-US">AI</span>伺服器業務相當好,但目前整體<span lang="EN-US">AI</span>伺服器產業仍面臨<span lang="EN-US">AI</span>晶片大缺貨的狀況,即便下半年<span lang="EN-US">AI</span>晶片供應舒緩一些,但還是趕不上需求,必須等到上游新廠產能開出,才有辦法解決產業鏈缺料問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">即便<span lang="EN-US">AI</span>伺服器業務看俏,劉揚偉坦言,地緣政治與國際經濟將影響今年消費電子需求。綜觀來看,「鴻海有一個(業務)不錯(指<span lang="EN-US">AI</span>伺服器),好幾個(業務)如消費性電子產品會受市場影響」,預期今年鴻海整體業績會比去年微幅高一些。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鴻海昨天包下南港展覽館一樓與四樓舉辦年度嘉年華活動,近<span lang="EN-US">3</span>萬人參與,是本土電子代工廠尾牙活動規模最大。劉揚偉出席受訪,並釋出以上訊息。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近期<span lang="EN-US">AI</span>伺服器產業籠罩在輝達(<span lang="EN-US">NVIDIA</span>)等<span lang="EN-US">AI</span>晶片製造商供貨吃緊問題,業界原本預期,下半年<span lang="EN-US">AI</span>晶片缺貨陰霾將逐步淡去。鴻海是全球伺服器龍頭,市占率超過四成,<span lang="EN-US">AI</span>伺服器市占率更高,尤其在<span lang="EN-US">AI</span>伺服器上游的<span lang="EN-US">GPU</span>模組與基板的市占率超過七成,可說是最具代表性的<span lang="EN-US">AI</span>伺服器廠。劉揚偉昨天一席話,透露下半年<span lang="EN-US">AI</span>晶片荒仍難解。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他強調,鴻海在全球<span lang="EN-US">AI</span>伺服器產業有指標地位,今年鴻海<span lang="EN-US">AI</span>伺服器業務相當好。但輝達<span lang="EN-US">AI</span>晶片今年供應嚴重不足,只有少數龍頭廠能拿到足夠量,二、三線廠在拿不到晶片下,卻宣稱今年<span lang="EN-US">AI</span>伺服器業績會相當好,「我對這樣的狀況感到有疑問與納悶」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">AI</span>晶片是今年市場的主流<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">AI</span>晶片會影響<span lang="EN-US">AI</span>伺服器的業務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、目前輝達獨佔全球<span lang="EN-US">AI</span>晶片市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">AI</span>伺服器整體市場仍然看好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣是<span lang="EN-US">AI</span>產業大爆發最大受惠者<span lang="EN-US"><o:p></o:p></span></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-74747136253373815012024-02-23T16:01:00.001+08:002024-02-27T16:03:03.610+08:00黃齊元/發揮在野力量,引導台灣前行<p>黃齊元/發揮在野力量,引導台灣前行</p><p>聯合報/ 黃齊元</p><p>https://udn.com/news/story/123296/7784086</p><p><br /></p><p>最近美國波音接二連三出事,不但飛機艙門從空中掉下來,連布林肯專機都故障,代表組織螺絲釘鬆動,管理出了問題。</p><p><br /></p><p>波音是典型軍工複合體,企業靠政府罩。美國利用霸權在全球推銷產品,從軍火到民航機。但現在這個機制出現問題,就是企業缺乏競爭力,以致全球一面倒改飛空中巴士;爽快採購波音者如台灣,都是由於政治施壓。</p><p><br /></p><p>當年美國看日本成為全球半導體霸主,用政治手段將其打趴;現在製造做不過台灣,想要故技重施。但台灣已形成完整生態系,而美國製造缺乏競爭力,導致台積電美國廠進度不如預期。</p><p><br /></p><p>同樣境遇發生在中國身上。陸企電動車產業鏈躍居世界第一,從整車、電池到鋰礦,成為「科技輸出者」,福斯、福特、輝達均與陸企合作。歐美想對大陸電動車產業課高額關稅,但無法加強競爭力,反而會拉高通膨。</p><p><br /></p><p>未來全球兩大趨勢電動車和綠能,中國都是領導者。大陸早已不把電動車當作載具,而是智能移動平台,取代手機。全世界最大智能化、綠能化、低碳化、中產階級消費市場,都在中國;脫離這個市場,可能走上成長慢車道。</p><p><br /></p><p>特斯拉去年市值一點二兆美元,現在剩不到一半,最大原因是利潤率大跌,這是誰造成的?中國競爭力有錯嗎?消費者要物美價廉的產品有錯嗎?輝達遵守美國法律,但說什麼也不願放棄中國市場,特別是智能車產業。</p><p><br /></p><p>中國最弱的晶片,卻是台灣最強領域;大陸最強的電動車智能生態系,台灣遠遠落後。美國在關鍵領域落後,但美國是老大,教父還可以發號施令,可是不會很久。我們該怎麼做?全力封殺對岸?美國是我們護身符嗎?</p><p><br /></p><p>今天不論是美國、中國或台灣,都有一個問題,就是看似強大,其實相當脆弱,需靠其他因素支撐,才能維持局面。而且內部都有危機,即社會不安定;這種不安的憤怒,到了一定程度就會爆發,大家都在壓力鍋上。</p><p><br /></p><p>未來沒有人可以耍流氓,老大霸權時代已過去,我需要你,你也需要我。美中了解這個道理,所以積極對話去風險;台灣不了解,還在和大陸鬥,我們能鬥而不破嗎?</p><p><br /></p><p>台灣經濟脫離不了政治,政治又受到國際因素影響,基本上由三股勢力決定:美中政策、執政黨和在野黨。美國代表來台,和各黨代表對話,說明美國理解台灣政治生態。在野百分之六十政黨應發揮力量,加強與國際對話,捍衛台灣多數人民權益,包括以下四個層面:</p><p><br /></p><p>第一是兩岸關係。台灣政黨過去較少關切兩岸議題,未來必須督促政府啟動對話,維持良性交流,避免敵意螺旋,至少要做到不脫鉤、去風險。</p><p><br /></p><p>第二是與美國交涉。美國民主黨當政,但現在大家更重視川普想法;同理,台灣應讓美國了解在野黨想法,適度運用外交槓桿,才能發揮最大效果。</p><p><br /></p><p>第三是資金動用。有錢就有利益糾結,金額大到難以想像,包括疫苗、綠能、基礎建設、軍火採購等。政府動不動組「國家隊」,私下安排利益分配,未來應從金流端解決問題。</p><p><br /></p><p>第四是社會公義。台灣貧富差距加大,半導體對台灣非常重要,但更應重視資源平衡,照顧弱勢族群。這次取消對陸旅遊團開放,衝擊服務業,就是一個錯誤。</p><p><br /></p><p>全世界正在瓦解邊緣,台灣如果不能鎖緊螺絲,一意孤行,未來恐將面臨災難!(作者為藍濤亞洲總裁兼東南亞影響力聯盟創辦人)</p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-58292228959031894372024-02-20T23:05:00.001+08:002024-02-21T23:05:44.518+08:00企業家對失敗生意的深刻自省:跑再快,客戶沒跟上也沒用<p> 企業家對失敗生意的深刻自省:跑再快,客戶沒跟上也沒用</p><p><br /></p><p>每當新的一年開始之際,我都會做很多的思考,一方面檢討過去一年失敗的地方、反省改進,同時做新一年的規畫。</p><p><br /></p><p>過去一年,有一些企業鹹魚翻身,其中一個例子是Netflix。在疫情期間,Netflix訂閱人數大增,但去年成長卻停滯不前,最近則因打擊寄生帳號業績又轉好。現在串流服務已成為趨勢,且Netflix持續擴展市場,打入中東和非洲地區。</p><p><br /></p><p>另外一個後來居上的例子,是美國的新藥公司禮來。禮來過去未受到太多關注,但研發減肥新藥讓該公司一炮而紅,市值高達7424億美元,變成全美國最有價值的新藥公司。</p><p><br /></p><p>也有些過去極成功的企業,現在業績一蹋糊塗。馬斯克的特斯拉,就是典型從英雄變狗熊的例子;另外一個例子是迪士尼,雖然2023年是迪士尼百歲生日,但股價卻持續下跌,即使把原有CEO找回來,仍無法扭轉其衰敗命運。</p><p><br /></p><p>我們從這些趨勢可以得到什麼啟發?那就是沒有永遠的贏家。企業要能夠成功,不能只靠一個短期商品或潮流趨勢,再熱門的商品或企業都有可能被取代。</p><p><br /></p><p>過年時我在清理舊檔案時,看到不少血淋淋的失敗案例。綜合我過去失敗經驗,主要有以下3大原因:</p><p>1.大環境改變</p><p>有些產品是我們因應大環境變化推出的,但目前時機已過。舉例來說,在疫情期間我們提供某客戶疫情間組織轉型的方案,但現在疫情解封,客戶需求完全改變,因此我們的方案也不再適用。</p><p><br /></p><p>2.速度太慢</p><p>我們雖然找到了正確的方向,但有時執行力度不夠,沒辦法跟上環境變化。另一方面,有些問題來自於客戶,我們雖然跑得很快,但客戶內部心態的轉移沒這麼快,需要時間等待他們跟上。這是台灣企業的通病,導致我們付出代價。</p><p><br /></p><p>3.資源分配</p><p>由於環境變化太快,有太多事情要做、失去焦點,這就牽涉到資源分配的問題,要在對的時間、將對的資源、用對的方法,分配在對的事情上。</p><p><br /></p><p>我研究我過去失敗的案例,不少是沒有在對的時機加碼分配資源,反而把精力分散到不重要的事情上,以致於錯失良機。因此,學會「減法」真的非常重要。</p><p><br /></p><p>如果觀察台灣的國運,我會說這是最好的時代,也是最危險的時代。AI和半導體行情帶動台股,加上美國政府不斷出招制裁中國,這為台灣企業創造機會;但兩岸關係急遽下滑,許多民眾沒有危機意識,這就是最大風險。</p><p><br /></p><p>希望大家都能做對的抉擇、懂得取捨,不要未來再來後悔!</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-56591914201168675192024-02-20T17:01:00.003+08:002024-02-20T17:01:28.480+08:00 觀念平台-面對全球變局,維持永續台灣<p> 觀念平台-面對全球變局,維持永續台灣</p><p>https://www.chinatimes.com/newspapers/20240220000148-260209?chdtv</p><p>工商時報 黃齊元藍濤亞洲總裁、東南亞影響力聯盟創辦人</p><p><br /></p><p>2024年是極端動盪的一年,全球有很多事情會發生,從戰爭、通膨、氣候變遷到科技創新,其程度將會超過以往。從命理學角度,這和未來20年大運有關,年初的日本地震,以及去年10月持續至今的以哈戰爭,已經可以看出端倪。這些變動多半帶來負面影響,即使是人工智慧(AI),其發展速度和對產業所帶來變革,也讓人擔工作流失或因缺乏監管而造成災難。</p><p><br /></p><p>■永續性面臨破壞威脅,不容台灣輕忽</p><p><br /></p><p>如今外在環境變動,讓原有世界發生劇烈改變,我們已不能假設未來事件發展軌跡仍會循傳統線性規律。由於系統結構鬆動,2024年將會是永續性遭到破壞的關鍵年,這對於台灣而言,尤其有重大意義,可就以下五點分別予以說明:</p><p><br /></p><p>第一,政治永續。過去30年,台灣政治上最常被提到的是名詞是「維持現狀」,不管是美國對台灣的看法,或是大多數人民的期望。但從去年起,現狀被改變的機率愈來愈高,「和平統一」成為新焦點。原因包括中共領導人習近平的主觀意志、全世界動盪不安地緣政治局勢、以及賴清德520就任總統後可能帶來的變化。除了國際地緣政治外,台灣國內政治也呈現非常不一樣的格局,未來朝小野大,民進黨必須加強和在野黨溝通。</p><p><br /></p><p>第二,經濟永續。去年台灣經濟表現,在亞洲四小龍中墊底,今年由於AI及全球科技股當道,給台灣經濟及股市帶來不小助力。然而美國通膨死灰復燃,再加上AI和半導體受到地緣政治角力高度影響,仍有許多變數。</p><p><br /></p><p>台灣經濟最大危機在於能源政策,如果不恢復核能,未來電力勢必短缺,歐美及日本商會均對此表達高度憂慮。目前再生能源發展進度嚴重落後目標,對新政府經濟政策帶來挑戰。另外,比綠電更值得憂心的是台灣減碳進程,在全世界屬後段班;雖然去年政府成立「碳權交易所」,但制度上並未和國際接軌,未來恐將影響供應鏈運作。</p><p><br /></p><p>第三,科技永續。過年期間,OpenAI創辦人奧特曼提出新計畫,由於全球半導體無法滿足AI高速發展,因此計畫和台積電合作,在全球興建數十座晶圓代工製造廠,總共需要七兆美元資金,等於11個台灣GDP。</p><p><br /></p><p>奧特曼代表了典型科技界「傲慢」,全世界什麼事情都不要做,集中資源來搞AI和半導體就好了。對台積電來說,更存在高度風險,為何其要在全世界複製幾十座工廠,加速讓別人來取代自己?AI爆發成長以及相關大手筆投資,說明目前科技發展模式很難持續。</p><p><br /></p><p>第四,社會永續。今年總統大選關鍵因素並非來自對岸,主要還是國內問題,選舉結果說明60%選民不滿政府施政,埋下社會不安種子。近期政府為了報復大陸M503航線事件,宣布取消赴陸旅遊團,受到傷害最大的不是對岸,而是廣大旅遊業和服務業者。台灣社會因為超高齡化及少子化,目前不論學校或企業都面臨人口結構危機,再加上資源過度向科技產業傾斜,未來除非修改移民政策,否則將面臨日本和新加坡相同問題。</p><p><br /></p><p>第五,環境永續。台灣好山好水,但這幾年因為政府不當綠電政策,正遭到大幅破壞,還造就了利益團體不當得利機會。未來政府應該尋求在經濟發展和環境永續間保持平衡。政府希望把所有先進製程半導體廠設在台灣,這需要大量的水、電及土地。其實能源、人力或環境,彼此高度相關,政府必須有通盤規劃。</p><p><br /></p><p>■全球已達成長極限,再不行動將嘗惡果</p><p><br /></p><p>50年前,由著名經濟學家、政治家及科學家組成的智囊團,預見人類摧殘自然資源的可能後果,發表全球轟動的研究報告《成長的極限》。50年後的今年,隨著自然資源逐漸消耗殆盡,當年假設的場景已一一實現,如水災、火災、熱浪、酷寒,還有碳排放導致全球加速暖化,人類命運正進入倒數計時階段。此外再加上戰爭、科技和人口結構改變衝擊,強迫我們不得不用最嚴肅態度思考台灣永續課題。</p><p><br /></p><p>世界正在瓦解,台灣又是全世界最危險的地方;想要有更安全的未來,現在是全民行動的關鍵時刻!</p><div><br /></div>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-7824337041369733312024-02-20T16:56:00.003+08:002024-02-20T16:56:37.401+08:00意念電腦,精品低調,裁員,特斯拉狗熊,美國制裁,Volvo,美地區銀行,蘋果Vision Pro,NAND,華為星耀,恆大,中國投資,中國美商會,國台辦,輝達陸版IC,佳能,和碩,美商台灣,Disney+,觀光工廠<p><a name="_Hlk76402598"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:意念電腦<span lang="EN-US">,</span>精品低調<span lang="EN-US">,</span>裁員<span lang="EN-US">,</span>特斯拉狗熊<span lang="EN-US">,</span>美國制裁<span lang="EN-US">,Volvo,</span>美地區銀行<span lang="EN-US">,</span>蘋果<span lang="EN-US">Vision
Pro,NAND,</span>華為星耀<span lang="EN-US">,</span>恆大<span lang="EN-US">,</span>中國投資<span lang="EN-US">,</span>中國美商會<span lang="EN-US">,</span>國台辦<span lang="EN-US">,</span>輝達陸版<span lang="EN-US">IC,</span>佳能<span lang="EN-US">,</span>和碩<span lang="EN-US">,</span>美商台灣<span lang="EN-US">,Disney+,</span>觀光工廠</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">意念電腦<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯林奇賢,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">31</span>日</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">馬斯克<span lang="EN-US">29</span>日在<span lang="EN-US">X</span>平台上發文說,他旗下的神經科學新創公司<span lang="EN-US">Neuralink</span>,已完成首例人腦植入晶片手術,且患者術後恢復良好,初步數據樂觀。這是該公司朝未來人類用意念控制電腦所邁出重要一步。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">馬斯克表示,<span lang="EN-US">Neuralink 28</span>日為第一位人類患者植入大腦晶片,「初步結果顯示,神經元脈衝檢測的前景大有可為」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">他同日宣布,該公司首款產品名叫「<span lang="EN-US">Telepathy</span>」(心靈感應),將讓人「僅用意念就能控制手機和電腦,並藉此控制幾乎任何裝置,一開始的用戶將是失去四肢的人,「想像一下,史蒂芬霍金有辦法比快速打字員或拍賣員更快地和其他人溝通的樣子。這就是(我們的)目標」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">Neuralink</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">成立於<span lang="EN-US">2016</span>年,願景是增強人類能力,且治療肌萎縮性脊髓側索硬化症(<span lang="EN-US">ALS</span>,俗稱漸凍人)或巴金森氏症等神經系統疾病,未來也可能讓人類與人工智慧(<span lang="EN-US">AI</span>)的共生關係實現。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">拜馬斯克的名氣所賜,<span lang="EN-US">Neuralink</span>或許是腦機介面領域最有名的公司。這是破解大腦訊號、並轉換成外部科技指令的系統。其他如<span lang="EN-US">Synchron</span>、<span lang="EN-US">Paradromic</span>等公司都已能打造具備如此能力的腦機介面。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">而<span lang="EN-US">Neuralink</span>裝置的不同之處在於,具有上千個電極,遠比其他公司的植入物多,且針對的是個別的神經元,有別於許多公司開發的裝置,是針對一組神經元的訊號,所以<span lang="EN-US">Neuralink</span>的裝置理論上應該會有更高的精確度。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">具體來說,<span lang="EN-US">Neuralink</span>已成功把一個<span lang="EN-US">25</span>美分硬幣大小的植入物<span lang="EN-US">N1</span>,放進人類的頭骨;與其相連的是數十個極小的線狀電極,這些電極則穿過硬腦膜,推入大腦的皮質,由手術機器人<span lang="EN-US">R1</span>進行這項操作。<span lang="EN-US">N1</span>是由幾個部分組成:具有生物相容性的外殼、電池、晶片和電極、線狀電極。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">儘管<span lang="EN-US">Neuralink</span>取得一大進展,但還不會那麼快就商用化。醫療器材公司必須經過好幾輪密集的資料安全蒐集和測試,才能取得美國食品藥物管理局(<span lang="EN-US">FDA</span>)的最終批准。史丹福大學神經外科教授、<span lang="EN-US">Neuralink</span>顧問韓德森(<span lang="EN-US">Jaimie Henderson</span>)上周接受採訪時說,「我的確認為有過度炒作的風險」,他也說對這項技術感到興奮,只是獲得批准還需要多年的時間。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk85199238;"></span><span style="mso-bookmark: _Hlk76402598;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、馬斯克畢竟是經營之神,總是跑在時代前面<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、電動車不是馬斯克發明,但把電動車產業發揚光大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、星鏈也是由馬斯克首創,同時還帶動<span lang="EN-US">SpaceX</span>火箭產業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、如果意念產業能夠成熟,會顛覆人類生態<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來會看到很多「仿生人」,也就是人機混合體的存在<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">精品低調<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯簡國帆,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年社群媒體最火熱的時尚趨勢是「低調奢華」,不再追求誇張派頭,而是講求低調地展現自我品味,如今投資人也開始採納這個原則,默默在投資組合加入能受惠於這股風潮的精品股,並已賺得實質報酬。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">CNBC</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導,一些投資人長期以來都視精品股為對通膨避險的有效標的,因為精品業者毛利率遠高於手機或電視等其他非消費必需品。基本上,精品類股的基本面過去幾十年來都未大幅改變,但隨著低調奢華風漸起,投資人也更精挑細選標的。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">星展銀行的數據顯示,一些品牌的展現方式符合專家所形容的「低調奢華」,例如愛馬仕(<span lang="EN-US">Hermes</span>)、普拉達(<span lang="EN-US">Prada</span>)旗下的<span lang="EN-US">Miu Miu</span>、<span lang="EN-US">Brunello
Cucinelli</span>、歷峰集團(<span lang="EN-US">Richemont</span>)以及<span lang="EN-US">Swatch</span>集團,而這類公司去年的股價表現已超越追求高調展現的同業<span lang="EN-US">23</span>個百分點,預料這股產業動能轉變將使精品類股表現持續分歧。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">星展銀行所歸類的低調奢華業者,為不誇張展現品牌、聚焦於高品質,同時維持排他性與稀有性的業者,該銀行的一些首選包括愛馬仕、<span lang="EN-US">Moncler</span>、路易威登(<span lang="EN-US">LVMH</span>)、歷峰、<span lang="EN-US">Swatch</span>、<span lang="EN-US">Brunello Cucinelli</span>以及<span lang="EN-US">Ermenegildo Zegna</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美銀證券公司的研究也顯示,低調奢華類股去年表現佳,輾壓了被認為高調的精品品牌股價,該公司青睞路易威登和愛馬仕的程度,甚於擁有<span lang="EN-US">Gucci</span>的開雲集團(<span lang="EN-US">Kering</span>)和<span lang="EN-US">Burberry</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資人也正尋求擁有更長期價值的企業。<span lang="EN-US">Vontobel Quality
Growth Boutique</span>的投資組合經理人韓森指出,一些人「厭倦了斗大的<span lang="EN-US">logo</span>」,消費者與投資人現在都更想要更高品質的產品,「回歸這些業者的長期特質」,「我們投資的是有非常長期價值的事物」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在亞太地區,由於中國大陸疫後復甦參差不齊、內需不振,精品的購買題材也正在轉變,因為精品品牌正擴大經營範圍以迎合其他亞洲大型市場的品味。韓森說,日本和南韓等成熟市場的精品需求正在成長,印度市場潛力龐大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、經濟復甦,全世界精品大行其道<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、但年輕人不喜歡傳統精品<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、低調奢華是未來時尚趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、不再追求誇張派頭,而是展現自我品味<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國大陸還沒到這個層次,以炫富為主<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">裁員<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 蕭麗君,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">28</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2024</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">開始不到一個月,科技業再度爆出新一波裁員潮,與此同時,該產業對<span lang="EN-US">AI</span>投資卻不手軟,凸顯<span lang="EN-US">AI</span>已成為科技業調整人力的重要考量因素。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據科技公司裁員追蹤平台<span lang="EN-US">Layoffs.fyi</span>資料,僅<span lang="EN-US">2024</span>年<span lang="EN-US">1</span>月就有約<span lang="EN-US">80</span>家公司裁員,共計有超過<span lang="EN-US">23,670</span>人丟掉飯碗,創去年<span lang="EN-US">3</span>月以來最高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">專家指出,科技業者進入<span lang="EN-US">2024</span>年依舊熱烈投資人工智慧(<span lang="EN-US">AI</span>)並且大舉招募相關人才,但是對於其他領域就不斷裁減人力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管過去一年,<span lang="EN-US">AI</span>導致員工失業一直是矽谷與其他地方關注的焦點,但多數裁員並非都與<span lang="EN-US">AI</span>直接取代勞工有關。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過最近該情況出現耐人尋味的轉變。許多裁員的宣布時機,都是在公司發布對<span lang="EN-US">AI</span>進行重大投資後。事實上越來越多科技企業坦承,<span lang="EN-US">AI</span>是它們重新進行人力調整的關鍵因素。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">專家認為,在預料<span lang="EN-US">AI</span>未來將重塑整個商業版圖,目前在科技業上演的勞工動盪勢必還會造成更多的不安。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">例如谷歌與亞馬遜就是宣布裁員的兩大重量級科技業者,恰巧的是上述兩家公司都在數月前不約而同表示,將對<span lang="EN-US">AI</span>新創公司<span lang="EN-US">Anthropic</span>進行數十億美元的投資。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外最近一周,加入裁員行列的還有社交平台<span lang="EN-US">Discord</span>,它說將精簡<span lang="EN-US">17</span>%員工。遊戲引擎公司<span lang="EN-US">Unity Software</span>則將大砍<span lang="EN-US">25</span>%員工。微軟也宣布要裁<span lang="EN-US">1,900</span>人。至於語言學習<span lang="EN-US">app</span>業者<span lang="EN-US">Duolingo</span>也表示將裁員約<span lang="EN-US">10</span>%合約員工。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">科技業在<span lang="EN-US">2023</span>年全年裁員人數達到<span lang="EN-US">262,682</span>人,至於前一年遭裁撤的人數則為<span lang="EN-US">164,969</span>人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前<span lang="EN-US">AI</span>對勞動市場的衝擊仍在進行當中。研究人員指出,全球恐有數億個工作受到影響,雖然該科技在未來也可能協助創造新的不同工作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、全世界科技業興起裁員潮<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、這跟<span lang="EN-US">AI</span>快速發展有關<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">AI</span>取代很多白領工作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、科技大廠率先裁員<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、其他產業在<span lang="EN-US">2024</span>年勢必會感受到壓力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">特斯拉狗熊<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 顏嘉南,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">28</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">浪潮激勵美國科技巨頭開春以來股價持續攀高,反觀電動車大廠特斯拉則因利空消息不斷,股價遭遇重擊,年初迄今重挫逾<span lang="EN-US">26</span>%。特斯拉去年還是引領美股漲勢的「科技七雄」之一,如今已淪為狗熊。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業績失利拖累特斯拉股價<span lang="EN-US">25</span>日重挫<span lang="EN-US">12</span>%,創下逾一年來最大單日跌幅,<span lang="EN-US">26</span>日早盤雖止跌開高,但終場僅收漲<span lang="EN-US">0.3</span>%,報<span lang="EN-US">183.25</span>美元。今年迄今股價累計大跌逾<span lang="EN-US">26</span>%,目前股價位在去年<span lang="EN-US">5</span>月以來低點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在此同時,微軟、輝達與臉書母公司<span lang="EN-US">Meta</span>挾著<span lang="EN-US">AI</span>熱潮,股價持續改寫新高紀錄,並帶領大盤上攻。微軟更在<span lang="EN-US">25</span>日成為美國第二家市值破<span lang="EN-US">3</span>兆美元企業。特斯拉以外的「科技七雄」-蘋果、微軟、谷歌母公司<span lang="EN-US">Alphabet</span>、輝達、亞馬遜和臉書母公司<span lang="EN-US">Meta</span>,<span lang="EN-US">1</span>月平均上漲<span lang="EN-US">9.3</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">財報遜色是特斯拉<span lang="EN-US">25</span>日股價慘崩主因。上季營收與獲利皆不如預期,還預警今年銷量成長可能較去年明顯減速,且未公布今年銷售目標,令股價慘遭血洗。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">多家投行因此下修特斯拉目標價。大和資本市場分析師奈森(<span lang="EN-US">Jairam Nathan</span>)將特斯拉目標價由<span lang="EN-US">280</span>美元大砍至<span lang="EN-US">245</span>美元,但維持「買進」評等。他預期特斯拉成長減速將延續至明年,一併將明年的獲利預測由每股盈餘<span lang="EN-US">5.5</span>美元下調至<span lang="EN-US">4.25</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">摩根大通分析師布林克曼(<span lang="EN-US">Ryan Brinkman</span>)亦調降特斯拉目標價和明年獲利預測。目標價由<span lang="EN-US">135</span>美元下修至<span lang="EN-US">130</span>美元,明年的每股盈餘由<span lang="EN-US">4.5</span>美元調降至<span lang="EN-US">4.25</span>美元,維持「賣出」評等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,美國國家公路交通安全管理(<span lang="EN-US">NHTSA</span>)表示,軟體不穩定導致後視影像無法顯示,特斯拉在美國召回<span lang="EN-US">20</span>萬輛電動車,包括配備全自駕<span lang="EN-US">4.0</span>軟體的<span lang="EN-US">Model S</span>、<span lang="EN-US">X</span>和<span lang="EN-US">Y</span>車款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">然而「女股神」伍德(<span lang="EN-US">Cathie Wood</span>)則趁特斯拉股價大跌時逢低買進,<span lang="EN-US">25</span>日掃進<span lang="EN-US">17.8</span>萬股。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、特斯拉是去年表現最佳的股票<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、但今年卻是最差<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、前年特斯拉也很差,根本就是坐雲霄飛車<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但這次問題更嚴重,因為價格下滑、需求下降、毛利率大減<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、反觀中國比亞迪,競爭力愈來愈強<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">美國制裁<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯劉忠勇、記者廖士鋒,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國再對大陸科技業揮出重拳,兩強科技戰白熱化。美國國防部<span lang="EN-US">1</span>月<span lang="EN-US">31</span>日更新協助中國大陸軍方的企業清單,納入大陸儲存型快閃記憶體(<span lang="EN-US">NAND Flash</span>)龍頭長江存儲和臉部辨識業者曠視科技等公司,使這些企業遭遇更多制裁的風險升高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據美國國防部網站,五角大廈依照<span lang="EN-US">2021</span>年度國防授權法(<span lang="EN-US">NDAA</span>)<span lang="EN-US">1260H</span>節法定要求,公布在美國直接或間接運營的「中國軍事企業」(<span lang="EN-US">Chinese military companies</span>)更新名單。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">長江存儲、曠視科技、中微半導體,以及支持中國大陸多家知名新創公司的私募基金<span lang="EN-US">IDG
Capital</span>等,都被列入這項所謂的<span lang="EN-US">1260H</span>條款的清單。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透指出,遭新增列入這項清單,不代表立即禁止貿易往來,但遭指定的企業將承受重大聲譽風險,也向美國實體發出嚴厲示警,與這些企業開展業務存在風險,也可能增加美國財政部制裁這些企業的壓力。<span lang="EN-US">1260H</span>條款明文限制取得美國國防部的部分合約。另一方面,美國政府也將對這些被列入名單的企業進行更高程度觀察,未來可能增加對這些企業制裁。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這項清單除了大陸主要電信和航太業者,也納入華為和中芯國際。華盛頓已對華為、中芯國際和國防部清單上的其他公司實施出口管制和其他制裁。美國視中國大陸為威脅國安的地緣政治競爭對手。華為和中芯都已被禁止採購美國軟體和電子元件。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">過去幾年,美國政府愈來愈擔心所謂的「中國軍民融合策略」,視同一般民企以某種方式幫助中國人民解放軍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">先前遭到美國政府被列入相關名單的廠商,包括中國航空工業集團、華大基因、中國移動、中海油,以及中國鐵建。這次更新名單新增長江存儲、曠視科技、禾賽科技、東方網力之外,還包括中國長江三峽集團、中國建設科技集團股份有限公司、依圖科技,以及無人機生產商縱橫股份、盟升電子、航宇科技和科思科技等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於美方的作法,大陸外交部昨(<span lang="EN-US">1</span>)日表達堅決反對,並指出美國劃設各類名目的歧視性清單,無理打壓中國企業,「破壞中美正常經貿合作」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國對中國科技業繼續施以強力制裁<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、基本上所有中國科技產業都被涵蓋<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、連過去沒有問題的長江儲存也被打到<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、「中國軍事企業」名單,基本上就是一個黑名單<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、不代表立刻禁止貿易往來,但企業將承受重大的聲譽風險,美國的作法相當惡毒<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">Volvo<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富豪汽車(<span lang="EN-US">Volvo</span>)<span lang="EN-US">2</span>月<span lang="EN-US">1</span>日說,將停止資助電動車品牌<span lang="EN-US">Polestar</span>,並把這項責任轉交給富豪母公司吉利控股集團,考慮把<span lang="EN-US">Polestar</span>的股權出脫給吉利。富豪股價早盤在瑞典股市應聲跳漲逾<span lang="EN-US">30%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透報導,富豪高度參與<span lang="EN-US">Polestar</span>的經營,持有該公司<span lang="EN-US">48%</span>股權,常被分析師抨擊這項持股是在耗費富豪的資源。一如其他電動車業者和新創公司,<span lang="EN-US">Polestar</span>的業務難以取得進展,尤其是美國電動車大廠特斯拉在去年發動了價格戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Polestar</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">上月稍早表示,未達成已下調的<span lang="EN-US">2023</span>年出貨目標。該公司的股價,自<span lang="EN-US">2022</span>年<span lang="EN-US">6</span>月透過特殊目的收購公司(<span lang="EN-US">SPAC</span>)掛牌以來,已暴跌逾<span lang="EN-US">83%</span>。富豪車顯然也受拖累,同樣這段時間股價跌約<span lang="EN-US">60%</span>。富豪說,已考慮把<span lang="EN-US">Polestar</span>的股權出脫給吉利,這將使吉利直接持有該品牌。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">吉利在另一份聲明中表示,樂見富豪把資源專注在自身的產品研發,將在未來持續為<span lang="EN-US">Polestar</span>提供完整的營運和財務支持,「這種支持不需要吉利減少對富豪的持股」。然而,經紀商<span lang="EN-US">Bernstein</span>認為,吉利的生態體系有可能減持富豪股票。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Polestar</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">上周說,計劃全球裁員約<span lang="EN-US">450</span>人,占整體人力<span lang="EN-US">15%</span>左右,以因應「充滿挑戰的市況」。該公司也在<span lang="EN-US">11</span>月說,將試圖減少對外部援助的依賴,發布了營運整頓計畫,其中包含從富豪和吉利取得額外的貸款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富豪停止金援,可能令外界質疑<span lang="EN-US">Polestar</span>的生存能力,該公司的目標是在<span lang="EN-US">2025</span>年損益兩平。分析師指出,讓<span lang="EN-US">Polestar</span>併入吉利更為合理。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富豪同日公布上季營業利益,達<span lang="EN-US">67</span>億瑞典克朗(<span lang="EN-US">6.44</span>億美元),比去年同期激增<span lang="EN-US">28</span>億克朗,也高於市場預期的<span lang="EN-US">65</span>億克朗。富豪上季純電動車的利潤率為<span lang="EN-US">13%</span>,比前一季增加<span lang="EN-US">4</span>個百分點。儘管電動車需求拉警報、許多人認為電動車獲利將低於預期,但富豪電動車的利潤率上揚,支撐了執行長羅文認定相關利潤將持續增加的堅定立場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、富豪是瑞典名車,林書豪是其代言人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、富豪早期就參與<span lang="EN-US">Polestar</span>的經營<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、富豪已經被中國的吉利汽車併購<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、電動車變成拖油瓶<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、富豪把拖油瓶甩給母公司吉利,是相當明智的做法<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">美地區銀行<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 顏嘉南,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在去年美國地區銀行危機接手標誌銀行(<span lang="EN-US">Signature Bank</span>)的紐約社區銀行(<span lang="EN-US">New York Community Bancorp</span>),上季意外由盈轉虧,並大砍股利來提振資本,導致<span lang="EN-US">31</span>日股價血崩,再次點燃市場對地區銀行的憂慮情緒,並拖累銀行類股重挫。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐約社區銀行<span lang="EN-US">31</span>日股價崩跌<span lang="EN-US">38</span>%,以<span lang="EN-US">6.47</span>美元作收,創下公司史上最慘烈的一天。<span lang="EN-US">KBW</span>區域銀行指數重挫<span lang="EN-US">6</span>%,創下去年<span lang="EN-US">3</span>月<span lang="EN-US">13</span>日以來最大單日跌幅。<span lang="EN-US">SPDR</span>標普地區銀行<span lang="EN-US">ETF</span>跌幅亦達<span lang="EN-US">6</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">由於呆帳損失飆高,並為潛在損失預留數百萬美元準備金,導致紐約社區銀行去年第四季由盈轉虧,淨損達<span lang="EN-US">2.52</span>億美元,每股虧損<span lang="EN-US">36</span>美分,相較於去年同期的淨利<span lang="EN-US">1.72</span>億美元和每股盈餘<span lang="EN-US">30</span>美分,也遠遠不及市場預估的每股盈餘<span lang="EN-US">27</span>美分。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐約社區銀行執行長坎吉米(<span lang="EN-US">Thomas Cangemi </span>)表示,收購標誌銀行的資產與負債後,公司正在適應法令對於大型銀行的要求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">接手標誌銀行讓紐約社區銀行的總資產超過<span lang="EN-US">1,000</span>億美元門檻,必須遵守更嚴格的資本和流動性規定。該公司還在<span lang="EN-US">2022</span>年稍晚收購旗星銀行(<span lang="EN-US">Flagstar Bank</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐約社區銀行為了維持資本和流動性,將季度股利由<span lang="EN-US">17</span>美分一口氣大砍至<span lang="EN-US">5</span>美分。對此坎吉米表示,公司採取決定性的行動來建立資本、加強資產負債表,以及強化風險管理程序。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐約社區銀行股價狂洩令投資人再度想起去年春季的美國地區銀行風暴,當時矽谷銀行(<span lang="EN-US">SVB</span>)、標誌銀行和第一共和銀行(<span lang="EN-US">First Republic</span>)在幾周內相繼宣告倒閉,撼動金融市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據財報顯示,紐約社區銀行第四季存款較前季減少<span lang="EN-US">2</span>%。淨呆帳損失由一年前的<span lang="EN-US">100</span>萬美元暴增至<span lang="EN-US">1.85</span>億美元,主要受到<span lang="EN-US">2</span>筆貸款影響。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過投行<span lang="EN-US">Piper Sandler</span>費茲本(<span lang="EN-US">Mark Fitzgibbon</span>)表示,他並不覺得紐約社區銀行的貸款組合存在系統性問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、兩年前,美國有銀行金融危機<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、這一次危機是由接手的銀行發生<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、紐約社區銀行接手標誌銀行,卻沒想到引起股價雪崩<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、簡單來說,就是中型銀行併小型銀行,但中型銀行也撐不下去,一定要大型銀行才比較保險<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、摩根大通去年也曾併購一家問題銀行,卻變得超級賺錢,可見銀行的規模還是很重要<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">蘋果<span lang="EN-US">Vision Pro<o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 楊日興,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蘋果<span lang="EN-US">Vision Pro</span>將在當地時間<span lang="EN-US">2</span>日正式在美開賣,做為全新產品宣傳噱頭,「大蘋果」紐約第五大道蘋果旗艦店搶先試戴裝置,近日門市進行改裝,準備為門市的蘋果<span lang="EN-US">LOGO</span>戴上一副超大<span lang="EN-US">Vision Pro</span>。此外,蘋果<span lang="EN-US">2</span>月<span lang="EN-US">1</span>日公布上季財報,除了<span lang="EN-US">iPhone</span>中國銷量成焦點,新<span lang="EN-US">AR</span>/<span lang="EN-US">VR</span>頭戴式裝置亦備受期待。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">9To5Mac</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導,紐約第五大道蘋果旗艦店近日施工,照片顯示該門市的蘋果標誌前已架起鷹架,將有著巨大<span lang="EN-US">Vision Pro</span>外型的金屬骨架放置在此處,似乎準備在<span lang="EN-US">Vision Pro</span>開賣時,搶先讓「大蘋果」的蘋果戴上<span lang="EN-US">Vision Pro</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除門口巨大<span lang="EN-US">Vision Pro</span>外觀,第五大道蘋果門市還有多達一半的店面空間被施工板遮擋,準備大改造以迎接產品開賣。目前蘋果線上線下門市都為<span lang="EN-US">Vision Pro</span>發售預熱,許多蘋果門市寫著標語稱,「準備好,<span lang="EN-US">2</span>月<span lang="EN-US">2</span>日來門市看看這美妙的東西」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導表示,<span lang="EN-US">2</span>月<span lang="EN-US">2</span>日除了能在蘋果門市購物與取貨之外,蘋果還會展示<span lang="EN-US">Vision Pro</span>滿足果粉對這款全新產品的好奇心,蘋果自<span lang="EN-US">2</span>日上午<span lang="EN-US">8</span>點開始一直到<span lang="EN-US">4</span>日,進行時長<span lang="EN-US">25</span>分鐘的產品展示橋段,民眾可報名參加或趁早來門市,使消費者更容易理解<span lang="EN-US">Vision Pro</span>的使用方式、相關功能以及<span lang="EN-US">App</span>生態。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,第五大道旗艦店是蘋果指標門市,通常會有特殊待遇與活動,猜測蘋果執行長庫克在<span lang="EN-US">2</span>日或隨後周末很可能會前往這座戴上巨大<span lang="EN-US">Vision Pro</span>的門市,與果粉們同樂。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但開賣前商品風波仍不斷,外媒傳出,在許多知名媒體、<span lang="EN-US">KOL</span>、明星搶先體驗產品後,市場出現<span lang="EN-US">Vision Pro</span>遭駭消息,傳蘋果公司後續緊急進行安全更新,<span lang="EN-US">1</span>月<span lang="EN-US">31</span>日時該產品系統顯示為<span lang="EN-US">visionOS 1.0.2</span>。而<span lang="EN-US">9To5Mac</span>指出,該更新是修復對於<span lang="EN-US">WebKit</span>的缺陷。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、蘋果股價近期被微軟超越<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、蘋果積極推動新產品振奮人心<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、蘋果主要推展<span lang="EN-US">Vision Pro</span>頭盔<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、可是<span lang="EN-US">AR</span>、<span lang="EN-US">VR</span>是否可以重振消費者信心,有很大的疑義<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、畢竟目前元宇宙還不是市場主流<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">NAND<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯季晶晶,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">全球資金搶買<span lang="EN-US">AI</span>概念股,輝達(<span lang="EN-US">NVIDIA</span>)周一美股盤中衝破<span lang="EN-US">600</span>美元天價,但外資摩根士丹利(大摩)卻不再以輝達為首選晶片股,轉為擁抱儲存型快閃記憶體(<span lang="EN-US">NAND Flash</span>)個股,開外資圈「棄<span lang="EN-US">AI</span>,推<span lang="EN-US">NAND</span>族群」第一槍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">法人看好,<span lang="EN-US">NAND</span>族群評價將被拉高,群聯(<span lang="EN-US">8299</span>)、威剛等相關台廠跟著衝。群聯更率先高喊:「<span lang="EN-US">NAND Flash</span>市場最辛苦的時期已經過去!」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管人工智慧(<span lang="EN-US">AI</span>)掀起熱潮,大摩知名分析師摩爾(<span lang="EN-US">Joseph Moore</span>)更看好<span lang="EN-US">NAND</span>相關個股,首推全球第四大<span lang="EN-US">NAND</span>晶片供應商威騰,預期威騰股價有上漲超過<span lang="EN-US">25%</span>的潛力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">摩爾提到,<span lang="EN-US">NAND</span>晶片市場趨勢改善,也是利多,「我們看到<span lang="EN-US">NAND</span>晶片價格(第<span lang="EN-US">1</span>季)連續上漲超過<span lang="EN-US">20%</span>,在某些地區漲幅更大。考慮到威騰在去年<span lang="EN-US">12</span>月提出毛利率為正的指引,今年<span lang="EN-US">3</span>月這一季應該達到周期中期的毛利率水準。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">摩爾上調威騰目標價,從<span lang="EN-US">52</span>美元調高到<span lang="EN-US">73</span>美元。大摩看多激勵,威騰周一股價勁揚逾<span lang="EN-US">4%</span>、收<span lang="EN-US">57</span>美元,意味還有<span lang="EN-US">28%</span>的上漲空間。儘管摩爾對<span lang="EN-US">NAND</span>長遠周期的看法「好壞參半」,指「晶圓廠利用相當低,很快會上升」,這種趨勢「不利於經濟」,但最近少有新公司進入<span lang="EN-US">NAND</span>市場,則是好事。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大摩開外資圈「棄<span lang="EN-US">AI</span>,推<span lang="EN-US">NAND</span>族群」第一槍,引發市場熱議,促使資金開始朝台灣<span lang="EN-US">NAND</span>相關概念股簇擁,台廠的群聯、威剛與威騰合作緊密,市場預期,大摩首推威騰取代輝達,引爆<span lang="EN-US">NAND</span>族群評價拉高潮,群聯、威剛也將跟著獲得資金青睞,評價可望同步調升。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外資近期積極買超群聯,昨天連三買、累計逾<span lang="EN-US">900</span>張,推升群聯股價強勢,昨天收<span lang="EN-US">540</span>元、漲<span lang="EN-US">6</span>元,挑戰兩年來高點。外資連兩日買超威剛,昨天股價漲<span lang="EN-US">0.9</span>元、收<span lang="EN-US">96.2</span>元,蓄勢重返百元大關。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣<span lang="EN-US">NAND</span>相關業者對市場發展持正向態度,群聯認為,隨著主要記憶體晶片廠相繼減產,加上部分終端市場回溫,推升<span lang="EN-US">NAND</span>市況開始走強、報價上漲,近期客戶拉貨更趨積極,市場供給持續因大廠減產而限縮,預期今年將出現缺貨潮。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">威剛則表示,記憶體供應商減產與產能排擠效應發酵,<span lang="EN-US">AI</span>應用將在下半年不斷擴大,相關伺服器、電腦與智慧手機等需求升溫,看好<span lang="EN-US">DRAM</span>與<span lang="EN-US">NAND Flash</span>兩大記憶體價格可望維持一整年多頭格局。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">摩爾認為,<span lang="EN-US">AI</span>在<span lang="EN-US">2024</span>年下半年的配置可能降低,有些逆風因素可能要考慮,未再將輝達列入晶片股首選,但他仍看好輝達會在<span lang="EN-US">AI</span>業界保持首屈一指的地位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、傳統記憶體被認為是<span lang="EN-US">commodity<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">NAND Flash(</span>儲存型快閃記憶體<span lang="EN-US">)</span>被視為未來的明星<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">NAND</span>晶片跟<span lang="EN-US">AI</span>息息相關<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣的群聯與威剛是<span lang="EN-US">NAND</span>概念股<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、整個半導體產業<span lang="EN-US">2024</span>年還是很多題材<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為星耀<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">30</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一財經報導,有消息稱華為已註冊「星耀手機」品牌商標,定位中端手機市場,但上述消息並未獲得華為官方確認。經銷商也稱未收到鋪貨通知。分析認為,從去年下半年市場觀察,華為手機強勢歸來後,受到影響最大的是蘋果手機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸工商信息查訊平台企查查此前訊息顯示,華為技術有限公司申請註冊「星耀手機」、「星耀版」商標,國際分類為科學儀器,當前商標狀態為已註冊。疑似將打造全新手機子品牌,但後續未有消息。本月<span lang="EN-US">15</span>日,大陸有博主爆料「星耀要有動靜了,再等等」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">廣東地區某經銷商表示,有看到星耀的相關訊息,「但是沒有獲得產品訊息以及啟動線下鋪貨的通知。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據市調機構<span lang="EN-US">IDC</span>去年全年數據,華為並未在前五榜單中。反觀蘋果首次拿下大陸智慧手機市場年度第一。過去五年內,蘋果在大陸市占從<span lang="EN-US">8.9%</span>上升至<span lang="EN-US">17.3%</span>,成為華為高端市場的最大競爭對手。其餘二至五名分別為榮耀、<span lang="EN-US">OPPO</span>、<span lang="EN-US">vivo</span>及小米。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但華為手機歸來在去年下半年已震撼大陸手機市場。多家調研機構公布<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季智慧手機出貨數據中, 華為手機量正在明顯上升。<span lang="EN-US">IDC</span>數據顯示,華為去年第<span lang="EN-US">4</span>季大陸市占達<span lang="EN-US">13.9%</span>,單季排名僅次於蘋果、榮耀以及<span lang="EN-US">Vivo</span>,擠進前五大,排名第四位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「華為成為了最大的黑馬,時隔十季重回大陸市場出貨前五榜單。」<span lang="EN-US">Canalys</span>研究分析師鐘曉磊表示,當季華為出貨<span lang="EN-US">1,040</span>萬台,通過旗艦新品出貨年增率上升<span lang="EN-US">47%</span>,排名大陸國內第四。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">IDC</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">公布的出貨量裡,<span lang="EN-US">OPPO</span>第<span lang="EN-US">4</span>季下滑了<span lang="EN-US">16.1%</span>,<span lang="EN-US">vivo</span>下滑了<span lang="EN-US">8.4%</span>,蘋果和榮耀下滑了<span lang="EN-US">2.1%</span>和<span lang="EN-US">0.9%</span>,小米跌出前五;在<span lang="EN-US">counterpoint</span>公布的銷售數據中,蘋果及<span lang="EN-US">realme</span>均有不同程度的下降,幅度在<span lang="EN-US">9%</span>到<span lang="EN-US">24%</span>不等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資銀行傑富瑞(<span lang="EN-US">Jefferies</span>)報告指出,儘管蘋果年初罕見降價,但<span lang="EN-US">iPhone</span>銷量在<span lang="EN-US">2024</span>年首周仍舊較上年同期減少<span lang="EN-US">30%</span>。分析師認為,蘋果銷量下滑歸因來自大陸本土品牌的激烈競爭,特別是強勢回歸高端市場的華為。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、華為力圖反敗為勝<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、華為之前手機副品牌叫做「榮耀」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、華為現在又註冊一個「星耀」品牌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、名字很有學問,畢竟「星耀」跟「榮耀」只差一個字<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、相信華為在<span lang="EN-US">2024</span>年,肯定還會不斷出招<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">恆大<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 魏國金,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">30</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">香港高等法院昨舉行中國恆大清盤(清算)呈請聆訊,法官以恆大重組方案欠進展,公司資不抵債為由,下令即刻清算;負債三二七○億美元(約十.二兆台幣)的恆大,成為香港法律史上遭清算的最大開發商。分析師認為,雖然破產清算決議是否可在中國其他城市執行,還存在疑問,但該判決將使中國已深陷危機的房地產業再受衝擊,經濟雪上加霜。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">香港法律史上遭清算的最大開發商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">香港高等法院法官陳靜芬說,該案已拖延一年半,在去年十二月的聽證中,「我說希望看到一份完整的重組計畫,公司也說將與債權人討論,以提出一份修正後的計畫,但這些都沒有兌現」。恆大在清算後,新的管理層仍能進行債務重組協商。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">恆大的境外債權人佳盛環球二○二二年六月提出清算申請,在昨天判決前,香港法院七度延後進行清算聆訊。恆大律師昨再度要求延後,表示清算令將影響該公司海外資產與子公司的價值,進而損害債權人的潛在回收率。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">恆大閃崩<span lang="EN-US">20</span>趴停牌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在港高院判決出爐後,中國恆大股價暴跌二十.八七%後停牌,報○.一六港元,市值二.七五億美元,從其最高點縮水逾九十九%;子公司恆大新能源汽車、恆大物業也停牌,前者下跌十八.二一%、報○.二三港元,後者跌二.五%、報○.三九港元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">恆大集團行政總裁蕭恩表示,香港法院頒布的清算令,涉及主體是香港上市的中國恆大;目前恆大集團及其他境內外子公司管理運營體系保持不變,「集團仍將努力盡一切可能保障境內業務和經營穩定,穩步推進保交樓等重點工作」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">香港法院任命安邁企業諮詢為清算人,清算人有權接管恆大在全球、包括中國的所有子公司,並出售公司資產償還債務;恆大已有一大部分資產被出售,有些被債權人扣押,或被中國法院凍結。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">境外債權人損失慘重<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一些分析師對香港清算人的法律權力是否可擴及中國感到質疑。恆大集團九十%以上資產在中國,<span lang="EN-US">Creditsights</span>資深信用分析師<span lang="EN-US">Zerlina Zeng</span>指出,「我懷疑境外債權人能否從清算令中獲得可觀的回收收益」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、恆大是中國最大房地產公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、恆大成為中國房地產最大炸彈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、政府雖然力圖重整,恆大仍不敵破產命運<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、恆大的問題實在太複雜,很難提出債權人重組計劃<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來中國經濟會被房地產拖下去<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">中國投資<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 記者廖士鋒、葉文義,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國美國商會昨天發布二○二四年「中國商務環境調查報告」顯示,儘管美中關係緊張和中國大陸監管問題仍是在陸的美企面對的挑戰,但有一半美國企業仍將中國大陸列為全球首選或前三位投資目的地,較上年度略有回升五個百分點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,對眾多美國企業來說,中國大陸不僅是關鍵市場,更是人才和創新的重要沃土,這對美國企業的全球競爭力至關重要。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">今年的商務環境調查報告顯示,受訪企業二○二三年財務狀況較上一年有所改善,主要行業的盈利水準均有所上升。在中國大陸實施碳中和戰略和企業期待經濟改革持續推進等因素的推動下,企業對未來兩年的業務前景更為樂觀。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">與此同時,大多數受訪企業在二○二四年僅考慮小幅增加在陸投資或暫無計畫增加對陸投資。相較於新增投資,企業將優先考慮推進核心業務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,中國大陸作為全球重要投資目的地的地位有所回升,二○二二年中國大陸多年來首次不再被多數會員企業列為全球前三大投資目的地。二○二三年企業對陸投資意向略有回升,百分之五十的受訪企業將中國大陸列為全球首選或前三位投資目的地,相比前一年的歷史最低點上升了五個百分點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">幾乎所有受訪企業均表示美中雙邊關係至關重要,並對今年雙邊關係和市場准入條件改善持更為樂觀的態度,近百分之卅的受訪企業預計今年美中關係將有所改善,對雙邊關係的樂觀程度明顯高於去年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">有百分之五十七的企業對中國大陸進一步向外國企業開放市場缺乏信心,百分之卅九的企業感覺在中國大陸不太受歡迎。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在企業持續面臨的挑戰中,美中關係緊張仍是最主要的挑戰,其他挑戰還包括法規執行不一致、成本上升等。與此同時,超三分之一的受訪企業感到在中國大陸受歡迎程度有所下降,在中國市場的開放程度、市場准入、監管執法中受到不公平待遇等方面存在擔憂。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">中國美國商會發布<span lang="EN-US">2024</span>年報告,中國大陸仍為全球前三名投資目的地</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">中國大陸不僅是市場,更是人才與創新的重要來源地,對美國企業至關重要</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">但大部分美國企業現在不會在大陸增加投資</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">與<span lang="EN-US">2023</span>年相比,投資氛圍稍微有點改進</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">但<span lang="EN-US">57%</span>企業對中國大陸向外國企業開放市場,缺乏信心</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">中國美商會<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者廖士鋒、葉文義,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國美國商會昨(<span lang="EN-US">1</span>)日發布<span lang="EN-US">2024</span>年《中國商務環境調查報告》顯示,儘管美中關係緊張和中國大陸監管問題仍是在陸的美企面對的挑戰,但有一半美國企業仍將中國大陸列為全球首選或前三位投資目的地,較上年度略有回升<span lang="EN-US">5</span>個百分點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,對眾多美國企業來說,中國大陸不僅是關鍵市場,更是人才和創新的重要沃土,這對美國企業的全球競爭力至關重要。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">今年的商務環境調查報告顯示,受訪企業<span lang="EN-US">2023</span>年財務狀況較上一年有所改善,主要行業的盈利水準均有所上升。在中國大陸實施碳中和戰略和企業期待經濟改革持續推進等因素的推動下,企業對未來兩年的業務前景更為樂觀。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">與此同時,大多數受訪企業在<span lang="EN-US">2024</span>年僅考慮小幅增加在陸投資或暫無計畫增加對陸投資。相較於新增投資,企業將優先考慮推進核心業務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,中國大陸作為全球重要投資目的地的地位有所回升,<span lang="EN-US">2022</span>年中國大陸多年來首次不再被多數會員企業列為全球前三大投資目的地。<span lang="EN-US">2023</span>年企業對陸投資意向略有回升,<span lang="EN-US">50%</span>的受訪企業將中國大陸列為全球首選或前三位投資目的地,相比<span lang="EN-US">2022</span>年的歷史最低點上升了<span lang="EN-US">5</span>個百分點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">幾乎所有受訪企業均表示美中雙邊關係至關重要,並對<span lang="EN-US">2024</span>年雙邊關係和市場准入條件改善持更為樂觀的態度,近<span lang="EN-US">30%</span>的受訪企業預計<span lang="EN-US">2024</span>年美中關係將有所改善,對雙邊關係的樂觀程度明顯高於<span lang="EN-US">2023</span>年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">仍有<span lang="EN-US">57%</span>的企業對中國大陸進一步向外國企業開放市場缺乏信心,而有<span lang="EN-US">39%</span>的企業感覺在中國大陸不太受歡迎,不過<span lang="EN-US">31%</span>的企業表示他們感到更受歡迎。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在企業持續面臨的挑戰中,美中關係緊張仍是最主要的挑戰,其他挑戰還包括法規執行不一致、成本上升等。與此同時,超三分之一的受訪企業感到在中國大陸受歡迎程度有所下降,在中國市場的開放程度、市場准入、監管執法中受到不公平待遇等方面存在擔憂。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">人才留存問題方面,過去一年外籍人才願意調派至中國大陸工作的意願有所上升,儘管美中關係緊張和其他因素仍對招聘外籍人才產生負面影響。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">技術和研發行業在網路安全和智慧財產權等方面面臨較大挑戰,主要受限於美中技術脫鉤和數據安全政策等因素。儘管面臨諸多挑戰,大多數受訪企業仍將保持在中國大陸生產或採購的布局。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據港媒南華早報報導,在<span lang="EN-US">343</span>名受訪的成員中,近三分之一將中美經濟關係的不確定性視為其減少<span lang="EN-US">2024</span>年投資計畫的主要原因,尤其是在科技和研發領域。商會的會員企業表示,希望兩國政府能緩和言辭,進行有效的高層對話,同時繼續敦促中國大陸政府公平對待美國企業,更有效地與外國商界接觸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">年財務狀況改善,主要在於行業的盈利水準有所上升</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">中國大陸的「碳中和戰略」值得關注</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">企業不會增加投資,而優先考慮推進核心業務</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">美中關係緊張是最主要的挑戰</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">法規執行不一致、成本上升,也是外資所關切的問題</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">國台辦<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 特派記者陳政錄,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2024</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">總統大選後兩岸局勢更趨複雜,大陸國台辦主任宋濤昨(<span lang="EN-US">1</span>)日在北京會見來訪的電電公會理事長李詩欽一行。宋濤表示,這是他今年見的第一批台灣團體,稱無論台海形勢如何變化,大陸為台灣同胞謀利造福的誠意不會改變,只要在「一個中國原則」基礎上,台灣任何政黨、任何團體和大陸交流協商都不存在問題,並預告將推出新措施,協助台企參與「新基建」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電電公會理事長李詩欽等一行約十人赴北京參訪,於<span lang="EN-US">1</span>日上午和宋濤舉行會見。宋濤首先說,這是他今年見的第一批台灣團體,並對電電公會長期來推動兩岸交流、和平發展表示感謝,願聽取意見和建議。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">宋濤喊話,希望電電公會廣泛團結台灣電機電子業界,與大陸有關方面加強聯繫溝通,積極參與京台科技論壇等兩岸經貿活動,加強兩岸電子資訊產業合作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">兩岸關係不佳,國台辦立場值得重視</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">國台辦仍然歡迎電電公會的拜訪</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">國台辦還是扮演「白臉」的角色,強調為台灣同胞謀福利</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">電電公會涵蓋大部分電子企業,在大陸投資金額巨大</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">國台辦推出新措施,協助台籍參與「新經濟」</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">輝達陸版<span lang="EN-US">IC<o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透引述知情人士報導,輝達(<span lang="EN-US">NVIDIA</span>)開始接受經銷商預定中國大陸特製版晶片,價格相當於競爭對手華為的產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在美國擴大高階晶片出口禁令,以限制大陸為軍方研發人工智慧(<span lang="EN-US">AI</span>)和精密電腦後,輝達專為中國市場研發三款晶片,而「<span lang="EN-US">H20</span>」顯示卡是效能最強大的一款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">H20</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">的運算能力低於輝達旗艦款<span lang="EN-US">AI</span>晶片「<span lang="EN-US">H100</span>」,也不如原本為大陸市場打造、但仍在去年<span lang="EN-US">10</span>月遭禁的「<span lang="EN-US">H800</span>」。但三名知情人士說,<span lang="EN-US">H20</span>的規格在一些關鍵領域不如華為「昇騰<span lang="EN-US">910B</span>」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">兩位消息人士說,近幾周,輝達開始接受中國大陸經銷商的<span lang="EN-US">H20</span>訂單,每張顯卡價格介於<span lang="EN-US">1.2</span>萬美元至<span lang="EN-US">1.5</span>萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一位消息人士指出,一些經銷商已開始以約人民幣<span lang="EN-US">11</span>萬元(約<span lang="EN-US">1</span>萬<span lang="EN-US">5,320</span>美元)的價格向買家兜售<span lang="EN-US">H20</span>。兩名消息人士說,華為昇騰<span lang="EN-US">910B</span>的售價約為人民幣<span lang="EN-US">12</span>萬元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此前,有消息傳出,輝達最新針對大陸市場設計的降規版<span lang="EN-US">AI</span>晶片並未受到大陸客戶青睞,阿里、騰訊等大咖採購興趣缺缺,甚至向輝達表明,今年訂購的晶片數量將遠少於此前計畫購買,但已經被禁的高性能晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界人士分析,短期看來,輝達降級版晶片領先中國大陸本土產品的性能優勢正在縮小,這使得大陸國產晶片對買家的吸引力愈來愈大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士先前透露,阿里和騰訊正將一些先進半導體訂單轉移給大陸本土公司,並且更多地依賴公司內部開發的晶片,另外兩大晶片買家百度、字節跳動也是如此。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達不願意放棄中國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達為中國市場研發的晶片<span lang="EN-US">H20</span>,功能只有<span lang="EN-US">H100</span>的<span lang="EN-US">20%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、大陸廠商興趣缺缺,基本上功能並不強大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、輝達<span lang="EN-US">H20</span>晶片功能與大陸國產晶片沒有差多少<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美國出手實在太狠,大陸市場對輝達也變成雞肋<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">佳能<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳苓,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">29</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日本相機暨印表機大廠佳能(<span lang="EN-US">Canon</span>)準備搶攻先進半導體製造設備市場,將推出不用光線刻蝕,改用壓印的新款低成本晶片製造機械,價格號稱比荷蘭業者艾司摩爾(<span lang="EN-US">ASML</span>)的設備少了一個零,最快將在今年出貨。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)報導,佳能去年<span lang="EN-US">10</span>月中發表的奈米壓印微影(<span lang="EN-US">nanoimprint lithography</span>)技術,不用光線刻蝕,而是將晶片設計戳印在矽晶圓上。佳能說,這種科技已經發展超過<span lang="EN-US">15</span>年,但是直到現在才有商業可行性。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">佳能表示,相較於<span lang="EN-US">ASML</span>稱霸市場的極紫外光(<span lang="EN-US">EUV</span>)微影技術,新製程便宜了「一個位數」,用電量最多減少九成。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">佳能負責開發新微影設備的武石洋明說:「我們希望今年或明年開始出貨…想在市場正熱的時候推出」,「這是非常獨特的技術,能以簡單且低成本的方式製造尖端晶片。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">極度精密的<span lang="EN-US">EUV</span>設備,是台積電(<span lang="EN-US">2330</span>)、三星、英特爾等生產最新一代晶片的必需品,<span lang="EN-US">ASML</span>是唯一能生產這種機器的業者。但<span lang="EN-US">ASML</span>設備也是半導體製程中最昂貴的環節,每台要價超過<span lang="EN-US">1.5</span>億美元,交貨的前置時間又長,給予佳能推銷自家技術的空間。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">武石洋明說:「我們的目標並非奪取<span lang="EN-US">EUV</span>市占…我們相信奈米壓印技術能與<span lang="EN-US">EUV</span>及其他技術並存,而且貢獻產業的整體成長。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管佳能先鎖定<span lang="EN-US">3D NAND</span>快閃記憶體晶片,而非更複雜的微處理器,樂觀期盼能開創出利基市場,但分析師對該公司能帶來的影響,抱持懷疑。研究公司<span lang="EN-US">Radio Free Mobile</span>創辦人溫莎說:「這種技術毫不新奇…奈米壓印若是更優異的技術,我想市場現在早已大量使用。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">佳能的最大挑戰之一,是要提高進一步微縮製程的成功率。該公司從<span lang="EN-US">5</span>奈米起跳,目標要達到<span lang="EN-US">2</span>奈米。武石洋明不願透露奈米壓印設備的潛在良率,分析師則表示,良率必須接近<span lang="EN-US">90%</span>,才能與<span lang="EN-US">EUV</span>競爭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,若佳能成功,日本製造商將能贏回先前讓給台灣與南韓等國的部分優勢。武石洋明說:「在瑕疵風險部分,我想我們的科技已大致解決這個問題。」「但因為現有的晶片製程都是為<span lang="EN-US">EUV</span>優化,顯然在引進新技術時會有各種難關。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">因此佳能新機器的首批交貨將有試用期,因必須說服客戶值得把這些新機器整合到現有晶圓廠。佳能說,業者可能不必大幅調整晶片設計圖案,但可能依些額外的設備,例如清洗機械與生產光罩的機器。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">荷蘭業者艾司摩爾(<span lang="EN-US">ASML</span>)囊括半導體設備製造市場</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">佳能推出革命性新科技</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">價格便宜很多</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">只是把已經存在的舊有科技商業化,但很不簡單</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">相信在價格上的優勢,應該可以快速搶佔市場</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">和碩<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者王郁倫、陳昱翔,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">和碩(<span lang="EN-US">4938</span>)<span lang="EN-US">AI</span>消費性電子產品接單報捷,傳獨家拿下將在<span lang="EN-US">3</span>月開賣的科技新品<span lang="EN-US">AI Pin</span>代工大單,成為第一個浮上檯面的台灣<span lang="EN-US">AI Pin</span>供應鏈廠商。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">被業界譽為「繼<span lang="EN-US">iPhone</span>之後,下一個劃時代革命性產品」,頗受業界矚目。對於拿到<span lang="EN-US">AI Pin</span>代工大單,和碩發言系統表示不針對單一客戶回應,強調下半年將有許多新品上市,期望有豐碩的下半年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,和碩總經理暨執行長鄭光志上周於集團尾牙隱約暗示客戶大單報到。他當時預告:「所有的客人及供應商對於<span lang="EN-US">AI</span>應用都有想法,怎樣讓<span lang="EN-US">AI</span>在最短時間在新機器或舊機器中廣泛使用,是大趨勢。」從供應商角度,當然也希望能多賣一點產品愈好。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">是蘋果前介面設計師<span lang="EN-US">Imran Chaudhri</span>與軟體工程師<span lang="EN-US">Bethany Bongiorno</span>成立的新創<span lang="EN-US">Humane</span>公司推出。去年第<span lang="EN-US">4</span>季<span lang="EN-US">AI Pin</span>在網路上首度發表,裝置造型簡約,加上人機介面與使用方式宛如科技電影,震撼全球科技圈,掀起高度討論。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">是一款類似蘋果<span lang="EN-US">iPod shuffle</span>大小的四方型裝置,夾在胸前衣服上,透過觸摸或語音指令操作,<span lang="EN-US">AI Pin</span>就能提供搜尋或翻譯、導航服務,該裝置最大特色是沒有顯示螢幕,以雷射投影畫面在掌心操作或者聲控。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大小僅約<span lang="EN-US">4.5</span>立方公分,重量僅<span lang="EN-US">34</span>公克,外型則如同科技電影《星際爭霸戰》中的通話徽章,官網已預告將於<span lang="EN-US">3</span>月在美國開賣,每台售價<span lang="EN-US">699</span>美元(約新台幣<span lang="EN-US">2.1</span>萬元)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">的問世,有<span lang="EN-US">OpenAI</span>執行長奧特曼(<span lang="EN-US">Sam Altman</span>)當金主,也傳出和碩負責生產,和碩掌握聲控與微投影等技術,在<span lang="EN-US">AI</span>消費電子產品鴨子划水、全力前進。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界消息指出,這台迷你裝置內部運用非常多技術,包括內建高通驍龍八核心處理器及<span lang="EN-US">32GB</span>儲存容量,雷射投影、<span lang="EN-US">MEMS</span>微機電、麥克風及<span lang="EN-US">1,300</span>萬畫素鏡頭等技術,整合<span lang="EN-US">eSim</span>、<span lang="EN-US">Wi-Fi 5</span>、藍牙、<span lang="EN-US">Beacon</span>、<span lang="EN-US">GPS</span>,集和碩累積多年技術之大成,該訂單由和碩網通事業部負責。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">和碩主力業務包括通訊、消費性電子、資訊電子三大產品事業群,網通事業部去年表現相對辛苦,內部已重新整軍,按照不同功能建立製造中心、二大業務中心、研發中心,今年預估在<span lang="EN-US">5G</span>及<span lang="EN-US">O-RAN</span>業務上將有所突破,尤其是新興市場上半年將繳出一些成績。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">和碩拿下<span lang="EN-US">AI
Pin</span>代工訂單</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">AI
Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">為繼<span lang="EN-US">AI</span>之後,下一個劃時代革命產品</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">AI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">未來在許多設備中會大幅度使用</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">AI
Pin</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">是革命性的新創,沒有顯示螢幕,以雷射投影在掌心操作</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">台灣應該協助國外廠商,推出更多類似<span lang="EN-US">AI Pin</span>的創新科技商品</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">美商台灣<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 廖家寧、吳欣恬,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">83</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">%展望今年營收成長樂觀 高達<span lang="EN-US">87</span>%對未來<span lang="EN-US">3</span>年營運抱持信心<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣美國商會昨發布「二○二四年商業景氣調查」報告,八十一%會員對今年經濟抱持樂觀態度,另有高達九十二%會員計畫維持原有的僱員規模或增加僱員,反映美商對台灣未來一年經濟的信心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">調查指出,八十一%受訪會員對台灣未來一年的經濟充滿信心,更有高達八十五%的會員樂觀看待未來三年前景;至於公司營收展望,約八十三%會員樂觀看待今年營收成長,八十七%對未來三年營運表現抱持信心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於僱員規模,四十三%會員今年將維持原有規模,四十九%則要增加僱員,也反映美商對台灣經濟的信心;投資規劃上,五十一%表示今年會維持在台投資計畫,四十一%則要加碼投資。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">72</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">%︰台美<span lang="EN-US">BTA</span>有助拓展業務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">調查指出,七十二%受訪企業表示,台美達成雙邊貿易協定(<span lang="EN-US">BTA</span>)對其業務非常重要。美國商會也呼籲,台美雙方在「台美廿一世紀貿易倡議」取得更快、更深入的進展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於美商希望台灣政府在未來一至三年優先著重的政策中,兩岸關係居首,其次依序是人才培育、能源、人口老化及國安。對於美商關注的兩岸與國安議題,五十九%會員表示,去年兩岸緊張並未為公司營運帶來顯著的擾亂,另有三十五%表示會調整營運計畫,以因應地緣政治變化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">39</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">%︰能源充足是政府首務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">能源方面,約六十一%公司正式宣布響應<span lang="EN-US">RE</span>一○○或承諾淨零,七十一%受訪會員擔心綠能的可取得性,三十九%強調能源充足是政府首要任務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對此,國發會回應,政府將持續與商會積極交流與互動,以調和我國法規與國際接軌,建構良好經商環境。國發會表示,針對商會關注能源議題,政府持續確保穩定供電,電力備轉容量率日間保有十%以上,加上再生能源持續增加,以及電力系統的調度模式與機組歲檢修期程精進調整,未來台灣供電將更加穩定。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,商會關注改善法規監管議題,國發會表示,除已要求部會定期檢視鬆綁不合時宜法規、落實法規預告期規定外,將持續推動法規的國際調和。國發會強調,美國商會所提意見及調查結果,將納入未來總體經濟推動政策的參考,並依「廿一世紀貿易倡議」建立優良法制環境。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">相較於中國大陸美國商會,台灣的美國商會更有信心</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">81%</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">會員對今年持樂觀態度</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">49</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">%要增加僱員,說明對台灣的信心</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">41%</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">要加碼投資,也是可觀的數字</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">《台美雙邊貿易協定</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-ascii-font-family: "Cambria Math"; mso-bidi-font-family: "Cambria Math"; mso-font-kerning: 0pt; mso-hansi-font-family: "Cambria Math";">》(</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">BTA</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">)對外商企業非常重要</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">Disney+<o:p></o:p></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自中國時報 黃琮淵,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">29</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">有線電視式微,<span lang="EN-US">OTT</span>串流影音成收視主流,台灣大哥大<span lang="EN-US">2</span>年前搶下<span lang="EN-US">Disney+</span>代理權,不惜動員同集團的凱擘大寬頻,甚至以「買一年送半年」的破盤價,將<span lang="EN-US">Disney+</span>推向家戶,不過雙方在去年<span lang="EN-US">11</span>月悄悄分手,即便近<span lang="EN-US">2</span>個月反覆就能否續約持續磋商,最終仍無共識,讓這樁當年被看好的「土洋聯姻」黯然收場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據尼爾森最新網際網路大調查,國內<span lang="EN-US">OTT</span>前四強分別為<span lang="EN-US">Netflix</span>、愛奇藝、<span lang="EN-US">friDay</span>影音及<span lang="EN-US">Disney+</span>,使用率都在<span lang="EN-US">2</span>成以上。資誠認為收視戶有「蒐集」多樣訂閱服務傾向,預期推動台灣<span lang="EN-US">OTT</span>營收以<span lang="EN-US">7.1</span>%複合成長率,成長至<span lang="EN-US">2027</span>年的<span lang="EN-US">25</span>億美元規模。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">否認分手<span lang="EN-US">Disney</span>+ 台灣大:已完成第二期續約<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">迪士尼頻道<span lang="EN-US">1995</span>年來台開播,今年起旗下所有頻道全面撤出台灣市場,將重心全數轉往<span lang="EN-US">OTT</span>,迪士尼串流平台<span lang="EN-US">Disney+</span>則於<span lang="EN-US">2021</span>年於台灣上線,與積極發展串流影音的台灣大合作,盼能超車勁敵<span lang="EN-US">Netflix</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣大<span lang="EN-US">2021</span>年搶下<span lang="EN-US">Disney+</span>代理權後,除透過減免月租費方式,鼓勵自家用戶申裝,也延伸到集團內的凱擘大寬頻,鼓勵有線電視用戶加裝<span lang="EN-US">Disney+</span>,甚至端出「買一年送半年」,促銷力道都是業界少見,讓<span lang="EN-US">Disney+</span>得以在短期內迅速衝高用戶數,站穩台灣市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但隨著疫情過去、蜜月期也過了,雙方關係在去年生變,<span lang="EN-US">Disney+</span>考量在台發展,不再樂見由台灣大獨攬電信代理權,台灣大對於<span lang="EN-US">Disney+</span>開出續約條件也「吞不下去」,雙方於去年<span lang="EN-US">11</span>月底結束合作關係,即便近<span lang="EN-US">2</span>個月仍就能否續約多次磋商,最後仍沒談攏。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">事實上,台灣大原本對續約仍抱期待,雙方去年底合作關係結束後,僅低調撤掉官網上的相關頁面、取消<span lang="EN-US">Disney+</span>相關促案,並未對外公開說明。近期有用戶因合約到期,想要再續約<span lang="EN-US">Disney+</span>,才發現無法透過台灣大續約,讓雙方「和平分手」消息曝光。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同業認為,台灣大搶下<span lang="EN-US">Disney+</span>代理權,幾乎是不惜血本幫衝用戶數,甚至動用有線電視資源,「簡直是自己挖自己牆角」,原本以為能換來長久合作,但隨<span lang="EN-US">OTT</span>漸成氣候,<span lang="EN-US">Disney+</span>在台已具規模後,別說「大到養不起」,也有自己的路得走,雙方分手意料之中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">OTT</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">串流影音成為收視主流</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">台哥大兩年前以天價搶下<span lang="EN-US">Disney+</span>代理權</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">無奈代價太高,不符合成本</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">動用有線電視資源,等於是挖自己牆角<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">Disney+</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">已經大到養不起</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">觀光工廠<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 劉朱松,<span lang="EN-US">113</span>年<span lang="EN-US">02</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">疫後具有寓教娛樂功能的觀光工廠,成為民眾輕旅行的最愛。經濟部產業發展署統計,全台<span lang="EN-US">158</span>家觀光工廠<span lang="EN-US">2023</span>年總產值達<span lang="EN-US">66</span>億元、總來客<span lang="EN-US">2,230</span>萬人,均創歷年新高。其中<span lang="EN-US">2023</span>年觀光工廠產值王由佐登妮絲城堡奪下,來客量冠軍則是由台泥<span lang="EN-US">DAKA</span>開放生態循環工廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著觀光工廠設廠規模逐年擴大,且高單價的中草藥材、飲品,及化妝、保養品營運轉強,產發署預估<span lang="EN-US">2024</span>年全台觀光工廠產值挑戰<span lang="EN-US">68</span>億元、來客數<span lang="EN-US">2,300</span>萬人新高,以台灣<span lang="EN-US">2,300</span>萬人口計算,等於<span lang="EN-US">2024</span>每人都去一趟觀光工廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年觀光工廠來客量前十名依序為台泥<span lang="EN-US">DAKA</span>開放生態循環工廠、台灣菸酒公司埔里觀光酒廠、佐登妮絲城堡、樹德半山夢工廠、立康健康養生觀光工廠、立康中草藥產業文化館、台灣優格餅乾學院、手信霧隱城、雅聞峇里海岸觀光工廠、雅聞七里香玫瑰森林。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年觀光工廠產值前十名依序為佐登妮絲城堡、立康中草藥產業文化館、<span lang="EN-US">TJCOS</span>台鉅美妝觀光工廠、樹德半山夢工廠、金車噶瑪蘭酒廠、立康健康養生觀光工廠、雅聞峇里海岸觀光工廠、雅聞七里香玫瑰森林、台灣菸酒公司埔里觀光酒廠、萬國通路創意觀光工廠。其中立康及雅聞旗下觀光工廠各有二家躋身前十強,相當不容易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">產發署指出,台灣<span lang="EN-US">2023</span>年國際亮點的觀光工廠,分別為為手信霧隱城、吳福洋襪子故事館、妮娜巧克力夢想城堡、噶瑪蘭威士忌酒廠、寶熊漁樂碼頭等五家。<span lang="EN-US">2023</span>年優良觀光工廠分別為台灣優格餅乾學院、伊莎貝爾烘焙觀光工廠、宏裕行花枝丸館、華新<span lang="EN-US">MASK</span>創意生活館、聖瑪莉丹麥麵包莊園、裕賀牛觀光工廠、緞帶王觀光工廠等<span lang="EN-US">7</span>家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">觀光工廠是一個新題目</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">「輕旅行」成為最愛</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">台灣除了阿里山、日月潭,應該有更多值得看的地方</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">沒想到觀光工廠可以變成一個產業</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-font-kerning: 0pt;">全年產值達<span lang="EN-US">66</span>億元,總來客達<span lang="EN-US">2236</span>萬人,均創歷年新高,值得鼓勵</span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p></o:p></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-30845915102767708592024-02-06T20:10:00.004+08:002024-02-06T20:10:38.855+08:00黃齊元/居安思危 迎接全球灰犀牛<p>黃齊元/居安思危 迎接全球灰犀牛</p><p>聯合報/ 黃齊元</p><p>選舉結束,但大家仍熱衷此話題,台灣的悲哀在於大家只關心國內政治,卻對國際地緣政治無感。全球有好幾隻灰犀牛環伺:俄烏戰爭勝負將定、中東戰爭蔓延、川普可能上台;但台積電業績大好,讓大家喪失憂患意識。台灣真正風險,是誤判情勢大好、忽視周遭危機。</p><p><br /></p><p>美國智庫分析台海局勢,過半專家相信今年可能爆發台海危機,這也是為何巴菲特棄台轉日原因。台灣有「投機價值」,但「投資價值」受損;台積電是套利最佳籌碼,外資進進出出,政府只要拉抬龍頭股,即可達成短期穩定股市效果。</p><p><br /></p><p>台灣未來最重要關鍵字不是半導體,而是中國。兩岸是政治問題,不是經濟問題。大陸經濟不佳,台灣經濟可和對岸保持距離,但政治上無論如何應保持對話。唱衰中國無法使台灣更好,大陸經濟危機反而是台灣應擔心的事。</p><p><br /></p><p>台灣最大誤解,是以為可以遠離中國,但大陸企業走出去,遠比台灣積極,在匈牙利、越南、墨西哥都可看到陸企影子。台商必須在全球和中國競爭,陸企全球化能力,不輸台灣。世界提出「中國+1」以去風險,但同樣也要求「台灣+1」。</p><p>中國經濟完了嗎?艱困讓人成長、安逸使人自滿。美國制裁中國,大陸傾全國之力發展半導體;華為重新站起、自研晶片,萬物互聯、打造鴻蒙生態系和安卓脫鉤,整合電動車智慧技術平台;小米被印度罰巨款,但手機排名第二,電動車即將推出;比亞迪垂直整合,打造全球第一電動車供應鏈、後來居上。</p><p><br /></p><p>台灣的全球化是「世界-1」。如果世界是一個多黨政府,我們憑什麼認為,作為全世界弱勢小黨,台灣可以對抗中國這個大黨?靠民主聯盟嗎?這是主流嗎?美中共管台灣的時代已到來,美國代表團來台時,特別強調要和「各界政治領袖」對話,這就是現實!</p><p><br /></p><p>台灣AI和半導體榮景,和台海地緣政治危機,完全是兩碼子事。「好好做事情」不一定成功,好人不再有好報。台灣政黨分據好比全世界多極碎片化,民進黨不是多數政黨,正如同美國不是世界老大;單一霸權時代已過去,東南亞、中東或「全球南方」都是新興勢力,國家合縱連橫很重要,需要高度協商智慧與妥協手腕。</p><p><br /></p><p>台灣的危機恐怕還在後頭,ECFA只是前菜。大陸一帶一路多少億都砸下去,幫幾個太平洋小國埋單,是輕而易舉的事。川普上台後,美國將更加自我本位,台灣是全球化最大贏家,卻是「去全球化」輸家,以前只要在中國,現在卻需布局全世界。台灣全力發展半導體,就像家庭押所有資源拱一個小孩的成功、犧牲其他子女利益,可能影響經濟永續。</p><p><br /></p><p>台灣視日本為救世主,難道沒有風險?八十年代日本是全球半導體霸主,後遭美國陷害,一直想東山再起。台積電美國廠目前的困境,給了日本絕佳機會。日本認為他們和美國才是一軍,台、韓只是二軍,搶了他們市場,和川普論調很像。美國即使不願意,也不得不聯手日本發展先進製程,並利用台灣資源。</p><p><br /></p><p>台灣最大危機,在於全球化能力不足與地緣政治衝突。未來應加速「三軸轉型」:智慧轉型、低碳轉型、區域化(再全球化)轉型;台灣前者能力優異,後兩者不及格。今年內外皆有很多變數,企業宜及早布局因應,需要有備案!(作者為藍濤亞洲總裁兼東南亞影響力聯盟創辦人)</p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-78392067968352872802024-02-06T20:03:00.004+08:002024-02-06T20:03:49.881+08:00 2024年企業絕不該信奉的詞:人定勝天<p> 2024年企業絕不該信奉的詞:人定勝天</p><p><br /></p><p>對企業而言,2024年最重要的就是掌握外在環境變化。一般做投資,會考慮「天時、地利、人和」,從全球目前態勢來看,宏觀的因素,遠比微觀更重要。</p><p><br /></p><p>1.天時:國際趨勢</p><p>天時代表「勢」,指的是大趨勢與潮流,在對的時間做對的事。現在,我們看到的勢,是來自於全世界,不只有美中角力,還有各國彼此的合縱連橫。台灣作為一個小國,要特別小心,必須看得懂國際趨勢,千萬不要逆勢而為,也不要隨意選邊站!</p><p><br /></p><p>在對的時機做對的事,才能成功。我1994年去中國工作,布局得相當早;2000年回台時,某台商董事長關切的問我,這幾年過得好不好?其實我做得並不差,只是有些辛苦。但後來我才了解其意思,當時若待在台灣會更好,因為我可能錯失了一些機會。之後我看到有些2000年才去中國的朋友,做得比我更成功,所以「剛好」比「早」更重要。</p><p>2.地利:地緣政治</p><p>第二個重點是「地」,就是地緣政治,也代表地理位置。</p><p><br /></p><p>雖然我曾在中國工作,但4年前起我就看淡兩岸未來,將重心移到東南亞,最後一次去中國是2019年。</p><p><br /></p><p>最近由於全球供應鏈重組,台商加速湧向東南亞,特別是越南,我搭建的東南亞平台正好派上用場,在短時間內即有不錯進展,這就是「地」的重要!</p><p><br /></p><p>3.人和</p><p>第三是「人」。面對外在變局,每個人必須學習隨時歸零,跟不同人合作、引進新思維。企業若沒有靈活策略,很難因應外在快速環境變化。</p><p><br /></p><p>台積電過去一年送了許多工程師去美國,可是還是無法加速新廠的進度,深陷泥淖。這是典型「天」和「地」(美國和世界局勢)影響到「人」(台積電的專業與努力)的殘酷實例!</p><p><br /></p><p>2024年對台商來講是最好的時代,也是最壞的時代。最好是因為全球AI和半導體週期谷底回升,未來所有產品都需要智慧化,脫離不了AI和晶片,而台灣正是全球智慧化的「賦能者」。</p><p><br /></p><p>但另一方面,從政治角度來看,台灣正邁向一個危險極端。全世界有多場戰爭,且存在著許多變數,如美國總統大選。台海若不加強對話,可能面臨糟糕的後果。</p><p><br /></p><p>企業和個人一定要有兩手準備,在台灣以外的地方,搭建備案平台。我們千萬不要迷信「人定勝天」,2024是天地變色的時代!</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-4481935483987094812024-02-06T20:02:00.003+08:002024-02-06T20:02:41.824+08:00IBM,輝達,網路安全,Neflix,蘋果,比特幣,特斯拉,OpenAI/三星,特斯拉,Panasonic,特斯拉,電動車,比亞迪,豐田,生成式AI,印度,韓電池商智利,台塑台商,南韓半導體,資料中心<p><a name="_Hlk85199238"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:<span lang="EN-US">IBM,</span>輝達<span lang="EN-US">,</span>網路安全<span lang="EN-US">,Neflix,</span>蘋果<span lang="EN-US">,</span>比特幣<span lang="EN-US">,</span>特斯拉<span lang="EN-US">,OpenAI/</span>三星<span lang="EN-US">,</span>特斯拉<span lang="EN-US">,Panasonic,</span>特斯拉<span lang="EN-US">,</span>電動車<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,</span>豐田<span lang="EN-US">,</span>生成式<span lang="EN-US">AI,</span>印度<span lang="EN-US">,</span>韓電池商智利<span lang="EN-US">,</span>台塑台商<span lang="EN-US">,</span>南韓半導體<span lang="EN-US">,</span>資料中心</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">IBM<o:p></o:p></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳穎芃,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">26</span>日</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">IBM</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">在<span lang="EN-US">24</span>日盤後公布上季(去年<span lang="EN-US">12</span>月底止)營收年增<span lang="EN-US">4</span>%至<span lang="EN-US">173.8</span>億美元,略高於華爾街預期的<span lang="EN-US">173.0</span>億美元,上季淨利<span lang="EN-US">32.9</span>億美元,經調整後每股盈餘(<span lang="EN-US">EPS</span>)<span lang="EN-US">3.87</span>美元,也高於華爾街預期的<span lang="EN-US">3.78</span>美元,毛利率更逼近<span lang="EN-US">60</span>%,創<span lang="EN-US">25</span>年新高。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">上季財報表現強勁,加上<span lang="EN-US">IBM</span>新估今年營收成長率可達<span lang="EN-US">5</span>%,激勵股價在<span lang="EN-US">25</span>日早盤跳空開高大漲近<span lang="EN-US">7</span>%。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">IBM</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">財務長卡瓦諾(<span lang="EN-US">James Kavanaugh</span>)表示,<span lang="EN-US">IBM</span>即便面對「極具挑戰且動盪不安的總體經濟環境」,上季依舊締造佳績。截至去年<span lang="EN-US">12</span>月底為止,<span lang="EN-US">IBM</span>自由現金流達到<span lang="EN-US">112</span>億美元,高於公司預期的<span lang="EN-US">105</span>億美元。<span lang="EN-US">IBM</span>上季毛利率高達<span lang="EN-US">59.1</span>%,也創下<span lang="EN-US">1999</span>年以來最高紀錄。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">IBM</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">上季軟體部門營收年增<span lang="EN-US">3</span>%至<span lang="EN-US">75.1</span>億美元,略低於華爾街預期的<span lang="EN-US">76.7</span>億美元。上季<span lang="EN-US">IT</span>顧問部門營收年增<span lang="EN-US">6</span>%至<span lang="EN-US">50.5</span>億美元,也低於華爾街預期的<span lang="EN-US">51.2</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">值得注意的是,上季<span lang="EN-US">IT</span>基礎建設部門營收年增<span lang="EN-US">3</span>%至<span lang="EN-US">46.0</span>億美元,高於華爾街預期的<span lang="EN-US">42.8</span>億美元。隸屬該部門的資訊交換基礎建設營收在上季年增<span lang="EN-US">8</span>%,扭轉前一季的<span lang="EN-US">4</span>%跌幅。資訊交換基礎建設主要涵蓋內建<span lang="EN-US">IBM Power</span>晶片的伺服器。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">IBM</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">為了搶攻人工智慧(<span lang="EN-US">AI</span>)商機,在上季建立規模<span lang="EN-US">5</span>億美元的創投基金,專門投資<span lang="EN-US">AI</span>新創企業。<span lang="EN-US">IBM</span>近日已宣布投資<span lang="EN-US">21.3</span>億歐元(約<span lang="EN-US">23.2</span>億美元)從<span lang="EN-US">Software AG</span>手中收購兩項軟體資產,分別是<span lang="EN-US">Streamsets</span>及<span lang="EN-US">webMethods</span>。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">IBM</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">執行長克里希納(<span lang="EN-US">Arvind Krishna</span>)<span lang="EN-US">24</span>日表示,生成式<span lang="EN-US">AI</span>及<span lang="EN-US">Watsonx</span>超級電腦營收在上季倍增。這部分營收來自顧問合約及軟體服務合約。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">論及今年展望,<span lang="EN-US">IBM</span>預期今年自由現金流達到<span lang="EN-US">120</span>億美元,營收成長率經匯率調整後約在<span lang="EN-US">5</span>%。卡瓦諾表示:「由於今年才剛開始,我想我們應將財測設在預估範圍低點。」<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk76402598;"></span><span style="mso-bookmark: _Hlk85199238;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">IBM</span>以前是美國最大<span lang="EN-US">IT</span>企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、過去十年,但在手機時代相對沉寂<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">IBM</span>最早開發出人工智慧「華生」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、目前由於<span lang="EN-US">AI</span>大好,華生也得到客戶信賴<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、看到<span lang="EN-US">IBM</span>鹹魚翻身,實在令人高興<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">輝達<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 張珈睿,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達持續深化軟體服務,開拓<span lang="EN-US">GPU</span>之外的第二主戰場,<span lang="EN-US">24</span>日宣布與美國大型電信商<span lang="EN-US">Equinix</span>共同發表託管型人工智慧超級運算解決方案,除加深<span lang="EN-US">AI</span>伺服器相關<span lang="EN-US">GPU</span>晶片產品布局外,也積極搶占訂閱服務市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">輝達強調,完全託管型<span lang="EN-US">NVIDIA AI</span>超級運算服務,提供客戶在靠近其資料處操作其<span lang="EN-US">AI</span>基礎設施。輝達執行長黃仁勳指出,生成式<span lang="EN-US">AI</span>正在改變每個產業,現今世界各地企業都可以在全球數百個資料中心擁有<span lang="EN-US">NVIDIA AI</span>超級運算和軟體,並結合<span lang="EN-US">Equinix</span>管理提升營運效率。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">黃仁勳近期抵台,再掀<span lang="EN-US">AI</span>浪潮。這也讓外界關注到輝達<span lang="EN-US">H200</span>/<span lang="EN-US">B100</span>外,<span lang="EN-US">GB</span>/<span lang="EN-US">GH 200</span>次世代<span lang="EN-US">AI</span>伺服器輪廓也逐漸清晰,加上輝達獨有多節點<span lang="EN-US">NV-Link</span>通訊協定,將帶動伺服器架構全新改動,然而輝達尚未正式發布相關訊息,惟市場已高度期待次世代伺服器所帶來的超級運算實力與應用。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AWS</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">將為首家配備多節點<span lang="EN-US">NVLink</span>技術的廠商,將<span lang="EN-US">32</span>顆<span lang="EN-US">GH200</span>透過<span lang="EN-US">NVLink</span>與<span lang="EN-US">NVSwitch</span>相互連接,成為最佳<span lang="EN-US">GPU</span>運算環境;業界預估,最多可擴充至數千台<span lang="EN-US">GH200</span>,提供客戶訓練參數超過<span lang="EN-US">1</span>兆個的大型語言模型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,<span lang="EN-US">B100</span>架構也傳出用台積電<span lang="EN-US">CoWoS-L</span>設計;長期來看,<span lang="EN-US">CoWoS</span>在整體晶片面積加大的趨勢下,各家業者也將持續投資先進封裝技術中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界人士分析,輝達<span lang="EN-US">GPU</span>晶片隨台積電<span lang="EN-US">CoWoS</span>產能開出逐步緩解,不少下游零組件供應商開始取得晶片,邁開伺服器組裝步伐,估計第一季便會有顯著營收貢獻。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年為輝達豐收的一年,台灣分公司將於<span lang="EN-US">25</span>日舉行尾牙,黃仁勳親自出席,為今年營運暖身、再創高峰。供應鏈也透露,<span lang="EN-US">H200</span>、<span lang="EN-US">B100</span>箭在弦上,分別於上下半年問世;此外,次世代<span lang="EN-US">AI</span>伺服器<span lang="EN-US">GH</span>/<span lang="EN-US">GB 200</span>整合<span lang="EN-US">CPU</span>及<span lang="EN-US">GPU</span>,晶片之間互聯採<span lang="EN-US">NVLink</span>,速率提高達<span lang="EN-US">900GB</span>/<span lang="EN-US">s</span>,遠高於傳統<span lang="EN-US">PCIe</span>,最快於第二季,就能看到<span lang="EN-US">GH200</span>,並以<span lang="EN-US">MGX</span>模組方式販售。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達現在已經是美國最具有實力的半導體公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達正開拓<span lang="EN-US">GPU</span>以外的第二組戰場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、輝達與大型電信商策略聯盟,提供超級運算解決方案,這不只是提供晶片,還提供訂閱相關服務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來這種「跨界服務」的趨勢會愈來愈明顯,也有可能從「雲端業者」延伸<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、但要做跨界服務,自己本身核心能力要夠強,且規模要夠大才有能力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">網路安全<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 何英煒,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資安廠商<span lang="EN-US">Palo Alto Networks</span>指出,<span lang="EN-US">AI</span>技術與時俱進,是網路安全的兩面刃。生成式<span lang="EN-US">AI</span>讓攻擊者快速發展出深偽(<span lang="EN-US">Deepfake</span>)和語音技術,但另一方面,生成式<span lang="EN-US">AI</span>將進一步融入網路安全功能,因為能針對資安事件整理重點,其效率更勝於真人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> 自<span lang="EN-US">ChatGPT</span>問世以來,在資安領域就一直有正反兩面的論戰。<span lang="EN-US">ChatGPT</span>可大量產生網路釣魚電子郵件,也被駭客濫用,發展出深偽(<span lang="EN-US">Deepfake</span>)和語音技術,已出現多起詐騙銀行並得手數百萬美元的案例。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> 因此,<span lang="EN-US">Palo Alto Network</span>建議,採用生成式<span lang="EN-US">AI</span>的公司必須多加防範模型中毒、資料外洩、提示注入攻擊等安全漏洞。但另一方面,生成式<span lang="EN-US">AI</span>也整合進資安產品及機制,包括資安控管機制、安全漏洞管理和威脅監控活動,甚至<span lang="EN-US">AI</span>開發專案生命週期等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> 生成式<span lang="EN-US">AI</span>可針對資安事件整理重點、去蕪存菁並提供精確摘要,效率遠高於真人分析師,尤其在現代資安營運中心(<span lang="EN-US">SOC</span>)也是如此。。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <span lang="EN-US">Palo Alto Networks</span>亞太區資安長林奕軒觀察表示,即使是大量投資網路安全的成熟企業,仍會因網路攻擊而大傷元氣,原因在於攻擊者相當頑強且擅長謀劃,不斷找出新穎手法破解舊有防禦機制。另外,大多數現代企業資安功能過於複雜,進而產生漏洞。企業平均使用<span lang="EN-US">31.58</span>個資安工具,這些工具的功能互不相關且雜亂無章,讓企業無法掌握,並削弱偵測及應對威脅的能力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> 林奕軒建議,企業不妨運用<span lang="EN-US">AI</span>技術,簡化資安功能並提高其成效和成本效益。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、「資安」是目前最重要的課題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、生成式<span lang="EN-US">AI</span>發展太快,產生很多資安問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、企業仍在研就針對生成式<span lang="EN-US">AI</span>提供對的服務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、還有法規與政策相關問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣在這一方面實力不夠強,必須加緊趕上<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">Neflix<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯劉忠勇、陳律安,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">串流影音平台<span lang="EN-US">Netflix</span>發布財報,上季共新增<span lang="EN-US">1,310</span>萬名訂戶,創下新冠疫情初期居家防疫以來最大增數,也是史上訂戶增加最多的第<span lang="EN-US">4</span>季,遠超市場預期的<span lang="EN-US">891</span>萬人,帶動<span lang="EN-US">Netflix</span>股價<span lang="EN-US">24</span>日早盤跳漲<span lang="EN-US">11%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Netflix</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在美股<span lang="EN-US">23</span>日盤後表示,上季全球各地區新增用戶都超過了預期,光是在歐洲、中東和非洲地區,<span lang="EN-US">Netflix</span>就增加逾<span lang="EN-US">500</span>萬用戶;全球總訂戶則超過<span lang="EN-US">2.6</span>億人。上季營收增至<span lang="EN-US">88.3</span>億美元,超出預期;每股盈餘成長至<span lang="EN-US">2.11</span>美元,不如預期。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">財報公布前,<span lang="EN-US">Netflix</span>宣布敲定價值超過<span lang="EN-US">50</span>億美元的十年協議,成為熱門摔角節目「<span lang="EN-US">WWE Raw</span>」新的獨家播放平台,這是<span lang="EN-US">Netflix</span>迄今規模最大的體育娛樂直播版權交易,曾經只在有線和無線電視獨家播出的體育賽事,如今也前進線上串流平台。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">靠打擊密碼共享,並推出附廣告但更便宜的方案,加上引進一系列強大的節目,<span lang="EN-US">Netflix</span>自<span lang="EN-US">2022</span>年時好時壞的表現中反彈。截至<span lang="EN-US">23</span>日收盤,<span lang="EN-US">Netflix</span>股價過去一年上漲了<span lang="EN-US">38%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Netflix</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">的強勁表現,與好萊塢對手形成強烈對比。這些業者經營用戶萎縮的有線電視網路、和不賺錢的串流服務,為了趕上<span lang="EN-US">Netflix</span>,正進行合併與裁員。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,用戶強勁成長之勢可能不會持續到<span lang="EN-US">2024</span>年。<span lang="EN-US">Netflix</span>表示,本季新增用戶將不及上季,但會超過去年同期的<span lang="EN-US">175</span>萬。華爾街預計,<span lang="EN-US">Netflix</span>本季將增加<span lang="EN-US">431</span>萬用戶。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">幾年前,<span lang="EN-US">Netflix</span>的成長似乎碰上撞牆期,然而後來推動的舉措已收到成效。該公司在致股東信函中說:「我們認為,我們已成功解決帳號共享,確保人們在享受<span lang="EN-US">Netflix</span>服務時有付錢。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Netflix</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同時也宣布,將在部分市場取消無廣告的基本方案,今年第<span lang="EN-US">2</span>季先從加拿大和英國開始實施。規劃中的最新措施代表,部分市場基本方案將全面取消,無論新舊用戶都無法選擇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Netflix</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在致股東信件中表示,去年第<span lang="EN-US">4</span>季訂閱廣告方案的會員數季增近<span lang="EN-US">70%</span>,原因之一是在提供廣告方案的市場,不再接受新會員或重新加入的會員訂閱無廣告基本方案。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Netflix</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年先在加拿大推出穿插廣告的低價方案,取代原本無廣告干擾的基本方案,隨後擴展到美國及英國等市場;新訂戶沒有基本方案可選擇,已訂閱基本方案的用戶則不受影響。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、去年<span lang="EN-US">Netflix</span>股價曾經大跌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Netflix</span>用戶有一陣子停止成長<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但上季全球新增用戶都超出預期<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、特別是在新興市場,如中東和非洲地區<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">Netflix</span>相對於有線電視網路業者,具有強大競爭力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">蘋果<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯劉忠勇、黃淑玲,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其他科技巨人宣告大舉投資人工智慧(<span lang="EN-US">AI</span>)之際,蘋果也正悄悄發展<span lang="EN-US">AI</span>的實力,藉由併購、徵才和更新硬體,計劃將<span lang="EN-US">AI</span>引進下一代<span lang="EN-US">iPhone</span>。但蘋果在電動車的進展似乎不太順利,上市時間一延再延,最新目標是最快<span lang="EN-US">2028</span>年推出這款車,比最近的一次預期時程又晚了將近兩年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)彙整產業資料、學術論文以及科技界人士的各方看法及報導,蘋果主要致力於解決在行動裝置運作<span lang="EN-US">AI</span>的技術問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">PitchBook</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">的研究發現,蘋果商併購<span lang="EN-US">AI</span>新創公司比其他科技大廠更積極,<span lang="EN-US">2017</span>年初以來,已併購了<span lang="EN-US">21</span>家公司。最近的一次併購是在去年初購併加州新創公司<span lang="EN-US">WaveOne</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">摩根士丹利最近的一份研究報告指出,蘋果目前開出近半的<span lang="EN-US">AI</span>職缺都列出「深度學習」一詞,這和驅動生成式<span lang="EN-US">AI</span>的演算法相關。蘋果早在<span lang="EN-US">2018</span>年即聘請<span lang="EN-US">Google</span>的<span lang="EN-US">AI</span>高級主管賈南德里亞。據業內人士透露,蘋果也正在開發自己的大型語言模型(<span lang="EN-US">LLM</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">FT</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">分析,蘋果的目標顯然是由行動裝置來運作生成式<span lang="EN-US">AI</span>,讓手機的硬軟體上可執行<span lang="EN-US">AI</span>聊天機器人和應用程式(<span lang="EN-US">App</span>),不必依賴資料中心的雲端服務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、蘋果在<span lang="EN-US">AI</span>方相對落後<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、蘋果尚不被視為是「<span lang="EN-US">AI</span>概念股」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、蘋果正在藉由併購發展<span lang="EN-US">AI</span>的能力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、蘋果大力投資新創<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、蘋果應該做更大布局的投資,才能迎頭趕上<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">比特幣<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比特幣(<span lang="EN-US">Bitcoin</span>)<span lang="EN-US">22</span>日跌破<span lang="EN-US">4</span>萬美元大關,是去年<span lang="EN-US">12</span>月初以來首見,觸及七周以來最低,<span lang="EN-US">23</span>日雖一度回升,但後繼無力,仍在<span lang="EN-US">4</span>萬美元以下徘徊。根據彭博資訊的報價,截至<span lang="EN-US">23</span>日早盤,比特幣從<span lang="EN-US">11</span>日盤中最高點已跌近<span lang="EN-US">20%</span>,相當於自美國證管會(<span lang="EN-US">SEC</span>)批准多檔比特幣現貨<span lang="EN-US">ETF</span>後,比特幣在短短<span lang="EN-US">13</span>天內就跌掉將近兩成。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">包括貝萊德、富達等大型投資機構的<span lang="EN-US">11</span>檔比特幣現貨<span lang="EN-US">ETF</span>獲准上市,比特幣<span lang="EN-US">11</span>日盤中曾狂漲至<span lang="EN-US">49,021</span>美元。這個最大加密幣由於現貨<span lang="EN-US">ETF</span>上市這個利多題材,自去年<span lang="EN-US">8</span>月到本月<span lang="EN-US">11</span>日漲幅約<span lang="EN-US">70%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">部分分析師說,他們本就預期利多出盡初期,會回吐些漲幅。其他市場觀察家表示,標普<span lang="EN-US">500</span>指數<span lang="EN-US">22</span>日創新高後,加密幣很難與傳統股市競爭。標普這波上攻是由半導體股與科技股帶頭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">加密幣借貸業者<span lang="EN-US">Nexo</span>共同創辦人川契夫(<span lang="EN-US">Antoni Trenchev</span>)和彭博行業研究分析師鮑卻納斯(<span lang="EN-US">Eric
Balchunas</span>)都提到,近期比特幣一大賣壓來自<span lang="EN-US">11</span>日被准許轉變為<span lang="EN-US">ETF</span>的<span lang="EN-US">Grayscale</span>比特幣<span lang="EN-US">ETF</span>。這檔<span lang="EN-US">ETF</span>獲准成立後的首六個交易日就流出<span lang="EN-US">28</span>億美元資金,其中很大一部分是破產的加密幣交易所<span lang="EN-US">FTX</span>處分在<span lang="EN-US">Grayscale</span>的股份,價值近<span lang="EN-US">10</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">11</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日當天,市場迎來<span lang="EN-US">11</span>檔獲准追蹤比特幣現貨價格的美國<span lang="EN-US">ETF</span>。根據分析公司<span lang="EN-US">Glassnode</span>的數據,這些<span lang="EN-US">ETF</span>開始交易兩日後總共持有<span lang="EN-US">644,860</span>枚比特幣,價值超過<span lang="EN-US">270</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中大部分(超過<span lang="EN-US">50</span>萬枚比特幣)由<span lang="EN-US">Grayscale Bitcoin Trust</span>持有,它原本是一檔封閉式基金,之後獲准做為新比特幣<span lang="EN-US">ETF</span>重新推出。比特幣去年全年大漲近<span lang="EN-US">160%</span>,較股票等傳統資產表現好很多,如今好景不常。不過川契夫提醒,幾次比特幣大事件後都出現相似回檔。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比特幣股價不斷下跌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、有可能是利多出盡<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、去年底比特幣才大漲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、加密貨幣的風險實在太高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、比特幣已經變成市場新標準,深受年輕族群喜愛<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">特斯拉<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯簡國帆、吳孟真,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在特斯拉(<span lang="EN-US">Tesla</span>)公布上季財報前夕,知名的特斯拉多頭摩根士丹利分析師瓊納斯(<span lang="EN-US">Adam Jonas</span>)調降特斯拉股價的目標價,理由是電動車市場供應過剩,「全球電動車動能停滯」,「我們預測特斯拉<span lang="EN-US">2024</span>年的銷量與利潤展望將審慎」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">特斯拉預定美股<span lang="EN-US">24</span>日盤後公布去年第<span lang="EN-US">4</span>季財報,<span lang="EN-US">FactSet</span>資料顯示,上季每股盈餘(<span lang="EN-US">EPS</span>)預估<span lang="EN-US">73</span>美分,今年全年預估為<span lang="EN-US">3.71</span>美元;瓊納斯則調降特斯拉今年的<span lang="EN-US">EPS</span>預估,從<span lang="EN-US">2.41</span>美元降至<span lang="EN-US">1.98</span>美元,為華爾街分析師最低。瓊納斯並調降特斯拉股價目標價至<span lang="EN-US">345</span>美元,低於原先的<span lang="EN-US">380</span>美元,但維持買進評級不變。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國、歐洲及中國大陸上季電池電動車銷量成長約<span lang="EN-US">30%</span>至<span lang="EN-US">210</span>萬輛,全年也約增三成至<span lang="EN-US">670</span>萬輛左右,兩者銷售都創新高,但供應也增加,引發電動車價格戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AutoForecast</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">解決方案公司全球車輛預測副總裁費爾蘭尼說,由於電動車競爭加劇,特斯拉的利潤無疑正面臨威脅,「特斯拉須展現優異的營收成長、以及每輛車能持續獲利,才能討投資人歡心,但去年耶誕節後的(股價)下跌趨勢,暗示股東們預期(上季)不會有太好的結果」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於電動車的未來,豐田汽車董事長豐田章男則認為,電池電動車在全球車市最多只能拿下三成占有率,其餘將由油電車、氫燃料電池車和燃油車組成。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博新能源財經(<span lang="EN-US">BNEF</span>)則預測,<span lang="EN-US">2040</span>年前電動車將占全球新車銷售的<span lang="EN-US">75%</span>,並占使用中客車的<span lang="EN-US">44%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">豐田章男<span lang="EN-US">23</span>日表示,全球有<span lang="EN-US">10</span>億人口無電可用,不該為了製造昂貴的電動車而限制人們移動的方式和能力,「做決定的應該是消費者,不是法規或政治」。豐田章男堅持,消費者應有選擇符合自身需求的車種的權利,且朝電動車轉型過程也不會如許多人想像得如此快速。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、特斯拉繼去年大漲後,又開始大跌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、最主要是全球電動車市場供應過剩<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、由於競爭,特斯拉的銷量與利潤率大幅下滑<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、來自中國大陸比亞迪的競爭也非常強烈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、特斯拉股價跌幅超過一半以上,說明投資新經濟的風險<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">OpenAI/</span></u></b><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">三星<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯洪啟原,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓產業高層透露,聊天機器人<span lang="EN-US">ChatGPT</span>開發商<span lang="EN-US">OpenAI</span>執行長奧特曼(<span lang="EN-US">Sam Altman</span>)預計<span lang="EN-US">26</span>日造訪南韓,可能與三星電子和<span lang="EN-US">SK</span>集團的高層主管舉行會談,以強化雙方在高頻寬記憶體(<span lang="EN-US">HBM</span>)晶片的合作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓國時報報導,奧特曼據悉將微調與三星電子執行董事長李在鎔和<span lang="EN-US">SK</span>集團董事長崔泰源的潛在會談細節。<span lang="EN-US">OpenAI</span>將與三星電子和<span lang="EN-US">SK</span>集團商議攜手研發人工智慧(<span lang="EN-US">AI</span>)半導體,這是<span lang="EN-US">OpenAI</span>試圖降低大幅依賴<span lang="EN-US">AI</span>晶片龍頭輝達(<span lang="EN-US">Nvidia</span>)的策略之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據報導,奧特曼去年<span lang="EN-US">6</span>月已造訪過南韓,但他此行預計只會停留約六小時,多數時間預料和南韓晶片公司的領導人或其他重量級高層主管舉行閉門會談。奧特曼對強化與南韓新創公司和晶片業者關係深感興趣,因有助<span lang="EN-US">OpenAI</span>開發大型語言模型,為<span lang="EN-US">ChatGPT</span>提供動力。<span lang="EN-US">OpenAI</span>去年底發表最新一款模型<span lang="EN-US">GPT-4 Turbo</span>,目前正按計畫升級相關服務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">OpenAI</span>是<span lang="EN-US">AI</span>領域的領導廠商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、需要龐大的記憶體<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台積電沒辦法滿足市場需求<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來有更多<span lang="EN-US">OpenAI</span>的開發商,需要晶片協助<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台積電太忙,<span lang="EN-US">OpenAI</span>轉而向三星求助<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">特斯拉<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 鄭勝得,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電動車龍頭特斯拉<span lang="EN-US">2024</span>年開局不利,頭兩周股價狂跌,市值蒸發逾<span lang="EN-US">940</span>億美元,創下該公司<span lang="EN-US">2010</span>年上市以來最糟開年表現。主因一連串負面消息打擊,包括客戶之一租車巨擘赫茲(<span lang="EN-US">Hertz</span>)決定縮減電動車隊轉向燃油車、特斯拉在中國再度降價,以及勞力成本攀升。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">特斯拉<span lang="EN-US">2024</span>年<span lang="EN-US">1</span>月迄今股價累跌約<span lang="EN-US">12</span>%,同期跌幅為<span lang="EN-US">2016</span>年以來最大,與該公司<span lang="EN-US">2023</span>年股價翻倍成長形成明顯對比。特斯拉去年漲幅在標普<span lang="EN-US">500</span>指數排第八,但今年迄今表現卻是倒數第八。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">且整體大環境顯示電動車需求成長放緩,特別是在美國市場。特斯拉去年發布第三季財報時,便首度警告電動車需求恐將減速。在此之後,全球各地車商與供應商紛紛發表類似悲觀的預測。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資機構<span lang="EN-US">Cowen</span>分析師奧斯朋(<span lang="EN-US">Jeffrey
Osborne</span>)表示:「投資人主要擔憂特斯拉成長停滯。中國降價僅加劇擔憂,這看起來就像是『市場競爭趨於白熱化,促使各大車商競相砍價』。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">更糟的是,特斯拉短期之內恐怕難以扭轉局面。特斯拉自<span lang="EN-US">2023</span>年初以來一直積極砍價以刺激電動車需求,但這卻導致過去豐厚的利潤率下滑。特斯拉<span lang="EN-US">2023</span>年第三季毛利率降至<span lang="EN-US">16.3</span>%,遠不如一年前同期的<span lang="EN-US">27.9</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在特斯拉美國工廠勞工獲得加薪的情況下,特斯拉成本攀升的壓力有增無減。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研調機構<span lang="EN-US">Spear Invest</span>投資長(<span lang="EN-US">Ivana Delevska</span>)表示:「電動車產業正經歷週期性低迷,但市場競爭帶來更大壓力,連帶導致削價戰爭與利潤大跌。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">分析師表示,特斯拉過去取得空前成功,令投資人期待隨之升高。這使得特斯拉市值迅速膨脹,遠勝過任何其他車商。這也意味著,任何負面消息都可能導致該公司股價大幅震盪。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">2024</span>年特斯拉股頭,兩周股價下跌將近<span lang="EN-US">1000</span>億美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、同期跌幅為<span lang="EN-US">2016</span>以來最大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">2023</span>年股價翻倍成長,利多出盡<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、毛利率降至<span lang="EN-US">16.%</span>,遠不如去年同期<span lang="EN-US">27.9%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、全球電動車行業正經歷週期性低迷<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">Panasonic<o:p></o:p></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 鍾志恆,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電動車龍頭特斯拉主要電池供應商<span lang="EN-US">Panasonic</span>旗下電池事業<span lang="EN-US">Panasonic Energy</span>技術長渡邊庄一郎說,計畫最快今年推出供電動車使用、儲電量更大的次世代圓柱形電池。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">渡邊表示,計畫讓公司在美國內華達州跟特斯拉共同營運的鋰離子電池工廠,在今年或明年開始量產新的次世代電池「<span lang="EN-US">2170</span>」。他有信心在<span lang="EN-US">2030</span>年度前透過不斷提高「<span lang="EN-US">2170</span>」能量密度,讓<span lang="EN-US">Panasonic</span>不需要做重大投資或興建新廠房下,就能把其每年生產電動車電池所提供電力總合提高至<span lang="EN-US">200</span>百萬度(<span lang="EN-US">GWh</span>),是目前約<span lang="EN-US">50</span>百萬度的<span lang="EN-US">4</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">專家指出,電池能量密度愈高,就愈能削減生產電動車的整體成本。<span lang="EN-US">200</span>百萬度約可滿足<span lang="EN-US">400</span>萬輛電動車的需求量。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">渡邊表示,要達成此目標,就要持續擴大電池的儲電量和不斷提高產量,因此如何提高北美廠房的產能是最為重要。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">因此除了內華達廠之外,<span lang="EN-US">Panasonic</span>正在堪薩斯州投資蓋其北美第二座新電池廠,並籌劃興建第三座工廠,旨在不斷擴大其北美產能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在拜登「降低通膨法」(<span lang="EN-US">Inflation Reduction Act</span>)的補助下,吸引了像<span lang="EN-US">Panasonic</span>等大廠在美國投資生產電池。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Panasonic</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">將在本年度結束前,對外公布其設置第三座工廠的地點。渡邊強調,新廠房將需要大量人力。為了強化其在北美的電池供應鏈,<span lang="EN-US">Panasonic</span>在去年<span lang="EN-US">12</span>月中宣布,已跟美國電池材料新創公司<span lang="EN-US">Sila Nanotechnologies</span>簽訂採購合約。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Panasonic</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">為了在全球朝潔淨能源方向轉型過程中處在最前端地位,其計畫在<span lang="EN-US">2025</span>年度前把電池產能提高<span lang="EN-US">10</span>%來配合此目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,內華達廠在<span lang="EN-US">Panasonic</span>生產下一代電動車電池上將扮演關鍵角色。<span lang="EN-US">Panasonic</span>正積極地研發體積更厚和儲電量更大的「<span lang="EN-US">4680</span>」電池。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">Panasonic</span>過去是電動車電池龍頭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、但現已被中國大陸和韓國超越<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">Panasonic</span>最大強項是和特斯拉有合資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但必須要積極開發新的次世代電池<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">Panasonic</span>技術開發能力和同業相比,較為落後<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">特斯拉<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 鄭勝得,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外媒引述消息報導,電動車龍頭特斯拉(<span lang="EN-US">Tesla</span>)已通知供應商報價,打算在<span lang="EN-US">2025</span>年中開始生產一款代號為「<span lang="EN-US">Redwood</span>」(紅木)的新型電動車。據了解,此電動車為小型跨界休旅車,價格約<span lang="EN-US">2.5</span>萬美元(新台幣約<span lang="EN-US">80</span>萬元),打算搶攻大眾平民市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消息人士透露,特斯拉推出這款入門級電動車,目的是與便宜燃油車與價格不斷降低的他牌電動車競爭,其中當然也包括勁敵中國比亞迪(<span lang="EN-US">BYD</span>)車款在內。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US">2023</span>年第四季超越特斯拉,成為全球最大電動車製造商。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消息人士表示,特斯拉去年就邀請供應商針對<span lang="EN-US">Redwood</span>車款報價競標,且預估每週產量可達一萬輛。<span lang="EN-US">Redwood</span>可能於<span lang="EN-US">2025</span>年<span lang="EN-US">6</span>月開始投產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但也有消息來源打臉表示,特斯拉對於自家新產品發布時程往往過於樂觀,預估最快也要到<span lang="EN-US">2026</span>年才可能推出新車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">多年來,特斯拉執行長馬斯克(<span lang="EN-US">Elon Musk)</span>)不斷以「推出平價電動車與自駕計程車(<span lang="EN-US">Robotaxi</span>)」的願景推升投資人與車主期待。這些新產品料採用特斯拉新一代、更便宜的電動車平台生產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">馬斯克最早於<span lang="EN-US">2020</span>年承諾打造一款售價<span lang="EN-US">2.5</span>萬美元的電動車,但他一度擱置此構想,後來又重啟該計畫。特斯拉目前最便宜車款為<span lang="EN-US">Model
3</span>,在美國市場起始價為<span lang="EN-US">38,990</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">馬斯克<span lang="EN-US">2023</span>年<span lang="EN-US">5</span>月時指出,特斯拉正在研發兩款新車,每年銷量合計可達到<span lang="EN-US">500</span>萬輛。他去年也曾表示,特斯拉一開始打算在美國德州廠打造平價車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消息來源表示,特斯拉也有意在德國柏林廠生產較便宜車款,同時也有興趣在印度建廠並生產平價車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">特斯拉定於<span lang="EN-US">24</span>日盤後發布上季財報,該公司可能預測<span lang="EN-US">2024</span>年交車量僅增長<span lang="EN-US">21</span>%,這遠低於馬斯克三年前定下每年成長<span lang="EN-US">50</span>%的目標。投資人密切關注,特斯拉在財報發表會上是否會宣布新車款的消息。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、特斯拉過去完全是走高端市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、特斯拉現在也跨入平價車<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、平價車是未來趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、比亞迪在平價汽車有強大競爭力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國市場對特斯拉很重要<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電動車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃國樑、林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">18</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸國務院總理李強與歐盟委員會主席馮德萊恩在達沃斯世界經濟論壇期間會晤,各自就電動車及白蘭地等反傾銷調查進行表述。彭博引述消息人士報導,大陸最早或於<span lang="EN-US">3</span>月對歐盟進口白蘭地徵收關稅,而歐盟對陸的電動車臨時關稅最快可能在<span lang="EN-US">6</span>月推出。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸本月宣布對從歐盟進口白蘭地及其他葡萄酒進行反傾銷調查,此舉被視為報復歐盟對中國電動車補貼進行調查。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據大陸外交部網站訊息,李強在出席世界經濟論壇<span lang="EN-US">2024</span>年年會期間會見馮德萊恩。李強指出,中方願進口更多適銷的歐盟產品,也希望歐盟放寬高技術產品對華出口限制,雙方相向而行,推動中歐貿易更平衡發展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">李強表示,中國將持續建構市場化、法治化、國際化一流營商環境,願與歐方共同遵守自由貿易、公平競爭、開放合作等市場經濟的基本準則。希望歐方在經貿問題上做到公正、合規、透明,公平對待中國企業,審慎推出限制性經貿政策和使用貿易救濟措施。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">馮德萊恩表示,歐方讚賞中方不斷擴大對外開放,不希望同中方脫鉤,願同中方加強對話溝通。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中國電動車席捲全球市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、對歐盟業者造成嚴重衝擊<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、歐盟可能會對電動車進行反傾銷調查<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但大陸就對歐盟進口的酒也進行反傾銷調查<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、歐盟跟中國貿易競爭是不智的<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">18</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪董事長王傳福在<span lang="EN-US">2024</span>比亞迪夢想日上發布「整車智慧」的電動車智慧化發展全新戰略,並透露未來比亞迪將在該領域投入人民幣<span lang="EN-US">1,000</span>億元(約新台幣<span lang="EN-US">4,430</span>億元)。會上同時發布智電融合的智慧化架構「璇璣」、「天神之眼」等黑科技。此外工程師團隊首度亮相,對外宣示比亞迪堅實的技術基礎。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">王傳福表示,比亞迪在業界最早提出「上半場是電動化,下半場是智慧化」的口號,電動化是新能源汽車技術的基礎,智慧化「不是敲敲代碼就行了」,「如果沒有電動化的堅實基礎,智慧化就是危房,說倒就倒。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪在活動中表示,目前行業把汽車智慧化等同智艙智駕,窄化概念。王傳福稱,比亞迪推出璇璣架構顛覆認知、超越想像,讓整車像一個高級智慧生命體。他表示,璇璣打通汽車電動化和智慧化,產生了「<span lang="EN-US">1+1>2</span>」效果。「整車智慧,才是真智慧。」他說。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,璇璣架構由「一腦(中央大腦)、兩端(雲端<span lang="EN-US"> AI</span>、車端<span lang="EN-US"> AI</span>)、三網(車聯網、<span lang="EN-US">5G </span>網、衛星網)、四鏈(傳感鏈、控制鏈、數據鏈、機械鏈)」組成。而該「中央大腦」由比亞迪自研、自產,未來將搭載<span lang="EN-US"> 1000T</span>、<span lang="EN-US">2000T</span>「艙駕一體」晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">如具象描述,整車智慧如同打破不同系統間的壁壘,能實時捕捉內外部環境的變化,在毫秒之間將訊息匯集反饋到「大腦」進行思考決策,迅速調節車輛「身體」狀態,大幅提升駕乘安全性和舒適性。王傳福表示,包括<span lang="EN-US">e</span>平台<span lang="EN-US">3.0</span>、雲輦、易四方和璇璣架構均屬於「整車智慧」範疇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪這次也發布「天神之眼」高階智慧駕駛輔助系統,極大提高整車「智駕感知<span lang="EN-US">-</span>決策<span lang="EN-US">-</span>控制」的回應速度和駕駛體驗;同時發布「手掌鑰匙」,讓用戶能以手掌訊息快速對車輛進行解閉鎖。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">值得注意的是,比亞迪的工程師天團在活動中首次亮相,分別負責電動化、智慧化、汽車集成、半導體、軌道交通、新材料基礎科學、電子、商用車、動力總成和電池等十領域。比亞迪稱有<span lang="EN-US">9</span>萬餘名工程師,號稱是全球研發人員最多的汽車企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪最近宣布電動車「智慧化」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、上半場是「電動化」,下半場是「智慧化」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、「智慧化」是未來比亞迪的重點<span lang="EN-US" style="display: none; mso-hide: all special;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中國大陸在汽車智慧化上的發展,令人驚豔<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣在這一部分,遙遙落後<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">豐田<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 顏嘉南,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著開年來日股迭創新高,日本汽車龍頭豐田汽車<span lang="EN-US">23</span>日市值攀升至<span lang="EN-US">48.79</span>兆日圓(約<span lang="EN-US">3,300</span>億美元),改寫日本電信巨頭<span lang="EN-US">NTT</span>在<span lang="EN-US">1987</span>年寫下的紀錄,成為日本市值最高企業,在亞洲市值僅次於台積電和三星電子。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">豐田<span lang="EN-US">3,300</span>億美元市值超越中國騰訊的<span lang="EN-US">3,220</span>億美元,成為亞洲第三大企業,此為近<span lang="EN-US">8</span>年來兩家企業市值排名首度互換。台積電以<span lang="EN-US">5,178</span>億美元市值穩坐亞洲市值龍頭,三星市值<span lang="EN-US">3,719</span>億美元位居亞洲第二。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">就全球而言,豐田為全球第<span lang="EN-US">25</span>大企業,市值約是龍頭蘋果<span lang="EN-US">3</span>兆美元的九分之一。台積電為亞洲第<span lang="EN-US">13</span>大企業,三星為第<span lang="EN-US">21</span>大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">豐田股價<span lang="EN-US">23</span>日收在<span lang="EN-US">2,991</span>日圓,連續<span lang="EN-US">5</span>個交易日收紅,盤中一度觸及<span lang="EN-US">3,034</span>日圓新高水準,市值升抵<span lang="EN-US">48.79</span>兆日圓。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據大和證券數據顯示,日本前次市值紀錄是<span lang="EN-US">NTT</span>在<span lang="EN-US">1987</span>年<span lang="EN-US">5</span>月創下的<span lang="EN-US">48.67</span>兆日圓。<span lang="EN-US">NTT</span>目前市值約達<span lang="EN-US">16.97</span>兆日圓,為日本市值第四大企業,索尼和三菱<span lang="EN-US">UFJ</span>金融集團分別為日本第二和第三大企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">豐田<span lang="EN-US">24</span>日股價收低<span lang="EN-US">1.05</span>%,報<span lang="EN-US">2,959.5</span>日圓,市值一併下降至<span lang="EN-US">48.28</span>兆日圓。今年迄今豐田股價累計上漲<span lang="EN-US">14</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Resona</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資產管理公司首席策略師<span lang="EN-US">Mamoru Shimod</span>表示,豐田是投資人進入日本股市買進的首選個股,也是外國投資人購買日股的指標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">豐田的獲利能力獲得投資人激賞。豐田預期本會計年度(截至<span lang="EN-US">3</span>月底止)營業利益勁升<span lang="EN-US">65</span>%,至<span lang="EN-US">4.5</span>兆日圓紀錄,淨利也將創下<span lang="EN-US">3.95</span>兆日圓的新高紀錄。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">若是業績一如預測,豐田將是日本首家營業利益超過<span lang="EN-US">4</span>兆日圓的企業。調漲售價、提高生產量和日圓貶值,都是帶動豐田獲利上揚的關鍵。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">開春以來豐田股價與大盤同步走高。日經<span lang="EN-US">225</span>指數以<span lang="EN-US">3</span>萬<span lang="EN-US">3</span>千點開啟新的一年,日前甚至觸及<span lang="EN-US">3</span>萬<span lang="EN-US">6</span>千點高點,寫下<span lang="EN-US">34</span>年來首見。東證一部指數亦攀升至<span lang="EN-US">34</span>年新高紀錄。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、豐田走過近兩年的低迷,再創新高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、豐田成為是日本市值最高的企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、在亞洲僅次於台積電、三星電子<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來市值也有可能超越三星電子<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、過去亞洲的龍頭是騰訊,現在騰訊和阿里巴巴都大幅下跌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">生成式<span lang="EN-US">AI<o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯簡國帆、易起宇,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">亞洲的生成式人工智慧(<span lang="EN-US">AI</span>)競賽日漸升溫,從日本到南韓及越南和中國大陸,紛紛自行開發相關技術,以迎合當地語言和文化,並降低對美國業者服務的依賴,避免損及國際競爭力與國家安全,以及數據外洩的問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日經新聞報導,越南最大民營集團<span lang="EN-US">Vingroup</span>的子公司<span lang="EN-US">VinBigData</span>(<span lang="EN-US">VBD</span>),去年<span lang="EN-US">12</span>月發表生成式<span lang="EN-US">AI</span>服務<span lang="EN-US">ViGPT</span>,是越南第一款開放大眾使用的國產生成式<span lang="EN-US">AI</span>程式,背後的大型語言模型(<span lang="EN-US">LLM</span>)據傳使用<span lang="EN-US">16</span>億組參數,只有<span lang="EN-US">OpenAI</span>最新版服務<span lang="EN-US">GPT-4</span>的數百分之一,但在越南市場效能僅次<span lang="EN-US">ChatGPT</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">VBD</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">科學主管武何文(音譯)表示,<span lang="EN-US">Vingroup</span>獨立開發自家版本,是因為使用越南本地數據能創建出比外國對手更精準的服務。許多生成式<span lang="EN-US">AI</span>程式都是用英語資料訓練,較少用越南資料,導致對越南文化、歷史及法律的準確度降低。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Vingroup</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">也把<span lang="EN-US">AI</span>技術應用於旗下電動車廠越快(<span lang="EN-US">VinFast</span>)的電動車,讓駕駛能用越南語語音操作,同時計劃整合<span lang="EN-US">AI</span>到金融、保險及物流等領域。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊估算,全球生成式<span lang="EN-US">AI</span>市場規模正以每年<span lang="EN-US">42%</span>的速度擴張,預料<span lang="EN-US">2032</span>年將達到<span lang="EN-US">1.3</span>兆美元,約是<span lang="EN-US">2022</span>年的<span lang="EN-US">32</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日本企業也正在研發日語的生成式<span lang="EN-US">AI</span>。<span lang="EN-US">NEC</span>去年<span lang="EN-US">8</span>月啟動採用大型語言模型「<span lang="EN-US">Cotomi</span>」的服務,<span lang="EN-US">NTT</span>也將在<span lang="EN-US">3</span>月開始以大型語言模型「<span lang="EN-US">Tsuzumi</span>」為基礎的服務,軟銀也在開發自家大型語言模型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓網路服務業者<span lang="EN-US">Naver</span>去年<span lang="EN-US">8</span>月發表為韓語客製化的生成式<span lang="EN-US">AI</span>服務「<span lang="EN-US">HyperClova X</span>」,聲稱韓語資料庫比<span lang="EN-US">ChatGPT</span>大上<span lang="EN-US">6,500</span>倍,將整合到旗下搜尋引擎和線上購物平台,提高用戶搜尋效率。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國大陸的百度、騰訊及阿里巴巴也都在研發生成式<span lang="EN-US">AI</span>,百度的文心一言號稱去年底用戶已突破<span lang="EN-US">1</span>億人。新加坡上月也宣布要為印尼語、馬來語及泰語開發<span lang="EN-US">LLM</span>,但面臨缺乏可訓練數據及獲利能力等挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、生成式<span lang="EN-US">AI</span>是未來趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、愈來愈多地區性的生成式<span lang="EN-US">AI<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、目前南韓已經有本地的生成式<span lang="EN-US">AI<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、越南最大民營集團<span lang="EN-US">Vingroup</span>,也推出越南版<span lang="EN-US">ChatGPT<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣目前在這一方面落後於其他國家,可能是由於市場太小<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">印度<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者蔡靜紋,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">印度股市持續創新高。印度交易所上市股票總市值<span lang="EN-US">22</span>日衝高至<span lang="EN-US">4.33</span>兆美元,已超越香港的<span lang="EN-US">4.29</span>兆美元,正式成為全球第四大股票市場。法人建議,印度股市長線看好,建議採定期定額或逢震盪分批加碼皆宜,而<span lang="EN-US">2</span>月是印股歷年最可能下跌的月分,為進場或加碼的好時點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">依彭博資料,<span lang="EN-US">22</span>日時,印股市值僅次於美國的<span lang="EN-US">50.86</span>兆美元、中國<span lang="EN-US">8.44</span>兆美元、及日本<span lang="EN-US">6.36</span>兆美元,其中約一半市值為過去四年增加。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">展望印度未來潛力,富蘭克林坦伯頓印度基金經理人蘇庫瑪.拉加(<span lang="EN-US">Sukumar
Rajah</span>)看好具備三大潛力:一是廣泛的基礎設施與製造業投資並同龐大消費動能;二是由非正規經濟活動轉向正規經濟活動持續進行中;三是政經情勢穩定,通膨較低、雙赤字問題持續縮減,將帶動印度的金融服務、基礎設施投資、消費與綠色轉型成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富蘭克林證券投顧表示,印度股市屢創新高可能讓部分投資人卻步,但預期在印度強勁經濟成長動能引領下,假設名目<span lang="EN-US">GDP</span>每年成長<span lang="EN-US">10%</span>,印度有望在<span lang="EN-US">2035</span>年加入美國與中國的<span lang="EN-US">10</span>兆美元<span lang="EN-US">GDP</span>俱樂部。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而經濟成長將挹注印度的企業獲利表現,經驗顯示印度經濟成長率與企業獲利成長的相關性高,突顯其企業往往能將本國經濟成長轉化為企業獲利,有利印股延續長線多頭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台新印度基金經理人黃俊晏表示,在全球經濟逆風之下,經濟學家調查持續顯示印度經濟衰退機率為零,反映經濟韌性與活力;經濟強勁提振人民所得並促使稅收增速提升,挹注政府資本支出動能,正向循環持續。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場預估,今明兩年預期營收與盈餘仍有約<span lang="EN-US">15%</span>的雙位數成長,顯示企業獲利向上成長趨勢不變。另一方面,<span lang="EN-US">2023</span>年內外資合計買超印度股市金額<span lang="EN-US">437</span>億美元,創歷史新高,凸顯印度股市長期高成長的投資吸引力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富蘭克林證券投顧指出,印度財政部慣例於<span lang="EN-US">2</span>月<span lang="EN-US">1</span>日發布新年度財政預算案,市場關注焦點仍在政府資本支出預算規畫。由於今年適逢五年一次國會大選,因此選後新政府將會再提出正式版的預算案。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">過去經驗顯示,財政預算案發布前後幾日通常會有慶祝行情,但其後便常見獲利了結賣壓,導致<span lang="EN-US">2</span>月是印度股市一年當中少數下跌的月分、但第<span lang="EN-US">2</span>季後行情可望再起,因此<span lang="EN-US">2</span>月印度股市若有震盪,可視為空手投資人逢震盪進場加碼的機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、印度超越香港,成為第四大股票市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">2024</span>年印度股市仍然看好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、到<span lang="EN-US">2030</span>年,可能變成全球第三大經濟體<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、印度政經情勢穩定地,通膨較低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、印度的基礎設施不足,製造業能力仍須加強<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">韓電池商智利<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 鄭勝得,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">22</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">智利豐富的鋰礦資源吸引韓國電池製造商的注意,後者考慮在當地設立電池加工廠。智利投資局(<span lang="EN-US">InvestChile</span>)執行董事弗洛雷斯(<span lang="EN-US">Karla Flores</span>)證實,已與多家韓國企業代表開會討論此事。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">弗洛雷斯表示,韓國公司有意協助智利將大量的半加工鋰轉換為磷酸鐵(<span lang="EN-US">iron
phosphate</span>)等鋰電池重要材料,其中一部分可能輸出至美國市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">弗洛雷斯指出:「韓國在智利的鋰工廠項目,也有可能出口電池負極(<span lang="EN-US">cathode</span>)到美國市場。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">智利擁有全球最大鋰資源儲備,該國一直積極利用此優勢進一步發展價值鏈。弗洛雷斯透露,對於智利表達投資興趣的韓國公司,包括浦項鋼鐵(<span lang="EN-US">POSCO</span>)、<span lang="EN-US">SK</span>集團與<span lang="EN-US">LG</span>集團。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">浦項鋼鐵與<span lang="EN-US">LG</span>集團旗下石化部門樂金化學(<span lang="EN-US">LG Chem</span>)皆表示,他們正在評估包括智利在內的各地區投資選項。<span lang="EN-US">SK</span>集團電池部門<span lang="EN-US">SK On</span>指出,他們正密切關注智利。這三家企業皆表示尚未做出最終決定。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓國企業在智利加工製造的鋰,可能符合美國鼓勵潔淨能源供應鏈多元化的獎勵資格。弗洛雷斯表示,智利與美國本來就有簽訂自由貿易協定,雙方已就增值產品是否符合規定進行外交層級談判,如今朝正面方向前進。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年舉辦的投資說明會,約有<span lang="EN-US">97</span>家企業表達對於智利鋰產業(包括上游與加工)的投資興趣。智利打算在公私合作的模式下,開放新的生產區域。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">智利去年允許中國公司以優惠價格購買智利化工礦業(<span lang="EN-US">SQM</span>)生產的碳酸鋰(<span lang="EN-US">lithium carbonate</span>),用於後者在智利北部興建的工廠。<span lang="EN-US">SQM</span>為全球第二大鋰生產商。全球最大鋰礦商雅保(<span lang="EN-US">Albemarle</span>)本季部分鋰產量也可套用類似交易,這引起韓國企業的高度興趣。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、韓國電池商在世界僅次於中國<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、韓國電池商積極走出去<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、大幅投資美國,因為美國政策法規影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、同時往上游鋰礦資源投資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這次投資智利豐富的鋰礦,引起注意<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">台塑台商<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者魏鑫陽,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台塑(<span lang="EN-US">1301</span>)集團擴大半導體鏈布局,最新標的鎖定化學品關鍵耗材。台塑昨(<span lang="EN-US">22</span>)日公告,董事會通過子公司台塑德山收購日商德山化學旗下電子級異丙醇(<span lang="EN-US">EIPA</span>)化學品製造商台灣德亞瑪五成股權。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台塑指出,台塑德山暫訂以每股<span lang="EN-US">57.41</span>元、合計<span lang="EN-US">5.74</span>億元達成此次交易。由於台灣德亞瑪<span lang="EN-US">2023</span>年<span lang="EN-US">9</span>月底淨值為<span lang="EN-US">11.48</span>億元,因此後續仍須待會計師完成查核、重新計算股權價值後,才能評定最終收購價,預計收購金額上限為<span lang="EN-US">11</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界人士分析,電子級異丙醇(<span lang="EN-US">EIPA</span>)純度通常須高達<span lang="EN-US">99.99%</span>,主要用於晶圓等高階電子產品清洗,目前全球僅日本德山集團、台灣榮化兩家供應商。台塑集團布局半導體產業多年,包括<span lang="EN-US">DRAM</span>廠南亞科、封測廠福懋科、載板廠南電等,都在業界具重要地位,藉由此次併購案,將可擴大集團在半導體關鍵耗材能量,強化半導體鏈布局。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">德山化學是日本百年企業,成立於<span lang="EN-US">1918</span>年,總部位於日本東京,主要生產、銷售各類化學品,現為東京交易所上市企業。台塑與德山化學原本就是合作夥伴,雙方於<span lang="EN-US">2020</span>年<span lang="EN-US">10</span>月<span lang="EN-US">30</span>日合資成立台塑德山公司,各持有五成股權。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣德亞瑪成立於<span lang="EN-US">1996</span>年<span lang="EN-US">8</span>月,實收資本額為新台幣<span lang="EN-US">2</span>億元,是德山化學全資子公司,主要業務為半導體用高純度<span lang="EN-US">IPA</span>及顯影液(<span lang="EN-US">TMAH</span>)等有機化學品製造銷售。特別在晶圓相關先進製程上,能提供不可或缺的高純度電子級異丙醇,更是台灣半導體大廠重要的供應商。台塑表示,完成整併案後,除對台灣半導體產業發展有更好的貢獻外,也能增添相關公司業績增長的動能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">依合資契約規定,台塑德山應併購台灣德亞瑪,使其成為台塑德山<span lang="EN-US">100%</span>子公司後,台塑德山可利用後者既有生產設備及銷售通路,整合台灣<span lang="EN-US">IPA</span>業務,提升經營績效。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣德亞瑪現行營運模式為自母公司日本德山化學進口<span lang="EN-US">IPA</span>及<span lang="EN-US">TMAH</span>原料,於台灣廠區進行高純化製程,製造產品主要銷售予半導體市場等科技產業使用,目前台灣地區營業據點共有台北營業所、新竹廠及雲林廠等三處。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">德山化學表示,關於台灣德亞瑪部分股權轉讓,主要考量透過台塑德山和台灣德亞瑪整合管理,以及與台塑公司的合作,進一步發展和擴大業務。本次轉讓後,台灣德亞瑪將繼續為該公司的合併子公司,預期不會產生盈虧。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台塑過去是台灣企業的龍頭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、半導體帶動相關化學體關鍵材料<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、德山化學原本就是台塑合資公司,各占<span lang="EN-US">50%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台塑<span lang="EN-US">100%</span>持有,有其道理<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、半導體原材料,未來有很大的潛力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">南韓半導體<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯劉忠勇,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓政府<span lang="EN-US">15</span>日宣布將在未來<span lang="EN-US">20</span>年,於首爾南方京畿道打造「半導體超級聚落」的計畫,將攜手三星電子和<span lang="EN-US">SK</span>海力士,共同打造「半導體超大晶圓廠區」,推動總額<span lang="EN-US">622</span>兆韓元(約<span lang="EN-US">4,720</span>億美元)的投資。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓總統尹錫悅表示,希望這項投資可創造至少<span lang="EN-US">300</span>萬個就業機會,並承諾將繼續實施原訂今年到期的半導體投資租稅獎勵措施。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓政府發布聲明說,新構想的半導體聚落將橫跨京畿道幾個工業區,總面積將達到<span lang="EN-US">2,100</span>萬平方公尺,每月晶圓產能力拚在<span lang="EN-US">2030</span>年衝到<span lang="EN-US">770</span>萬片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">以細節來看,南韓計劃在板橋市設立無晶圓廠晶片設計產業的專屬園區,作為低耗能、高效人工智慧(<span lang="EN-US">AI</span>)晶片重鎮。政府也將在華城、龍仁、利川和平澤建立晶圓製造和記憶晶片的生產設施,並在安城為材料、零組件和設備業者建立一個工業區,在器興和水原成立研發設施。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據計畫,這個聚落目前已容納<span lang="EN-US">21</span>座晶圓廠,<span lang="EN-US">2047</span>年前將再擴增<span lang="EN-US">16</span>座工廠,包含三座研究設施。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中,三星計劃為此投資<span lang="EN-US">500</span>兆韓元,包括在首爾以南<span lang="EN-US">33</span>公里的龍仁市新建六座晶圓廠,投資規模<span lang="EN-US">360</span>兆韓元。三星另將投資<span lang="EN-US">120</span>兆韓元,在首爾以南<span lang="EN-US">54</span>公里的平澤市建立三座晶圓廠,並在器興成立三個研發晶圓廠,預算為<span lang="EN-US">20</span>兆韓元。根據官方資料,<span lang="EN-US">SK</span>海力士將投入<span lang="EN-US">122</span>兆韓元在龍仁建造四座晶圓廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓政府目標是擁有先進產品為主的世界一流產能,其中包括採用<span lang="EN-US">2</span>奈米製程的晶片和高頻寬記憶體。當局表示,到<span lang="EN-US">2030</span>年,南韓在非記憶體晶片全球市占率將達<span lang="EN-US">10%</span>,相較目前的<span lang="EN-US">3%</span>大幅成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除了打造超大半導體聚落,南韓政府承諾將提高國內對關鍵材料、零部件和設備供應鏈的自給率,到<span lang="EN-US">2030</span>年從目前的<span lang="EN-US">30%</span>提高到<span lang="EN-US">50%</span>,以支持整個生態系。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">政府也將確保這個新建的超級聚落將水電供應充足,並且受惠於稅抵優惠。尹錫悅表示,這個聚落將由核能穩定供電,「我們預期這個晶片聚落將在未來<span lang="EN-US">20</span>年獲得<span lang="EN-US">622</span>兆韓元的投資,並創造<span lang="EN-US">300</span>萬個高品質就業」,「從今年起的未來五年,將投入<span lang="EN-US">158</span>兆韓元,共創造<span lang="EN-US">95</span>萬個新工作」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、南韓積極打造「半導體超級聚落」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、南韓半導體這兩年受到重創<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、主要是在中國投資過大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、南韓半導體也受到美國政策上的影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、南韓政策除了擁抱美國,沒有其他選擇<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">資料中心<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯季晶晶,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">16</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著<span lang="EN-US">AI</span>熱潮來臨,<span lang="EN-US">KKR</span>和貝恩資本(<span lang="EN-US">Bain Capital</span>)等公司紛紛押注亞洲與日俱增的運算和資料儲存需求,亞洲正成為全球資料中心投資人最新的狩獵場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊報導,戴德梁行數據顯示,到<span lang="EN-US">2028</span>年,東南亞和北亞的需求預計將每年增長約<span lang="EN-US">25%</span>,比美國的<span lang="EN-US">14%</span>高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資人已展開行動。貝恩資本去年<span lang="EN-US">8</span>月宣布將北京的秦淮數據私有化,隱含股權價值為<span lang="EN-US">32</span>億美元。<span lang="EN-US">9</span>月,<span lang="EN-US">KKR</span>同意以約<span lang="EN-US">8</span>億美元收購新加坡電信地區資料中心業務的<span lang="EN-US">20%</span>股權。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">包含這個新加坡電信的平台在內,<span lang="EN-US">KKR</span>未來幾年可能對亞太地區資料中心項目進行<span lang="EN-US">10</span>億美元股權投資。貝恩也將繼續投資中國大陸和東南亞市場,並在亞洲其他發達地區尋找機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他們押注的是亞洲最終將分得更大一杯羹。根據戴德梁行,約<span lang="EN-US">29%</span>的超大規模雲端營收來自亞太區,<span lang="EN-US">49%</span>來自美國。而亞洲的占比在<span lang="EN-US">2028</span>年前料將增至多達<span lang="EN-US">33%</span>,或<span lang="EN-US">1,730</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">AI</span>需求龐大,帶動資料中新成長<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、亞洲是資料中心重要的市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、許多私募股權基金投資「資料中心」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、資料中心有穩定的現金流<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來可能會從新加坡,拓展到亞洲其他區域市場<span lang="EN-US"><o:p></o:p></span></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-33921079274359733852024-01-30T23:10:00.002+08:002024-01-30T23:10:24.083+08:00全球經濟,輝達,英特爾,二手電動車,比特幣ETF,全球風險,SHEIN,半導體,比亞迪,動力電池,螞蟻,富士康,跨境電商,A股,大學生就業,印度,高雄,碳交易,工研院,缺工重災區<p><a name="_Hlk85199238"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:全球經濟<span lang="EN-US">,</span>輝達<span lang="EN-US">,</span>英特爾<span lang="EN-US">,</span>二手電動車<span lang="EN-US">,</span>比特幣<span lang="EN-US">ETF,</span>全球風險<span lang="EN-US">,SHEIN,</span>半導體<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,</span>動力電池<span lang="EN-US">,</span>螞蟻<span lang="EN-US">,</span>富士康<span lang="EN-US">,</span>跨境電商<span lang="EN-US">,A</span>股<span lang="EN-US">,</span>大學生就業<span lang="EN-US">,</span>印度<span lang="EN-US">,</span>高雄<span lang="EN-US">,</span>碳交易<span lang="EN-US">,</span>工研院<span lang="EN-US">,</span>缺工重災區</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">全球經濟<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 綜合報導,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世界銀行九日預測今年全球經濟成長為百分之二點四,連續三年放緩。世銀認為,全球經濟正步入卅年來最疲軟的五年,憂心二○二○年代恐淪為「糟蹋機會的十年」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">路透報導,世銀九日發布最新「全球經濟展望」報告,預測二○二四年全球經濟成長為百分之二點四,相較二○二三年的百分之二點六、二○二二年的百分之三以及二○二一年的百分之六點二,形同連續三年下滑。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世銀副首席經濟學家柯錫說,二○二○至二○二四年這段期間的經濟成長,恐比二○○八到二○○九年金融海嘯危機、一九九○年代末期亞洲金融風暴乃至二○○○年代初衰退時期更疲軟。按世銀說法,若排除新冠疫情造成衰退的二○二○年,今年經濟成長很可能是二○○九年金融海嘯以來最弱的一年。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世銀指出,美國去年經濟成長百分之二點五,較去年六月時預測高一點四個百分點。但因經濟活動受限於貨幣政策且儲蓄減少,世銀預測美國今年的成長將放緩為百分之一點六,但仍是去年六月預估的兩倍。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">歐元區前景被歸為黯淡,在能源價格飆漲導致去年經濟成長僅百分之○點四後,世銀預測今年歐元區經濟成長也只有百分之○點七。信貸條件收緊,讓世銀將歐元區今年預測較去年六月調降○點六個百分點。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世銀則預測中國大陸今年的經濟成長將放緩為百分之四點五,較去年六月的預測下修○點一個百分點,反映出房地產業持續動盪導致消費支出疲軟,也讓全球前景更晦暗。若不計受疫情衝擊嚴重的二○二○和二○二二這兩年,中國大陸等於將遇到卅多年來最差的經濟成長。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世銀將新興市場與開發中經濟體歸為一組,預測這組今年的經濟成長為百分之三點九,比去年的百分之四略低,更較二○一○年代的平均數字少整整一個百分點。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">美國財經新聞網CNBC指出,雖然世銀預測二○二五年全球經濟成長會微升至百分之二點七,但二○二○到二○二四的這五年成長增速仍比二○一○年代的平均成長率少近四分之三個百分點。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世銀指出,地緣政治緊張加劇恐在近期帶來新挑戰,使得大多數經濟體在二○二四和二○二五年,成長速度將比過去十年更慢。柯錫說:「歐洲東邊有俄烏戰爭,中東又有嚴重衝突,這些衝突加劇會對能源價格造成重大影響,對經濟成長與通膨帶來衝擊。」<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">世銀警告,若不做重大的方向修正,二○二○年代恐淪為「糟蹋機會的十年」。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk76402598;"></span><span style="mso-bookmark: _Hlk85199238;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、全球經濟前景不振<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、歐盟國家受很大的影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、中國經濟也放緩<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、有地緣政治風險<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中東發生嚴重衝突<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">輝達<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 蘇崇愷,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">10</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國晶片大廠輝達(<span lang="EN-US">NVIDIA</span>)<span lang="EN-US">9</span>日宣布,四家中國電動車品牌:理想汽車、長城汽車、極氪、小米,都將使用輝達<span lang="EN-US">DRIVE</span>技術方案來支持自動駕駛功能。另外,輝達也將與騰訊、網易、米哈游等中國遊戲公司合作<span lang="EN-US">AI</span>(人工智慧)數位人業務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年<span lang="EN-US">10</span>月<span lang="EN-US">17</span>日,美國政府頒布新的出口禁令,進一步限制輝達的高性能<span lang="EN-US">AI</span>晶片出口到中國。然而,輝達<span lang="EN-US">9</span>日在「<span lang="EN-US">NVIDIA
CES</span>特別演講」中宣布一系列與陸企的合作案。市場分析,此舉顯示儘管輝達正面臨美方更嚴格的出口管制,但該公司仍有意擴張中國市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">集微網報導,輝達的<span lang="EN-US">DRIVE</span>平台涵蓋汽車感測器、運算平台、自動駕駛開發軟硬體,以及用於<span lang="EN-US">AI</span>訓練的<span lang="EN-US">DGX</span>伺服器等。輝達表示,理想汽車已選擇<span lang="EN-US">NVIDIA DRIVE Thor</span>車載電腦,包括兩個<span lang="EN-US">DRIVE Orin</span>處理器,可即時融合各類感測器的資訊,驅動高級輔助駕駛系統(<span lang="EN-US">ADAS</span>)等全場景自動駕駛系統。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,長城汽車、極氪、小米已採用<span lang="EN-US">NVIDIA DRIVE Orin</span>平台,為其智慧自動駕駛系統提供動力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">長城汽車表示,基於<span lang="EN-US">DRIVE Orin</span>平台打造的自主研發高階智慧駕駛系統<span lang="EN-US">Coffee Pilot</span>,可以支持全場景智慧導航和輔助駕駛功能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界表示,中國崛起的新能源領域是輝達汽車技術業務的關鍵市場,中國車廠競相推出具有先進輔助駕駛/自動駕駛功能,以及更強的車載資訊娛樂系統的電動車,為輝達、英特爾、高通等半導體廠商創造成長機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一財經報導,輝達也宣布將與騰訊、網易、米哈游等遊戲公司合作<span lang="EN-US">AI</span>數位人業務。輝達<span lang="EN-US">NVIDIA ACE</span>(<span lang="EN-US">Avatar Cloud Engine</span>)微服務首次在國際消費性電子展(<span lang="EN-US">CES</span>)上亮相,這是一套可協助開發者使用生成式<span lang="EN-US">AI</span>,把數位化身變為現實的技術。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,遊戲晶片一直是輝達的主力產品,該公司近年來開始改進遊戲顯示卡,努力打造支持<span lang="EN-US">PC</span>端運行<span lang="EN-US">AI</span>模型的晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、輝達已經變成全美市值最大的半導體公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、輝達積極發展自動駕駛功能<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、輝達和中國電動車合作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、也有數家業者採用輝達自動駕駛平台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、輝達絕對不可能放棄中國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">英特爾<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯葉亭均、劉忠勇,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾<span lang="EN-US">9</span>日表示,將推出最新<span lang="EN-US">AI</span>晶片的車用版本,在車用半導體市場與高通和輝達互別苗頭。另一家美國晶片大廠高通也與博世(<span lang="EN-US">Robert Bosch</span>)合推汽車業首款在單一系統單晶片(<span lang="EN-US">SoC</span>)上同時運行資訊娛樂系統(<span lang="EN-US">IVI</span>)和先進駕駛輔助系統(<span lang="EN-US">ADAS</span>)功能的中央車載電腦。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">今年的拉斯維加斯消費電子展(<span lang="EN-US">CES</span>),儼然成了另一種形式的車展,從晶片大廠到汽車大廠,紛紛藉此場合讓新品亮相。除了英特爾和高通,本田也率現代和越快(<span lang="EN-US">VinFast</span>)等亞洲車廠,在現場大搶眼球。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾車用事業主管韋斯特表示,大陸車廠極氪將是第一家採用英特爾系統單晶片來創造車內「增強客廳體驗」的車廠,包括<span lang="EN-US">AI</span>語音助理與視訊通話功能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾已為<span lang="EN-US">5,000</span>萬輛汽車中的資訊娛樂系統供應晶片,然而在自駕技術、可升級汽車系統軟體與複雜的儀表板顯示器所需的半導體領域方面,表現不如輝達與高通。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韋斯特在記者會上表示,英特爾將試圖與同業有所區隔,提供車廠能用於橫跨低價到高價車款的晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而高通與博世聯手推出的中央車載電腦,搭載<span lang="EN-US">Snapdragon RideFlex</span>系統單晶片,兩家公司表示,此整合平台是共同打造軟體定義汽車未來的成果。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一方面,本田推出兩款內部開發的新電動車,包括<span lang="EN-US">Saloon</span>轎車和廂型休旅車<span lang="EN-US">Space-Hub</span>,都以概念車的形態在<span lang="EN-US">CES</span>展首度亮相,未來歸入全新設計的「<span lang="EN-US">H</span>」標誌下新的<span lang="EN-US">0</span>系列品牌。<span lang="EN-US">0</span>系列將於<span lang="EN-US">2026</span>年在北美發售,這將是本田首次在北美推出自主開發的電動車款。而本田與<span lang="EN-US">Sony</span>聯手開發的電動車<span lang="EN-US">Afeela</span>,這次也沒缺席。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">現代汽車集團則計劃在今年底讓電動空中計程車試飛,加入發展新一代交通工具的行列,這款空中計程車採用直升機和固定翼飛機之間的混合型態,而同類型的交通工具則以旋翼為主。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、英特爾積極發展<span lang="EN-US">AI</span>晶片<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、特別是在汽車應用領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、大陸已有車廠採用英特爾晶片<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、輝達為英特爾強烈競爭對手<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、高通也與博世聯手跨入電動車領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">二手電動車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在已開發國家電動車銷售普遍放緩之際,美國去年暢銷電動車的二手車價下跌近三成,顯示電動中古車不受市場青睞。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)報導,根據滙豐彙編<span lang="EN-US">CarGurus</span>的數據,來自特斯拉、通用、福特等品牌的美國前十大暢銷電動車,在<span lang="EN-US">2023</span>年轉售價平均下跌<span lang="EN-US">28%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另據滙豐彙編<span lang="EN-US">Auto Trader</span>的數據,英國去年電動車的二手價格也下跌約<span lang="EN-US">20%</span>,遠大於整體中古車價的跌幅<span lang="EN-US">3.7%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">滙豐分析師丁達爾說,電動車定價在<span lang="EN-US">2024</span>年可能更為艱困,因德、法等國縮減補助,可能迫使車廠更積極降價。他也說,車廠可能必須犧牲電動車的微小利潤,避免便宜陸製電動車削價競爭,車廠很難全然專注於獲利,因為這可能讓市占被持續保持價格競爭力的新進業者奪走。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">車廠已示警,一般民眾對電動車的疑慮加深,迫使業者降價或下調銷售目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電動車轉售價格疲軟,意味著新電動車的吸引力不如較保值的燃油車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中古車價也是制定租賃價格的要素。車主會在三年的租賃期間,融資車價減損的金額,車價下跌愈快,意味著融資需求愈大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,在美國,特斯拉<span lang="EN-US">Model X</span>最不保值,去年二手車價格慘跌<span lang="EN-US">36%</span>;一輛二手<span lang="EN-US">Model X</span>在<span lang="EN-US">2022</span>年<span lang="EN-US">12</span>月時要價<span lang="EN-US">75,798</span>美元,但到了<span lang="EN-US">2023</span>年<span lang="EN-US">12</span>月只剩<span lang="EN-US">48,511</span>美元就能買到。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其他熱門車款如福特<span lang="EN-US">F-150 Lightning</span>皮卡,二手價也降很快,從<span lang="EN-US">90,245</span>美元跌到<span lang="EN-US">62,540</span>美元,跌幅也深達<span lang="EN-US">30%</span>;雪佛龍<span lang="EN-US">Bolt</span>從<span lang="EN-US">26,325</span>美元跌到<span lang="EN-US">17,901</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在歐洲,約六成車輛為租購,在英國的比率更衝破九成。在英國、加州等市場,電動車中古車價大跌,將為車廠帶來負擔,因為車廠在當地需逐步提高電動車銷售占比,否則將面臨高額罰款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、電動車市場短期已經到頂<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、美國去年電動車二手價下跌近三成<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、電動車市場會大洗牌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、特斯拉獲利受到嚴重影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、比亞迪跟特斯拉差距會進一步拉大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比特幣<span lang="EN-US">ETF<o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 編譯葉亭均、記者陳儷方、朱漢崙,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">12</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國證管會(SEC)主席詹斯勒宣布,十日已核准十一檔直接投資比特幣的指數股票型基金(ETF)在美國上市,十一日開始交易。這對規模約一點七兆美元的數位資產產業具有里程碑意義,讓投資機構和散戶投資人能在不直接持有比特幣的情況下,也能投資比特幣。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管美國證管會對比特幣現貨ETF開綠燈,但國內民眾想投資台版的比特幣ETF,恐怕還得等一等。金管會證期局副局長黃厚銘昨天說,依規定ETF追蹤指數的成分股必須是股票、債券等其他經核准的有價證券,比特幣並非有價證券,投信業者無法發行。若有國外業者來台賣比特幣ETF或基金
,也視同違法。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於國內投信業者的基金追蹤美國掛牌上市的比特幣ETF是否可行?黃厚銘說,單一連結也不行;若採取共同基金(<span lang="EN-US">Fund of Fund</span>),因仍是連結有價證券,法規上允許,但需採個案審理,主要包括投資人保護等面向。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在美國核准發行比特幣ETF後,黃厚銘表示,未來台灣是否修法規跟進,還需要研究、收集各國資料才能做評估。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在美券商開戶 可直接投資<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">若民眾想投資在美國交易所上市的比特幣現貨ETF,專家表示,只要在美國券商開戶,交易種類涵蓋美股、ETF、選擇權、期貨、債券、外匯、共同基金、加密貨幣等。至於能否透過證券商複委託方式投資,官員說,複委託與在國內招徠銷售的情況不同,金管會正在研究是否放行,近期會有結果。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,比特幣投資涉及很多專業問題,包括交易及保管都是很大風險,國泰證期顧問處經理蔡明翰說,比特幣名聲很大,真正有比特幣交易經驗的人卻很少,因交易存在不便性,保管也有很多問題,若有投資機構、ETF發行商願意幫投資人處理這些投資門檻,應該會很受歡迎,但比特幣ETF無法避免虛擬貨幣暴漲暴跌的特性。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">乙太幣ETF 美<span lang="EN-US">5</span>月審核<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據SEC網站的公告,包括貝萊德、景順、富達、方舟投資等公司申請的十一檔比特幣ETF獲准通過。而SEC的決定也帶動比特幣走揚,台北時間昨晚十一時許,比特幣漲幅逾百分之四,價位逾四萬八千美元;至於乙太幣上漲幅度超過百分之八,站上二千六百美元。外媒報導,SEC預計五月決定是否批准乙太幣現貨ETF上市。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一些分析師指出,市場可能早已預期SEC將核准比特幣現貨ETF,比特幣價位早已反映,近幾個月來比特幣已上漲超過百分之七十,本周稍早攀抵二○二二年三月來最高水準。羅森布拉特證券公司總經理龐德則說:「這次ETF的核准將進一步讓比特幣合法化。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對SEC宣布核准比特幣ETF的發行,新世代金融基金會董事長陳冲昨天表示,加密資產方興未艾,當務之急,還是趕緊確定數位資產(包括NFT)的主管機關,並健全其法制,如依現狀,行政院僅用鋸箭<span lang="EN-US">+</span>補鍋法指定主管部會,卻未提供任何法律基礎,又寄望業者自組公會,訂定自律規範,沒有他律的自律,終將會是場災難。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比特幣正式發行<span lang="EN-US">ETF</span>在美上市<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、這具有非常重大意義<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、讓比特幣交易合法化<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但台灣投資比特幣<span lang="EN-US">ETF</span>仍有法規問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣對於金融科技,特別是加密貨幣,態度相對保守<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">全球風險<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 編譯簡國帆,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">12</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">達沃斯世界經濟論壇(WEF)十日發布調查報告指出,風險專家認為人工智慧(AI)技術所驅動的不實資訊、及極端天候,最可能在未來幾年引發全球危機,其中不實資訊為全球經濟的頭號立即風險,極端天氣則是最大的長期威脅。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">WEF在訪調近一千五百名專家、產業領袖及決策者後,發布「全球風險報告」,將全球風險分為短期(未來兩年)與長期(未來十年),不實資訊與虛假資訊是未來兩年的最嚴重風險,凸顯AI技術進展之快也正創造新問題或使既有問題惡化。短期的第二、三大風險則分別是極端天候事件與社會極化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這份報告的作者群擔心,<span lang="EN-US">ChatGPT</span>等生成式AI聊天機器人蓬勃發展,意味著細緻的合成內容會被用於操弄族群意見,且能操弄的人不再限於具備特殊技能者。這份報告是由WEF、<span lang="EN-US">Marsh Mclennan</span>及蘇黎世保險集團共同撰寫。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著多國今年都將舉行大選,報告警告,「不實和虛假資訊的散布、及資訊傳播工具的廣泛使用,可能削弱新當選政府的合法性」,「引發的動盪可能包括暴力抗議、仇恨犯罪、民間對抗和恐怖主義活動等」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI也將是預定一月十五日開幕的WEF年會熱議話題,<span lang="EN-US">OpenAI</span>執行長奧特曼、微軟執行長納德拉及AI產業主管都將與會。法國總統馬克宏、大陸總理李強、美國國務卿布林肯等都將參加。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">最嚴重的前四大長期風險依序是極端天候事件、地球系統出現重大變化、生態多元性損失和生態系崩毀、以及天然資源短缺,全都與環境有關。第五、六大風險則分別是不實和虛假資訊、AI技術的負面結果。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">調查也指出,三分之二的受訪風險專家預期,未來十年將出現多極化或碎片化的世界秩序,「在這種秩序下,中等國家和大國將爭奪、制定並推行地區規則和規範」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、達沃斯世界經濟論壇發布調查報告<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、「<span lang="EN-US">AI</span>技術驅動不實資訊」,居然是最嚴重風險<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、比「極端氣候事件」風險更大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、最嚴重的長期四大風險都和「環境」有關<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣不重視生態環境,遲早會嘗到苦果<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">SHEIN<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者陳宥菘,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">14</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國大陸快時尚跨境電商<span lang="EN-US">SHEIN</span>(希音)去年底傳出擬赴美上市的消息,路透報導指出,<span lang="EN-US">SHEIN</span>正尋求北京方面的批准,讓公司能在美國上市,凸顯<span lang="EN-US">SHEIN</span>欲將自己打造成全球而非大陸公司的局限性。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">SHEIN</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在全球<span lang="EN-US">150</span>多個國家地區銷售廉價時裝,去年<span lang="EN-US">5</span>月最後一輪融資的估值為<span lang="EN-US">660</span>億美元,去年<span lang="EN-US">11</span>月向美國證券交易委員會(<span lang="EN-US">SEC</span>)秘密提交了<span lang="EN-US">IPO</span>申請,盼最快於<span lang="EN-US">2024</span>年進行。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導引述兩名知情人士稱,該公司<span lang="EN-US">11</span>月同時向大陸監管機構提交了計畫在美國進行<span lang="EN-US">IPO</span>的文件。儘管<span lang="EN-US">SHEIN</span>已在<span lang="EN-US">2022</span>年將總部從南京遷至新加坡,但仍須得到北京批准。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過該計畫目前在美國因「強迫勞動問題」遭致兩黨議員政治反對。報導指出,如今<span lang="EN-US">SHEIN</span>尋求北京的同意,可能會使<span lang="EN-US">SHEIN</span>的上市進一步複雜化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">消息人士表示,<span lang="EN-US">SHEIN</span>向大陸證監會提交赴美上市申請,是要遵守北京針對大陸企業海外上市的新規。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據大陸證監會的規定,監管外資持股的發改委、網路安全監管機構等許多機構可能會參與批准境外<span lang="EN-US">IPO</span>申請。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但一名銀行家認為,這可能會導致更多的不確定性,因為一些機構有不同的優先事項,例如國家安全或資料保護。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一家公司,即使總部位於境外,如果其營業收入、利潤、總資產或淨資產的<span lang="EN-US">50%</span>或以上在中國大陸產生,且其主要業務活動在大陸境內進行,或高管多為大陸公民或在大陸居住,則須遵守大陸上市規則。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導舉例,在新規通過之前的<span lang="EN-US">2021</span>年,網約車巨頭「滴滴出行」不顧大陸官方的反對,在美掛牌上市,結果遭大陸監管部門出手調查,因用戶數據安全漏洞,被大陸監管部門罰款<span lang="EN-US">12</span>億美元,最終也在美國退市。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">SHEIN</span>是中國快時尚第一名跨境電商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">SHEIN</span>銷售廉價時裝無人可及<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">SHEIN</span>最近估值已高達<span lang="EN-US">660</span>億美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">SHEIN</span>赴美上市,必須先得到中國證券會許可<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美國上市不一定能獲得通過<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">半導體<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 編譯魏國金,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">14</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美眾院中國特委會發函<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">〔編譯魏國金/綜合報導〕金融時報報導,數名知情人士透露,美國眾議院中國特設委員會加強對美國半導體企業在中國利益的審查,近日發函要求英特爾、輝達與美光執行長赴國會作證。該行動將是此旨在聚焦中國威脅的委員會首度之舉,在此之前,該單位未曾與任何產業的執行高層舉行聽證會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">要求英特爾、輝達與美光赴國會作證<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情者表示,在去年英特爾、輝達與高通執行長在拜登政府準備升高半導體出口管制之際,努力進行遊說後,該跨黨派委員會越發積極讓相關執行長赴國會作證。一名消息人士說,「這項聽證會是該委員會對半導體公司及其與中國的關聯,特別是英特爾、輝達與高通,持續的監督工作,這三家公司去年赴華府,力阻推出額外的半導體出口管制。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在中利益被審 業者曾遊說放寬<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英特爾、輝達與美光拒絕對這封十一日發出的信函發表意見。華府智庫新美國安全中心(<span lang="EN-US">CNAS</span>)貿易與制裁專家基爾克里斯說,該委員會正對在中國有大量業務或銷售的企業施加政治壓力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,英特爾執行長季辛格與輝達執行長黃仁勳、高通執行長阿蒙去年七月訪問白宮,試圖說服官員相信,他們收緊尖端半導體出口管制的計畫將對美國產業造成長期傷害,這三家公司的年營收有一大部份來自對中國的銷售。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美光並未遭遇國會議員相同的監督程度,主要因為這家晶片製造公司並不如同英特爾與輝達,生產可能用於軍事的尖端晶片。不過國會議員希望聽取美光在中國營運面臨的問題。中國政府去年以國家安全為由,禁止一些國內廠商採購美光晶片,此舉被視為中國報復拜登政府致力阻止中國取得美國尖端技術。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">最近幾月,該委員會共和黨主席蓋拉格與委員會委員,對於在中國營運或投資的美國企業,包括全球最大資產管理公司貝萊德,加強監督。該委員會也私下與其他執行長,包括蘋果的庫克,以及好萊塢、矽谷與華爾街高層會面。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">要求企業執行長在國會作證,將使在中國有利益的團體,越來越擔心成為國會關注焦點,尤其當中國料將成為二○二四年美國總統大選的重要議題。基爾克里斯說,「在聚焦在中國的私募股權與投資人後,這些發函顯示,該委員會決心透過對一些美國最大、最關鍵晶片公司施壓,推動科技供應鏈的脫鉤」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國眾議院仍然高度敵視中國半導體企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、要求加強對美半導體企業在中國的審查<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但英特爾、輝達與高通都不願意放棄中國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、美國眾議院的要求並不合理<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來將是彼此政治間的角力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">13</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在大陸新能源車搶攻全球市場之際,大陸中集集團日前為國際航運公司<span lang="EN-US">Zodiac
Maritime</span>建造的首艘<span lang="EN-US">7,000</span>車位汽車運輸船,被命名為「<span lang="EN-US">BYD
EXPLORER NO.1</span>」,將出租給比亞迪。這也代表大陸電動車巨頭比亞迪,開啟大陸「國車自運」的布局。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">界面新聞報導,該船也是首艘由大陸船廠建造、專門用於大陸國產汽車出口的汽車運輸船,代表「國車自運」時代的開啟。汽車運輸船是專門裝載各類車輛以及重型貨物的滾裝船,被廣泛用於遠洋汽車運輸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"> EXPLORER 1</span>號船總長<span lang="EN-US">199.9</span>公尺,型寬<span lang="EN-US">38</span>公尺,設計吃水<span lang="EN-US">8.6</span>公尺,設計航速<span lang="EN-US">19</span>節,裝載量為<span lang="EN-US">7,000</span>輛車,最高續航里程可達<span lang="EN-US">15,800</span>浬。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該船於<span lang="EN-US">1</span>月<span lang="EN-US">9</span>日下午<span lang="EN-US">6</span>時左右抵達煙台港並靠泊煙台滾裝碼頭開始裝車,下一站將駛向深圳小漠港裝載車後再前往歐洲。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">小漠港是深圳港「一體三翼」布局中的東翼港區,位於深汕特別合作區。<span lang="EN-US">2023</span>年是開港營運的第二年。當前,小漠港作為華南汽車滾裝外貿樞紐港的雛形已經慢慢呈現。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年,小漠港汽車滾裝出口量突破<span lang="EN-US">2</span>萬輛大關,占深圳市全年汽車出口總量約<span lang="EN-US">29%</span>,貨值約人民幣<span lang="EN-US">31</span>億元。其中新能源汽車出口量占據小漠港汽車出口總量的<span lang="EN-US">99%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">小漠港出口的汽車主要就是比亞迪的新能源汽車,比亞迪近幾年在深汕特別合作區建設一個巨大的汽車工業園,工業園一、二期共投資人民幣<span lang="EN-US">250</span>億元,全部達產後預計年產值超過人民幣<span lang="EN-US">2,100</span>億元。目前,比亞迪一期<span lang="EN-US">16</span>棟廠房已全面投產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">依託深汕比亞迪汽車工業園,小漠港也直接受益於大陸新能源汽車出口的火爆。<span lang="EN-US">2023</span>年,大陸出口汽車接近<span lang="EN-US">500</span>萬輛,超越日本成為全球最大汽車出口國,其中新能源汽車出口<span lang="EN-US">120.3</span>萬輛,年增<span lang="EN-US">77.6%</span>,帶動作用明顯。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪是全球第一大電動車集團<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、比亞迪自己建造汽車運輸船,開創先例<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、比亞迪積極垂直整合,創造綜效<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、比亞迪和特斯拉的距離會進一步拉開<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國電動車產業會劇烈洗牌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">動力電池<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 李書良,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">07</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">電動車產業已成為各國角力的賽場,且由於各國對關鍵礦產遭到地緣政治干擾的擔憂,令回收電池內的鋰、鈷、錳等金屬成為顯學。中國做為全球爆發性成長最大的電動車強國,在動力電池「退役潮」帶動下,預料<span lang="EN-US">2030</span>年中國電池回收市場規模將突破人民幣(下同)<span lang="EN-US">1</span>千億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合陸媒<span lang="EN-US">6</span>日報導,近年中國電動車產業發展迅猛,<span lang="EN-US">2023</span>年新能源汽車產銷量逾<span lang="EN-US">900</span>萬輛,年增<span lang="EN-US">30.6</span>%,連帶使車載動力電池的拆解回收規模快速擴大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">動力電池占電動車整車成本<span lang="EN-US">30</span>%~<span lang="EN-US">40</span>%。一般來說,車輛使用<span lang="EN-US">5</span>~<span lang="EN-US">8</span>年,動力容量下降到初始容量的<span lang="EN-US">40</span>%以下時,就要退役。退役電池可降級用於備電、兩輪車、小型儲能等場景。對於無法利用的電池則透過技術,提煉出鎳、鈷、錳、銅、鋁、鋰等有價值的金屬材循環利用。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2022</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年,中國廢舊鋰離子電池回收拆解行業呈現出價量齊升的爆發式增長,市場規模增長至<span lang="EN-US">154.4</span>億元,年增高達<span lang="EN-US">182.8</span>%。研究機構<span lang="EN-US">EVTank</span>預計,到了<span lang="EN-US">2030</span>年,隨著大量的動力電池進入到回收利用階段,中國鋰電池回收量將達到<span lang="EN-US">602.8</span>萬噸,其市場規模將突破<span lang="EN-US">1</span>千億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一名成都業內人士表示,近年動力電池大規模退役,帶動大企業和一些小商戶參與到回收產業中。報導稱,動力電池回收行業已成全球關注的藍海市場,不過,當前「小、散、亂」的產業格局尚未改變。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中國大陸電動車電池世界第一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、歐洲市占率超過五成<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、美國也可能開始制裁中國電動車電池<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中國的強項是速度<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這是歐美產業沒辦法比擬的<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">螞蟻<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">08</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透引述知情人士稱,螞蟻集團以約<span lang="EN-US">2</span>億美元(約新台幣<span lang="EN-US">62</span>億元)收購荷蘭支付公司<span lang="EN-US">MultiSafepay</span>的交易將完成,交易仍需獲得監管部門批准。這意味螞蟻布局海外支付再下一城。而截至目前,螞蟻集團與<span lang="EN-US">MultiSafepay</span>均未針對上述消息公開回應。而這也是螞蟻集團創辦人馬雲放棄控制權以來的最新海外布局。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,<span lang="EN-US">MultiSafepay</span>於<span lang="EN-US">1999</span>年成立,為<span lang="EN-US">18,000</span>多家中小企業提供支付收單和處理服務,並與商業合作夥伴合作提供附加服務,該公司官網稱,<span lang="EN-US">MultiSafepay</span>在沒有外部投資者的情況下實現增長,並在西班牙和德國設有辦事處。而這次螞蟻集團收購該公司<span lang="EN-US">100%</span>股權。報導指出,在螞蟻集團於<span lang="EN-US">2022</span>年收購新加坡支付公司<span lang="EN-US">2C2P</span>前,該收購案便已進行。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">螞蟻對於海外金融業務布局與擴張相當積極。螞蟻自<span lang="EN-US">2015</span>年以來投資多家電子錢包公司,支付寶已有九個境外版本:泰國<span lang="EN-US">TrueMoney</span>、菲律賓<span lang="EN-US">GCash</span>、馬來西亞<span lang="EN-US">TnGD</span>(<span lang="EN-US">Touch'n Go Digital</span>)、印尼<span lang="EN-US">DANA</span>、印度<span lang="EN-US">Paytm</span>、巴基斯坦<span lang="EN-US">Easypaisa</span>、孟加拉國<span lang="EN-US">bKash</span>、韓國<span lang="EN-US">Kakaopay</span>和中國香港<span lang="EN-US">AlipayHK</span>等。綜觀螞蟻集團策略為:以參股形式與當地公司合作,並輸出螞蟻的能力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">與此同時,螞蟻金服在<span lang="EN-US">2019</span>年<span lang="EN-US">2</span>月收購英國跨境支付公司「萬里匯」(<span lang="EN-US">WorldFirst</span>),當時業內認為該舉為支付寶全球化邁出重要一步。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">正當螞蟻集團準備全力發展,並衝刺上市募資時,在<span lang="EN-US">2020</span>年<span lang="EN-US">11</span>月<span lang="EN-US">IPO</span>被叫停後並踏上整改瘦身之路,包括對旗下信貸產品花唄、借唄進行品牌隔離,關閉相互寶,壓降餘額寶業務,又與網商銀行進行切割,同時馬雲退出螞蟻集團實控人位子,這也讓螞蟻重啟上市之路更進一步。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管面臨整改,螞蟻國際化業務仍持續進行,於<span lang="EN-US">2022</span>年<span lang="EN-US">4</span>月收購新加坡金融科技公司<span lang="EN-US">2C2P</span>的多數股權,<span lang="EN-US">2C2P</span>為電子商務、金融服務和旅遊等行業的企業提供全球支付服務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國企業家報導,螞蟻集團國際戰略自<span lang="EN-US">2022</span>年從「錢包時代」升級到「解決方案」,內部將之形容為「兩條腿走路」:一方面提供創新全球跨境移動支付解決方案<span lang="EN-US">Alipay+</span>;一方面以萬里匯為核心,提供收、付、管、兌、貸一站式服務,支持跨境貿易中小微企業的數位化轉型,實現「一個帳戶買/賣全球」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、馬雲已放棄螞蟻控制權<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、螞蟻的定位是金融電子平台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、螞蟻積極投資電子錢包公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、螞蟻走出去海外發展是正確的決定<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、在中國大陸境內監管太嚴<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">富士康<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">10</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富士康近日在河南註冊成立富士康新能源汽車產業發展(河南)有限公司,註冊資本額人民幣<span lang="EN-US">5</span>億元(約合新台幣<span lang="EN-US">21</span>億元),該公司由富士康新事業發展集團有限公司全資持股,法定代表人為黃英士,他在鴻海(<span lang="EN-US">2317</span>)與裕隆合資成立鴻華先進後擔任該公司董事。顯示富士康持續在大陸布局電動車產業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據大陸企業訊息系統「天眼查」<span lang="EN-US">App</span>顯示,該公司經營範圍含汽車零部件及配件製造、電機製造、新材料技術研發、新能源汽車整車銷售、企業總部管理、園區管理服務、供應鏈管理服務、道路機動車輛生產等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鴻海集團已在去年<span lang="EN-US">12</span>月公告,子公司鴻富錦精密電子(鄭州)投資人民幣<span lang="EN-US">12</span>億元,增資富士康新事業發展集團,之後富士康新事業發展集團再轉投資人民幣<span lang="EN-US">5</span>億元,成立河南富士康新能源汽車產業發展公司,並表示主要目的為長期投資,以自有資金為主。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富士康新事業發展集團有限公司<span lang="EN-US">2023</span>年<span lang="EN-US">6</span>月在鄭州成立,註冊資本額人民幣<span lang="EN-US">10</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">公司經營範圍含企業總部管理、人工智慧基礎軟體開發、技術服務、新能源汽車整車銷售、電池製造、智能機器人的研發等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富士康<span lang="EN-US">2023</span>年<span lang="EN-US">4</span>月曾表示,富士康新事業總部在鄭州落地。同時富士康新事業總部首批職務招聘全面啟動,招聘職位包括<span lang="EN-US">EV</span>類(電動汽車)、電池業務類和職能類三大類,近<span lang="EN-US">100</span>個職位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">富士康近年持續發展電動車業務:富士康在<span lang="EN-US">2010</span>年成為特斯拉中控觸控面板、連接器、覆蓋件等零件供應商;<span lang="EN-US">2021</span>年<span lang="EN-US">11</span>月以人民幣<span lang="EN-US">14.69</span>億元從電動汽車創業公司<span lang="EN-US">Lordstown motors</span>手中收購位於美國俄亥俄州洛茲敦的前通用汽車工廠;<span lang="EN-US">2022</span>年<span lang="EN-US">7</span>月與恩智浦半導體簽署合作備忘錄,表示將共同開發新一代智慧互聯車用平台等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">截至目前,富士康已經發布了七款車型:<span lang="EN-US">2021</span>年<span lang="EN-US">10</span>月發表三款自主開發的電動車款:<span lang="EN-US">Model C SUV</span>、<span lang="EN-US">Model E</span>轎車和<span lang="EN-US">Model T</span>電動巴士。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2022</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年<span lang="EN-US">10</span>月發布兩款全新自主開發的電動車方案:<span lang="EN-US">Model B</span>跨界休旅、<span lang="EN-US">Model V</span>電動皮卡;<span lang="EN-US">2023</span>年<span lang="EN-US">10</span>月發布<span lang="EN-US">Model N</span>商用電動車以及<span lang="EN-US">Model B</span>量產版兩款車型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國證券報此前引述業內人士指出,富士康作為全球消費電子產品代工巨頭,在當前智慧手機產品增長乏力背景下,轉型發展是為了尋找「第二增長曲線」。但電動汽車領域競爭激烈,新手富士康造車仍將面臨諸多挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、鴻海積極發展電動車事業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、今年應有整車推出<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、鴻海的挑戰是速度<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、鴻海的強項是電子設備<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、但中國大陸同業也積極跨入智慧汽車領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">跨境電商<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 賴瑩綺,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外貿對大陸<span lang="EN-US">GDP</span>貢獻率約兩成,是拉動經濟成長的重要引擎,針對新的一年外貿走向,大陸商務部對外貿易司司長李興乾表示,世界經濟復甦勢頭不穩、動能不足,由此帶來的外需持續疲軟成為影響外貿走勢的主要原因。要針對新情勢,研究儲備新的政策措施,適時推動,協助外貿企業降本增效。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸商務部近日召開全國商務工作會議,要求做好八方面工作,其中培育外貿新動力被擺在第二順位,將拓展中轉貿易、跨境電商出口,創新服務貿易,加快商討和簽署高水準投資協定等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">人民日報<span lang="EN-US">10</span>日報導,李興乾說,培育外貿新動能,要抓重點工作。大陸已連續<span lang="EN-US">12</span>年位居全球中間品出口第一大國,中間品對外貿增量的貢獻接近<span lang="EN-US">6</span>成。他認為,拓展中間品貿易,順應國際貿易發展潮流,是互利共贏之舉。要進一步與貿易夥伴拉緊合作關係,滿足其發展製造業的現實需求,實現優勢互補,為世界經濟復甦提供動力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導另引述商務部國際貿易經濟合作研究院副研究員朱思翹指出,跨境電商作為發展速度最快、潛力最大、帶動作用最強的外貿新業態,正成為國際貿易的重要發展趨勢。目前,大陸跨境電商出口規模占整體出口的比重已超過<span lang="EN-US">7</span>%,主體超<span lang="EN-US">10</span>萬家,獨立站超<span lang="EN-US">20</span>萬個,跨境電商海外倉超<span lang="EN-US">1,500</span>個,面積近<span lang="EN-US">1,900</span>萬平方公尺。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">李興乾說,針對擴大跨境電商出口,商務部將持續完善通關、稅收、外匯等方面政策,提升監管便利化水平,助力企業降本增效。支持跨境電商綜試區、產業組織和企業等積極參與「絲路電商」、共建「一帶一路」經貿合作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">李興乾說,培育外貿新動能,還要推動貿易數位化、綠色化,鞏固外貿外資基本盤,加速建立貿易強國。商務部將會同各地方各部門持續落實好已推出的各項穩外貿政策。同時針對新情勢新任務,研究儲備新的政策措施,適時推動,協助外貿企業降本增效。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中國大陸出口衰退<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、大陸商務部把「培育外貿新動力」放在第二順位<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、未來會強調「中間品」的出口<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中間品在對外貿增量的貢獻接近<span lang="EN-US">6</span>成<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、跨境電商是外貿重要的成功策略之一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">A</span></u></b><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">股<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸股市在<span lang="EN-US">2023</span>年讓許多投資人大失所望,不過華爾街投行高盛、瑞銀仍堅定地看好陸股,認為大陸<span lang="EN-US">A</span>股最壞時間已過,企業獲利已開始反彈、政策持續發力,投資人信心將改善。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華爾街見聞報導,高盛首席中國股票策略師劉勁津在最新報告中表示,預計<span lang="EN-US">MSCI</span>中國指數和滬深<span lang="EN-US">300</span>指數<span lang="EN-US">2024</span>年的回報率分別為<span lang="EN-US">17%</span>和<span lang="EN-US">19%</span>,因企業盈利將增長約<span lang="EN-US">10%</span>,且大陸政策若能有效落實,將有利於國內股市表現。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">劉勁津建議維持高配<span lang="EN-US">A</span>股,因為對地緣政治和流動性因素敏感度較低,且受益於大陸政策助力和長期成長目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">看好大陸股市的華爾街機構不只高盛一家。瑞銀中國股票策略分析師孟磊近期指出,<span lang="EN-US">A</span>股最壞時間已過,企業獲利已開始反彈、政策持續發力,投資人信心將改善。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">瑞銀全球投資銀行大中華區研究部總監連沛堃也指出,預測<span lang="EN-US">MSCI</span>中國指數今年有<span lang="EN-US">15%</span>上漲空間,其中<span lang="EN-US">10%</span>由獲利成長推動,<span lang="EN-US">5%</span>由估值推升。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,摩根大通(小摩)資產與財富管理市場及投資策略部主席岑博智(<span lang="EN-US">Michael
Cembalest</span>)發布<span lang="EN-US">2024</span>年展望報告表示,大陸股市已跌入價值陷阱(<span lang="EN-US">value trap</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">所謂價值陷阱,是指投資人以為買到了便宜的股票,實際上卻錯估了股票的內在價值,結果股票的價格持續下跌,一直沒有回歸到投資人認為該有的價值。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">岑博智表示,自大陸<span lang="EN-US">2001</span>年加入世界貿易組織(<span lang="EN-US">WTO</span>)後,股市的驚人表現已成為遙遠的記憶,大陸股市的本益比一直低於美國,而且大多數時候甚至也低於歐洲,結果就是大陸股市表現欠佳。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,從<span lang="EN-US">2019</span>年<span lang="EN-US">1</span>月<span lang="EN-US">1</span>日至<span lang="EN-US">2023</span>年年底,美國股市大漲<span lang="EN-US">107%</span>、歐洲股市大漲<span lang="EN-US">58%</span>、大陸股市下跌<span lang="EN-US">17%</span>。美中在<span lang="EN-US">2022</span>年<span lang="EN-US">12</span>月達成協議,允許美國證券交易委會(<span lang="EN-US">SEC</span>)查閱大陸企業財務審計報表的協議,以及在取消疫情防控措施重啟經濟後,也沒有像先前預測那樣改善投資人信心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">岑博智指出:「近年來,大陸已跌入最後的價值陷阱,根據經驗,大多數跌入價值陷阱的市場終將走到盡頭。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">2023</span>年<span lang="EN-US">A</span>股表現極差<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">2024</span>年可能會反彈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但長期中國市場仍然悲觀<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、外資不敢大幅投入中國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、摩根大通認為中國股市已跌入「價值陷阱」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">大學生就業<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者謝守真,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸大學畢業生就業難度高,上海復旦大學近期公布最新數據顯示,該校大學畢業生直接就業人數占比為<span lang="EN-US">18.07%</span>,不到畢業生的兩成,選擇繼續深造的學生占比則占畢業生總數的<span lang="EN-US">70.61%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據封面新聞報導,上海復旦大學發布《復旦大學<span lang="EN-US">2022-2023</span>學年本科教學品質報告》顯示,該校<span lang="EN-US">2023</span>年應屆大學畢業生最主要的去向是繼續升學,升學人數達<span lang="EN-US">2,278</span>人,其中,出國(境)留學人數為<span lang="EN-US">564</span>人,留在大陸內升學的為<span lang="EN-US">1,714</span>人。而在<span lang="EN-US">2023</span>年應屆大學畢業生中,選擇直接就業的人數為<span lang="EN-US">583</span>人,占比僅<span lang="EN-US">18.07%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">值得注意的是,隨著去年大陸迎來最大大學生畢業潮,境內青年的就業市場愈發嚴峻。大陸宣布<span lang="EN-US">16</span>至<span lang="EN-US">24</span>歲青年失業率,從<span lang="EN-US">3</span>月的<span lang="EN-US">19.7%</span>一路走升至<span lang="EN-US">6</span>月的<span lang="EN-US">21.3%</span>,創下自<span lang="EN-US">2018</span>年以來的最高值。直至<span lang="EN-US">8</span>月中旬,大陸國家統計局突然表示,即月起暫停發布青年失業率,並稱主要因勞動力調查統計需進一步健全優化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此前,北京大學副教授張丹丹曾發文指出,<span lang="EN-US">2022</span>年底的疫情對蘇州、昆山等地的製造業帶來了嚴重打擊,直到<span lang="EN-US">2023</span>年<span lang="EN-US">3</span>月疫情過去以後,就業人數也只恢復到疫情前的三分之二。對此,她進一步推算,若將<span lang="EN-US">1,600</span>萬「躺平」、「啃老」不工作的年輕人也計算進去,大陸去年<span lang="EN-US">3</span>月青年實際失業率可能最高達到<span lang="EN-US">46.5%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博去年<span lang="EN-US">7</span>月報導,大陸知名經濟學家劉元春曾示警,大陸青年失業問題可能會持續十年,短期內會不斷加劇。若大陸當局處理不當,將會引發經濟領域外的其他社會議題,甚至成為政治議題導火線。「青年失業問題不單是周期性問題,而是系統性問題、趨勢性問題。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸學生失業率高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、復旦大學畢業生不到兩成就業,太誇張<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、學生大多數選擇繼續深造<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、很可惜台灣沒辦法用大陸人才<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、如果兩岸關係好,陸生可以來台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">印度<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 國際中心、記者吳凱中,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">09</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">印度南部泰米爾納德邦<span lang="EN-US">7</span>日表示,已與蘋果供應商和碩(<span lang="EN-US">4938</span>)、塔塔電子(<span lang="EN-US">Tata Electronics</span>)、微軟及南韓汽車巨擘現代汽車等公司,簽署價值<span lang="EN-US">800</span>億美元(約新台幣<span lang="EN-US">2.5</span>兆元)的投資協議。其中,和碩將投資<span lang="EN-US">1.2</span>億美元(約新台幣<span lang="EN-US">37</span>億元),用於擴大生產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透報導,蘋果希望將部分生產從中國大陸轉移出去,正將印度視為其增長的下一個主要引擎;和碩正致力於在印度建立第二家工廠,塔塔集團去年開始在印度組裝<span lang="EN-US">iPhone</span>手機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">泰米爾納德邦政府在簽署協議時表示,和碩將投資<span lang="EN-US">100</span>億盧比(<span lang="EN-US">1.2</span>億美元),用於擴大生產;塔塔集團旗下的塔塔電子承諾投資<span lang="EN-US">1,208</span>億盧比,用於手機組裝業務。這些協議是在一場當地政府舉行的全球投資者會議上所公布,預計將為泰米爾納德邦創造數千個就業機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">政府補充說,南韓現代汽車也承諾將投資<span lang="EN-US">618</span>億盧比,其中部分資金專門用於製造電動車電池和電動車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">和碩方面,該公司昨(<span lang="EN-US">8</span>)日代子公司<span lang="EN-US">Pegatron Technology India Private Limited</span>公告租地委建廠房,與<span lang="EN-US">TAICHUANG ENGINEERING INDIA PRIVATE LIMITED</span>簽訂施工總承包工程合約,契約總金額折合新台幣為<span lang="EN-US">5.11</span>億元。對此,和碩表示,取得之目的是供生產及營運用。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對印度廠擴展產品線,和碩董事長童子賢先前曾表示,印度我們也不排除做筆電,如果印度官方有他的國家政策,是限制進口、鼓勵在地製造,那我們就跟進。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於印度是否擴產,童子賢指出,和碩本來就持續投資印度廠,而且去年到現在的良率是不可同日而語,和碩在印度已經進行第三年了,快進入「轉折點」,和碩將持續投資印度,克服轉折點,之後當地製造的成本就可以開始降低。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、鴻海供應鏈加碼投資印度<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、緯創已撤出印度市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、鴻海投資印度<span lang="EN-US">500</span>億新台幣<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、和碩投資<span lang="EN-US">1.2</span>億美元,可能配合蘋果供應鏈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、印度的製造條件可能不如東南亞<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">高雄<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳建宇,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">09</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">高雄演唱會經濟持續發酵,高雄市長陳其邁宣布天團五月天將在<span lang="EN-US">3</span>月下旬再度在高雄開唱。而統計至<span lang="EN-US">2023</span>年高雄共舉辦<span lang="EN-US">64</span>場大大小小的演唱會,創造<span lang="EN-US">23</span>億元觀光產值,高雄飯店業直接受惠,<span lang="EN-US">2023</span>年住房率比<span lang="EN-US">2022</span>年高出約<span lang="EN-US">10</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場樂觀演唱會經濟<span lang="EN-US">2024</span>年噴發,指標股必應<span lang="EN-US">8</span>日股價上漲逾半根停板,收盤價<span lang="EN-US">123</span>元,創近半年新高,多檔上櫃文創股股價也受惠走高。必應為天王天團展演服務御用商,<span lang="EN-US">1</span>月剛結束五月天在台中洲際棒球場的演唱會,隨即<span lang="EN-US">3</span>月將移師高雄世運主場館承辦至少五場;同時在大陸,必應將在<span lang="EN-US">3</span>至<span lang="EN-US">6</span>月為天王林俊傑在十個城市承辦世界巡迴演唱會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">必應創造執行長周佑洋表示,<span lang="EN-US">2023</span>年為台灣演唱會與演出活動爆發年,必應<span lang="EN-US">2023</span>年參與場次較前一年大增<span lang="EN-US">1</span>倍,若歐美藝人來台頻率增加,及大巨蛋演出排程加入,<span lang="EN-US">2024</span>年可望延續榮景,演唱會場次估與<span lang="EN-US">2023</span>年相當。必應<span lang="EN-US">2023</span>年前三季每股賺<span lang="EN-US">4.57</span>元,前<span lang="EN-US">11</span>月營收<span lang="EN-US">23.72</span>億元、年增<span lang="EN-US">142.25</span>%,已超越近十年來每年的全年營收。法人估,<span lang="EN-US">2023</span>年<span lang="EN-US">EPS</span>上看<span lang="EN-US">7</span>~<span lang="EN-US">8</span>元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">演唱會經濟發威,高雄市可謂大贏家,據高雄市觀光局統計,<span lang="EN-US">2023</span>年包括新好男孩、<span lang="EN-US">BLACKPINK</span>、五月天、張惠妹、<span lang="EN-US">COLDPLAY</span>等重量級藝人的在高雄開唱,舉辦超過<span lang="EN-US">64</span>場演唱會,吸引約<span lang="EN-US">100</span>萬人次觀賞,而帶來的觀光效益約<span lang="EN-US">23</span>億元,帶動高雄市旅宿業住房率平均逾<span lang="EN-US">8</span>成。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">高雄飯店業者指出,<span lang="EN-US">2023</span>年多虧演唱會將民眾帶來高雄,甚至有不少境外旅客到高雄看演唱會,高雄洲際酒店就表示,<span lang="EN-US">2023</span>年境外旅客入住比例跟<span lang="EN-US">2022</span>年相比,成長超過<span lang="EN-US">10</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">和逸飯店高雄中山館指出,<span lang="EN-US">2023</span>年住房率平均落在<span lang="EN-US">8</span>成,較<span lang="EN-US">2022</span>年提升約<span lang="EN-US">2</span>成,<span lang="EN-US">2024</span>年高雄仍然群星匯聚,光是第一季飯店在演唱會日期住房皆已達<span lang="EN-US">9</span>成,加上前日宣布高雄加場的五月天,除訂房詢問度有感提升外,演唱日住房也新增破百間,期盼持續帶進住房效益衝高訂房率。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、高雄近年發展突飛猛進<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、演唱會經濟是亮點<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、高雄的條件比台北市更好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、高雄有廣大的腹地<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、演唱會經濟帶動高雄週邊行業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">碳交易<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 盧宏奇,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">臺灣碳權交易所董事長林修銘昨(<span lang="EN-US">10</span>)日指出,配合環境部法令進度,碳交所將扮演臺灣<span lang="EN-US">2050</span>年淨零轉型的「催化劑」,繼國際碳權交易平台去年底上路後,國內碳權交易今年亦可啟動,最快可能落在<span lang="EN-US">7</span>月。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對新一波國際碳權交易進度,臺灣碳交所總經理田建中透露,買方開戶數緩步增加中,目前還不到<span lang="EN-US">100</span>戶,主要希望企業碳盤查完後,先評估本身需求,而第二批國際碳權力拚<span lang="EN-US">3</span>月底前上架,並可能納入蘋果供應鏈需要的自然碳匯。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">臺灣證券交易所、臺灣碳交所昨日舉辦歲末新春記者會,身兼兩家公司董座的林修銘說,台灣是出口導向國家,在國外供應鏈占有重要地位,並面臨碳中和需求。碳交所除扮演相關人才培育及教育宣導角色外,最重要是透過與國外碳權交易所及非營利組織交流,了解國際動態,以滿足企業需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">臺灣碳交所日前正式加入國際排放交易協會(<span lang="EN-US">IETA</span>),林修銘表示,<span lang="EN-US"> IETA</span>與國際碳行動夥伴組織(<span lang="EN-US">ICAP</span>)、世界銀行並列全球碳市場三大研究組織,目前會員逾<span lang="EN-US">320</span>個,包括國際知名碳交所、碳權核發機構、碳權評等機構,未來臺灣碳交所將透過積極參際活動,接軌國際,並為淨零轉型鋪路。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">環境部日前釋出擬給予排碳大戶每年<span lang="EN-US">2.5</span>萬噸二氧化碳免費額度訊息,但環團、業者各有不同意見,外界關切國內碳權交易能否如期上路。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">林修銘指出,這要看環境部相關法令進度而定,但目標仍維持今年,最快可能會在<span lang="EN-US">7</span>月。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">田建中表示,目前除開戶數緩步增加外,亦持續洽談新一批國際碳權。由於蘋果推動「碳移除」碳權,即透過植樹造林等方式達成減碳,在國內相關供應鏈要求下,第二批標的將考量納入自然碳匯,希望<span lang="EN-US">3</span>月底至第<span lang="EN-US">2</span>季間上架。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、國內碳權交易平台去年上路<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、國內碳權交易可以啟動<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但主要服務對象是台灣企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣碳交所加入國際排放交易協會<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣在供應鏈中有重要地位,面臨碳中和需求<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">工研院<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者李珣瑛,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">09</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國消費性電子展(<span lang="EN-US">CES 2024</span>)美國時間<span lang="EN-US">9</span>日登場,工研院在經濟部、文化部支持下,於美國時間<span lang="EN-US">7</span>日參加<span lang="EN-US">CES</span>展前記者會,第八次在這場科技盛會秀創意,以主題館形式,展出人工智慧(<span lang="EN-US">AI</span>)顯示器及娛樂、<span lang="EN-US">AI&</span>機器人、運動科技、數位健康等四大主題共十項技術,受到全球媒體關注。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">工研院展出四項創新科技,吸引超過<span lang="EN-US">200</span>家媒體關注,是記者會上最受注目的展位之一,包括<span lang="EN-US">BBC News</span>、英國泰晤士報、日本<span lang="EN-US">NHK</span>等爭相體驗,讚許工研院的項目千變萬化,是展會上最吸睛的攤位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中,工研院在經濟部產業技術司支持下開發的「車載擴增實境互動智慧窗」技術,已與國內顯示解決方案大廠友達攜手應用在亞灣智慧渡輪中;友達更進一步從海上發展到車用顯示,今年展示的「互動式透明智慧車窗」方案拿下「<span lang="EN-US">2024 CES</span>最佳創新獎」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據數據顯示,去年前<span lang="EN-US">20</span>項最受關注產品中,<span lang="EN-US">AI</span>相關與會人數最多;今年<span lang="EN-US">CES</span>也持續強調<span lang="EN-US">AI</span>與各行各業的結合。看好<span lang="EN-US">AI</span>正形塑產業新樣貌,尤其生成式<span lang="EN-US">AI</span>帶來無限想像,工研院積極跨域整合,以<span lang="EN-US">AI</span>為主題特別擘劃「<span lang="EN-US">AI</span>顯示器及娛樂」、「<span lang="EN-US">AI & </span>機器人」兩個展示區。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「<span lang="EN-US">AI</span>顯示器及娛樂」涵蓋三項技術,工研院研發出「車載擴增實境互動智慧窗」,已於<span lang="EN-US">2022</span>年攜手友達,整合具備高亮度、高透明度的透明<span lang="EN-US">Micro LED</span>顯示器,成功導入南台灣第一艘亞灣智慧渡輪,讓遊客「眼睛看到哪裡,導覽資訊就顯示到哪裡」,成功帶動智慧育樂與觀光商機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">今年友達也將<span lang="EN-US">Micro LED</span>顯示技術結合至車用顯示領域,以高透明、高亮度、清晰的特性運用,打造出「互動式透明智慧車窗」,成為展覽一大亮點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、工研院每年都會參加<span lang="EN-US">CES<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、工研院有推出許多新的技術<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、工研院的技術應轉讓民間廠商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、今年重要的主題如<span lang="EN-US">AI</span>機器人、數位健康等,固然很好,如何發揚光大是關鍵<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣工研院角色必須重新定位<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">缺工重災區<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 記者林海、朱漢崙、鍾張涵,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">11</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">才剛進入二○二四年,已有許多企業宣布加薪方案,積極攬才留才,其中又以缺工「重災區」的餐飲服務業最積極,國內速食龍頭麥當勞、最大燒肉集團乾杯昨天都宣布加薪方案,調幅從百分之五到十不等。金融業則是由公股銀行打頭陣,兆豐等行庫一月起加薪幅度從百分之六點五起跳。科技業方面,半導體大廠如台積、聯電,<span lang="EN-US">ICT</span>大廠如鴻海、廣達、台達電等公司去年已調薪,今年再加薪的公司不多,但仍有代工大廠廣達、鴻海,低調對外釋出加薪好消息。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">繼築間、全家餐飲日前宣布調高今年員工起薪後,麥當勞昨宣布所有正職人員起薪全面調升兩千元,加薪幅度百分之五至六點七之間,並再徵才一千七百人。麥當勞表示,今年預計新開十四家餐廳,人力需求大,也希望透過加薪來增加求職誘因。乾杯集團則宣布今年將加薪百分之十,且再徵才五五○人,乾杯表示,受少子化影響,服務業缺工成為營運最大關卡,除了加薪,並瞄準「壯世代」族群增設「營運協助專員」職缺。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金融業方面,兆豐、第一、華南、合庫、台企等公股行庫都從一月起加薪,幅度從百分之六點五起跳,甚至超過百分之八,這些行庫今年加薪主要有三部分,一是一般全面調薪,另外是晉級、升等加薪,以及配合所得稅制伙食費免稅額提高,將員工伙食費從每月兩千四百元調高至三千元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於民營金融業者,除了永豐金旗下永豐銀行去年十一月宣布今年全面加薪百分之五之外,包括中信金、富邦金、國泰金等民營金融業者尚未揭露今年的加薪水準。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,由於去年景氣不佳,今年消費性電子產業尚在緩慢復甦,大聲宣布加薪的公司不多,僅少數科技大廠宣布調薪,例如受益AI產業、股價業績紅不讓的廣達,去年十二月「全員調薪」,依照不同職等有不同加薪金額,以八職等員工為例,加薪三千元,並加碼公布「彈性上下班」等制度,消息激勵網友留言直呼「佛心公司」,也有人感嘆「首富(林百里)的格局就是不一樣」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">廣達回應,主要因應通膨物價上漲,所以採取非例行性的薪資福利結構調整,這個調整與年度薪資調整不同,是屬於非常規性的反映通膨與物價所採取的調整。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而對各類產品全方位布局的鴻海也啟動調薪,除了去年十月宣布將針對年資滿一年以上台灣區員工加薪百分之四,十二月已完成調薪作業,讓員工可望過個好年,今年的調薪計畫也尚在研擬中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而春節腳步將近,各公司也陸續發放年終獎金。中華航空昨宣布,二○二三年終獎金平均約五個月基本薪,另加發兩萬元激勵金,今年平均調薪百分之四。台塑集團昨也公布年終獎金為三個月,以台塑員工平均月薪五萬八○一○元計算,每位員工可拿到十七點四萬元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣疫後服務業起飛<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、成為缺工重災區<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、餐飲、服務業必須大幅加薪<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、服務業加薪比電子業更高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、服務業薪水的基期比較低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-21093644910324219702024-01-19T15:39:00.004+08:002024-01-19T15:39:29.745+08:00黃齊元/加強兩岸溝通,維持台海和平<p>黃齊元/加強兩岸溝通,維持台海和平</p><p>聯合報/ 黃齊元</p><p><br /></p><p>台灣總統大選結束,引起全世界關注,這是危機的開始,美中都在背後運作。</p><p><br /></p><p>美國國務卿布林肯與中共對外聯絡部部長劉建超選前會議,確定彼此底線。拜登總統在問到對選舉結果看法時,只講一句話「不支持台獨」,答非所問,主要是講給中共聽,代表美國的緊張、謹慎與警告。</p><p><br /></p><p>兩岸從選舉結束,即針鋒相對。賴清德表示台灣在民主和威權間選擇民主,抵禦外部勢力介入,不會走「回頭路」。這是講給中共聽,因為連美國都不再強調民主專制對抗,加強和中國對話去風險。為了安撫美國,他說將依照中華民國憲政體制,用交流取代圍堵,對話取代對抗。選後美國派代表團來台,名為支持、實為提醒。</p><p><br /></p><p>大陸回應也不客氣,國台辦表示民進黨不能代表主流民意,重申一個中國。大陸反應代表其根本不想和民進黨談、也沒有觀察期。未來兩岸關係可能惡化,諾魯斷交只是開始。</p><p><br /></p><p>台灣是民主典範,所以棄保並未成功,民眾明知藍白合破局會保送民進黨,仍支持不同候選人、捍衛自己理念。但選後人民必須覺悟,台灣命運並非掌握在政府或政黨手裡,美中才是關鍵,民眾心態應放大到國際層面。</p><p><br /></p><p>全世界大部分國家雖力挺烏克蘭和巴勒斯坦,也無法扭轉其命運。台灣不像以色列,可力抗周圍國家,無視道德勸說,迫使哈佛校長辭職。台灣絕不能採烏克蘭和巴勒斯坦焦土策略,和平是唯一選項;但和平有其代價,必須努力促成。</p><p><br /></p><p>大陸對台立場堅定,台灣不可能永遠維持現狀,期待美國相助並不現實。中東戰事擴大,拜登面臨選舉壓力,台灣急需改善和對岸關係。我們不能再仇中、抗中,雖然不必親中,但至少應知中、語中,才能進一步和中、友中。</p><p><br /></p><p>「和平統一」是習近平目標,但台灣人民不可能接受,所以壓力會來自外部,只是時間問題。短期內大陸經濟不佳、社會動盪、軍事改組,但美國問題一樣很多,再加上地緣政治衝突,台海現狀的破口終會出現。</p><p><br /></p><p>兩岸沒有互信基礎,這是潛在衝突根源。習近平希望「心靈契合」,但沒有交流、如何融合?中國供應鏈外移是趨勢,但台灣無法切割中國市場,想保留ECFA必須和大陸談判。</p><p><br /></p><p>未來大陸打擊台獨會更劇烈,但胡蘿蔔也會給更多,否則無法籠絡台灣人心。短期內,ECFA優惠會逐漸取消,一定要讓台灣人民有感:擁有時不懂得珍惜,失去才知道可貴。長期大陸會以RCEP作為誘因,重組兩岸合作框架。</p><p><br /></p><p>大陸房地產和製造業面臨巨大危機,企業積極全球化,從「中國製造」走向「世界製造」。大陸面臨制裁、加速科技自主,電動車、鋰電池、太陽能稱霸世界,TikTok和電商拚多多席捲全球,經濟轉型智能化、科技化、全球化,前景並不差。</p><p><br /></p><p>台灣把希望寄託在美國,但美國只在乎台灣半導體,其餘皆是次要。美豬、美牛和客機,都是以美國利益為出發點,川普上台後會更強調「美國優先」。台灣人民應思考,若美國建議台灣和大陸主動談「和平方案」,我們該如何因應?</p><p><br /></p><p>這是實力掛帥的時代,以色列就是代表。但除了戰爭,台灣周旋在美中間,其實也可以借力使力;連小黨都能成為關鍵少數、左右逢源。台灣應以對話促進兩岸和平,避免危機進一步擴大!(作者為藍濤亞洲總裁兼東南亞影響力聯盟創辦人)</p><div><br /></div>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-67354416117612409382024-01-17T00:06:00.001+08:002024-01-18T00:07:02.228+08:00 不安定的一年,2024企業主一定要學會:不執著於把事情做對<p> 不安定的一年,2024企業主一定要學會:不執著於把事情做對</p><p><br /></p><p>2024是不安定的一年,新年開始,日本就迎來大地震,接著又發生羽田機場飛安意外,震驚全球。今年更有不少地緣政治危機,以哈戰爭持續擴大、南韓與朝鮮關係緊張,還有中國和菲律賓在南海的爭議。</p><p><br /></p><p>在這之中,核心焦點當然是台灣。1月13日總統大選,上百家外國媒體聚集台北,大家都認為這是2024年全球最關鍵的一場選舉。現在,選舉雖然結束了,但不代表一切平安,新的動盪將會一波波襲來,從國內到國外都是。</p><p><br /></p><p>在面臨外在變局的時候,正是企業培養新一代接班人的最好時機。很多台灣的企業管理人年歲已大,應該多放手,讓年輕人有承擔挑戰與責任的機會。面臨未來挑戰,我認為企業應有幾個策略:</p><p><br /></p><p>1.謹慎選安排資源配置</p><p>今年全世界不安定,即使努力做事、也可能是無用功,因此企業做對的事情,比把事情做對更重要。不要只是埋頭做昨天的事情,未來有很多新題目,如供應鏈移轉、ESG、AI等,值得企業布局。同時,也要考慮現有行業有被淘汰的可能性。</p><p><br /></p><p>2.做好危機管理</p><p>日航事件給我們最大的警示就是,災難隨時可能發生,重點是要做好預防及應對。以兩岸關係來說,「預防」就是不要刺激中共,「應對」就是假設危機隨時會發生。這些危機其實都看得見,所以不是「黑天鵝」, 而是「灰犀牛」。</p><p><br /></p><p>3.要有備案準備</p><p>備案就是plan B,很多人決定了一個方向就沒有辦法改變,但環境隨時在變化,因此企業不但要有plan B,有時甚至要有plan C。一成都不變或花太長時間規劃方案,可能緩不濟急、甚至被淘汰。</p><p><br /></p><p>我們不必唱衰自己,但應假設最壞情況隨時可能發生,導致某些業務遭受衝擊。企業需有「經濟備戰」心態,隨時應變,不至於危機來了措手不及。</p><p><br /></p><p>4.加速全球布局</p><p>全球布局不僅是台積電、鴻海這種大企業需要做,中小企業也非常需要,甚至包括服務業也是,出發點均是分散風險。過去台商的海外布局只限於中國,未來應分散海外,東南亞和美國都存在不少機會。以半導體產業來說,日本可能在短期內,形成新的產業供應鏈和台灣互補。</p><p><br /></p><p>5.打造韌性組織</p><p>韌性就是「靈活性」,能因應環境變化,不會因外在因素而停擺。我認為有以下幾個關鍵,包括多中心、多功能、多連結、多夥伴。</p><p><br /></p><p>多中心:的意思是要有「雙平台」或「三平台」布局, 在海外複製台灣業務。</p><p>多功能:指各個中心必須功能齊備、能獨立運作,而不是只聽總部指揮。</p><p>多連結:不同中心彼此之間要充分溝通、資源互補。</p><p>多夥伴:是不要什麼事情自己來,一定要培養在地夥伴,因為台灣在外交上是孤兒。</p><p>企業必須要有新觀念、新布局、新做法,才能因應當前危機,並且化為轉機。讓我們一起共同努力,打造一個「世界的台灣」!</p><div><br /></div>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-18357376058141115422024-01-16T16:40:00.002+08:002024-01-16T16:40:42.016+08:00納德拉,OpenAI,沙國主權基金,零工經濟,理專人才,資產管理,TikTok,美商店面積,特斯拉,微軟,全球富豪,陸IPO,陸挑戰SpaceX,陸新能源車,馬雲,新茶飲,華義,韓美,遠傳/開放銀行,AI PC<p><a name="_Hlk76402598"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:納德拉<span lang="EN-US">,OpenAI,</span>沙國主權基金<span lang="EN-US">,</span>零工經濟<span lang="EN-US">,</span>理專人才<span lang="EN-US">,</span>資產管理<span lang="EN-US">,TikTok,</span>美商店面積<span lang="EN-US">,</span>特斯拉<span lang="EN-US">,</span>微軟<span lang="EN-US">,</span>全球富豪<span lang="EN-US">,</span>陸<span lang="EN-US">IPO,</span>陸挑戰<span lang="EN-US">SpaceX,</span>陸新能源車<span lang="EN-US">,</span>馬雲<span lang="EN-US">,</span>新茶飲<span lang="EN-US">,</span>華義<span lang="EN-US">,</span>韓美<span lang="EN-US">,</span>遠傳<span lang="EN-US">/</span>開放銀行<span lang="EN-US">,AI PC</span></span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">納德拉<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳穎芃,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">02</span>日</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">微軟執行長納德拉(<span lang="EN-US">Satya Nadella</span>)獨具慧眼投資<span lang="EN-US">OpenAI</span>,讓微軟領先對手一步搶攻<span lang="EN-US">AI</span>商機,又在<span lang="EN-US">OpenAI</span>人事大地震後冷靜迅速為微軟化解危機,使他獲選為<span lang="EN-US">CNN Business</span>年度企業執行長。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">納德拉獲選後向<span lang="EN-US">CNN</span>回信表示:「<span lang="EN-US">2023</span>年無疑是<span lang="EN-US">AI</span>年。<span lang="EN-US">AI</span>不再只是一個創新概念,而是能夠提高生產力的實際產品。」<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">CNN
Business</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">自<span lang="EN-US">2018</span>年起展開這項評選,每年年底由記者及編輯評選出年度企業執行長,評選標準包括企業股價表現、新品發表等眾多參考指標。以今年獲選的納德拉為例,投資<span lang="EN-US">OpenAI</span>押對寶並機智化解危機是他雀屏中選的主因。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">在印度生長的納德拉與矽谷多數常春藤名校出身的企業執行長有所不同,他是在<span lang="EN-US">1980</span>年代末期才到美國留學,先後在威斯康辛大學密爾瓦基分校及芝加哥大學取得兩個碩士學位。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">納德拉最初是在<span lang="EN-US">1992</span>年加入微軟,當時稱霸<span lang="EN-US">PC</span>作業系統市場的微軟被各國反壟斷主管機關視為眼中釘。後來在手機市場起飛之際,微軟又落後產業趨勢,但在<span lang="EN-US">2014</span>年他升任微軟執行長後,微軟鹹魚大翻身成為洞察先機的產業領導業者。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">納德拉對微軟最大的貢獻就是搶先察覺<span lang="EN-US">AI</span>商機。微軟早在<span lang="EN-US">2016</span>年就和當時才剛創業的<span lang="EN-US">OpenAI</span>合作<span lang="EN-US">AI</span>研發。<span lang="EN-US">2022</span>年底<span lang="EN-US">OpenAI</span>推出<span lang="EN-US">AI</span>聊天機器人<span lang="EN-US">ChatGPT</span>後席捲全球,納德拉當機立斷宣布對<span lang="EN-US">OpenAI</span>投資<span lang="EN-US">130</span>億美元,讓微軟領先同業一步在<span lang="EN-US">Office</span>軟體中加入<span lang="EN-US">AI</span>功能。然而,<span lang="EN-US">OpenAI</span>在<span lang="EN-US">2023</span>年爆發人事大地震,迫使創辦人兼執行長奧特曼(<span lang="EN-US">Sam Altman</span>)出走。<span lang="EN-US">DA Davidson</span>財富管理公司資深分析師盧瑞亞(<span lang="EN-US">Gil Luria</span>)表示,由於微軟在<span lang="EN-US">AI</span>市場的前景高度仰賴<span lang="EN-US">OpenAI</span>,導致微軟股價在消息曝光後暴跌。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">所幸納德拉當機立斷邀請奧特曼加入微軟帶領<span lang="EN-US">AI</span>團隊,並主動與逼宮奧特曼的<span lang="EN-US">OpenAI</span>董事會交涉,最終促成奧特曼回鍋擔任<span lang="EN-US">OpenAI</span>執行長,且<span lang="EN-US">OpenAI</span>也撤換董事會成員。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">盧瑞亞認為納德拉成功化解微軟的尷尬困境,還促進微軟與<span lang="EN-US">OpenAI</span>的夥伴關係。他表示:「我們認為納德拉具備一般執行長缺乏的人際溝通技巧。」<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk85199238;"></span><span style="mso-bookmark: _Hlk76402598;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、納德拉被選為年度最佳<span lang="EN-US">CEO</span>,當之無愧<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、納德拉具有前瞻性<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、納德拉善於組織管理<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、納德拉懂得危機管理<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">OpenAI</span>是納德拉的超級關鍵布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">OpenAI<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳穎芃,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透報導,<span lang="EN-US">AI</span>聊天機器人<span lang="EN-US">ChatGPT</span>開發商<span lang="EN-US">OpenAI</span>在去年底爆發人事大地震,一度令外界擔心公司前景,但事實證明業績完全不受影響,<span lang="EN-US">2023</span>年全年營收可望突破<span lang="EN-US">16</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國科技媒體《<span lang="EN-US">The Information</span>》報導,去年<span lang="EN-US">OpenAI</span>年營收可望突破<span lang="EN-US">16</span>億美元,與去年<span lang="EN-US">10</span>月中預期的<span lang="EN-US">13</span>億美元相比足足多出<span lang="EN-US">23</span>%,主因是付費版<span lang="EN-US">ChatGPT</span>受到企業愛用,持續累積新用戶。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年<span lang="EN-US">11</span>月<span lang="EN-US">OpenAI</span>董事會無預警解雇奧特曼,引爆人事大地震,導致一大票工程師追隨奧特曼離職。這段過程中<span lang="EN-US">OpenAI</span>股東微軟曾邀請奧特曼及<span lang="EN-US">OpenAI</span>離職員工投效微軟,但奧特曼最終還是回鍋<span lang="EN-US">OpenAI</span>擔任執行長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">奧特曼被喻為「<span lang="EN-US">ChatGPT</span>之父」,因此他的出走一度令外界擔心<span lang="EN-US">OpenAI</span>前景出現變數,但事實證明這段期間<span lang="EN-US">ChatGPT</span>持續吸引需求。內情人士透露,去年<span lang="EN-US">2</span>月<span lang="EN-US">OpenAI</span>推出付費訂閱服務以來,<span lang="EN-US">ChatGPT</span>的訂戶量持續成長,平均每月為公司帶進多達<span lang="EN-US">1.3</span>億美元營收。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">回顧<span lang="EN-US">2022</span>年<span lang="EN-US">OpenAI</span>年營收僅<span lang="EN-US">2,800</span>萬美元,若以外界最新預測的去年營收數字來看,去年營收成長率逼近<span lang="EN-US">60</span>倍。<span lang="EN-US">OpenAI</span>公司高層甚至預期,明年底前年營收可望突破<span lang="EN-US">50</span>億美元。另有消息稱,<span lang="EN-US">OpenAI</span>近日正在策畫新一輪募資,若募資順利將使公司預估市值突破<span lang="EN-US">1,000</span>億美元,成為全美市值第二高的新創公司。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">OpenAI</span>去年曾經歷人事大地震<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">2023</span>全年營收仍然可以突破<span lang="EN-US">16</span>億美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、營收成長率逼近<span lang="EN-US">60</span>倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、<span lang="EN-US">OpenAI</span>預估市值突破<span lang="EN-US">1,000</span>億美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、為全球新創企業估值最高獨角獸<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">沙國主權基金<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳怡均,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">最新報告顯示,全球主權基金<span lang="EN-US">2023</span>年總計進行<span lang="EN-US">1,238</span>億美元的投資,比前一年減少<span lang="EN-US">21</span>%,但沙烏地阿拉伯公共投資基金(<span lang="EN-US">PIF</span>)卻逆勢增長,在<span lang="EN-US">2023</span>年成為最活躍的主權投資大戶,約占整體主權基金投資額的四分之一。儘管全球政府基金投資態度謹慎,但對於能源轉型的押注卻大幅提高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研究顧問業者<span lang="EN-US">Global SWF 1</span>日公布報告,在<span lang="EN-US">2023</span>年全球主權財富基金的投資布局中,沙國的<span lang="EN-US">PIF</span>以豪擲<span lang="EN-US">315</span>億美元拔得頭籌,比<span lang="EN-US">2022</span>年的投資<span lang="EN-US">207</span>億美元增逾<span lang="EN-US">5</span>成。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">拜全球股市漲勢凌厲所賜,這些主權財富基金手握的資產價值也跟著膨脹,達到<span lang="EN-US">11.2</span>兆美元的新高紀錄。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">相較於沙國等中東國家的主權基金躍升,新加坡政府投資公司(<span lang="EN-US">GIC</span>)、淡馬錫(<span lang="EN-US">Temasek</span>)等多數主權基金都在削減支出。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新加坡的<span lang="EN-US">GIC</span>此前曾連續<span lang="EN-US">6</span>年蟬聯主權財富基金交易冠軍,<span lang="EN-US">2023</span>年投入資金比前一年幾乎腰斬,銳減<span lang="EN-US">46</span>%至<span lang="EN-US">199</span>億美元,星國另一主權財富基金淡馬錫投資額同樣驟降<span lang="EN-US">53</span>%至<span lang="EN-US">63</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管投資縮水,但<span lang="EN-US">2023</span>年主權財富基金對能源轉型的投資卻不手軟,總計砸下<span lang="EN-US">259</span>億美元於綠氫(<span lang="EN-US">green hydrogen</span>)、鋰礦等相關計畫。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Global SWF</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">總經理羅培茲(<span lang="EN-US">Diego Lopez</span>)表示,「這可能反映過度謹慎的策略,因為這些機構沒有資本短缺的問題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中東主權基金所占比例增長,<span lang="EN-US">2023</span>年約占整體投資的近<span lang="EN-US">4</span>成,展現崛起之勢,加拿大與新加坡基金所占比重則現萎縮。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">沙國<span lang="EN-US">PIF</span>基金已在足球和高爾夫領域砸下重金,轟動全球運動界。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">去年<span lang="EN-US">6</span>月<span lang="EN-US">PIF</span>宣布將握有<span lang="EN-US">4</span>支足球隊多數股權,分別是吉達國民(<span lang="EN-US">Al-Ahli</span>)、利雅得新月(<span lang="EN-US">Al-Hilal</span>)、吉達聯(<span lang="EN-US">Al-Ittihad</span>)以及延攬足球明星<span lang="EN-US">C</span>羅(羅納度,<span lang="EN-US">Cristiano Ronaldo</span>)的利雅得勝利隊(<span lang="EN-US">Al-Nassr</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、這兩年全世界投資都相對保守<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、主權基金手上錢最多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、但即使主權基金也逐漸收手<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、例子如新加坡淡馬錫<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、沙國主權基金及中東其他基金異軍突起<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">零工經濟<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯洪啟原,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國民眾正湧入零工經濟以獲取額外收入和工作彈性,但人工智慧(<span lang="EN-US">AI</span>)熱潮可能使這種獨立型工作變成不得不如此的安排,而非只是一種選擇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">接案工作網站<span lang="EN-US">Upwork</span>今秋訪調<span lang="EN-US">3,000</span>名美國成年人後推估,今年來自由接案或從事零工工作的美國民眾,達到創紀錄的<span lang="EN-US">6,300</span>萬人,占美國總勞動人口<span lang="EN-US">38%</span>。最熱門的零工可能不是一般人想的兼職自有車司機或外送員,而是提供電腦程式設計、行銷或資訊科技(<span lang="EN-US">IT</span>)這種知識服務,此類別占所有獨立工作者比重達<span lang="EN-US">47%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Business Insider</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導,<span lang="EN-US">AI</span>可能對既有工作帶來三大影響:使工作變容易、提升競爭力,且在某些情況下取代一些工作。這都可能讓零工工作更加盛行。這三大影響也帶來三個結果:<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一,雇主在<span lang="EN-US">AI</span>時代可能選擇減少全職員工。像<span lang="EN-US">ChatGPT</span>這種<span lang="EN-US">AI</span>工具,將提升某些員工的生產力,因部分工作內容涉及自動化。顧問業者麥肯錫研究發現,到<span lang="EN-US">2030</span>年前,美國有多達<span lang="EN-US">30%</span>工作時數將被自動化取代。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">當員工完成工作任務時間縮短,雇主可能只會賦予額外的工作。但鑽研零工經濟的北卡羅萊納大學助理教授瑞福涅爾指出還有一種消極的可能性:雇主可能不再提供足夠的價值,來保障全職工作者的薪資與和福利。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二,企業更容易招到善用<span lang="EN-US">AI</span>輔助工具的零工工作者。愈來愈多企業如果要招募零工工作者,取代部分全職員工,他們將有許多選擇。因為<span lang="EN-US">AI</span>工具能幫助人精通不同職務,可能有助許多職業增加勞動力供應。研究<span lang="EN-US">AI</span>的牛津經濟學家弗雷說,若企業信任採用<span lang="EN-US">AI</span>輔助工具的獨立工作者能完成工作,他們可能擴大轉向這群人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三,<span lang="EN-US">AI</span>取代既有工作,可能迫使更多美國人投入零工經濟。除了使工作變簡單並提升競爭力,<span lang="EN-US">AI</span>可能淘汰一些工作。當全職工作被淘汰,有些受影響的員工可能在零工經濟找工作以維持生計,如此將增加零工工作數。根據<span lang="EN-US">2018</span>年美國某郡的調查發現,失業率每上升<span lang="EN-US">1%</span>,積極在零工平台接案的居民數平均增加<span lang="EN-US">22%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">弗雷指出,<span lang="EN-US">AI</span>也可能淘汰某些零工工作,文案創作和翻譯即是兩例。他認為,這是<span lang="EN-US">AI</span>是否加速或逆轉零工工作近來成長,仍有待商榷的原因之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、「零工經濟」這個名詞前幾年出現<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、這幾年漸成潮流<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、在新冠疫情期間有很多零工經濟<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、目前是因為<span lang="EN-US">ChatGPT</span>帶來工作型態的改變,創造零工經濟崛起<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、讓白領工作階層,能夠更以「零工經濟」的方式接案<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">理專人才<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯吳孟真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國銀行(<span lang="EN-US">BofA</span>)有大約<span lang="EN-US">500</span>名的理財專員專門去服務站在金字塔頂端的客戶。這些客戶可投資資產至少有<span lang="EN-US">300</span>萬美元。美銀有一套培訓機制,社會新鮮人得花上五年才能成為正式理專。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美銀專責最富裕客戶的部門所管理之資產,共計<span lang="EN-US">5,730</span>億美元。這部門<span lang="EN-US">2023</span>年夏季新聘<span lang="EN-US">47</span>位分析師(<span lang="EN-US">analyst</span>),較去年多<span lang="EN-US">75%</span>,多數剛從大學畢業,過去也曾有在美銀實習的經驗。新人培訓計畫從每年<span lang="EN-US">7</span>月開始,為期二年,完成一個個案研究後便可升任為儲備理專(<span lang="EN-US">associate</span>),再受訓三年後才有機會成為正式理專(<span lang="EN-US">advisor</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在成為儲備理專之前,新進分析師必須完成四輪訓練內容,並在最後一輪從<span lang="EN-US">25</span>個服務項目類型中,擇一領域專研。負責人才培訓計畫的米勒指出,大學生活和在企業的實務經驗差異很大。這兩年的完整培訓,是這些年輕分析師投入理專職涯前,得以廣泛探索各專門領域的階段。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">培訓一開始是為期五周的職前訓練,新進人員於此時學習公司的組織沿革與架構、財富管理等基本概念,以及私人銀行的內部運作方法,同時也學習如何進行團隊工作。接著進入四輪的正式培訓期,每一輪為期六周。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一輪,分析師先跟著私人銀行部門的資深理專,從一開始便直接面對客戶,除了教導客戶使用銀行的基本服務外,也開發潛在客戶,並從既有客戶當中發掘有機會使用其他服務項目的人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二輪,分析師開始跟著資深信託專員協助客戶規劃資產、建立並管理財產。第三輪則向投資經理人學習如何建立投資組合。最後一輪,分析師從銀行的<span lang="EN-US">25</span>個部門當中,擇一鑽研其專門領域。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">兩年的培訓課程以集大成式的個案研究做結,由正式理專扮演坐擁大量資產的潛在客戶,分析師則須依照眼前虛構客戶的條件與需求,設計合適的理財方案。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、全球私人銀行的業務大爆發<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、需要很多有經驗的理專人才<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、美國銀行訓練一個理專長達四年<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、理專就像基金管理經理一樣<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、除了人際溝通技巧以外,也要對資產配置有高度專業理解<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">資產管理<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯葉亭均,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">04</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資產管理業近年來遭受資金外流窘境,因此轉而投入開發包括信貸、私募股權和不動產等「另類」資產類別產品。大型資產管理公司也致力於聘僱新人才來銷售這些新型、更複雜的投資產品,把焦點從銷售共同基金轉向針對富裕客戶的另類投資產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)報導,另類資產通常較難以交易,而且流動性不如傳統股票,通常是退休基金和校產基金等大型機構投資者投入的領域。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">然而,隨著黑石集團(<span lang="EN-US">Blackstone</span>)推出聚焦散戶的產品,例如不動產基金和信貸基金大為成功,資產管理公司把目標轉向富裕投資人。根據麥肯錫<span lang="EN-US">2022</span>年的調查,這類人士可望在<span lang="EN-US">2025</span>年前最多可把<span lang="EN-US">1.3</span>兆美元的資金帶入另類投資產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">然而,對這類複雜產品既了解又具行銷經驗的銷售人才難尋,因此新進入的資產管理公司難以與既有業者競爭,也導致成長步調減緩。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資產管理公司先前主要是透過財富管理事業接觸到富裕客戶。然而,財管業者在銷售另類投資產品這方面的經驗較少。高盛分析師布洛斯坦表示:「你需要有瞭解產品的強大銷售人員,而且還要有大量訓練。傳統管理業者和共同基金銷售團隊不足以勝任這份工作。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">獵頭業者<span lang="EN-US">Selby Jennings</span>投資管理招募專員薩格林賓表示,另類投資專業人士的薪資也因而水漲船高,「投資人關係和銷售領域的薪酬出現指數式增加,尤其在私人信貸和不動產等熱門產品方面」。他也說,這類人才的面試程序冗長,而且每個頂尖候選人都會同時至少有五份工作機會可選擇,非常搶手。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資產管理公司先前主要是透過財管事業接觸到富裕客戶。根據顧問公司貝恩估計,財管業管理的資產規模將從<span lang="EN-US">2021</span>年的<span lang="EN-US">137</span>兆美元資產,到<span lang="EN-US">2030</span>年膨脹至約<span lang="EN-US">230</span>兆美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這也代表另類投資產品具有龐大商機,因為在全球接受管理的逾<span lang="EN-US">275</span>兆美元資產中,約半數是個人投資人所持有,但他們在另類資產的投資估計只占<span lang="EN-US">16%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、資產管理業正積極轉型<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、投入新領域如私募股權、不動產<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、「另類資產」是未來投資主流趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、目標轉向「富裕投資人」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、需要非常專業人士,才能推銷這種產品<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">TikTok<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯劉忠勇,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊引述知情人士報導,字節跳動旗下的<span lang="EN-US">TikTok</span>計劃今年將美國電商業務擴大成目前的十倍,營業額增至高達<span lang="EN-US">175</span>億美元,對亞馬遜(<span lang="EN-US">Amazon</span>)構成更大威脅。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士說,最近幾周<span lang="EN-US">TikTok</span>在內部會議上,討論美國版的<span lang="EN-US">TikTok Shop</span>在<span lang="EN-US">2024</span>年商品交易額的目標,不過可能仍會根據業務情況作出調整。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">TikTok</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">設定這個遠大目標,不僅與亞馬遜競爭,還會跟當前頗受美國年輕人喜愛的<span lang="EN-US">Temu</span>和希音(<span lang="EN-US">Shein</span>)展開較量。這兩家競爭對手也是陸資企業,差別在<span lang="EN-US">TikTok</span>主要憑藉社交媒體影響力和影片,吸引買家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博新聞報導,<span lang="EN-US">TikTok</span>去年全球電商事業的商品交易總額(<span lang="EN-US">GMV</span>)擴大到<span lang="EN-US">200</span>億美元,其中東南亞地區貢獻最大。<span lang="EN-US">TikTok</span>如今希望擴大美國和拉丁美洲的業務。知情人士透露,<span lang="EN-US">TikTok</span>規劃未來幾個月在拉丁美洲也成立電商事業。不過,<span lang="EN-US">TikTok</span>已發表聲明說,彭博報導所揣測的美國商品交易總額數據並不正確。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">字節跳動<span lang="EN-US">2023</span>年營收增長約<span lang="EN-US">30</span>%,達到<span lang="EN-US">1,100</span>億美元以上,成長速度勢將超越前身為臉書的<span lang="EN-US">Meta Platforms</span>以及騰訊控股等較為成熟的社群媒體。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">TikTok Shop</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">讓用戶可以在主要社交媒體<span lang="EN-US">App</span>中不斷更新的短影片和直播中購買商品,希望提供亞馬遜或蝦皮之外的又一選擇。這種模式等於將亞馬遜購物的便利和<span lang="EN-US">Instagram</span>(<span lang="EN-US">IG</span>)發掘產品特色結合在一起。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">TikTok</span>積極進軍美國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、計畫將美國電商業務擴大成<span lang="EN-US">10</span>倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、對亞馬遜構成威脅<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中國的拚多多已經在美國取得巨大成功<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">TikTok 2023</span>年營收達<span lang="EN-US">1,100</span>億美元以上,非常驚人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">美商店面積<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯洪啟原,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">最新資料顯示,去年美國商店平均面積至少是<span lang="EN-US">17</span>年來最小,反映美國人消費方式出現深層轉變。電商崛起和民眾愈來愈不喜歡逛大型購物中心等因素,造成百貨公司和其他倉儲式商場需求持續下滑。同時,隨著美國民眾外食、外帶或叫外賣頻率日增,餐廳和咖啡館正迅速攻占許多小型店面。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華爾街日報報導,零售業者去年第<span lang="EN-US">1</span>季租用的商場空間,平均降至<span lang="EN-US">3,200</span>平方英尺,規模為資料商<span lang="EN-US">CoStar</span>集團<span lang="EN-US">2006</span>年起追蹤此數據以來最小,其中餐飲業者租用的空間,占所有零售租賃店面的近<span lang="EN-US">20%</span>,多數業者都想承租<span lang="EN-US">5,000</span>平方英尺或更小的空間。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管如此,商店空間整體需求仍暢旺,去年第<span lang="EN-US">3</span>季可租用零售空間比率為<span lang="EN-US">4.8%</span>,寫房仲業者世邦魏理仕(<span lang="EN-US">CBRE</span>)追蹤此數據<span lang="EN-US">18</span>年來最低,顯示需求熱絡。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比起在百貨公司堆滿一系列商品,許多零售商開始利用網路訂單、社群媒體及客流量分析等資料,推出符合當地人口需求的較小型庫存。業者還加強商店基礎設施,使顧客更容易挑選商品和辦理網購商品退貨。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、電商是未來趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、實體店面將逐步縮小<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、未來會採取小而多的形式<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、誠品新的社區書局也是這種形式<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、實體跟電商未來的融合會不斷調整<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">特斯拉<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯黃淑玲、林奇賢、陳苓,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">03</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國電動車大廠特斯拉<span lang="EN-US">2</span>日公布,<span lang="EN-US">2023</span>年第<span lang="EN-US">4</span>季交車量和生產量雙雙優於預期,去年全年交車量更達成馬斯克先前訂下的<span lang="EN-US">180</span>萬輛的目標,並改寫新高紀錄。但以去年第<span lang="EN-US">4</span>季而論,中國大陸車廠比亞迪純電動車銷售量<span lang="EN-US">526,409</span>輛,超越特斯拉同期表現。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">特斯拉說,去年第<span lang="EN-US">4</span>季交車<span lang="EN-US">484,507</span>輛,優於市場預期的<span lang="EN-US">483,173</span>輛,其中<span lang="EN-US">Model 3</span>和<span lang="EN-US">Y</span>交車<span lang="EN-US">461,538</span>輛;生產量則是<span lang="EN-US">494,989</span>輛(<span lang="EN-US">Model 3</span>和<span lang="EN-US">Y</span>產量<span lang="EN-US">476,777</span>輛),也優於預期。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜觀<span lang="EN-US">2023</span>年全年,特斯拉交車量成長<span lang="EN-US">38%</span>至<span lang="EN-US">181</span>萬輛,生產量則增加<span lang="EN-US">35%</span>至<span lang="EN-US">185</span>萬輛。特斯拉<span lang="EN-US">2</span>日早盤開低走低,跌約<span lang="EN-US">0.8%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於比亞迪上季純電動車銷量雖打敗特斯拉,但以全年計算仍落後特斯拉。比亞迪去年純電動車銷售量為<span lang="EN-US">157</span>萬輛,比特斯拉少了<span lang="EN-US">24</span>萬輛;<span lang="EN-US">2022</span>年的銷量,則較特斯拉少了約<span lang="EN-US">40</span>萬輛 。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪去年新能源車(含純電車與油電混合車)的總銷量刷新紀錄,突破<span lang="EN-US">300</span>萬輛,其中油電混合車銷量為<span lang="EN-US">144</span>萬輛,年增<span lang="EN-US">52%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,彭博資訊根據<span lang="EN-US">fueleconomy.gov</span>的聯邦資料報導,拜登政府的電動車抵稅新規定,已於今年元旦生效,符合<span lang="EN-US">7,500</span>美元消費稅抵減資格的電動車車款,由<span lang="EN-US">20</span>多款減少至<span lang="EN-US">13</span>款。使用中國大陸製造商生產的電池組件電動車,被排除在外。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">元旦起,在美國仍符合抵減<span lang="EN-US">7,500</span>美元稅金的電動車款包括:特斯拉的<span lang="EN-US">Model Y</span>、福特汽車的<span lang="EN-US">F-150 Lightning</span>皮卡、<span lang="EN-US">Rivian</span>的<span lang="EN-US">R1T</span>皮卡、<span lang="EN-US">Stellantis</span>的<span lang="EN-US">Jeep Wrangler 4xe</span>等車款。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國財政部發言人沙皮特爾表示,美國政府已就新規則與相關企業協調。她說:「汽車製造商正在調整他們的供應鏈,與盟友合作,或是將就業和投資帶回美國,以確保電動車買家繼續有資格獲得新的清潔汽車稅負抵減。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國財政部上個月公布的規則,主要針對所有受中國管轄或中國政府至少持股<span lang="EN-US">25%</span>的公司,所生產的電池組件。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、特斯拉<span lang="EN-US">2023</span>年第四季交車輛和生產量,皆優於預期<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、但被中國大陸比亞迪超越<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、比亞迪<span lang="EN-US">2024</span>年成長必定超越特斯拉<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、特斯拉在全球興建超級工廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、比亞迪也在歐洲匈牙利和越南等地,興建電動車生產基地<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">微軟<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 陳穎芃,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">03</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報報導,<span lang="EN-US">2024</span>年<span lang="EN-US">3</span>月歐盟《數位市場法》(<span lang="EN-US">DMA</span>)針對跨國科技大廠的規範全面上路後,可能迫使蘋果變更<span lang="EN-US">App Store</span>獲利模式,阻礙蘋果服務事業成長,連帶影響蘋果財務前景及股價表現,微軟可望藉<span lang="EN-US">AI</span>浪潮超車,把蘋果擠下市值龍頭寶座。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雖然蘋果營收主體仍舊來自硬體裝置,但近來<span lang="EN-US">iPhone</span>銷售成長停滯,而即將推出的頭戴裝置<span lang="EN-US">Vision Pro</span>初期供應量有限,估計對蘋果營收貢獻不大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蘋果服務事業占整體營收比重雖然不到五分之一,但該事業正以<span lang="EN-US">10</span>%的年成長率持續壯大,被外界視為蘋果未來營收成長主力,但這個願景恐怕被《數位市場法》打亂。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">《數位市場法》旨在預防跨國科技大廠阻礙歐盟市場競爭,而外界認為新法上路後,將直接衝擊<span lang="EN-US">App Store</span>獲利模式,因為歐盟可能要求蘋果開放消費者從其他管道下載<span lang="EN-US">iOS</span>版應用程式,或開放消費者繞過<span lang="EN-US">App Store</span>改由第三方平台執行程式內消費。如此一來,<span lang="EN-US">App Store</span>從第三方程式開發商分得的營收勢必減少。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前<span lang="EN-US">App Store</span>上架的第三方應用程式必須將<span lang="EN-US">30</span>%的營收分給蘋果,但蘋果近日坦言為了配合《數位市場法》,將在今年<span lang="EN-US">3</span>月前調整<span lang="EN-US">App Store</span>政策。若新政策如上述般開放其他平台下載<span lang="EN-US">iOS</span>版應用程式,<span lang="EN-US">App Store</span>每年將損失數十億美元營收。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">況且,《數位市場法》也讓美國主管機關更有理由跟進監管政策,未來蘋果在歐美兩大市場都將面臨龐大阻礙。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">相較於蘋果今年面臨的難關,微軟前景一片光明。微軟自從成為<span lang="EN-US">OpenAI</span>大股東後便持續投資<span lang="EN-US">AI</span>研發,率先推出內建<span lang="EN-US">AI</span>功能的<span lang="EN-US">Office</span>軟體,如今已成為<span lang="EN-US">AI</span>軟體服務市場的領導業者。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">CNBC</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在<span lang="EN-US">2023</span>年底調查<span lang="EN-US">300</span>名投資人、交易員及基金經理人發現,有<span lang="EN-US">77</span>%的受訪者看好微軟在內的「美股七雄」今年表現優於大盤。單就科技股而言,有<span lang="EN-US">44</span>%受訪者表示微軟是<span lang="EN-US">2024</span>年最受看好科技股,其次是亞馬遜及輝達。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">2024</span>年<span lang="EN-US">3</span>月歐盟「數位市場法」將全面上路<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、數位市場法預防跨國科技大廠阻礙歐盟市場競爭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、歐盟在監管數位領域,全世界最先進<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、可能對蘋果的營收造成影響<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、全世界愈來愈關切<span lang="EN-US">AI</span>及數位及經濟的規範<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">全球富豪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳苓,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於全球最富有的人來說,<span lang="EN-US">2023</span>年是東山再起之年,前五百大富豪一年來淨資產總計大增<span lang="EN-US">1.5</span>兆美元(約新台幣<span lang="EN-US">46</span>兆元)。科技股股價飆風再起,讓特斯拉執行長馬斯克擠下<span lang="EN-US">LVMH</span>集團董事長阿諾特,重新坐上世界首富寶座。前十大富豪榜上,更有多達八人出身科技界。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據彭博億萬富豪指數,全球前五百大富裕人士的淨資產,<span lang="EN-US">2022</span>年驟減<span lang="EN-US">1.4</span>兆美元,但<span lang="EN-US">2023</span>年收復所有失土,合計激增<span lang="EN-US">1.5</span>兆美元。富豪身家飆升,與科技股表現密切相關。人工智慧(<span lang="EN-US">AI</span>)熱潮帶動下,今年科技股再寫新高,使科技富豪的財富衝高<span lang="EN-US">48%</span>、或<span lang="EN-US">6,580</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">馬斯克拔得頭籌,從法國奢侈品大亨阿諾特手上,奪回世界首富頭銜。<span lang="EN-US">12</span>月<span lang="EN-US">30</span>日為止,馬斯克名下財富增加<span lang="EN-US">920</span>億美元至<span lang="EN-US">2,290</span>億美元(約新台幣<span lang="EN-US">7</span>兆元),主要是他持有<span lang="EN-US">12.95%</span>的特斯拉股票。特斯拉是全球最有價值車廠,<span lang="EN-US">2023</span>年股價以<span lang="EN-US">248</span>美元封關,全年暴衝<span lang="EN-US">130%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">阿諾特落居第二大富豪,財產僅增<span lang="EN-US">170</span>億美元至<span lang="EN-US">1,790</span>億美元,落後馬斯克<span lang="EN-US">500</span>億美元。全球精品需求放緩,傷害<span lang="EN-US">LVMH</span>股價。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">亞馬遜創辦人貝佐斯的財產,成長<span lang="EN-US">699</span>億美元至<span lang="EN-US">1,770</span>億美元,在世界富豪榜上位居第三。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">微軟股價今年攀漲<span lang="EN-US">57%</span>,帶旺過往高層。微軟創辦人比爾蓋茲為第四大富豪,財產增加<span lang="EN-US">315</span>億美元,原因是他持有微軟<span lang="EN-US">1.4%</span>股權,以及他透過<span lang="EN-US">Cascade</span>投資公司,握有數十家上市公司股票。微軟前執行長鮑默爾名列第五,身家提高<span lang="EN-US">450</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一度要和馬斯克上演鐵籠格鬥的<span lang="EN-US">Meta</span>執行長祖克柏,今年資產增加<span lang="EN-US">825</span>億美元,為第六大富豪。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">巴菲特位居第十,今年財產成長<span lang="EN-US">123</span>億美元至<span lang="EN-US">1,200</span>億美元。全球前十大富豪中,只有巴菲特和<span lang="EN-US">LVMH</span>的阿諾特不屬科技業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年財產減損最多的是印度富豪阿達尼(<span lang="EN-US">Gautam Adani</span>),放空機構興登堡研究公司發布報告,導致阿達尼的財產光在<span lang="EN-US">1</span>月<span lang="EN-US">27</span>日一天就蒸發<span lang="EN-US">210</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、去年全球富豪的淨資產大幅提升<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、高達<span lang="EN-US">1.5</span>兆美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、馬斯克重登首富,實至名歸<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來是「科技<span lang="EN-US">7</span>雄」創造價值的時代,這是大名牌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣的散戶可以押寶科技<span lang="EN-US">7</span>雄<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">陸<span lang="EN-US">IPO<o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 楊日興,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">陸股<span lang="EN-US">2023</span>年表現低迷,影響企業上市意願,年內<span lang="EN-US">IPO</span>募資額銳減近<span lang="EN-US">40</span>%創三年新低。但在官方支持半導體產業上市融資下,陸股<span lang="EN-US">IPO</span>結構出現晶圓廠積極上市的有趣現象,包辦規模前三位,大陸晶圓製造二哥華虹半導體更以逾人民幣(下同)<span lang="EN-US">212</span>億元的募資額奪魁。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">澎湃新聞<span lang="EN-US">30</span>日報導,大陸<span lang="EN-US">A</span>股<span lang="EN-US">2023</span>年<span lang="EN-US">IPO</span>數量年減<span lang="EN-US">27</span>%至<span lang="EN-US">313</span>家,募資額年減<span lang="EN-US">39</span>%至<span lang="EN-US">3,565</span>億元,數字均是三年來新低。報導指出,陸股上半年有全面實施註冊制等大事,下半年則階段性收緊<span lang="EN-US">IPO</span>節奏,年內案例也以中小型企業為主。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">IPO</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">集資前<span lang="EN-US">3</span>位均由晶圓代工企業奪下,且都赴科創板掛牌。已在港股上市的華虹半導體<span lang="EN-US">8</span>月<span lang="EN-US">IPO</span>集資逾<span lang="EN-US">212</span>億元,規模創科創板史上第三,僅次中芯國際與百濟神州。但華虹上市至今股價持續下滑,<span lang="EN-US">12</span>月<span lang="EN-US">29</span>日收報<span lang="EN-US">42.77</span>元,較上市發行價下跌近<span lang="EN-US">18</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同樣在<span lang="EN-US">5</span>月<span lang="EN-US">IPO</span>的芯聯集成和晶合集成分占二、三名,芯聯集成是中芯旗下企業,目前股價報<span lang="EN-US">5.02</span>元,較發行價下跌近<span lang="EN-US">12</span>%。力晶與合肥市政府合資的晶合集成集資近百億元,股價報<span lang="EN-US">17.25</span>元,較發行時下跌約<span lang="EN-US">13</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雖然晶圓廠年內<span lang="EN-US">IPO</span>的家數與吸金規模表現突出,但整個半導體業在陸股新股市場上仍顯低迷。集微網統計,<span lang="EN-US">2023</span>年<span lang="EN-US">29</span>家半導體企業<span lang="EN-US">A</span>股上市,年減<span lang="EN-US">35.56</span>%。且尚未上市的受理企業數量僅<span lang="EN-US">48</span>家,同樣年減約<span lang="EN-US">36</span>%。據統計,全年終止<span lang="EN-US">IPO</span>的半導體企業數年增<span lang="EN-US">81.82</span>%高達<span lang="EN-US">40</span>家,多數是主動撤回申請,不少企業更是在逼近上市的階段選擇終止<span lang="EN-US">IPO</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導引述分析人士表示,<span lang="EN-US">2024</span>年陸股<span lang="EN-US">IPO</span>節奏仍將保持收緊,會更傾向科技領域,北交所有望更活躍、承接科技企業上市。<span lang="EN-US">Deloitte</span>預計,<span lang="EN-US">2024</span>年陸股會有<span lang="EN-US">260</span>~<span lang="EN-US">330</span>檔新股,融資<span lang="EN-US">2,670</span>億~<span lang="EN-US">3,170</span>億元,同樣看好北交所吸引更多<span lang="EN-US">IPO</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,申購新股是陸股年內另類特色,<span lang="EN-US">313</span>家<span lang="EN-US">IPO</span>有<span lang="EN-US">255</span>檔股票首日上漲,若抽中一簽平均收益可達<span lang="EN-US">6,159</span>元,規模最大的裕太微甚至單簽可賺逾<span lang="EN-US">7</span>萬元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸<span lang="EN-US">2023</span>年經濟及股市低迷<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">IPO</span>募資額減少近<span lang="EN-US">40%</span>,創三年新低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、半導體的概念股上市愈來愈多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但半導體在上市後股價明顯低迷<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來<span lang="EN-US">IPO</span>將以科技股為主<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">陸挑戰<span lang="EN-US">SpaceX<o:p></o:p></span></span></u></b></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 楊日興,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">全球爭奪發展衛星上網科技趨勢,大陸<span lang="EN-US">30</span>日使用長征二號丙運載火箭,成功將衛星網路技術試驗衛星發射升空,朝發展戰略新興產業商業航太邁出重要一步。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新華社報導,酒泉衛星發射中心在<span lang="EN-US">30</span>日<span lang="EN-US">8</span>時<span lang="EN-US">13</span>分,使用長征二號丙運載火箭成功將衛星互聯網技術試驗衛星發射升空,衛星最終順利進入預定軌道。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該衛星發射後也引發台灣關注,我國防部表示,這枚火箭飛行路徑朝東海及西太平洋方向,有經過台灣東北空域上空,但高度位於大氣層外,對台灣地區無危害。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,這是長征系列運載火箭的第<span lang="EN-US">505</span>次飛行,此次發射也是長征二號丙運載火箭<span lang="EN-US">2023</span>年第<span lang="EN-US">9</span>次宇航發射,為火箭院<span lang="EN-US">2023</span>年全年宇航發射的收官之戰,<span lang="EN-US">9</span>次發射不但刷新年度宇航次數,全數發射都獲得成功。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國日報指出,航天科技集團年內實施<span lang="EN-US">48</span>次宇航發射,其中長征系列運載火箭<span lang="EN-US">47</span>次、捷龍三號運載火箭<span lang="EN-US">1</span>次,將<span lang="EN-US">130</span>餘顆(含搭載)航天器送入預定軌道,全數取得成功。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">當前全球積極發展衛星網路技術,據統計,美國<span lang="EN-US">2023</span>年有<span lang="EN-US">116</span>次航太發射,多數由<span lang="EN-US">SpaceX</span>與其獵鷹<span lang="EN-US">9</span>號運載火箭執行,而<span lang="EN-US">SpaceX</span>發展的星鏈(<span lang="EN-US">Starlink</span>)項目正是當前最知名的衛星網路服務之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前大陸對於商業航太等戰略領域展現出積極企圖心,<span lang="EN-US">2023</span>年<span lang="EN-US">12</span>月召開的中共中央經濟工作會議指出,要打造生物製造、商業航天、低空經濟等若干戰略性新興產業,開闢量子、生命科學等未來產業新賽道。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一財經報導,目前大陸航太產業多領域已進入商業化過程,未來將形成火箭、衛星、地面站到終端的全覆蓋產業鏈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、馬斯克的<span lang="EN-US">SpaceX</span>快速發展<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、未來是「低軌衛星」的時代<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣也積極發展太空產業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中國大陸過去有「北斗衛星」,但並非低軌衛星<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、大陸勢必要發展自己的低軌衛星供應鏈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">陸新能源車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 李書良,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">31</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年在電動車帶領下,大陸汽車產銷年增可望達兩位數至<span lang="EN-US">3,000</span>萬輛。其中,新能源汽車產銷將超過<span lang="EN-US">900</span>萬輛,汽車出口接近<span lang="EN-US">500</span>萬輛,取代日本成為全球最大汽車出口國。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合陸媒報導,中國汽車工業協會(簡稱中汽協)<span lang="EN-US">30</span>日發表<span lang="EN-US">2024</span>年新年獻詞提到,<span lang="EN-US">2023</span>年全年,大陸汽車產銷有望達到約<span lang="EN-US">3,000</span>萬輛,其中新能源汽車產銷將超過<span lang="EN-US">900</span>萬輛,汽車出口接近<span lang="EN-US">500</span>萬輛,中國品牌乘用車市占率穩定在<span lang="EN-US">50</span>%以上。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中汽協數據顯示,<span lang="EN-US">2022</span>大陸汽車產銷分別為<span lang="EN-US">2,702.1</span>萬輛和<span lang="EN-US">2,686.4</span>萬輛,年增<span lang="EN-US">3.4</span>%和<span lang="EN-US">2.1</span>%。以此推算,<span lang="EN-US">2023</span>年大陸汽車產銷年增分別可達<span lang="EN-US">11.0</span>%、<span lang="EN-US">11.7</span>%以上。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同日稍晚,中國乘聯會秘書長崔東樹也發文表示,<span lang="EN-US">2023</span>年<span lang="EN-US">1</span>~<span lang="EN-US">11</span>月的全球汽車銷量達到<span lang="EN-US">8,052</span>萬輛,年增<span lang="EN-US">11</span>%,但距離近幾年的高點水準差距仍有<span lang="EN-US">6</span>%,惟差距水準縮小。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他表示,<span lang="EN-US">2023</span>年<span lang="EN-US">11</span>月世界汽車銷量達到<span lang="EN-US">783</span>萬輛,年增<span lang="EN-US">13</span>%,較<span lang="EN-US">2017</span>年<span lang="EN-US">11</span>月峰值仍稍低<span lang="EN-US">7</span>%,處歷年的次高位水準。<span lang="EN-US">2023</span>年<span lang="EN-US">11</span>月大陸車企的世界份額為<span lang="EN-US">38</span>%,今年<span lang="EN-US">1</span>~<span lang="EN-US">11</span>月的累計份額達到<span lang="EN-US">33</span>%。報導指出,<span lang="EN-US">2023</span>年全年大陸車企不斷發動價格戰,以犧牲利潤的方式推升銷量、搶保市占率,除了引發產能過剩,也令市場競爭加劇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國電動汽車百人會副理事長兼秘書長張永偉日前表示,<span lang="EN-US">2024</span>年大陸新能源汽車產銷規模有望達到<span lang="EN-US">1,300</span>萬輛,年增約<span lang="EN-US">40</span>%,但車市特別是新能源汽車行業在<span lang="EN-US">2024</span>年和<span lang="EN-US">2025</span>年將更加「內卷」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸已成為全世界最大汽車出口國<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、也是最大電動車生產國<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">2023</span>年汽車產銷達到<span lang="EN-US">3,000</span>萬輛<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、新能源車達<span lang="EN-US">900</span>萬輛,意即三成以上<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國品牌汽車市占率占<span lang="EN-US">50%</span>以上,主要來自電動車<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">馬雲<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 謝守真,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">01</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國人民銀行(大陸央行)公告,同意大陸科技巨頭螞蟻集團旗下支付寶(中國)網絡技術有限公司,變更為「無實際控制人」,這意味該集團完成創辦人馬雲放棄集團控制權的相關程序。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鑒於支付寶在大陸業務涵蓋支付、理財、保險、信貸等多個領域,用戶數量超過十億人,上述變動是否會對支付寶相關業務營運和用戶權益產生影響,引起關注。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合香港星島日報、上海第一財經等報導,人行更新非銀行支付機構重大事項變更顯示,支付寶公司變更為「無實際控制人」,反映馬雲正式放棄了支付寶的實控人地位。這次改變是源於螞蟻集團年初調整投票權結構,各主要股東彼此獨立行使股份表決權,無一致行動關係,不再存在股東單一或共同控制螞蟻集團的情形。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對人行的公告,螞蟻集團表示,有關主要股東投票權結構調整方案,在二○二三年一月已對外公告,目前則已履行相關程序,並完成交割,強調相關調整不會對公司日常經營產生影響。而螞蟻集團旗下包括恒生電子、國泰產險亦同步變更為無實際控制人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">二○二三年一月七日,螞蟻集團發布「關於持續完善公司治理的公告」,指為持續完善公司治理,實現長期可持續發展,螞蟻集團相關管理層成員不再擔任阿里巴巴合夥人,進一步提升公司治理的透明度和有效性,強化與股東阿里巴巴集團的隔離。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同時,螞蟻集團股東上層結構進行調整。調整前,馬雲為螞蟻集團實際控制人。調整完成後,螞蟻集團包括杭州君瀚和杭州君澳在內的各主要股東,彼此獨立行使所持有的螞蟻集團股份表決權且無一致行動關係,各股東未單獨或共同在螞蟻集團股東大會層面形成控制。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據螞蟻集團調整後股權結構,在保留原有股份下,馬雲股份表決權從約百分之五十三降為約百分之六,與其他自然人分別獨立行使股份表決權。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">有分析認為,上述調整可能增加公司管理的複雜性,在無明確控制人情況下,有效執行決策並不容易,同時也將為監管機關帶來新的挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">過去數年,螞蟻集團一直承受監管壓力,更令原本預計於二○二○年上市計畫觸礁。其後螞蟻集團進行整改,至去年一月馬雲公開放棄對螞蟻集團的實際控制權,此舉被認為是回應官方監管要求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、馬雲徹底放棄阿里的經營權<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、也放棄支付寶實質控制權<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、支付寶是大陸最有力量的金融平台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、習近平極力打擊阿里及騰訊<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、最近將整頓重點移到騰訊上<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">新茶飲<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">04</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2024</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年開年伊始,大陸新茶飲產業十分熱鬧。蜜雪冰城、古茗控股都向港交所遞交<span lang="EN-US">IPO</span>招股書,尋求港股上市。大陸茶飲業內人士分析,作為目前大陸茶飲市場體量的冠亞軍,蜜雪冰城、古茗兩品牌相繼<span lang="EN-US">IPO</span>,將催動新茶飲產業競爭加劇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">距離<span lang="EN-US">2021</span>年<span lang="EN-US">6</span>月奈雪的茶正式在港交所掛牌上市,已經過去近兩年半時間,但如今大陸新茶飲上市公司,依舊只有奈雪一家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">截止<span lang="EN-US">2023</span>年<span lang="EN-US">9</span>月<span lang="EN-US">30</span>日,蜜雪冰城在全球擁有<span lang="EN-US">3</span>萬<span lang="EN-US">6,153</span>家門市,覆蓋大陸及海外<span lang="EN-US">11</span>個國家。雖然處在人民幣<span lang="EN-US">6</span>元這樣的低價格定位,但蜜雪冰城的營收和利潤不容小覷,<span lang="EN-US">2023</span>年前九個月,蜜雪冰城營收人民幣<span lang="EN-US">153.93</span>億元(新台幣<span lang="EN-US">667</span>億元),淨利人民幣<span lang="EN-US">24.53</span>億元,分別年增<span lang="EN-US">46%</span>、<span lang="EN-US">51%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蜜雪冰城表示,主要透過加盟模式展開業務,絕大部分收入來自向加盟店銷售商品及設備。截至<span lang="EN-US">2023</span>年<span lang="EN-US">9</span>月底,蜜雪冰城超過<span lang="EN-US">99.8%</span>的門市為加盟店。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">九派新聞報導,蜜雪冰城在大陸年輕人群體中擁有較高知名度,「低價」策略讓不少大陸網友稱它為「荷包守衛者」、「(人民幣)<span lang="EN-US">10</span>元以下無對手」,蜜雪冰城在大陸極有辨識度。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">古茗招股書顯示,截至<span lang="EN-US">2023</span>年底,品牌門市數超過<span lang="EN-US">9,000</span>家。<span lang="EN-US">2023</span>年門市販售出現製飲品<span lang="EN-US">12</span>億杯,商品銷售額超過人民幣<span lang="EN-US">192</span>億元。業績方面,<span lang="EN-US">2021</span>年、<span lang="EN-US">2022</span>年及<span lang="EN-US">2023</span>年前九個月,古茗營收分別為人民幣<span lang="EN-US">43.8</span>億元、<span lang="EN-US">55.5</span>億元及<span lang="EN-US">55.7</span>億元(新台幣<span lang="EN-US">243</span>億元),淨利分別為人民幣<span lang="EN-US">2,399.2</span>萬元、<span lang="EN-US">3.7</span>億元及<span lang="EN-US">10.02</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">提及未來發展規劃,古茗表示,目前古茗在大陸仍有<span lang="EN-US">19</span>個省尚未進駐,每年根據包括市場動態、競爭格局及其他戰略考量等多項因素選擇目標省份,還將進一步擴張門市,提升市占率。古茗也稱,將持續評估進入境外市場的機會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">實際上,去年以來,不少大陸新茶飲公司屢被傳上市。<span lang="EN-US">2023</span>年<span lang="EN-US">8</span>月,茶百道向港交所提交<span lang="EN-US">IPO</span>招股書,滬上阿姨、霸王茶姬等品牌也接連傳出上市消息。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業內人士表示,新茶飲公司籌劃上市迎來好時機。一方面,相關政策鼓勵企業上市融資,支援民營企業發展的指導文件不斷落地,讓新茶飲公司籌劃上市充滿信心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另一方面,今年以來,新茶飲消費增速明顯,而大陸二、三線城市等下沉市場仍有較大增長空間,這一時期上市將為二級市場和自身估值帶來更大想像空間。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸新茶飲市場十分熱鬧<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、台商已經沒有辦法跟大陸業者競爭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、兩家業者選擇到香港上市<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、大陸除了規模以外,在經營模式上也愈來愈靈活<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台商業者的未來發展,應朝向美國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華義<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 何英煒,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">04</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華義國際(<span lang="EN-US">3086</span>)<span lang="EN-US">3</span>日宣布與智通科創(<span lang="EN-US">8932</span>)簽署合作意向書,雙方將共同成立合資公司,進軍印度遊戲市場。這也是繼大宇資訊(<span lang="EN-US">6111</span>)之後,又一家遊戲公司進入印度遊戲市場,華義與智通科創將為印度玩家量身打造遊戲產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">研調機構<span lang="EN-US">Newzoo</span>指出,印度<span lang="EN-US">2022</span>年手機遊戲市場產值約<span lang="EN-US">22</span>億美元,預計<span lang="EN-US">2024</span>年將突破<span lang="EN-US">30</span>億美元,預期五年內達到<span lang="EN-US">40</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華義國際與智通科創表示,印度擁有全球第一大的人口紅利,<span lang="EN-US">2021</span>年時成為全球最大手遊市場,約有<span lang="EN-US">3.4</span>億用戶,用戶持續成長中,近兩年中國遊戲退出印度市場,許多遊戲發行商正把握機會進攻印度。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華義國際已有<span lang="EN-US">30</span>多年代理遊戲的國際行銷經驗,而智通科創則有落地優勢與手機商店渠道。雙方營運相當互補。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">智通科創原本是傳統製造業,以製作拉鍊起家,其客戶多半為國際大廠,該公司在東南亞市場布局甚廣,包涵柬埔寨、越南、印尼、孟加拉等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近期則是進軍金融科技業,旗下服務包括有支付、信貸及權益服務等。兼有製造及金融的雙主軸業務。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">智通科創與<span lang="EN-US">OPPO</span>獨家合作取得手機內建<span lang="EN-US">APP</span>版位,掌握印度<span lang="EN-US">OPPO</span>手機<span lang="EN-US">8,000</span>萬行動用戶,提供用戶數位支付、貸款超市、商品優惠券等服務,具備平台流量優勢,智通科創未來將在印度申請非銀行金融公司執照,加上與華義國際合作開拓遊戲市場,打造當地數位生態圈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華義國際為遊戲研發及營運公司,目前代理包括「金色琴弦 星光交響樂團」、「動物朋友<span lang="EN-US">3</span>」等,另外,與網銀國際合作進行<span lang="EN-US">IP</span>授權代理及聯運產品。<span lang="EN-US">2024</span>年規畫投入聯運平台的研發,預計年中上線。此外,<span lang="EN-US">2024</span>年第二季將會有日本手遊產品(<span lang="EN-US">RPG</span>卡牌養成手機遊戲)上市。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華義國際表示,聯運平台第一階段先從台港澳市場為主,完成優化後,將正式轉型為國際版,進軍印度市場,將借重智通科創在<span lang="EN-US">OPPO</span>行動裝置上的廣大用戶及支付平台,打進印度遊戲玩家生活圈,結合雙方優勢,推出專為印度量身打造的自製遊戲產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、這是一個印度布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、有趣的是這是來自「新經濟」領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、而且是由兩家企業策略聯盟<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、一家強項是遊戲,另一家是行動用戶、數位支付<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、印度擁有全世界最多的人口紅利,未來前途不可限量<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">韓美<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯葉亭均,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">02</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓去年<span lang="EN-US">12</span>月整體出口年比成長<span lang="EN-US">5.1%</span>,是連續第三個月正成長,為今年增添樂觀氣氛。此外,南韓對美國的出口額在上月超越南韓對中國大陸外銷的金額,為<span lang="EN-US">20</span>年來首見,反映大陸經濟面臨挑戰;在全球經濟安全與科技供應鏈情勢緊繃之際,也凸顯了國際經濟與貿易關係的轉變。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據南韓產業通商資源部<span lang="EN-US">1</span>日的數據,南韓去年<span lang="EN-US">12</span>月對美外銷<span lang="EN-US">113</span>億美元產品,高於對中國大陸的<span lang="EN-US">109</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國取代中國大陸,成為南韓最大出口市場,反映大陸經濟面臨挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,單月的數據不必然是貿易型態永久轉變的總結證據。中國大陸依舊是南韓最大的貿易夥伴國,因為南韓仍然從大陸進口大量商品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雖然南韓對美國出口年比數字已連續第五個月成長,但南韓表示,對中國大陸的出口也持續改善。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">整體而言,南韓上月出口連續第三個月成長,為<span lang="EN-US">2023</span>年強勁收尾,整體出口成長<span lang="EN-US">5.1%</span>至<span lang="EN-US">576.6</span>億美元,優於彭博資訊預估的成長<span lang="EN-US">3.7%</span>,但較<span lang="EN-US">11</span>月的<span lang="EN-US">7.7%</span>放緩;進口則下滑<span lang="EN-US">10.8%</span>,貿易順差達<span lang="EN-US">45</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓上月晶片出口年比激增<span lang="EN-US">21.8%</span>,較<span lang="EN-US">11</span>月的<span lang="EN-US">12.9%</span>的增幅擴大成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓晶片出口在去年<span lang="EN-US">11</span>月恢復成長,終結逾一年來出口萎縮的窘境。記憶體晶片價格再度回升,因<span lang="EN-US">AI</span>和其他新興科技對記憶體的需求提高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓是國際貿易大國,各國對其產品的需求普遍復甦,凸顯出在較高利率維持一段時間後,消費者可能已逐步恢復信心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">總計<span lang="EN-US">2023</span>年全年南韓出口下滑<span lang="EN-US">7.4%</span>,韓國貿易協會預估,在最佳情況下<span lang="EN-US">2024</span>年出口可能成長<span lang="EN-US">7.9%</span>,達到<span lang="EN-US">6,800</span>億美元;進口將成長<span lang="EN-US">3.3%</span>,貿易順差達<span lang="EN-US">140</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,南韓出口能否維持增速,仍然難以預料,以哈戰爭等地緣政治緊張情勢以及保護主義轉強,而且中國大陸的經濟復甦狀況也仍然充滿疑慮。此外,美中敵對關係也為全球貿易蒙上陰影。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、韓國去年出口遭受嚴重打擊<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、去年<span lang="EN-US">12</span>月,是連續第三個月出口成長,代表恢復正常<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣今年出口應該也會復甦<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、美國取代中國,成為南韓最大出口市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、此今年趨勢仍會持續下去<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">遠傳<span lang="EN-US">/</span>開放銀行<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者朱漢崙、黃晶琳,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「開放銀行」的推動出現前所未見大轉折。知情人士透露,遠傳電信(<span lang="EN-US">4904</span>)已發文給所有合作業者,通知將提前在<span lang="EN-US">2024</span>年<span lang="EN-US">4</span>月<span lang="EN-US">19</span>日起終止和所有金融機構的開放銀行第二階段服務,遠傳也同步通知財金公司,消息傳出後震驚金融圈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">遠傳表示,經綜合評估內外環境,遠傳<span lang="EN-US">friDay</span>理財<span lang="EN-US">+</span>將於<span lang="EN-US">4</span>月中退出開放銀行,近日提前通知合作夥伴及相關單位,也獲得合作夥伴理解。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">遠傳強調,金融創新合作未停下腳步,包含攜手台新銀行發行聯名卡,持續增加金融夥伴如悠遊付、凱基、中信、安達等,發揮遠傳既有的數位化、<span lang="EN-US">AI</span>、流量等強項。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金管會去年宣布<span lang="EN-US">2024</span>年會進入開放銀行第三階段,但迄今開放銀行的<span lang="EN-US">TSP</span>業者(第三方服務業者)仍處「難產」階段。知情人士指出,由於資安標準要求高,迄今業者普遍興趣缺缺,包括集保公司先前受邀,但評估後認為難度高,未有太多參與意願。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">如今連第二階段僅有的二家<span lang="EN-US">TSP</span>業者之一的遠傳都決定「不玩了」,開放銀行政策接下來能否走得下去,引發業界擔憂及質疑。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在開放銀行合作上,<span lang="EN-US">TSP</span>業者提供的<span lang="EN-US">API</span>,等於扮演合作金融機構資訊提供的角色,這些合作金融業者把資訊放在該平台供消費者查閱。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,遠傳之所以退出,是因為使用者不多,但系統等維護成本相對大,乾脆喊停。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">金管會統計遠傳在<span lang="EN-US">2021</span>年<span lang="EN-US">1</span>月加入第二階段開放銀行業務至去年<span lang="EN-US">11</span>月底,已經與七家金融機構合作辦理,由於開放銀行第二階段只有集保和遠傳這兩家<span lang="EN-US">TSP</span>業者,因此遠傳退出後,倘若沒有和集保簽約的公司,將無法繼續參與開放銀行第二階段。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、遠傳終止「開放銀行」業務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、台灣很難推開放銀行<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、金融監管是一個問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、所有業者對個資保護是另一個問題<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣要發展<span lang="EN-US">Fintech</span>未來時間還要等一等<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">AI PC<o:p></o:p></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 鍾張涵,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">05</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">品牌大廠華碩昨天舉辦歲末聯歡晚會,董事長施崇棠表示,未來就是各憑本事、各顯神通的開始。華碩已全面布局AI,團隊人數上看千人,從超級電腦伺服器到手機等終端,並結合物聯網、<span lang="EN-US">Zenbo</span>機器人、NUC(新一代運算單元)等全面導入AI,「最後都會變成智慧系統,而不像過去都是單點應用。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華碩今年的晚會以「龍耀華碩凝眾智,再造顛峰拓新局」為主軸,這是華碩暌違三年首度回歸實體,並邀請近八千名員工齊聚一堂。施崇棠指出,華碩AI研發團隊自百人拓展至千人團隊,這千人團隊將全面布局,從上到下、自超級電腦的伺服器布局至終端產品,服務對象涵蓋大型企業、學校、地端、終端裝置,要成為全方位AI公司。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「大家都已經整裝待發」,施崇棠說,華碩經過一番寒徹骨,如今是重新出發、發動攻擊的時刻,華碩有三大事業群,無論是既有目標客群,或是亟欲成長的新客群,都必須將客戶滿意度參數逼至滿分,華碩全員要做到將「設計思維」推升至極致。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華碩二○二一年創下有史以來最佳業績,但施崇棠感嘆,緊接著立即遭逢疫情紅利退去、全球經濟詭譎多變,「華碩馬上吃到苦頭」,原以為公司已經千錘百鍊,但潛藏在內的弱點卻隨後快速曝露而出,因此未來更要擁抱現實,把挑戰變成華碩再造、進化的契機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">施崇棠預言,AI將有感知能力,如同動物的腦能逐步認識物件,轉化為具備學習能力的腦,「這次(AI)的石破天驚來自AI不再如前幾波發展時只能感知,而是能呈現通用智慧,具備理解與生成能力。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華碩去年經歷了全球經濟低迷、產業庫存調整,累計前十一個月營收衰退近一成,落至四四七四億元。去年消息也相對動盪,下半年更為此啟動組織調整,影響數百名員工。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">作為台灣PC和手機品牌關鍵廠商,華碩今年看旺AI各項應用將百花齊放,也認為今年景氣會逐步復甦。華碩共同執行長許先越日前法說會指出,今年PC需求將現反彈,AI
PC將為產業注入動力,華碩會藉由多重成長引擎推動營收和獲利成長,且預期AI伺服器占華碩整體伺服器營收比重可望達五成以上。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">2024 AI</span>大爆發<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">CES</span>消費電子展,<span lang="EN-US">AI PC</span>是主流<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣業者紛紛推出新產品<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、除了宏碁以外,華碩也跟進推出<span lang="EN-US">AI PC<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、去年華碩業績衰退,今年因為<span lang="EN-US">AI PC</span>應該會反彈<span lang="EN-US"><o:p></o:p></span></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-56299143465247810102024-01-09T19:29:00.001+08:002024-01-09T19:29:08.869+08:00黃齊元/扭轉危機,創造台灣再生契機<p>黃齊元/扭轉危機,創造台灣再生契機</p><p>聯合報/ 黃齊元</p><p>最近中國經濟疲軟,外資紛紛撤出,但新加坡副總理黃循財訪問大陸,強調「永遠不要押注中國衰落」,透過雙邊合作機制達成多項成果。</p><p><br /></p><p>隨著香港沒落,新加坡成為最大受益者、亞洲經貿樞紐。新加坡展現高度政治智慧,如同六四天安門事件後台商率先前往大陸投資,雙方後來都獲益。新加坡和中但不親中,成為全球外資「信任」中心。</p><p><br /></p><p>與中國和解、降低衝突、保持對話,是當今西方國家共識,包括G7成員國和歐盟。這些國家政治立場和中國相左,但經濟上持續交流、保持平衡。另外還有越南,親中但防中,和許多大國簽署「全面戰略夥伴」協定,成為經濟贏家。</p><p><br /></p><p>後全球化時代關鍵字是「韌性」,韌性的特色是既連結又自主。台灣經濟和科技雖為全球夥伴,但政治卻失去韌性,與中國大陸對立,失去外資信任。</p><p><br /></p><p>台灣需要下一個奇蹟。過去五十年的奇蹟,來自上一代努力;下一個五十年的成功,有賴全體人民智慧。政黨如同企業,成功不過三代。企業需要轉型、重新定義自己;政黨也要有新論述、重新出發。</p><p><br /></p><p>台灣民主最可貴價值是「改變」,不是維持現狀。五十年前台灣人民不敢想像沒有蔣家,三十年前不敢想像政黨輪替。但改變的主導權很重要,自己改變,比被外人改變好;創造改變台灣的力量,領導人是關鍵。</p><p><br /></p><p>近期中東危機蔓延,引爆點是以色列。站在以色列立場,為了國家安全,當然要消滅哈瑪斯。但以色列太激進,敵人愈來愈多,就像媒體描述,從「六日戰爭」變成「六方戰爭」。現在全世界多同情巴勒斯坦,中東勢必永無寧日。</p><p><br /></p><p>以色列如同台灣,最大靠山是美國。美國類似台灣,經濟表現亮眼,但政治衝突不斷。美國很可能走上英國老路:民粹崛起、脫歐成功、經濟下滑、政權動盪。部分歐洲小國如瑞典、荷蘭,也因政治問題面臨拐點。</p><p><br /></p><p>台灣應學習新加坡和越南,避免重蹈香港和以色列覆轍,領導人要有智慧。全世界支持台灣,但不敢光明正大和我們來往。台灣需要能和大陸溝通的領導人,啟動「兩岸和平」工程;沒有和平,台灣不可能有未來。</p><p><br /></p><p>英國搖滾天團滾石,有一首名曲「你不可能永遠得到你想要的」。台灣有選擇的自由、也需有妥協的智慧;強調理念的伸張、亦需有現實的包容。大陸取消ECFA免關稅優惠,只是一個預警。未來選擇在台灣人民,看看世界,想想台灣!</p><p><br /></p><p>二○二四年大選,極可能是台灣由盛而衰、從安轉危的開始。我們一手好牌,但如不能追求兩岸共榮,終究無法逃脫戰爭陰影。AI雖可促進繁榮,也可能帶來毀滅,科技並非台灣成長護身符。政府表示ECFA影響很小,這對非科技的廣大民眾,相當不公平!</p><p><br /></p><p>美國年度風雲人物泰勒絲前年創紀錄「時代演唱會」,匯集她不同時代的歌曲。這次台灣選舉也跨越時代、結合不同背景民眾。凝聚不同世代共識,是台灣航向大海的關鍵。台灣的過去、現在與未來,可用三大媒體名稱來涵蓋:中國、自由、聯合。我們不能回到過去,但可以回到未來。</p><p><br /></p><p>台灣值得更好,但不一定會更好。二○二四選戰,或許是台灣的滑鐵盧戰役;以現況來看,不管誰是下一任領導人,可能都無法避免拿破崙「悲劇英雄」的命運。你與我,我們才是台灣命運的主人!</p><p><br /></p><p>(作者為藍濤亞洲總裁兼東南亞影響力聯盟創辦人)</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-67973111126068838782024-01-09T19:27:00.004+08:002024-01-09T19:27:38.110+08:00資深投行家看2024台灣經濟,4個關鍵字:AI、半導體⋯還有什麼?<p>資深投行家看2024台灣經濟,4個關鍵字:AI、半導體⋯還有什麼?</p><p><br /></p><p>新的一年開始,大家都在預測2024年的經濟及股市。什麼是2024的關鍵字?我認為包括AI、地緣政治、半導體和綠能,最佳形容詞則是「動盪不安」。</p><p><br /></p><p>展望2024年,許多專家的看法是「審慎樂觀」。股市上漲主要動力來自於AI,而AI也會帶動半導體,這對台灣來說是利多,因為不只台積電,整個電腦產業鏈都受惠。</p><p><br /></p><p>最近AI PC成為資本市場最熱的焦點。過去PC是已經要被淘汰的產品,但隨著AI時代來臨,PC起死回生,從內到外,不管散熱、存儲、電池⋯⋯,所有零件都需升級,可能有很大的商機。</p><p><br /></p><p>2024最大風險:地緣政治</p><p>如果要說2024年有什麼風險,我認為最大的風險就是「地緣政治」。以現在的局勢來看,民進黨當選的機率很大,未來,對岸會非常關切執政者表述的政治立場,也連帶影響到兩岸經濟。</p><p><br /></p><p>很多台灣人不承認有地緣政治風險,但它確實存在,去年巴菲特出清台積電持股,就和地緣政治風險有關。這不是「黑天鵝」,應該叫「灰犀牛」,意思是能看得見的潛在風險;如果不注意,就有可能真的實現。</p><p><br /></p><p>2024年另一大地緣政治風險來自於中東,現在中東戰事進一步擴大。以色列除了對抗哈馬斯之外,在北邊也和黎巴嫩真主黨戰鬥,紅海又出現葉門反抗軍攻擊商船的事件,這幕後都有伊朗在操縱。上週伊朗發生大爆炸死了近百人,如果和美、以有關聯,整個中東可能會陷入火海。</p><p><br /></p><p>這對台海來說絕對不是好事,因為美國已分身乏術,無力再保護台灣。中東戰事會擴大,和以色列實力及民族性有關。上週哈佛大學校長被迫辭職,這是繼賓州大學校長辭職後的第二位,主要原因是,美國猶太勢力不滿大學校長未強烈譴責「反猶太言論」。由於美國頂尖大學金主有許多猶太人,因此即使校董和教授支持校長,也抵不過金錢的力量,可見以色列勢力有多強!</p><p><br /></p><p>2024年投資主旋律:綠能、科技</p><p>台灣現在的挑戰是,找到下一個護國神山。過去護國神山是台積電,現在有人認為未來是聯發科。聯發科本業是IC設計,AI帶動了IC設計產業,目前聯發科市值已超越鴻海,成為台灣第二。</p><p><br /></p><p>預測也有不準的時候,過去2年各界最看好的台灣產業是電動車,現在看來已「game over」,因為最近比亞迪生產量及銷售量已超越特斯拉、成為新龍頭;且全球電動車市場中國車廠市占率達5成,當兩岸關係不佳時,台灣企業就很難分到商機。</p><p><br /></p><p>電動車是綠能產業一部分,「綠能」仍將是今年投資主旋律。雖然台灣能源政策有很大問題,減碳也不及格,但只要有問題,商機就會存在!</p><p><br /></p><p>2024對台灣而言,仍是科技至上,這對面臨ECFA衝擊的傳統產業是利空,服務業也受創很大。所有資源都往科技業集中,政府對就業人口最多的服務業,沒有大力支持,這難道不是風險?</p><p><br /></p><p>我對2024的看法是「中性偏悲觀」,在科技榮景背後,台灣存在太多問題:地緣政治、供應鏈外移、人口老化、少子化、能源政策、住房政策、貧富不均⋯⋯。我們現在聽到那麼多好消息,或許都是選舉前的利多, 1月13日之後才是「夢醒時分」!</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-83274163480831314862024-01-09T19:26:00.003+08:002024-01-09T19:26:29.341+08:00銀行,紐時OpenAI,Alphabet,生技股,電商賣車,馬斯克,小摩,環球動畫,自駕輔助,華為,小米,比亞迪,自駕車,比亞迪,Vivo印度,科創板IPO,韓流方程式,小紅書,誠品生活 <p><a name="_Hlk85199238"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:銀行<span lang="EN-US">,</span>紐時<span lang="EN-US">OpenAI,Alphabet,</span>生技股<span lang="EN-US">,</span>電商賣車<span lang="EN-US">,</span>馬斯克<span lang="EN-US">,</span>小摩<span lang="EN-US">,</span>環球動畫<span lang="EN-US">,</span>自駕輔助<span lang="EN-US">,</span>華為<span lang="EN-US">,</span>小米<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,</span>自駕車<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,Vivo</span>印度<span lang="EN-US">,</span>科創板<span lang="EN-US">IPO,</span>韓流方程式<span lang="EN-US">,</span>小紅書<span lang="EN-US">,</span>誠品生活</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">銀行<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 編譯盧永山,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日</span></span></span><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">英國《金融時報》報導,今年全球銀行業已裁員逾六萬人,創金融海嘯以來最高,也回吐疫情過後聘用的大部分人力,預計明年還會繼續裁員。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">由於併購交易與首次公開上市(<span lang="EN-US">IPO</span>)減少,收取的手續費連續第二年暴跌,華爾街投資銀行為了保護利潤率,不得不大舉裁員;此外,瑞士銀行併購瑞士信貸後,至少整併了一.三萬個職位,預計未來一年還會再度裁員。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">金融服務人力業者<span lang="EN-US">Silvermine Partners</span>負責人賽克(<span lang="EN-US">Lee Thacker</span>)表示:「絕大多數的銀行缺乏穩定,也缺乏投資,更缺乏成長,很可能會有更多人被裁掉。」<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">《金融時報》估算,全球二十大銀行今年至少已裁員六萬一九○五人,而在二○○七至二○○八年全球金融危機期間,這些銀行共裁員逾十四萬人。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">裁員最多的是瑞士銀行,該行今年三月併購瑞士信貸,迄今裁員一.三萬人,全球員工總數降至十一.六萬人;其次是富國銀行,今年共裁員一.二萬人,全球員工總數剩二十三萬人。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">此外,花旗裁員五千人、摩根士丹利裁四八○○人、美國銀行裁四千人、高盛裁員三二○○人、摩根大通裁一千人。整體而言,華爾街銀行業裁員至少三萬人。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk85199238;"><span style="mso-bookmark: _Hlk76402598;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk76402598;"></span><span style="mso-bookmark: _Hlk85199238;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、全球金融業不景氣<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">AI</span>可以取代很多人的工作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、美國銀行只有摩根大通一枝獨秀<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、連摩根士丹利都裁了<span lang="EN-US">4800</span>人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、高盛已經不再是美國最優秀的銀行<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">紐時<span lang="EN-US">OpenAI<o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 編譯茅毅,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">29</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐約時報廿七日狀告微軟及聊天機器人<span lang="EN-US">ChatGPT</span>開發商<span lang="EN-US">OpenAI</span>侵犯該報版權,開美國主流媒體第一槍。印度時報和華爾街日報(WSJ)報導,此一由紐時提起的訴訟,無論哪方勝訴,均可能對媒體與科技業有深遠影響,出版界是否對微軟、<span lang="EN-US">OpenAI</span>和<span lang="EN-US">Google</span>等人工智慧(AI)開發商採取法律行動,或談判和解賠償,也會出現分歧。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐時呈交紐約南區聯邦地院的訴狀寫道,該報對新聞工作挹注龐大資源,被告卻試圖搭便車、不勞而獲。紐時向微軟與<span lang="EN-US">OpenAI</span>求償,金額則不詳。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該訴狀提到,紐時四月就向微軟及<span lang="EN-US">OpenAI</span>提出智財權的關切,探尋達成商業協議等友好解決的可能性,惟三方談判最後無疾而終;紐時並直接點名<span lang="EN-US">ChatGPT</span>等AI系統為新聞業潛在競爭對手。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐時聲明,生成式AI對社會大眾和新聞業的影響不容小覷,由於該報與同業藉由投入高成本及相當專業知識報導、編輯和查核事實,產出獨立新聞與內容,因此使用新聞素材若涉及商業利益,應獲原始來源許可。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">WSJ廿八日報導,微軟發言人未對此置評;<span lang="EN-US">OpenAI</span>發言人則聲明,該公司尊重內容創作者的權利,同時致力和這些人士合作,以確保他們從AI技術與新的營收模式獲利。該公司稱與紐時的持續對話已富有成效,「所以本公司對此一發展感到驚訝又失望。但願我們將找到一條合作互利之路,如同本公司目前和其他諸多出版商的做法」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐時主張,鑒於AI工具能夠從該報的新聞文章幾乎逐字地提供大量文本,因此公平使用在此不應適用。北美「新聞媒體聯盟」執行長柯菲說,紐時非常重視此一證明其價值與保護新聞內容重要性的立場。優質的新聞業和這些新技術、尤其那些爭取相同閱聽人的技術若聯手,就能彼此互補。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">本案是至今對AI生成內容提起的多起訴訟之一,愈來愈多作家正提高關注。被稱為驚悚小說之王的約翰.葛里遜、「冰與火之歌:權力遊戲」作者喬治.馬汀九月皆提告<span lang="EN-US">OpenAI</span>侵權。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">若紐時勝訴,可能創下先例,強制科技公司為使用有版權的新聞內容訓練AI模型付費。這可能導致AI開發商的成本增加,影響AI模型開發進度,並可能改變生成式AI運作方式。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但若微軟及<span lang="EN-US">OpenAI</span>勝訴,可能為新聞產製上更廣泛使用AI開啟大門,造成AI產生內容擴散。如此恐進一步侵蝕對新聞業的信賴,並導致網路出現更多錯誤資訊。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,目前已有少數媒體和<span lang="EN-US">OpenAI</span>達成商業協議,允許其產製內容供AI開發商使用,例如美聯社、<span lang="EN-US">Politico</span>及商業內幕的出版商斯普林格,若一些主要媒體跟進紐時採取法律行動,相關訴訟會加深出版界如何和AI開發商合作的歧見。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">紐時指出,新科技的出現常會促成著作權界線被重新檢視,例如廣播和檔案分享軟體引發的爭議,AI模型是最新案例。新聞業顧問托菲爾說,一些出版商可能和科技業自行和解,但其他許多不會這麼做,此案勢必要由聯邦最高法院出面解決。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">OpenAI</span>跟媒體之間的關係,愈來愈引人注目<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、紐時告<span lang="EN-US">OpenAI</span>是劃時代法律行動<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、紐時是最有名的新聞媒體<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、如果<span lang="EN-US">OpenAI</span>勝訴,會造成<span lang="EN-US">AI</span>產值內容擴散<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、目前僅有少數媒體與<span lang="EN-US">OpenAI</span>達成付費協議<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">Alphabet<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 顏嘉南,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國「科技七雄」引領<span lang="EN-US">2023</span>年美股強勁反彈,專家認為谷歌母公司<span lang="EN-US">Alphabet</span>憑藉著強勁的獲利成長力,將是科技七巨頭中最佳的投資標的。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">12</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">月<span lang="EN-US">26</span>日美股早盤,<span lang="EN-US">Alphabet</span>股價上升<span lang="EN-US">0.1</span>%,報<span lang="EN-US">141.65</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「美科技七雄」由美國銀行(<span lang="EN-US">BoA</span>)分析師哈奈特(<span lang="EN-US">Michael Hartnett</span>)提出,係指蘋果、微軟、<span lang="EN-US">Alphabet</span>、輝達、亞馬遜、特斯拉和臉書母公司<span lang="EN-US">Meta</span>七大科技巨擘。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外媒指出,<span lang="EN-US">Alphabet 2024</span>年獲利預估成長<span lang="EN-US">15</span>%,與微軟不相上下,而且是蘋果<span lang="EN-US">5</span>%成長率的<span lang="EN-US">3</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,<span lang="EN-US">Alphabet</span>股價相對便宜,儘管<span lang="EN-US">2023</span>年來累計大漲<span lang="EN-US">60</span>%,但目前本益比僅<span lang="EN-US">20</span>倍,低於微軟和蘋果的<span lang="EN-US">30</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資人一直擔心<span lang="EN-US">Alphabet</span>的雲端運算部門成長減速、人工智慧(<span lang="EN-US">AI</span>)對其搜尋業務形成威脅,還有日益嚴苛的反托拉斯審查,不過目前看來這些議題似乎還在可控制範圍內。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Alphabet</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雲端業務第三季仍有<span lang="EN-US">22</span>%的營收成長,微軟推出<span lang="EN-US">AI</span>搜尋引擎後,<span lang="EN-US">Alphabet</span>也快速做出回應。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">截至<span lang="EN-US">9</span>月<span lang="EN-US">30</span>日止,<span lang="EN-US">Alphabet</span>帳上現金超過<span lang="EN-US">1,000</span>億美元,而且該公司有紀律地控管成本,代表<span lang="EN-US">Alphabet</span>有足夠的資金實施庫藏股計畫,或甚至開始發放股利。支付<span lang="EN-US">1.5</span>%的股利對<span lang="EN-US">Alphabet</span>而言,絕對游刃有餘。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Evercore ISI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">分析師馬哈尼(<span lang="EN-US">Mark Mahaney</span>)表示,「我們持續將<span lang="EN-US">Alphabet</span>視為是真正具領導力的科技巨頭之一。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">是<span lang="EN-US">2023</span>年產業界最熱門的議題,專家預期<span lang="EN-US">AI</span>熱潮將帶動科技七雄<span lang="EN-US">2024</span>年股價更上層樓。谷歌推出<span lang="EN-US">AI</span>機器人<span lang="EN-US">Bard</span>和大型語言模型「雙子座」(<span lang="EN-US">Gemini</span>),後者號稱比<span lang="EN-US">OpenAI</span>最新<span lang="EN-US">AI</span>模型<span lang="EN-US">GPT-4</span>更強大,協助公司股價上揚。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">科技七巨頭推動美股<span lang="EN-US">2023</span>年凌厲漲勢,揮別<span lang="EN-US">2022</span>年股市的低迷不振,<span lang="EN-US">2023</span>年來輝達股價翻揚逾<span lang="EN-US">3</span>倍,<span lang="EN-US">Meta</span>與特斯拉飆漲逾<span lang="EN-US">1</span>倍,亞馬遜股價大漲逾<span lang="EN-US">80</span>%,微軟揚升<span lang="EN-US">56</span>%,蘋果將近<span lang="EN-US">50</span>%,表現大幅領先標普<span lang="EN-US">500</span>指數逾<span lang="EN-US">20</span>%的漲幅。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在此同時,標普<span lang="EN-US">500</span>指數其餘<span lang="EN-US">493</span>檔成分股,漲幅僅區區<span lang="EN-US">7.5</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">Alphabet</span>過去兩年漲幅較少<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Alphabet</span>最近推出人工智慧的手機軟體<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">Alphabet</span>雙子座(<span lang="EN-US">Gemini</span>)語言模型有很大成長空間<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、美股科技<span lang="EN-US">7</span>巨頭,<span lang="EN-US">2023</span>年表現都非常的好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">2023</span>年<span lang="EN-US">Meta</span>與特斯拉漲幅均逾<span lang="EN-US">1</span>倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">生技股<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 鍾志恆,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國生技股經歷近幾年困境後,<span lang="EN-US">2023</span>年已呈現走出谷底跡象。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">專家認為<span lang="EN-US">2024</span>年聯準會(<span lang="EN-US">Fed</span>)降息有利股市行情、生技業併購交易量增加、和業界在癌症與免疫學等關鍵領域有技術突破,各種利多將刺激生技股<span lang="EN-US">2024</span>年行情回升。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">生技股<span lang="EN-US">2021</span>年和<span lang="EN-US">2022</span>年大跌,像<span lang="EN-US">SPDR</span>標普生技<span lang="EN-US">ETF</span>從<span lang="EN-US">2021</span>年<span lang="EN-US">2</span>月初每股最高近<span lang="EN-US">167</span>美元開始下跌,<span lang="EN-US">2023</span>年<span lang="EN-US">10</span>月底最低迫近<span lang="EN-US">64</span>美元,期間累跌<span lang="EN-US">61.5</span>%。即使其<span lang="EN-US">2023</span>年來累漲約<span lang="EN-US">7.5</span>%,仍遠低標準普爾<span lang="EN-US">500</span>指數的累漲<span lang="EN-US">24</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國<span lang="EN-US">2020</span>年<span lang="EN-US">3</span>月爆發新冠疫情後,許多生技業辦理股票首度公開發行(<span lang="EN-US">IPO</span>)和<span lang="EN-US">Fed</span>緊急降息至近乎零,刺激生技股持續飆漲。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨著業界<span lang="EN-US">IPO</span>和併購交易大減,<span lang="EN-US">Fed
2022</span>年<span lang="EN-US">3</span>月開始積極升息讓投資人賣掉風險性較高的小型生技股,和業界借貸成本大增等打擊生技股行情。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據<span lang="EN-US">BMO</span>資本市場資料,美股<span lang="EN-US">2023</span>年初到<span lang="EN-US">12</span>月中之間有<span lang="EN-US">67</span>檔生技股下市,遠超<span lang="EN-US">2022</span>年的<span lang="EN-US">27</span>檔。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但專家指生技股已有解凍跡象。專注醫療保健領域的投資銀行<span lang="EN-US">Leerink
Partners</span>報告指<span lang="EN-US">Fed</span>釋出鴿派言論、和投資人風險胃納增加,情勢將轉為對生技股有利。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管業界多起併購交易在年初因監管疑慮而喊停,但部分重大交易案近期在主管關機監督下進行,像藥廠安進(<span lang="EN-US">Amgen</span>)正完成收購生技公司<span lang="EN-US">Horizon Therapeutics</span>程序,輝瑞(<span lang="EN-US">Pfizer</span>)收購癌症標靶治療公司<span lang="EN-US">Seagen</span>獲得批准。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資誠(<span lang="EN-US">PwC</span>)製藥與生命科學交易部負責人阿克(<span lang="EN-US">Roel van den Akker</span>)指<span lang="EN-US">2023</span>年來被駁回的併購交易案不多,顯示主管機關態度轉變而讓人看好業界未來的併購交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於手持大量現金的藥品巨擘,因為其部分熱銷藥品專利權在<span lang="EN-US">2030</span>年底前到期,而必須收購在開發新藥上有突破的公司,來維持其藥品銷售業績持續成長,因此阿克看好<span lang="EN-US">2024</span>年生技業的併購交易更熱絡。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國生技股景氣復甦<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、在癌症與免疫學有技術突破<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣生技股<span lang="EN-US">IPO</span>也看好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、併購活動會逐漸增加<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來可能走向「大者恆大」的格局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電商賣車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 佘葳芸,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">08</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">亞馬遜(<span lang="EN-US">Amazon</span>)<span lang="EN-US">11</span>月中宣布,<span lang="EN-US">2024</span>年起,消費者將可以在其網站上瀏覽、購買韓國現代汽車(<span lang="EN-US">Hyundai</span>)。亞馬遜此舉意味在主導電子商務地位上的下一個賭注,經銷商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">們正觀望是否加入戰局。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外媒報導,亞馬遜希望消費者將能夠透過其網站完成買車的每一個步驟。一開始亞馬遜僅提供全新的現代汽車,其最終目標是將業務擴展到以舊換新和二手車市場。高層透露,希望民眾像網購衛生紙、狗糧一樣,可以輕易地透過其網站買車,因此正向與汽車製造商建立廣泛合作的夥伴關係。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據悉,亞馬遜將從<span lang="EN-US">2024</span>年初開始試點階段,進而擴大規模,然而外界認為其將面臨多項挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">首先是經銷商,傳統車廠主要是透過經銷商作為新車銷售的主力。已有經銷商願意嘗試此一模式,認為即便佣金僅線下銷售一半,所需時間卻大幅減少。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外一個問題是,要如何促使主要在亞馬遜購買平價商品消費者,轉而購買他們一生中最重要的高價商品之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據研究顯示,亞馬遜上的平均交易額低於<span lang="EN-US">50</span>美元,僅<span lang="EN-US">11</span>%受訪顧客表示花費至少<span lang="EN-US">1,000</span>美元在以上在單件商品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,亞馬遜必須遵守各地不同的政府法規。消費者數據分析公司指出,即使亞馬遜客戶已準備好線上買車,亞馬遜如何與其他汽車製造商簽約也將是一個複雜的過程,並將取決於與現代汽車合作的成功程度。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場研究公司<span lang="EN-US">Insider Intelligence</span>調查指出,<span lang="EN-US">2020</span>~<span lang="EN-US">2022</span>年<span lang="EN-US">Carvana</span>在美國電子商務市占率從<span lang="EN-US">0.7</span>%上升至<span lang="EN-US">1.3</span>%。汽車製造商在疫情期間發展送貨到府服務,經銷商則是改進網站以幫助顧客線上操作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">然而疫情過後,部分趨勢已消退,此將對亞馬遜和其他看準網購汽車的合作公司構成挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、消費者愈來愈習慣使用電商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、電商走向兩極化<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、除了低價產品以外,未來高價的產品如車子,也可以在網路上購買<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、消費者行為已完全改變<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣還沒有適應這波熱潮<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">馬斯克<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自中國時報 劉詠樂,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">29</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據「彭博億萬富豪指數」排行榜,美國電動車大廠特斯拉創辦人馬斯克穩居富豪榜首,排第<span lang="EN-US">2</span>的是路易威登(<span lang="EN-US">LVMH</span>)集團董事長兼行政總裁阿爾諾(<span lang="EN-US">Bernard Arnault</span>),第<span lang="EN-US">3</span>名是亞馬遜公司創辦人貝佐斯(<span lang="EN-US">Jeff Bezos</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">馬斯克以<span lang="EN-US">2380</span>億美元(約新台幣<span lang="EN-US">7.3</span>兆元)的淨資產,名列排行榜首位,從年初至今,財富增加近<span lang="EN-US">1010</span>億美元。位居第<span lang="EN-US">2</span>的阿爾諾財富累計<span lang="EN-US">1790</span>億美元,距離年初增加了<span lang="EN-US">173</span>億美元,他也是全球<span lang="EN-US">10</span>大富翁唯一<span lang="EN-US">1</span>位不是美國人,阿爾諾是法國人。另外,法國萊雅(<span lang="EN-US">L</span>’<span lang="EN-US">Oreal</span>)集團貝登古<span lang="EN-US">-</span>麥爾斯(<span lang="EN-US">Francoise Bettencourt-Meyers</span>),是最富有女性,以<span lang="EN-US">999</span>億美元位列第<span lang="EN-US">12</span>名。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">而第<span lang="EN-US">3</span>名的貝佐斯淨資產<span lang="EN-US">1780</span>億美元,雖然距離年初增加資產<span lang="EN-US">712</span>億美元,但和上次的數字變化相比,少了<span lang="EN-US">192</span>億美元。至於原本要和馬斯克展開格鬥大賽的臉書母公司<span lang="EN-US">Meta</span>執行長祖克柏則是排名第<span lang="EN-US">6</span>,財富累積至<span lang="EN-US">1290</span>億美元,距離年初增加了<span lang="EN-US">838</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣首富、廣達董事長林百里以淨資產<span lang="EN-US">107</span>億美元(約新台幣<span lang="EN-US">3283</span>億元)在榜上排行第<span lang="EN-US">199</span>位。長春集團總裁林書鴻則以<span lang="EN-US">78.5</span>億美元,排名<span lang="EN-US">309</span>,位居台灣第<span lang="EN-US">2</span>。而排名<span lang="EN-US">317</span>的宏福實業(製鞋)張聰淵淨資產為<span lang="EN-US">76.3</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於中國方面,農夫山泉董事長鍾睒睒成為中國首富,財富累計<span lang="EN-US">673</span>億美元,在全球富豪榜上排行第<span lang="EN-US">20</span>;其次為拼多多創始人黃崢,全球排行<span lang="EN-US">23</span>,淨資產<span lang="EN-US">509</span>億美元;第<span lang="EN-US">3</span>為熱門短影音平台<span lang="EN-US">TikTok</span>母公司字節跳動的創辦人張一鳴,以<span lang="EN-US">423</span>億美元,全球排行<span lang="EN-US">31</span>。此外,網路巨頭騰訊董事會主席馬化騰淨資產<span lang="EN-US">338</span>億美元,排名<span lang="EN-US">44</span>;而阿里巴巴集團創始人馬雲全球排名<span lang="EN-US">50</span>,淨資產<span lang="EN-US">299</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、馬斯克的成就無人可及<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、他有跨領域經營的長才<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、他有很強的執行力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、他親力親為,同時經營很多公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、全世界的富豪財富都有進一步增加<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">小摩<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯洪啟原,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">28</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">摩根大通(<span lang="EN-US">JPMorgan Chase</span>,小摩)囊括美國銀行界今年前九個月獲利的近<span lang="EN-US">20%</span>,顯示這家華爾街投銀利用金融業這一年來的動盪,鞏固在業界的主導地位。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)根據產業追蹤業者<span lang="EN-US">BankRegData</span>的資料計算,小摩的美國銀行子公司今年前九個月獲利達<span lang="EN-US">389</span>億美元,占銀行業獲利總和的<span lang="EN-US">18%</span>。如果這種獲利態勢延續至<span lang="EN-US">2023</span>年底,將是小摩自<span lang="EN-US">2009</span>年以來再度創下這麼高的占比,當年許多銀行仍努力從金融危機中復甦。富國銀行(<span lang="EN-US">Wells
Fargo</span>)的分析師梅約說:「摩根大通是巨人中的巨人。」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這些資料並不全面,只統計在美國聯邦存款保險公司(<span lang="EN-US">FDIC</span>)有擔保存款的子公司獲利、小摩的商業及零售銀行獲利,以及小摩部分投銀和交易部門獲利。並非所有小摩的競爭對手都這樣計算獲利。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但無論如何,這些資料顯示,小摩執行長戴蒙已利用收購機會(包括今年<span lang="EN-US">5</span>月收購第一共和銀行)以及競爭對手的失誤,將小摩打造成為美國最大銀行的地位,以幾乎所有衡量標準,小摩都是全美最大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">小摩收購第一共和銀行的交易產生了立竿見影的效益。根據<span lang="EN-US">BankRegData</span>的數據,在交易完成時的<span lang="EN-US">2023</span>年第<span lang="EN-US">2</span>季,美國銀行業所申報的每<span lang="EN-US">1</span>美元獲利中,小摩賺了其中近<span lang="EN-US">20</span>美分,高於一年前的<span lang="EN-US">12</span>美分。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,小摩的同業也犯了一些錯誤。美銀大量投資美債導致帳面損失超過<span lang="EN-US">1,000</span>億美元;富國銀行自<span lang="EN-US"> 2018</span>年起就被設定了資產上限,做為其員工開設數百萬個虛假帳戶的懲罰,這削弱了其獲利能力;在經歷了多年來業績表現不盡人意後,花旗正在經歷痛苦的整頓。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">戴蒙自<span lang="EN-US">2006</span>年接任小摩<span lang="EN-US">CEO</span>時,小摩的存款約占美國銀行業的<span lang="EN-US">8%</span>,落後美銀、僅稍微領先花旗。如今十幾年過去,小摩的存款高達<span lang="EN-US">2.5</span>兆美元,占美國銀行業存款比重逾<span lang="EN-US">13%</span>,超車同期存款僅稍微增加的美銀。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、摩根大通是美國經營管理最佳銀行<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、囊括美國銀行界<span lang="EN-US">2023</span>年前九個月獲利的近<span lang="EN-US">20%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、獲利非常驚人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、小摩併購第一共和銀行非常成功<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、摩根大通並沒有犯任何嚴重錯誤<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">美光晉華<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 賴瑩綺,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">作為中美科技戰指標案例之一,美國記憶體大廠美光科技(<span lang="EN-US">Micron
Technology</span>)先前努力修復與中國的關係。美光<span lang="EN-US">24</span>日宣布與中國政府支持的競爭對手福建晉華集成電路,已就智財權盜竊訴訟案達成全球和解協定。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美光發言人在電郵中稱,「兩家公司將在全球各自撤回對對方的告訴,結束雙方之間的所有訴訟」,但並未說明更多資訊與細節。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">業界人士則認為,雙方和解後,預料不致對走揚的記憶體價格產生衝擊。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合外媒<span lang="EN-US">24</span>日報導,科技戰背景下,美國多管齊下阻止中國獲得最先進的半導體和晶片製造技術,而美光的角色,被中方認定是美方打擊中國存儲產業的推手之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">今年<span lang="EN-US">3</span>月,中國網信辦對美光產品實施網路安全審查,<span lang="EN-US">5</span>月更以網路安全疑慮為由禁止「關鍵基礎設施」的中國營運商採用美光的晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美光表示,中方禁令讓其與中國客戶相關的銷售,約有一半受到影響。美光全球營收約有四分之一來自中國與香港。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此後為安撫北京,美光<span lang="EN-US">6</span>月宣布對中國加大投資,計畫在未來幾年中對其位於中國西安的封裝測試廠投資逾人民幣<span lang="EN-US">43</span>億元。美光決定收購力成半導體(西安)的封裝設備,計畫在美光西安工廠加建新廠房,並引進全新且高性能的封裝和測試設備。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美光<span lang="EN-US">CEO</span>梅羅特拉(<span lang="EN-US">Sanjay
Mehrotra</span>)更在<span lang="EN-US">7</span>月、<span lang="EN-US">11</span>月訪中,中國商務部長王文濤<span lang="EN-US">11</span>月曾表示,歡迎美光繼續扎根並深耕中國市場,並在遵守中國法律法規前提下實現更好發展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導稱,美光與福建晉華的訴訟緣起<span lang="EN-US">2016</span>年,當時台灣聯電與福建晉華簽署技術合作協定,協助晉華開發<span lang="EN-US">32</span>奈米<span lang="EN-US">DRAM</span>相關製程技術。之後美光的三名高階主管轉任聯電,引發商業間諜案疑雲。<span lang="EN-US">2017</span>年,美光指控聯電盜取商業祕密,並與福建晉華合作分享這些內容。當時川普政府將晉華列入實體名單,不准美國零組件業者向其供貨。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2021</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年,聯電與美光宣布和解,聯電在與美國檢察官達成的協議中認罪,檢方同意放棄經濟間諜和共謀的重罪指控,但美國司法部卻未解決福建晉華案。事隔兩年,中美關係自<span lang="EN-US">11</span>月中旬「習拜會」後有緩和跡象,美光與福建晉華終於達成和解。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美光正努力修復與中國的關係<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、說明中國市場的重要性<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、輝達也不願意放棄中國市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、美國跟中國正走向和解<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、特別是在半導體領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">環球動畫<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯陳律安,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">環球影業旗下照明娛樂製作的動畫片「飛鴨向前衝」<span lang="EN-US">22</span>日在北美首映,單日票房近<span lang="EN-US">600</span>萬美元,預料在美國上映首周末票房為<span lang="EN-US">2,500</span>萬美元,比自家預估的表現還亮眼。環球影業近來一連串動畫片的亮眼表現,不僅讓過去在動畫產業獨占鰲頭的迪士尼相形遜色。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">「飛鴨向前衝」劇情為一群新英格蘭的鴨子家族離開原本居住的池塘,前往牙買加,但最後在紐約市落腳,首周末票房雖可能比不上環球影業「超級瑪利歐兄弟電影版」的破億美元、以及最新小小兵電影的成績,但可望媲美自家的「鞋貓劍客<span lang="EN-US">2</span>」;「鞋貓劍客<span lang="EN-US">2</span>」上映好幾個月的全球票房將近<span lang="EN-US">5</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Comscore</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資深媒體分析師德賈拉貝迪恩指出,「飛鴨向前衝」擁有良好口碑與影評,將必須以長期表現評斷,而非上映首周末票房。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">相較下,迪士尼最新動畫片「星願」未能引起觀眾共鳴,在感恩節五天連假北美票房為<span lang="EN-US">3,160</span>萬美元,最終北美累積票房為<span lang="EN-US">5,520</span>萬美元,全球票房<span lang="EN-US">1.27</span>億美元。但該片未包含行銷支出的預算便高達<span lang="EN-US">2</span>億美元,因此迪士尼在這部電影上賠錢。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在新冠疫情爆發後,電影院被迫關閉,迪士尼為充實<span lang="EN-US">Disney+</span>串流平台的內容,使創意團隊疲於奔命,也在疫情期間讓院線電影直接數位發行,導致想看迪士尼新片的家長選擇在串流平台上看,而非電影院。外界也認為迪士尼的內容太重視孩童不理解的社會議題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">同時,環球影業旗下的兩大動畫工作室照明娛樂與夢工廠大放異彩。照明娛樂在去年上映的「小小兵<span lang="EN-US">2</span>:格魯的崛起」,全球票房<span lang="EN-US">9.42</span>億美元,夢工廠的「鞋貓劍客<span lang="EN-US">2</span>」票房也達到<span lang="EN-US">4.85</span>億美元,照明娛樂的「超級瑪利歐兄弟電影版」今年票房更衝破<span lang="EN-US">13</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Exhibitor Relations</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">資深票房分析師柏克說:「簡單來說,照明娛樂唯一的使命就是娛樂。它們的動畫電影美好又簡潔,家庭觀眾能領會。迪士尼有時試圖在動畫長片塞進太多意圖,近來已看不到動畫片的簡單明瞭。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">環球影業也不斷重啟以往備受歡迎的故事和角色。<span lang="EN-US">2016</span>年來,照明娛樂所推出的影片都是系列電影,夢工廠最近十部動畫片中,只有三部是原創故事。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、動畫過去由迪士尼獨占鰲頭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、但迪士尼這兩年表現不佳<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、環球照明的動畫異軍突起<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、投資者已經疲憊傳統動畫英雄的模式<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來動畫需要有人情味或特色<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">自駕輔助<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 康彰榮,<span lang="EN-US">113</span>年<span lang="EN-US">01</span>月<span lang="EN-US">01</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據市調機構<span lang="EN-US">Canalys</span>最新報告,<span lang="EN-US">2023</span>年全球配備<span lang="EN-US">L2</span>+<span lang="EN-US">ADAS</span>(先進駕駛輔助系統)的輕型車銷售量達<span lang="EN-US">200</span>萬輛,其中中國大陸市場占有率和滲透率均居全球第一。報告預估,<span lang="EN-US">2024</span>年配備<span lang="EN-US">L2</span>+<span lang="EN-US">ADAS</span>輕型車銷售將倍增至<span lang="EN-US">450</span>萬輛,中國市場繼續保持領先,並帶動相關晶片廠和解決方案提供商巨大商機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國汽車工程師學會(<span lang="EN-US">SAE</span>)將<span lang="EN-US">ADAS</span>分級<span lang="EN-US">L0</span>~<span lang="EN-US">L5</span>,<span lang="EN-US">L0</span>指汽車不具備輔助功能,而目前市場上的汽車自駕系統多為<span lang="EN-US">L1</span>與<span lang="EN-US">L2</span>,<span lang="EN-US">L2</span>主要功能包括自動跟車、盲點偵測、防撞、自動緊急煞車和主動巡航定速等。<span lang="EN-US">L3</span>則是進入自動駕駛階段的關鍵分水嶺。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新浪財經報導,<span lang="EN-US">Canalys</span>報告指出,<span lang="EN-US">2023</span>年第三季,全球配備<span lang="EN-US">L2</span>+<span lang="EN-US">ADAS</span>的輕型車銷量為<span lang="EN-US">63</span>萬輛,其中,中國、美國和德國配備<span lang="EN-US">L2</span>+<span lang="EN-US">ADAS</span>的車輛銷量分別達到<span lang="EN-US">35</span>萬輛、<span lang="EN-US">17</span>萬輛和<span lang="EN-US">1.4</span>萬輛,共占全球銷量<span lang="EN-US">85</span>%,中國市場<span lang="EN-US">L2+</span>滲透率連續三個季度全球第一,在第三季達到<span lang="EN-US">5.7</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Canalys</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">預計,<span lang="EN-US">2023</span>年全球配備<span lang="EN-US">L2</span>+<span lang="EN-US">ADAS</span>的輕型車銷量可望達<span lang="EN-US">200</span>萬輛,滲透率達<span lang="EN-US">3.1</span>%。<span lang="EN-US">2024</span>年銷量估將倍增至<span lang="EN-US">450</span>萬輛,滲透率增至<span lang="EN-US">5.5</span>%,中國市場將保持全球領先地位。此外,中美德三國已布局<span lang="EN-US">L3</span>級輔助駕駛系統。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,在中國積極發展自駕車的環境下,全球汽車製造商優先選擇中國進行<span lang="EN-US">ADAS</span>功能測試和部署,期待加強與本土製造商的競爭力。例如,賓士全新<span lang="EN-US">E</span>級車率先在中國配備由本地研發團隊開發的<span lang="EN-US">L2</span>+<span lang="EN-US">ADAS</span>功能。本田也即將選擇中國作為其<span lang="EN-US">L2</span>+功能<span lang="EN-US">Sensing 360</span>的首發市場。<span lang="EN-US">Canalys</span>判斷,未來<span lang="EN-US">1</span>~<span lang="EN-US">2</span>年內,中國市場將處於高階輔助駕駛競爭重塑階段。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,中國<span lang="EN-US">ADAS</span>生態的蓬勃發展,將惠及一級供應商(<span lang="EN-US">Tier 1</span>)和晶片廠商。隨著汽車製造商越來越重視成本效益以及縮短產品從上市到交付的時間間隔,中國晶片廠商和解決方案提供商有機會迅速滿足本土需求,並在汽車製造商海外擴張的同時抓住全球市場機遇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、自駕輔助的車子愈來愈多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、中國大陸市占率全球第一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣跨入自駕車領域的廠商不多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中國大陸有完整的生態系<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國大陸自駕車生態系蓬勃發展,將匯集一級供應商及晶片商<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 楊日興,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">30</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在<span lang="EN-US">2023</span>年<span lang="EN-US">8</span>月底發表<span lang="EN-US">5G</span>旗艦手機、捲土重來的大陸資通訊大廠華為經營回歸常態,華為輪值董事長胡厚崑<span lang="EN-US">29</span>日在新年致辭宣布,年內收入預計超人民幣(下同)<span lang="EN-US">7,000</span>億元,規模較<span lang="EN-US">2022</span>年大幅反彈約逾<span lang="EN-US">9</span>%。此外,<span lang="EN-US">2024</span>年將加速產品應用鴻蒙化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合陸媒報導,華為官網<span lang="EN-US">29</span>日刊登胡厚崑<span lang="EN-US">2024</span>新年致辭,他表示,經歷數年艱困並承受嚴峻考驗,華為經營基本回歸常態,預計<span lang="EN-US">2023</span>年實現銷售收入超過<span lang="EN-US">7,000</span>億元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對各業務,胡厚崑指出,終端表現好於預期,<span lang="EN-US">ICT</span>基礎設施保持穩健,數位能源和雲有良好增長,智慧汽車解決方案競爭力顯著提升。其中,華為手機業務是近年遭受美國制裁損失慘重,而華為今年又以具體動作宣告重回手機一線戰場,收復手機失地被視為是華為營收反彈主因。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在美國制裁下,華為營收在<span lang="EN-US">2020</span>年達到頂峰,隨後兩年規模銳減。若<span lang="EN-US">2023</span>年營收規模為<span lang="EN-US">7,000</span>億元,將較<span lang="EN-US">2022</span>年的<span lang="EN-US">6,423.38</span>億元成長<span lang="EN-US">8.98</span>%。淨利潤指標也是觀察重點,<span lang="EN-US">2020</span>年前華為約在<span lang="EN-US">600</span>億元,今年規模值得關注。除預告業績,胡厚崑還公布華為<span lang="EN-US">2024</span>年重點工作。他指出,各業務聚焦價值創造,終端致力打造高階品牌與王者產品。將加大軟體生態建構,與合作夥伴加快行動應用鴻蒙化,受關注的智慧汽車要開始將技術優勢轉化成商業變現,<span lang="EN-US">ICT</span>基礎設施發揮優勢支持行業數位智慧升級,華為雲要成公司數位化底座,數位能源抓住低碳機會貢獻利潤。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">經營方面,胡厚崑表示,會繼續精簡機關與簡化管理,各業務獨自承擔經營管理責任,公司會調配資源人才到運算、雲端和數位能源等新產業部門,抓住高速增長的機會。胡厚崑強調,合規是華為發展的硬性要求,始終會堅持「一國一策」,成熟看待地緣政治變化與不同國家的政策訴求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、華為終於重新站起<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Mate 60 pro</span>手機是關鍵<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、華為打造完整鴻蒙手機作業系統<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、華為不斷創新及研發<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、華為在數位能源和雲計算布局成功,又跨足智慧汽車<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">小米<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者謝守真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">29</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">小米汽車技術發布會昨(<span lang="EN-US">28</span>)日在北京舉行,小米創始人雷軍表示,小米要經過<span lang="EN-US">15</span>到<span lang="EN-US">20</span>年的努力,成為全球前五汽車廠商,「為中國汽車產業全面崛起而奮鬥」。他在現場發布小米在電機、電池、大壓鑄、智駕、智慧座艙等領域的多項技術。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雷軍雖然事前稱「只發技術,不發產品」,但最終仍花不少時間介紹小米首款汽車「<span lang="EN-US">SU7</span>」,並且將兩輛小米<span lang="EN-US">SU7</span>無人駕駛開上發布會舞台。雷軍未交代小米<span lang="EN-US">SU7</span>的預訂、交付時間表以至售價水平,僅稱「請大家耐心等幾個月」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">自小米集團宣布進軍電動車產業以來,已超過<span lang="EN-US">1,000</span>多天。雷軍表示,小米雖然起步晚,但晚的好處是起點高。雷軍說,小米經歷多年的積累,終於迎來屬於自己的跨越時刻,而汽車是小米戰略中最重要的一環。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雷軍在發布會前夕發文稱,在智慧手機時代,小米手機曾在研發模式、產業鏈組織、定價、行銷等各方面以創新之勢給業界形成巨大挑戰。而此次下場造車,小米並未以挑戰者姿態出現。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">雷軍在發表會透露,小米自動駕駛目標是在<span lang="EN-US">2024</span>年進入業界第一陣營,並稱要於明年底開通<span lang="EN-US">100</span>個城市的領航自動輔助導航駕駛(<span lang="EN-US">Navigate On Autopilot</span>,<span lang="EN-US">NOA</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他透露,小米在自動駕駛方面第一期總投資人民幣<span lang="EN-US">33</span>億,現在已追加至人民幣<span lang="EN-US">47</span>億,專屬團隊規模超過<span lang="EN-US">1,000</span>人。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、小米是中國最傑出的公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、小米以中國的蘋果自居<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、小米跨足汽車產業是非常重大的決定<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、小米電動車即將正式推出<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、挑戰是,小米進入電動車市場時間已晚<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p style="margin: 0cm;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 黃欣,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">28</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國在電動車領域布局正步步進逼美國。除了鋰電池相關技術遙遙領先,就連整車銷量也快速增長。外媒指出,預估明年中國最大電動車廠比亞迪的銷售額將達<span lang="EN-US">1,120</span>億美元,而特斯拉為<span lang="EN-US">1,140</span>億美元,比亞迪更有機會再一些指標超越特斯拉,躍居全球電動車銷量龍頭寶座。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外媒報導,以乘用車出口來說,中國在過去幾年已超越美國、韓國和德國,正與日本競爭全球領先地位。今年截至<span lang="EN-US">10</span>月底,從中國出口的<span lang="EN-US">360</span>萬輛汽車中,約有<span lang="EN-US">130</span>萬輛是電動汽車,而比亞迪、上汽集團等中國車企更已在全球市場取得顯著成績。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導引述對沖基金<span lang="EN-US">Snow Bull Capital</span>中國業務主管<span lang="EN-US">Bridget McCarthy</span>表示,汽車業的競爭格局已超越車企規模和傳統實力的範疇。他強調,「比亞迪很久就已開始準備,這使得該公司以超出外界想像的速度領先,現在行業內的其他公司都不得不競相追趕」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前特斯拉在收入、利潤和市值等關鍵指標上仍優於比亞迪。但有分析師預計明年部分指標的差距將大幅縮小,預估明年特斯拉銷售額將達到<span lang="EN-US">1,140</span>億美元,比亞迪料將為<span lang="EN-US">1,120</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,比亞迪今年<span lang="EN-US">7</span>月已在深圳獲得高快速路段有條件自動駕駛(<span lang="EN-US">L3</span>級)測試牌照,也是中國首家拿到該級別測試牌照車企。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪正式超越特斯拉<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、特斯拉在收入和利潤仍優於比亞迪<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、比亞迪數量上追居特斯拉,是了不起的成就<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、比亞迪在新興市場也會超越特斯拉<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、這讓特斯拉很不是滋味<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">自駕車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">27</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸各城市正掀起<span lang="EN-US">NOA</span>(<span lang="EN-US">Navigate
On Autopilot</span>,自動輔助導航駕駛)「開城大戰」,具體來看,大陸已有北京、上海、廣州等<span lang="EN-US">30</span>多個城市發放了自動駕駛路測牌照。專家指出,大陸有條件自動駕駛(<span lang="EN-US">Level 3</span>,<span lang="EN-US">L3</span>級)技術將加速落地,「標配智駕」時代已經來臨。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據證券日報報導,繼賓士、<span lang="EN-US">BMW</span>等外資汽車品牌官宣獲得自動駕駛測試牌照後,長安汽車、極狐汽車、深藍汽車、阿維塔等大陸汽車廠商最近也紛紛宣布,成功獲得高快速路<span lang="EN-US">L3</span>級測試牌照。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Level 3</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">是指車輛可自動完成部分駕駛任務,在一定條件下可以監控駕駛環境,當汽車偵測到需要駕駛人時會立即讓駕駛人接管後續控制,因此駕駛人必須隨時準備接手系統無力處理的狀況。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">賓士成為首批獲批北京市<span lang="EN-US">L3</span>級高速公路道路測試牌照的企業之一。賓士相關負責人指出,獲批<span lang="EN-US">L3</span>級高速公路道路測試牌照後,將在北京啟動指定高速公路的有條件自動駕駛系統實測。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">BMW</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">集團搭載<span lang="EN-US">L3</span>級別自動駕駛功能的車輛,也已在上海正式獲得高快速路自動駕駛測試牌照,未來將在指定區域開展<span lang="EN-US">L3</span>高快速路自動駕駛道路測試,並在適當時機推出搭載<span lang="EN-US">L3</span>自動駕駛功能的產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸本土汽車品牌長安汽車已拿到<span lang="EN-US">17</span>張高快速路的<span lang="EN-US">L3</span>級自動駕駛道路測試牌照,主要涉及的是旗下深藍和阿維塔的車型,成為最早且單批次最多獲得高快速路<span lang="EN-US">L3</span>級自動駕駛測試牌照的企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">民生證券分析師崔琰預測,<span lang="EN-US">2024</span>年智慧駕駛將從消費端認知到購買轉化的重要時刻。標配智駕時代已來,能夠找準差異化賣點、智慧駕駛技術領先的頭部車企將在未來幾年內形成差異化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">崔琰進一步表示,拿到測試牌照只是車企邁向<span lang="EN-US">L3</span>級的第一步,但距離<span lang="EN-US">L3</span>級自動駕駛技術實現普及仍有很長的路要走。<span lang="EN-US">L3</span>測試牌照的開放,也將督促車企加快補齊本身智慧駕駛能力的弱項,未來智慧駕駛的競爭只會更加激烈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">信達證券汽車行業首席分析師陸嘉敏表示,<span lang="EN-US">L3</span>自動駕駛測試的逐漸落地,將推動高階智慧駕駛進一步反覆運算,新勢力、自主品牌、傳統豪華品牌對高階智慧駕駛的重視程度均有較大提升,智慧駕駛也將成為車主購車的重要考慮因素。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但江西新能源科技職業學院新能源汽車技術研究院院長張翔卻認為,自動駕駛距離實現商業化還有很長的路要走。首先是智慧網聯道路占比仍較低;其次是技術不成熟;最後是政策有待進一步完善。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、大陸已經有<span lang="EN-US">30</span>多個城市開放自駕車牌照<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、連賓士、<span lang="EN-US">BMW</span>外資品牌也獲得自駕車測試牌照<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、目前是<span lang="EN-US">L3</span>,意指車輛可自動完成部分駕駛任務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、但距離商業化還有很長的路要走<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中國主導未來自駕車全球生態系<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者陳宥菘、葉文義,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據界面新聞報導,比亞迪並未透露投資規模以及工廠產能等資訊。英國《金融時報》報導稱,這項投資案金額將達數十億歐元,未來規劃於該廠製造電動車及電動車電池。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此前,比亞迪已經在匈牙利建有工廠。早在<span lang="EN-US">2016</span>年,比亞迪便宣布在匈牙利北部城市科馬羅姆建造大巴製造廠。次年,該工廠正式落成並投產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">匈牙利的汽車工業發展歷史悠久,擁有成熟的基礎設施和產業鏈配套。全球二十大汽車製造商中,有超過<span lang="EN-US">14</span>家在匈牙利建立整車製造工廠和汽車零部件生產基地。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據界面新聞報導,作為第一個加入「一帶一路」倡議的歐洲國家,匈牙利近年來也成為大陸電池製造商的投資熱土,包括寧德時代、億緯鋰能、欣旺達在內的多家廠商宣布在此投資建廠。目前匈牙利動力電池產量排名居全球第四,即將上升為世界第二,僅次於中國大陸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除了比亞迪已經正式官宣在歐洲建廠的消息,上汽也計畫在歐洲建立整車工廠,並已經提上日程。此外,長安汽車和長城汽車也考慮在歐洲布局工廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪正在積極布局海外工廠,以實現全球化布局,目前已在泰國開始建設乘用電動車工廠,並計畫在巴西、歐洲等地建設新工廠。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2022</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年比亞迪宣布在泰國建設新能源汽車生產基地,是比亞迪首個海外乘用車工廠,預計將於<span lang="EN-US">2024</span>年開始運營,年產能約<span lang="EN-US">15</span>萬輛,不僅可以滲透泰國當地市場,還可以滿足周邊東協國家的需求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年<span lang="EN-US">7</span>月,比亞迪與巴西巴伊亞州政府共同宣布,雙方將在卡馬薩里市設立大型生產基地綜合體,該綜合體包括三座工廠,分別為電動客車和卡車底盤生產工廠、新能源乘用車整車生產工廠和磷酸鐵鋰電池材料加工工廠,計畫年產能達<span lang="EN-US">15</span>萬輛,計畫於<span lang="EN-US">2024</span>年下半年投產。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪還在法國、西班牙、德國等歐洲國家尋求建立整車工廠的可能性,積極部署海外製造基地,加速拓展歐洲、亞太和美洲等多個地區市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪快速成長<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、積極在歐洲布局<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、匈牙利和中國友善<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、比亞迪最近也宣布在匈牙利建廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">2022</span>年宣布在泰國建設新能源汽車生產基地<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">Vivo</span></u></b><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">印度<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者謝守真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸手機大廠進軍印度頻頻碰壁。據路透報導,印度近期以打擊「金融犯罪」為由,逮捕了兩名<span lang="EN-US">vivo</span>印度分公司的高階主管,包括<span lang="EN-US">vivo</span>印度公司的臨時執行長和財務長。<span lang="EN-US">vivo</span>表示,對印方最新的逮捕行動深感震驚,將利用法律途徑予以應對。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報導指出,一名匿名直接參與相關案件的消息人士透露,印度當地時間<span lang="EN-US">23</span>日,被捕的兩名<span lang="EN-US">vivo</span>公司高階主管被帶到位於印度德里的一家法院,隨後又被送往印度監管機構印度執法局(<span lang="EN-US">ED</span>)拘留。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">他補充到,被捕人士預計將於<span lang="EN-US">12</span>月<span lang="EN-US">26</span>日出庭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,據印度媒體托拉斯(<span lang="EN-US">PTI</span>)同日報導,有消息人士稱,被捕的除兩名高階主管外,印度還逮捕該公司的一名顧問。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對此,<span lang="EN-US">vivo</span>印度分公司發言人表示,對印方最新的逮捕行動「深感震驚」,並稱印度當局最近的拘捕行動表明,印方針對<span lang="EN-US">vivo</span>的「騷擾行為」仍在繼續,這給整個產業帶來了不確定性,該公司將堅決利用一切法律手段來應對和挑戰這些指控。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,<span lang="EN-US">vivo</span>在<span lang="EN-US">2014</span>年正式進入印度市場,並在<span lang="EN-US">2015</span>年響應印度製造的政策號召在印度建廠,廠址位於印度北部的大諾伊達地區。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">截至<span lang="EN-US">2021</span>年,<span lang="EN-US">vivo</span>在印度開設了<span lang="EN-US">650</span>個以上的服務中心,在<span lang="EN-US">500</span>多個地點開設<span lang="EN-US">vivo</span>獨立門市。到了<span lang="EN-US">2021</span>年,<span lang="EN-US">vivo</span>在印度工廠的產能已經達到每年<span lang="EN-US">6,000</span>萬支手機。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">陸媒《觀察者網》指出,自<span lang="EN-US">2020</span>年<span lang="EN-US">6</span>月以來,印度政府以國家安全為由,已封禁<span lang="EN-US">TikTok</span>、微信、<span lang="EN-US">UC</span>瀏覽器等逾<span lang="EN-US">200</span>個大陸手機應用程式。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">與此同時,多家陸企也相繼「被迫」陷入稅務風波。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此前,印度財政部於<span lang="EN-US">7</span>月<span lang="EN-US">21</span>日宣布,過去六年間包括小米、<span lang="EN-US">realme</span>、<span lang="EN-US">OPPO</span>、<span lang="EN-US">vivo</span>等大陸手機製造商共逃稅<span lang="EN-US">900</span>億盧比。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在此之前,印度警方於<span lang="EN-US">10</span>月初時指控小米和<span lang="EN-US">vivo</span>,幫助當地一家新聞網站非法轉移資金。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,該網站因被指控批評印度政府的政策等行為,正在接受調查。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">隨後,於<span lang="EN-US">10</span>月<span lang="EN-US">10</span>日,印度監管金融犯罪機構於當日拘捕了<span lang="EN-US">vivo</span>在印度的四名高階主管,其中一人為中國大陸公民。印度執法局指控這些人涉嫌洗錢。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">當時<span lang="EN-US">vivo</span>回應,<span lang="EN-US">vivo</span>在印度嚴格的遵守當地的法律法規,該公司正在密切關注近期的調查事宜,並且將採取所有可行的法律措施來應對。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中印關係不佳愈來愈嚴重<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、逮捕<span lang="EN-US">vivo</span>印度執行長和財務長,令人震驚<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">vivo</span>是非常大的企業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、兩國關係會進一步惡化<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來中印會逐漸脫鉤<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">科創板<span lang="EN-US">IPO<o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸上交所公告,知名電池企業蜂巢能源主動撤回<span lang="EN-US">IPO</span>申請,也意味目前科創板在審的最大<span lang="EN-US">IPO</span>宣告終止。該公司表示,撤回<span lang="EN-US">IPO</span>主因公司虧損連連。外界分析,面對當前複雜市場環境,與其強硬「闖關」換來不盡如人意的發行價格,策略性撤回<span lang="EN-US">IPO</span>不失為穩妥的選擇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,蜂巢能源主營電動車動力電池及儲能電池系統研發、生產和銷售。該公司<span lang="EN-US">2018</span>年正式從長城汽車分拆出來。蜂巢能源近三年營業收入複合增長率高達<span lang="EN-US">139.6%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">但蜂巢能源表示,由於當前研發投入強度較高、產能爬坡及原材料採購價格增長等,公司尚未盈利,且存在累計未彌補虧損。數據顯示其已超過四年虧損。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蜂巢能源指出,公司綜合考慮各種因素,以公司及公司股東的最大利益為重,決定撤回<span lang="EN-US">A</span>股申請,並考慮啟動其他融資方案。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">繼先正達今年<span lang="EN-US">5</span>月終止<span lang="EN-US">IPO</span>、華虹半導體<span lang="EN-US">8</span>月成功上市之後,蜂巢能源這次募資金額達人民幣<span lang="EN-US">150</span>億元(約新台幣<span lang="EN-US">660</span>億元),該融資金額為科創板在審項目最高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蜂巢能源上市申請在<span lang="EN-US">2022</span>年<span lang="EN-US">11</span>月<span lang="EN-US">18</span>日獲得受理;<span lang="EN-US">2022</span>年<span lang="EN-US">12</span>月<span lang="EN-US">14</span>日收到首輪問詢;<span lang="EN-US">2023</span>年<span lang="EN-US">3</span>月<span lang="EN-US">23</span>日公司回覆問詢,此後未見二輪問詢或進入上市委會議環節。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據中國汽車動力電池產業創新聯盟數據顯示,<span lang="EN-US">2023</span>年前三季,蜂巢能源裝車量<span lang="EN-US">4.41GWh</span>,占比<span lang="EN-US">1.73%</span>,在大陸國內市場排名僅第八,較<span lang="EN-US">2022</span>年排名還下滑一位。目前大陸電池裝車量前三名依舊由寧德時代、比亞迪與中創新航獨霸。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">北京商報引述交易所官網數據統計,截至<span lang="EN-US">22</span>日,年內共有<span lang="EN-US">251</span>家企業終止<span lang="EN-US">A</span>股上市審核,其中鋰電產業鏈包括博石高科、西恩科技、金力股份、中興新材、惠強新材、華惠能源等多家企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">鳳凰網財經引述<span lang="EN-US">Wind</span>數據顯示,今年創業板撤回<span lang="EN-US">IPO</span>公司數量最多,占總撤回量<span lang="EN-US">35.9%</span>,其次是科創板,撤回<span lang="EN-US">40</span>家,「雙創」板塊撤回占比<span lang="EN-US">57.1%</span>。其中科創板的撤回量是去年<span lang="EN-US">1.8</span>倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合大陸輿論對於企業撤回<span lang="EN-US">IPO</span>說法有二:一是大陸證監會在<span lang="EN-US">8</span>月表示,根據近期市場情況,階段性收緊<span lang="EN-US">IPO</span>節奏。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">二是大陸經濟復甦緩慢,許多企業業績下滑或未達標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、愈來愈多中國企業上科創板<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、蜂巢能源是近年最大<span lang="EN-US">IPO<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、蜂巢能源沒有獲利<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、電動車電池進入戰國時代<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、蜂巢能源在中國市場排名僅第八,缺乏競爭力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">韓流方程式<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯吳孟真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓國流行音樂天團防彈少年團(<span lang="EN-US">BTS</span>)所屬經紀公司<span lang="EN-US">Hybe</span>,在加速全球併購行動之際,計劃向美國輸出培養流行藝人的「韓流產製體系」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">英國金融時報(<span lang="EN-US">FT</span>)報導,<span lang="EN-US">Hybe</span>執行長朴智元表示,正在世界各地獵尋品牌標的,從而和環球音樂(<span lang="EN-US">Universal Music Group</span>)及<span lang="EN-US">Sony</span>等產業巨擘相競爭。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Hybe</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">旗下的六人女團「<span lang="EN-US">Katseye</span>」明年將在美國出道,象徵首度在海外測試其模式。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">朴智元說,這個美國團體是為了「全球化並在地化韓流模式」,「我們希望<span lang="EN-US">Katseye</span>能在美國成功,證明培訓高品質藝人的韓流成功方程式,不管地區和國籍都能奏效」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">韓流已靠著靈巧的產製與時尚明星,掀起全球的熱潮。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除了擁有瘋狂粉絲,韓流藝人最為人所知的,就是出道前的多年辛苦培訓。經紀公司多年來已發展出一套流程,先培訓多名具潛力的新秀,再選出正式成員組團。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">朴智元說,韓流不再只是由南韓歌手演唱的音樂,而是一種以韓式體系製作的音樂類型,<span lang="EN-US">Hybe</span>經紀公司一直努力思考如何在美國「圈粉」,他也坦承要塑造另一個像<span lang="EN-US">BTS</span>如此異軍突起的天團,並非易事,「但我們會不斷測試美國觀眾的反應」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Hybe</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近年已在美國進行一連串併購,包括<span lang="EN-US">2021</span>年以逾<span lang="EN-US">10</span>億美元收購由小賈斯汀(<span lang="EN-US">Justin Beiber</span>)前經紀人布朗創辦的<span lang="EN-US">Ithaca</span>控股公司,今年也以<span lang="EN-US">2,730</span>億韓元(<span lang="EN-US">2.1</span>億美元)收購亞特蘭大嘻哈唱片公司<span lang="EN-US">Quality Control</span>音樂,及以未公開的金額收購拉美音樂公司<span lang="EN-US">Exile Content</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">朴智元說,<span lang="EN-US">Hybe</span>正試圖拓展產品組合,創建一套以強大智財權為基礎的體系,就像環球音樂、華納音樂及<span lang="EN-US">Sony</span>,以強化在全球舞台競爭的實力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、韓國藝人走向世界<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、形成完整商業模式<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、計畫向美國輸出「韓流產製體系」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣文化事業沒有創造產值<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、政府沒有用心輔導文化產業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">小紅書<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">26</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">號稱「中國版<span lang="EN-US">Instagram</span>」的社交平台小紅書屢傳上市卻遲遲沒有新進展,昨(<span lang="EN-US">25</span>)日有消息稱小紅書或明年下半年啟動香港<span lang="EN-US">IPO</span>,今年開始有較大規模獲利。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對此,小紅書相關負責人稱暫無上市計畫,沒有更多消息透露。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博報導稱,小紅書今年或將實現約<span lang="EN-US">5</span>億美元的淨利潤,遠高於今年初公司自己預期的<span lang="EN-US">5,000</span>萬美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,<span lang="EN-US">2021</span>年底,小紅書曾完成一輪以老股東增持為主的融資,投後估值超<span lang="EN-US">200</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">《<span lang="EN-US">The Information</span>》在今年<span lang="EN-US">9</span>月援引三名消息人士說法稱,紅杉中國今年早些時候透過幾筆交易,以約<span lang="EN-US">140</span>億美元估值收購了小紅書的部分股份。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,北京商報引述商業查詢平台天眼查的訊息顯示,小紅書已獲得六輪融資。最近一次融資發生在<span lang="EN-US">2021</span>年<span lang="EN-US">11</span>月,小紅書獲得了來自阿里、騰訊等投資方共<span lang="EN-US">5</span>億美元的融資。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">公開資料顯示,小紅書由毛文超和瞿芳於<span lang="EN-US">2013</span>年在上海創立,以「<span lang="EN-US">Inspire Lives </span>分享和發現世界的精彩」為使命,該平台讓用戶通過短影音、圖文等形式記錄生活點滴,分享生活方式,且基於興趣形成互動,普通人也能在此分享「好物」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">目前小紅書月活躍用戶(<span lang="EN-US">MAU</span>)達<span lang="EN-US">2.6</span>億人,人均單日使用時長從(<span lang="EN-US"> 2018 </span>年)<span lang="EN-US">26.49</span>分鐘上升至(<span lang="EN-US">2022
</span>年)<span lang="EN-US">55.31 </span>分鐘。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,小紅書官方數據顯示,超<span lang="EN-US">60%</span>日活用戶每天都會在小紅書主動搜索,日均搜索查詢量接近<span lang="EN-US">3</span>億次,小紅書每天發布筆記達<span lang="EN-US">300</span>萬篇。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、小紅書號稱「中國版<span lang="EN-US">Instagram</span>」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、中國互聯網不再去美國上市<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、未來將以香港上市為重點<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、小紅書月活躍用戶已達<span lang="EN-US">2.6</span>億人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來中國版<span lang="EN-US">IG</span>引人注目<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">誠品生活<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者朱曼寧,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">25</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">營運<span lang="EN-US">18</span>年的誠品信義店昨(<span lang="EN-US">24</span>)日熄燈,誠品生活(<span lang="EN-US">2926</span>)董事長吳旻潔昨天表示,仍將積極擴大規模展店,主因看到國內市場仍有大量年輕人有閱讀需求,因此將持續採取大小店並進的展店策略,在疫情常態化,實體店面逐漸回溫下,明年營收有望成長<span lang="EN-US">15%</span>至<span lang="EN-US">20%</span>以上,力拚營運轉虧為盈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">吳旻潔指出,觀察國內其實很多人都有閱讀需求,尤其台灣的年輕人非常愛閱讀,因此誠品才會不斷展店,甚至擴展到海外市場,包括中國大陸、香港、吉隆坡、東京等地。而台灣近幾年,特別是疫情後,還是有大量人口有閱讀需求,甚至還有年輕讀者提到,希望未來台灣可以變成書香之島,這些都讓她看到實體書的希望。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">吳旻潔談話重點<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">吳旻潔談話重點<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">明年展店目標方面,吳旻潔表示,一樣會大小店同步並進,像近期誠品新店店開幕後,就發現民眾對於書店的需求增加,因此明年除誠品松菸店會擴大成為擁有<span lang="EN-US">10</span>萬種書籍的<span lang="EN-US">24</span>小時書店外,南西店、新店店也有約<span lang="EN-US">5</span>萬至<span lang="EN-US">10</span>萬種書籍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另外,台中誠品生活<span lang="EN-US">480</span>預計明年<span lang="EN-US">3</span>月正式開幕、誠品台南碳佐麻里店預計明年第<span lang="EN-US">4</span>季開幕。在社區型店面方面,預計每年會開出五、六家左右,書目約在<span lang="EN-US">8,000</span>至<span lang="EN-US">1</span>萬左右。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">展望未來,吳旻潔指出,過去兩年誠品經營比較辛苦,但隨著實體通路回溫,今年營收有望超過<span lang="EN-US">220</span>億元,明年可望再成長<span lang="EN-US">15%</span>至<span lang="EN-US">20%</span>,預期明年營運可望轉盈。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">至於誠品線上業務方面,吳旻潔表示,誠品生活投資電商平台加上物流的第二曲線還可繼續努力,主要是誠品線上的會員多數還是實體會員,希望營收可達<span lang="EN-US">30</span>億元,就能夠達到損益兩平,而實體店可為線上帶來客群,因此未來會追求圖書的品項更完整、產品更精緻,針對會員做出更優質回饋,希望在二、三年時間內,誠品線上就可以自給自足。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">針對明年景氣看法,吳旻潔指出,並沒有看的太好,因為世界很混亂、變數很多,所以每一步都要相當穩健,從經營面來說,對於固定費用的投資都還是要保守跟謹慎。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; color: black; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-color-alt: windowtext; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、誠品信義店關門,讓人非常遺憾<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、未來誠品採取大小店並進<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、國內市場仍有大量年輕人閱讀需求<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、超大型的店不會再開<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、小店會不斷增加<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-64105532073958058072024-01-05T13:18:00.004+08:002024-01-05T13:18:27.706+08:00正確理解ECFA 提前因應布局<p>正確理解ECFA 提前因應布局</p><p>工商時報 黃齊元</p><p><br /></p><p>中國大陸近期公布貿易壁壘調查結果,認定台灣對大陸存在貿易壁壘,同時中止原本列入ECFA免關稅優惠的12項石化產品。</p><p><br /></p><p>兩岸由於政治對立,所引發的貿易衝突,現已升級成危機。蔡政府表示,這些項目只占總出口很小比率,對台灣影響不大。這對於傳統產業,特別是石化、紡織、機械等業者來說,相當不公平。因為對這些個別產業而言,受創相當嚴重,連石化龍頭台塑也無法承受,要求政府和對岸盡快協商、解決問題。</p><p><br /></p><p>大陸公布ECFA台灣貿易壁壘調查結果,乃系統性針對台灣選舉可能發展情況,所祭出的經濟手段。工總理事長苗豐強呼籲,政府應坐下來談,找出問題所在。但這是無解題,如同以哈戰爭,特別是民進黨當選情況下。企業必須了解國際地緣政治現實,進行兩岸關係沙盤推演,正確理解大陸想法,預做因應,有以下幾個重點:</p><p><br /></p><p>■ECFA是政治問題,更壞的情況恐在後頭</p><p><br /></p><p>第一、ECFA政策本質在於政治,並非單純經濟。兩岸經濟量體並不對等,大陸其實不在乎台灣市場、也同意讓利,但無法忍受民進黨政府經濟上維持兩岸交流,政治上走向獨立的兩面作為。大陸操作ECFA議題,前提是「九二共識」;根據目前選舉情勢,企業唯有加速規劃全球布局,更壞的狀況還在後頭!</p><p><br /></p><p>第二、「去風險化」是全球共識,也是現在進行式。全世界國家,儘管政治上對中國有諸多批評,但沒有人敢「脫鉤」,僅強調「去風險化」、集中特定領域,其餘產業維持現狀甚至擴大交流,類似「小院高牆」策略。民進黨號稱無意和中國脫鉤,但彼此沒有對話,只有隔空喊話,走向徹底脫鉤,企業風險急遽升高。</p><p><br /></p><p>第三、中國大陸操作ECFA,兼具「戰略」與「戰術」。這次貿易壁壘調查,台灣希望訴諸WTO,但大陸置之不理,強調純屬兩岸事務,而且抗議源自大陸國企,因此算經濟行為,與政治無關。</p><p><br /></p><p>大陸選擇性縮小打擊面,精準選擇對象,成功對台灣傳遞重大訊息,但並非無目標性全面制裁。選擇石化產業開刀,因為金額夠大,直接影響行業龍頭台塑集團。接下來再針對紡織、機械等產業,均可達到類似效果。政府表示ECFA項目占台灣整體出口全額很小,是相當不負責任的說法,證明近年重科技、輕傳產及服務業的傾向。</p><p><br /></p><p>第四、ECFA議題將影響台灣經濟「區域化」布局。在「去全球化」潮流下,「區域化」成為主流趨勢。台灣和中國大陸都申請加入CPTPP,兩岸經貿正常往來,是加入CPTPP前提。中國大陸操作ECFA議題另一個目的,是讓國際社會理解,台灣過去並未遵守國際貿易互惠原則。</p><p><br /></p><p>大陸對台策略正在轉變,從過去「攻台」和「惠台」,逐漸轉移到「窮台」和「困台」。ECFA操作很明顯是屬於後兩者,未來會更普遍。這不僅對台灣某些產業會造成衝擊,對於台灣加入區域性經貿組織也有影響,可謂一石二鳥。政府除了指責中共陰謀外,並無具體應對作為,企業面臨情勢將更險峻。</p><p><br /></p><p>過去不管裴洛西來訪、美國軍售,或是立陶宛挺台,大陸都激烈抗議,反而在國際上引起對中共批評反效果,導致更多友邦支持台灣。但這次ECFA事件,不見有任何國家站出來為台灣發聲,誰比較有理?一目了然。</p><p><br /></p><p>■大陸加大開放力度,兩岸唯有談判一途</p><p><br /></p><p>第五、大陸正走向全方位高水平開放。最近習近平視察上海,國務院發布上海自貿區「制度型開放總體方案」。同以往商品和要素流動型開放相比,「制度型開放」是一種更高層次的開放,符合國際經貿合作規則。台灣在探討ECFA對策時,必須了解大陸制度型開放的背景與走向。</p><p><br /></p><p>近期大陸經濟不佳,吸引外資成為重點,市場開放力度更大。由這點來看,中國完全可以向全世界證明,正走向全面開放市場。相較於台灣,即使在大陸片面讓利情況下,仍極力封鎖大陸產品進口。因此,大陸可以理直氣壯提出證據,作為其加入CPTPP有力支持。</p><p><br /></p><p>台灣政府近年積極分散市場,固然是正確的方向,但並沒有處理及解決兩岸貿易問題。兩岸未來貿易絕不可能降到零,如果台灣覺得大陸只有ECFA可以些微影響台灣,不願意認真談判,恐怕未來還有更大的危機會發生!</p><div><br /></div>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-7394410751282999402024-01-03T23:12:00.001+08:002024-01-03T23:12:07.533+08:00 酷澎、拼多多掀「低價零售戰」!資深投行家:台商優勢來了<p> 酷澎、拼多多掀「低價零售戰」!資深投行家:台商優勢來了</p><p><br /></p><p>年關將近,大家都在回顧2023年經濟並預測2024年走勢。撇開地緣政治以及市場動盪不談,有一點可以確定,全世界包括台灣在內,貧富差距正在加大。這也導致消費者購物習慣改變。</p><p><br /></p><p>最近韓國零售巨頭酷澎(Coupang),宣布以5億美元收購頂尖時尚精品電商Farfetch的業務及資產。酷澎去年進入台灣,積極採取補貼策略,呈現摧枯拉朽之勢,很類似幾年前蝦皮進入台灣市場的情況。從酷澎的購併可以看得出來,他是要兩端通吃。不僅低價搶占市場,高端奢侈精品也不放過。</p><p><br /></p><p>近期中國電商平台拼多多市值一度超越阿里巴巴,引起話題。拼多多靠著低價團購崛起,和阿里、京東並列中國電商平台3巨頭。進軍歐美市場的電商平台Temu,成功擠下亞馬遜,成為美國人最愛用的購物App。Temu走低價策略,在經濟不景氣的時期,吸引大量荷包不充裕的歐美民眾成為用戶。</p><p><br /></p><p>Shein是「超快時尚」風格先驅者之一,近年也曾經成為美國下載量最大的購物App,主要目標客戶是青少年和年輕女性群體。</p><p><br /></p><p>由以上幾個案例可以看得出來,全世界經濟持續衰退,消費者行為發生改變,呈現兩極化走勢。平價商品大賣,但有錢人變得比以前更有錢,因此高端精品業生意也很好,真正受到壓縮的是中階產品。</p><p><br /></p><p>但也不是所有高價品都受到歡迎,2023年有幾個高端品牌倒閉的例子。其中之一是荷蘭「腳踏車界的特斯拉」VanMoof,是歐洲最高檔自行車,因成本高昂而破產;除此之外上海的寶格麗精品酒店,一晚要價台幣2萬6000元,因經營困難不得不關門。</p><p><br /></p><p>未來,消費者需要的是更好的商品、更優惠的價格,也就是「性價比」,台灣正是這一方面的專家,2024年將是台灣企業大展身手的年代!</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-60631929976614077792024-01-03T18:15:00.002+08:002024-01-03T18:15:45.671+08:00網購,科技七雄,OpenAI,全球併購,必治妥,阿里,華為去安卓,小米,華為智選車,大模型測試,人民幣,陸整頓網遊,鴻海,比亞迪,EcoPro,星國充電站,日本製鐵,酷澎,網路銷售,電信業影視<p><a name="_Hlk76402598"><b><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">理事長的話:網購<span lang="EN-US">,</span>科技七雄<span lang="EN-US">,OpenAI,</span>全球併購<span lang="EN-US">,</span>必治妥<span lang="EN-US">,</span>阿里<span lang="EN-US">,</span>華為去安卓<span lang="EN-US">,</span>小米<span lang="EN-US">,</span>華為智選車<span lang="EN-US">,</span>大模型測試<span lang="EN-US">,</span>人民幣<span lang="EN-US">,</span>陸整頓網遊<span lang="EN-US">,</span>鴻海<span lang="EN-US">,</span>比亞迪<span lang="EN-US">,EcoPro,</span>星國充電站<span lang="EN-US">,</span>日本製鐵<span lang="EN-US">,</span>酷澎<span lang="EN-US">,</span>網路銷售<span lang="EN-US">,</span>電信業影視</span></u></b></a></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">網購<span lang="EN-US"><o:p></o:p></span></span></u></b></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 佘葳芸,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">21</span>日</span></span></span><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體 Light",sans-serif;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">自疫情創高峰後,沉寂二年的美國線上消費能量,在<span lang="EN-US">2023</span>年年終購物季再次捲土重來。外媒統計,有<span lang="EN-US">57</span>%的美國人將網路購物列為購買耶誕禮物的前二項方式,而亞馬遜(<span lang="EN-US">Amazon</span>)則是六年來蟬聯購物網站霸主。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">美媒<span lang="EN-US">CNBC</span>全美經濟調查顯示,美國民眾在購買耶誕禮物時,<span lang="EN-US">57</span>%會將網購列入前兩種消費方式。這項數據曾在<span lang="EN-US">2020</span>年疫情最嚴峻時期達<span lang="EN-US">55</span>%破紀錄,在二年後回落至<span lang="EN-US">51</span>%,今年反彈至<span lang="EN-US">57</span>%,再創歷史新高。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">調查指出,線上消費總金額較高的族群中包含<span lang="EN-US">50</span>歲以上的女性,該族群在年終購物計畫的支出低於平均值,且較憂慮通膨和整體經濟情況,且與<span lang="EN-US">18</span>~<span lang="EN-US">49</span>歲的年輕女性相比,該族群在網上購物的次數較少。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">另一方面,收入低於<span lang="EN-US">30,000</span>美元,以及僅<span lang="EN-US">200</span>美元禮物預算(遠低於平均值<span lang="EN-US">1,300</span>美元)的人,在網路的支出比去年更多。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">外媒分析,<span lang="EN-US">2023</span>年增加網購支出的人可能是為尋找更實惠的價格,負責這項調查的市調機構專家<span lang="EN-US">Micah
Roberts</span>指出,「我們從其他數據可以得知,通膨是人們調整支出的主要因素之一。」<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">另外,調查顯示美國人今年計畫借款來支付禮物的比例與往年大致相同,有<span lang="EN-US">10</span>%民眾表示將使用「先買後付」方式。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">網購支出隨消費族群不同有所變化,然而選擇消費的網站平台則是相當一致的首選亞馬遜(<span lang="EN-US">Amazon</span>)。<span lang="EN-US">CNBC</span>指出,自六年前首次執行這項民調以來,亞馬遜一向為線上購物的第一選擇,無人能出其右,且從<span lang="EN-US">2017</span>年<span lang="EN-US">35</span>%翻倍至今年的<span lang="EN-US">74</span>%,與去年持平,但低於<span lang="EN-US">2019</span>年的高點。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";">唯一的競爭對手沃爾瑪(<span lang="EN-US">Walmart</span>)則小幅增長,從<span lang="EN-US">2022</span>年的<span lang="EN-US">12</span>%上升至<span lang="EN-US">16</span>%。專賣店如手工藝品網購平台<span lang="EN-US">Etsy</span>和當地商店網站,也從<span lang="EN-US">8</span>%成長至<span lang="EN-US">14</span>%。<span lang="EN-US"><o:p></o:p></span></span></span></span></p>
<p class="MsoNormal"><span style="mso-bookmark: _Hlk76402598;"><span style="mso-bookmark: _Hlk85199238;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman";"><o:p> </o:p></span></span></span></p>
<span style="mso-bookmark: _Hlk85199238;"></span><span style="mso-bookmark: _Hlk76402598;"></span>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、美國耶誕購禮創網購紀錄<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 89.4pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、消費者愈來愈習慣網購<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、在美國亞馬遜沒有敵手<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、在中國拚多多已經超越阿里<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、網購主要是為了尋找更實惠的價格<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">科技七雄<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯湯淑君,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">18</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國科技股<span lang="EN-US">2023</span>年大放異彩,那斯達克綜合指數年初迄今漲幅超過<span lang="EN-US">40%</span>,包括蘋果、微軟、<span lang="EN-US">Alphabet</span>、亞馬遜、<span lang="EN-US">Meta</span>、輝達(<span lang="EN-US">Nvidia</span>)和特斯拉的「七大巨頭」平均報酬率更超過<span lang="EN-US">100%</span>。由此推論,<span lang="EN-US">2024</span>年這些科技股必定漲多回吐,從高峰回落嗎?<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不見得。巴隆周刊(<span lang="EN-US">Barron's</span>)專欄作家薩維茲預言,科技股將迎來又一個豐收年。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">薩維茲指出,有三大因素驅動科技股大漲:<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">1. </span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">聯準會(<span lang="EN-US">Fed</span>)貨幣政策可望由「鷹」轉「鴿」,這部分終於在本周獲得證實<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2. </span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">科技公司打從年初就許下大砍成本的承諾<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">3.</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">人工智慧(<span lang="EN-US">AI</span>)題材發燒,激起一波相關概念股投資熱潮,凡是<span lang="EN-US">AI</span>相關晶片、軟體和基礎設施股票都重獲投資人青睞。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">基於這三股趨勢方興未艾,薩維茲預期,<span lang="EN-US">2024</span>年這三股力量將合力把科技股推上更高峰。以下是他對未來一年科技股走勢的預測:<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一、股價高點更高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除非嚴重衰退來襲,否則在<span lang="EN-US">Fed</span>降利率的大環境下,很難想像科技股會不漲反跌。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">薩維茲認為,明年<span lang="EN-US">1</span>月將是逢低承接一些表現落後股的好時機,從小型股中尋覓尚未獲得應有賞識的好股票,是個不錯的出發點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">也別看衰「七大巨頭」。這些大型股<span lang="EN-US">1</span>月可能遭遇獲利了結賣壓,但那或許也提供逢低承接的機會。這些科技巨頭資產負債表強健、成長展望仍優,有望再度提供可觀的投資報酬。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,瑞穗集團科技股分析師克萊恩點出一個風險:許多科技股目前的估值已充分反映明年<span lang="EN-US">
Fed </span>降息利多,萬一利率沒降下來呢?<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">二、<span lang="EN-US">AI</span>與雲端前景亮麗<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">AI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">和雲端概念股將在<span lang="EN-US">2024</span>年大有斬獲。指標股輝達<span lang="EN-US">2023</span>年迄今飆漲逾<span lang="EN-US">240%</span>,但若考量該公司驚人的盈餘成長,輝達股價看來仍不算高昂。以預期本益比計算,輝達現在的估值甚至比成長相對較緩慢的蘋果、微軟和<span lang="EN-US"> Meta </span>還要便宜。輝達作為繪圖處理器首屈一指的供應商,把<span lang="EN-US">AI</span>狂熱將他為營收和獲利成長的能力遙遙領先其他對手,顯然仍是最大的<span lang="EN-US">AI</span>贏家股。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">當然,另有其他吸引人的<span lang="EN-US">AI</span>概念股,例如晶片領域的超微(<span lang="EN-US">AMD</span>)、高通(<span lang="EN-US">Qualcomm</span>)、博通(<span lang="EN-US">Broadcom</span>)以及記憶晶片大廠美光(<span lang="EN-US"> Micron Technology</span>)。美光過去一年財務表現欠佳,但記憶體價格已漸入佳境,而且支援<span lang="EN-US">AI</span>的伺服器和<span lang="EN-US">PC</span>都需要更大的記憶體容量。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">軟體方面,微軟仍是首選<span lang="EN-US">AI</span>軟體股,因為旗下有<span lang="EN-US"> Azure </span>雲端事業、大舉投資<span lang="EN-US"> ChatGPT </span>開發商<span lang="EN-US"> OpenAI</span>,而且<span lang="EN-US">AI</span>助手軟體<span lang="EN-US">
Copilot </span>的陣容愈來愈堅強。但一大觀察點是,微軟明年初將透露,支援<span lang="EN-US">365</span>生產力<span lang="EN-US"> App </span>的<span lang="EN-US"> Copilot </span>服務究竟採用率有多高。必須有數據驗證,否則<span lang="EN-US">AI</span>商機規模多大仍有疑慮。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">薩維茲認為,可望因<span lang="EN-US">AI</span>受惠的軟體股眾多,像是奧多比(<span lang="EN-US">Adobe</span>)、甲骨文(<span lang="EN-US">Oracle</span>)和<span lang="EN-US">
IBM</span>。雲端市場龍頭亞馬遜也必定從中得利。此外,若要押注<span lang="EN-US">AI</span>相關網路,<span lang="EN-US">Arista Networks</span>是不錯的選擇;驅動大型語言模型(<span lang="EN-US">LLM</span>)需要大數據,因此雲端資料庫服務商<span lang="EN-US"> Snowflake </span>也看俏;<span lang="EN-US">AI</span>驅動的硬體概念股,可考慮戴爾(<span lang="EN-US">Dell</span>)、<span lang="EN-US">HP Inc.</span>和<span lang="EN-US">Hewlett
Packard Enterprise</span>(<span lang="EN-US">HPE</span>)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">三、<span lang="EN-US">IPO</span>漲潮<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">儘管<span lang="EN-US">2023</span>對巨型科技股來說是旺年,但對創投市場來說卻有如惡夢一場,估值陡降、募資金額滑落、破產家數增多,矽谷銀行(<span lang="EN-US">SVB</span>)也是在這一年倒閉的。首次公開發行股票(<span lang="EN-US">IPO</span>)市況一直死氣沉沉,合併與收購(<span lang="EN-US">M&A</span>)交易也遭遇障礙,包括借貸成本高漲,以及華府、布魯塞爾、倫敦當局都傾向反併購。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,一旦<span lang="EN-US">Fed</span>開始降利率,就可望打開<span lang="EN-US"> IPO</span>之窗。市場需要的是金光閃閃、大型、成功的<span lang="EN-US"> IPO</span>。矽谷正寄望於有<span lang="EN-US">LLM </span>題材加持的數據平台公司<span lang="EN-US"> Databricks</span>,估值上看<span lang="EN-US">430</span>億美元。其他候選者還包括:<span lang="EN-US">SpaceX</span>、<span lang="EN-US">Fanatics </span>和<span lang="EN-US">Shein</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">四、併購回溫<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">科技公司一年來「瘦身」有成,資產負債表上現金水位升高。私募股權公司也是滿手現金伺機而動。據估計現在有上千家「獨角獸」想找退場出路,大多數從未<span lang="EN-US"> IPO</span>,其中一些可能被收購<span lang="EN-US"> -- </span>隨著利率愈降愈低,併購活動可望升溫。縱使華府不太可能改變反併購的強硬立場,堆積如山的鈔票足夠驅使買家持續貨比三家物色目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">2023</span>年科技股大放異彩<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">2024</span>年仍然會是如此<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、沒有什麼奇蹟,只要專注買科技七雄就可以了<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、大者恆大,強者恆強<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、<span lang="EN-US">AI</span>及雲端仍然是主要趨勢<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">OpenAI<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 蕭麗君,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">124</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">繼上月<span lang="EN-US">OpenAI</span>管理高層的內鬥迅速落幕後,根據媒體報導,該公司目前已開始就新一輪融資進行初步協商,這將使得<span lang="EN-US">OpenAI</span>估值可能超過千億美元,躋身成為美國市值第二高的新創公司,僅次於馬斯克的太空科技公司<span lang="EN-US">Space X</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">媒體引述消息人士透露,由於這項融資討論還處於起步階段,因此條款、估值與時間安排等細節都尚未敲定,仍有調整可能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,<span lang="EN-US">OpenAI</span>還與總部位於阿布達比的<span lang="EN-US">AI</span>兼雲端運算公司<span lang="EN-US">G42</span>,針對新晶片合資公司的籌資事宜進行討論,但不清楚這家晶片合資公司是否與新一輪融資有關。到目前<span lang="EN-US">OpenAI</span>已從<span lang="EN-US">G42</span>籌得<span lang="EN-US">80</span>億到<span lang="EN-US">100</span>億美元資金。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">G42</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在<span lang="EN-US">10</span>月曾宣布將與<span lang="EN-US">OpenAI</span>建立合作關係,為阿拉伯聯合大公國與中東地區提供最先進的<span lang="EN-US">AI</span>解決方案,不過它並沒有透露財務細節。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">OpenAI</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">想透過與<span lang="EN-US">G42</span>結盟,實現生產自家晶片的夢想。執行長奧特曼(<span lang="EN-US">Sam Altman</span>)過去一直在為代號「<span lang="EN-US">Tigris</span>」的晶片製造計畫尋求資金。該計畫目標是要生產能與輝達分庭抗禮的晶片。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">自從<span lang="EN-US">OpenAI</span>在<span lang="EN-US">2022</span>年<span lang="EN-US">11</span>月推出<span lang="EN-US">ChatGPT</span>後,迅速在全球掀起生成式<span lang="EN-US">AI</span>熱潮,<span lang="EN-US">ChatGPT</span>除了創下用戶數最快增加到<span lang="EN-US">1</span>億人的紀錄外,還被廣泛應用在學術、藝術、行銷、醫療、遊戲等領域。之後<span lang="EN-US">OpenAI</span>不斷推陳出新,並與它的大金主微軟合作,將<span lang="EN-US">ChatGPT</span>整合到<span lang="EN-US">Bing Chat</span>、<span lang="EN-US">Edge</span>瀏覽器與<span lang="EN-US">Office</span>等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">本月稍早,<span lang="EN-US">OpenAI</span>的主要競爭對手<span lang="EN-US">Anthropic</span>也在洽談新一輪融資,規模約<span lang="EN-US">7.5</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">OpenAI</span>估值仍然超高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、估值僅次於馬斯克的<span lang="EN-US">SpaceX<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">OpenAI</span>尋找中東的投資者<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、中東成為美國科技最大金主<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、生成式<span lang="EN-US">AI</span>帶動新一波投資熱潮<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">全球併購<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 顏嘉南,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">高利率和經濟成長減速打擊交易意願,今年全球併購交易額創下十年新低紀錄,不過銀行家樂觀預期,隨著市況好轉,併購活動可望回溫。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據<span lang="EN-US">Dealogic</span>最新數據顯示,今年全球併購交易總額約達<span lang="EN-US">3</span>兆美元,較去年銳減<span lang="EN-US">18</span>%,創下<span lang="EN-US">2013</span>年以來最低紀錄,當時的金額為<span lang="EN-US">2.8</span>兆美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">高利率是抑制交易活動的一大因素,因為高利率拉高私募基金和低信評企業為交易籌資的成本。在此同時,經濟不確定性和金融市場波動,讓併購交易的買方和賣方更難談妥收購價碼。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">全球最大投資銀行市場-美國今年併購交易額年減<span lang="EN-US">8</span>%,至<span lang="EN-US">1.42</span>兆美元,歐洲和亞太地區的交易額縮幅更大,分別為<span lang="EN-US">32</span>%和<span lang="EN-US">20</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">私募基金主導的併購交易更為沉寂,年減幅高達<span lang="EN-US">38</span>%,至<span lang="EN-US">4,336</span>億美元,反映槓桿收購交易萎縮,和出售較少企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">高盛美洲併購部門共同主管梅洛特拉(<span lang="EN-US">Avinash Mehrotra</span>)指出,在併購交易鼎盛時期,私募基金約占整體活動的<span lang="EN-US">3</span>成,然而過去<span lang="EN-US">12</span>個月來,私募基金產業大致沒有交易流。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">石油和天然氣產業今年宣布數起大型併購案,協助推升交易額。美國能源巨擘埃克森美孚(<span lang="EN-US">Exxon
Mobil</span>)斥資<span lang="EN-US">600</span>億美元收購頁岩油商<span lang="EN-US">Pioneer
Natural Resources</span>,以及美國石油巨頭雪佛龍(<span lang="EN-US">Chevron</span>)以<span lang="EN-US">530</span>億美元將同業赫斯(<span lang="EN-US">Hess</span>)納入麾下,為第四季和今年最大交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">併購活動在今年末開始出現復甦跡象,第四季交易額年增<span lang="EN-US">19</span>%,主要由能源業推動。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,反托拉斯主管機關加強審查,亦打擊董事會信心和削弱企業策略併購意願。今年價碼逾<span lang="EN-US">50</span>億美元的併購案由去年的<span lang="EN-US">93</span>件降至<span lang="EN-US">79</span>件,超過<span lang="EN-US">100</span>億美元的大型併購案由<span lang="EN-US">37</span>件減少至<span lang="EN-US">33</span>件。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">投資銀行家與併購律師指出,跨境併購案愈來愈難實現,因法規轉趨嚴苛,且不同國家的審查曠日費時。今年全球跨境併購交易額年減<span lang="EN-US">3</span>%,至<span lang="EN-US">8,440</span>億美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大選是影響明年全球併購活動的因素之一,美國和印度等多國將舉行選舉,部分企業可能先在場邊觀望,確認政府政策是否變動。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、<span lang="EN-US">2023</span>全球併購創全球新低<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、新股上市<span lang="EN-US">IPO</span>也不振<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、利率高是一個原因<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、私募股權基金投資成本升高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、石油和天然氣占據大型併購案<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">必治妥<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 吳慧珍,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國製藥巨頭必治妥施貴寶(<span lang="EN-US">Bristol Myers Squibb</span>)<span lang="EN-US">22</span>日宣布,與神經科學藥物開發商<span lang="EN-US">Karuna Therapeutics</span>,達成<span lang="EN-US">140</span>億美元收購協議。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">必治妥施貴寶這場收購豪賭,有助其深耕精神病和神經藥物市場。這類市場不但大而且還在持續擴張,引起不少企業的興趣。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據交易條件,必治妥以每股<span lang="EN-US">330</span>美元現金收購<span lang="EN-US">Karuna</span>,若照<span lang="EN-US">Karuna</span>周四(<span lang="EN-US">21</span>日)收盤價<span lang="EN-US">215.19</span>美元估算,溢價逾<span lang="EN-US">50</span>%。這樁交易包含<span lang="EN-US">Karuna</span>持有的<span lang="EN-US">13</span>億現金,必治妥預計明年上半完成交易。<span lang="EN-US">Karuna</span>周五開盤暴漲逾<span lang="EN-US">40</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Karuna</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">開發的實驗性思覺失調症新藥<span lang="EN-US">KarXT</span>,被視為<span lang="EN-US">Karuna</span>的明日之星,美國食品藥物管理局(<span lang="EN-US">FDA</span>)正在進行審查。而針對<span lang="EN-US">KarXT</span>治療阿茲海默症和狂躁抑鬱症相關疾病也在研發中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">瑞穗證券分析師指出,<span lang="EN-US">KarXT</span>的多重治療用途若獲主管機關批准,可望創造<span lang="EN-US">60</span>億美元以上的年營收。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">必治妥執行長博納(<span lang="EN-US">Christopher Boerner</span>)表示,收購<span lang="EN-US">Karuna</span>有助該公司加速在神經科學藥物市場建立灘頭堡。而在必治妥舊有藥品失去專利保護且面臨低價競爭壓力時,此收購案也可驅動新的營收成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">治療多發性硬化症(<span lang="EN-US">multiple sclerosis</span>)和思覺失調症(<span lang="EN-US">schizophreni</span>)藥物,已是製藥業的暢銷藥,分析師預期阿茲海默症治療藥物,終將成為銷售大宗。研究人員也對亨丁頓舞蹈症(<span lang="EN-US">Huntington</span>’<span lang="EN-US">s Disease</span>)及其他神經性疾病的治療前景感到振奮。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據製藥業市調公司<span lang="EN-US">Evaluate</span>,治療中樞神經系統藥物的全球產值達<span lang="EN-US">1,500</span>億美元,是製藥業成長最快的領域,年增幅約<span lang="EN-US">9</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、生技業大型併購愈來愈多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、製藥巨頭透過併購投資新藥<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、台灣生技股族群也看好<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、有許多罕見的疾病<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、丹麥公司減肥藥是市場大熱門<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman";">阿里<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 林宸誼,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p style="margin-bottom: .0001pt; margin: 0cm;"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">阿里巴巴管理層再有調動,今年回歸上任阿里集團<span lang="EN-US">CEO</span>的元老吳泳銘,繼今年<span lang="EN-US">5</span>月起逐步接手淘天集團董事長、阿里雲智能集團董事長兼<span lang="EN-US">CEO</span>職位後,最新將兼任淘天集團<span lang="EN-US">CEO</span>。自此,吳泳銘將同時擔任阿里巴巴集團、淘天集團和阿里雲智能集團三項<span lang="EN-US">CEO</span>職務,阿里邁入大一統時代。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">財經網站金融界報導,阿里方面表示,這有助於以技術創新引領淘天變革,確保集團聚焦兩大核心戰略<span lang="EN-US">--</span>電商和雲業務,形成統一指揮和高強度持續投入。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">阿里巴巴昨(<span lang="EN-US">20</span>)日還宣布,淘天集團原<span lang="EN-US">CEO</span>戴珊將協助籌建阿里巴巴集團資產管理公司。阿里沒有公布其職稱,只強調是「阿里巴巴變革之後新的業務職能」。阿里巴巴稱,該新成立的資產管理公司,會專注管理公司非核心資產的營運。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">阿里巴巴今年<span lang="EN-US">3</span>月啟動組織變革,蔡崇信和吳泳銘<span lang="EN-US">9</span>月分別接任阿里巴巴集團董事會主席和首席執行官(<span lang="EN-US">CEO</span>)。隨後,吳泳銘宣布確立「用戶為先、<span lang="EN-US">AI</span>驅動」兩大戰略重心,並就兩大重心業務梳理,重塑戰略業務優先順序,同時進行管理團隊年輕化改革。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在<span lang="EN-US">11</span>月阿里季度業績電話會議上,吳泳銘首次向外界披露新戰略藍圖,將阿里面向未來十年的重要優先順序明確三個方向,也就是技術驅動的互聯網平台業務,<span lang="EN-US">AI</span>驅動的科技業務,全球化的商業網路。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這次人事調整距離阿里創辦人馬雲<span lang="EN-US">11</span>月<span lang="EN-US">28</span>日在內網回應員工稱「祝賀拼多多,堅信阿里會變,阿里會改」,僅僅過去<span lang="EN-US">20</span>餘天。阿里巴巴集團董事會主席蔡崇信<span lang="EN-US">20</span>日在全員信中表示︰「全新的時代,需要全新的戰略和組織體系變革。正視過去,面向未來,改變自己,相信經歷這輪變革的阿里巴巴將完成蛻變。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蔡崇信的全員信解釋戴珊調任原因,表示為了優化資本回報率,提升股東價值,集團資本管理委員會授權設立資產管理公司,而戴珊會協助集團籌建阿里巴巴集團資產管理公司、組建專業的管理團隊。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">蔡崇信強調,戴珊將充分發揮她的專長,為公司繼續創造價值。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、阿里換新的<span lang="EN-US">CEO</span>上任<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、他是阿里創業元老<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、阿里創業時後有十八羅漢,因此人才很多<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、蔡崇信仍然是董事長<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、阿里未來業務重心轉移到<span lang="EN-US">AI<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為去安卓<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者謝守真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">2023</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">年關將近,華為再有新動作。華為常務董事余承東先是預告,華為明年將推出鴻蒙原生應用與原生體驗的產品,亦即可能將推出不相容安卓的鴻蒙版本,顯示未來產業將轉為<span lang="EN-US">iOS</span>、鴻蒙、安卓三分天下。接著,華為終端<span lang="EN-US">BG</span>軟體部總裁龔體又稱,鴻蒙生態設備總量超<span lang="EN-US">7</span>億台,其中華為自有設備<span lang="EN-US">3</span>億多台。預計至明年,鴻蒙生態設備數量將達<span lang="EN-US">8</span>億台至<span lang="EN-US">10</span>億台。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">綜合陸媒報導,華為鴻蒙在建立獨立「生態圈」正加快腳步。余承東宣布,華為明年將推出鴻蒙原生應用與原生體驗的產品,並稱「那將會是整個中國終端類作業系統裡真正的王者」。實際上,「華為明年可能推出不相容安卓的鴻蒙版本」的消息於<span lang="EN-US">11</span>月就已傳出。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">相關人士表示,未來鴻蒙與<span lang="EN-US">iOS</span>、安卓將成為三個獨立系統,但推出時間仍不確定,但對華為而言,鴻蒙與安卓分道揚鑣已是必走之路。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另,華為終端<span lang="EN-US">BG</span>軟體部總裁龔體近期透露,鴻蒙生態設備總量超過<span lang="EN-US">7</span>億台,其中華為自有設備<span lang="EN-US">3</span>億多台。預計今年底至明年,鴻蒙生態設備數量將達到<span lang="EN-US">8</span>億至<span lang="EN-US">10</span>億台。基於<span lang="EN-US">OpenHarmony</span>打造的產業終端、商用設備有<span lang="EN-US">220</span>多款,現今已全面商用。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據悉,華為鴻蒙已與多個領域的企業、開發者展開合作,包括支付寶、麥當勞中國、小紅書、高德地圖等近<span lang="EN-US">40</span>家企業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">領悟時代數位研究院研究員唐樹源分析,儘管華為鴻蒙系統是後來者,但在大陸它享有較高的品牌認知度和技術實力。然而,這可能會導致用戶基礎的流失。因此,華為需透過強大原生應用程式支援和優化用戶體驗來保留用戶。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知名評論家解筱文認為,鴻蒙想在市場與<span lang="EN-US">iOS</span>和安卓三分天下,確實面臨不小挑戰,但鴻蒙具備後來者的優勢,可學習<span lang="EN-US">iOS</span>和安卓的優點,避免錯誤。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、華為鴻蒙正在建立獨立生態圈<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、鴻蒙、<span lang="EN-US">iOS</span>與安卓分為三個獨立系統<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、鴻蒙生態設備已超越<span lang="EN-US">7</span>億台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、明年會成長到<span lang="EN-US">10</span>億台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、與多個企業、開發者展開合作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">小米<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者林宸誼,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">22</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "Times New Roman",serif; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 新細明體; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">小米汽車上市進入倒數計時,外傳有望在下周四(<span lang="EN-US">12</span>月<span lang="EN-US">28</span>日)對外發表,屆時還會公布新車的預售價格,小米集團董事長雷軍將親自進行演講,部分門店已提前邀約消費者看車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">快科技報導,小米集團已在官方社群啟動「小米年度科技盛宴」活動,共計招募<span lang="EN-US">1,000</span>名參與者,活動時間定於<span lang="EN-US">12</span>月<span lang="EN-US">24</span>日至<span lang="EN-US">12</span>月<span lang="EN-US">29</span>日。這次活動時間與此前有關小米汽車發布會的傳聞相符,外界紛紛猜測這或將是小米汽車的亮相發布會。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日前有部落客在社群平台上表示,小米汽車<span lang="EN-US">SU7</span>發布時間定在<span lang="EN-US">12</span>月<span lang="EN-US">28</span>日,屆時還會公布新車的預售價格。同時,小米集團董事長雷軍將親自進行演講。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">財經新媒體《時代財經》報導,在加速建立生產能力的同時,小米已開始為汽車產品打造銷售體系,在員工、門市等方面為汽車產品的銷售業務做準備。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在員工層面,小米汽車已在北京、天津、石家莊等多地公開小米汽車門市店長、新能源汽車銷售主管、零售市場經理等崗位的招聘,多個職位要求有汽車銷售經驗、擁有有效汽車駕照等。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中,小米汽車門市店長等部分職位還需要有搭建銷售團隊、管理團隊等能力。薪資方面,達到人民幣<span lang="EN-US">1.5</span>萬到<span lang="EN-US">3</span>萬元(新台幣<span lang="EN-US">6.6</span>萬到<span lang="EN-US">13.2</span>萬元)。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在門市層面,小米汽車將採取與華為智選車類似的格局,將汽車放入現有的線下手機門市。不過不少小米之家店展廳面積,並不足以容納汽車產品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">實際上,<span lang="EN-US">2021</span>年第<span lang="EN-US">1</span>萬家「小米之家」在深圳開業時,小米集團總裁盧偉冰曾表示,出於賣車考慮,新店面積達到<span lang="EN-US">600</span>平方公尺。當下,除了部分展廳面積較大的小米之家店外,不少小米之家門市,已開始透過擴建或更改展廳布局等方式,為即將到店的小米汽車預留空間。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">在業界人士看來,小米原有的銷售網路對小米汽車至關重要。分析人士表示,「與先前華為門市展示、銷售智選車類似,小米之家店是小米汽車銷售業務的關鍵,小米透過原有銷售網絡,可以快速走向市場。」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、小米是中國最有競爭力的科技公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、小米有很強的執行力<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、小米將採取與「華為智選」類似的格局<span lang="EN-US" style="display: none; mso-hide: all special;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、小米面臨強大競爭<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、小米走的是高端路線<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">華為智選車<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p class="MsoNormal" style="tab-stops: 394.8pt;"><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者謝守真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">22</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸科技巨頭華為持續拓產汽車業務,消息指出,華為正在為智選車建設獨立的鴻蒙智行門市,預計到<span lang="EN-US">2024</span>年新建的鴻蒙智行門市數量將達到<span lang="EN-US">800</span>家左右,而在<span lang="EN-US">2025</span>年可能將擴至<span lang="EN-US">1,000</span>家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據科技媒體《<span lang="EN-US">36</span>氪》消息,從華為鴻蒙智行的合作招商文件可見,華為針對大陸全國<span lang="EN-US">78</span>座城市開放加盟使用者中心,尋求合作夥伴。消息指出,這些用戶中心正是華為智選車獨立門市的一種,等級可劃分為四個級別,有著建築面積、展車位交付車位等對應要求。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據了解,鴻蒙智用戶中心提供用戶的服務包括銷售、交付和售後,即「銷交服一體化」用戶中心,其選擇合作商的標準之一,是優先具備豪華品牌汽車銷售、維修(機電和噴漆)經驗能力。
除開放加盟新建用戶中心外,華為已將部分店名由「<span lang="EN-US">AITO</span>」改換為「鴻蒙智行」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">另,據觀點網報導,鴻蒙智行是華為智選車業務的升級,未來的華為智選車型只能在鴻蒙智行門市販售。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">知情人士透露,預備同時銷售多品牌車型以及目前門市面積限制展車,亦為華為加速建成獨立門市的原因之一。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華為常務董事董事長余承東此前曾表示,鴻蒙智行是鴻蒙智能汽車技術生態聯盟,是華為智選車業務的升級。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">華為鴻蒙智行官網近期也正式上線,目前可在線預訂問界<span lang="EN-US">M9</span>和智界<span lang="EN-US">S7</span>車型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、華為積極跨入電動車<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、華為主要提供電動車解決方案<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、華為電動車品牌叫做「鴻蒙智行」<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、這是華為和其他業者的技術生態聯盟<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、華為有很高的品牌效益<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">大模型測試<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 康彰榮,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">24</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸首次官方「大模型標準符合性評測」<span lang="EN-US">23</span>日公布結果,首批僅百度、騰訊、阿里和<span lang="EN-US">360</span>集團等<span lang="EN-US">4</span>家通過。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新浪財經報導,這項測試由大陸工信部中國電子技術標準化研究院發起,吸收覆蓋大模型產業全鏈路數十家頭部單位意見,重點完成大語言模型理解、生成、邏輯等核心能力的<span lang="EN-US">38</span>項具體評測維度,以充分檢驗大陸大模型標準符合性水準,引領人工智慧產業健康有序發展。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">首批通過測試的四家企業,除了網路三巨頭<span lang="EN-US">BAT</span>之外,還有網安大廠<span lang="EN-US">360</span>。這四家投入<span lang="EN-US">AI</span>大模型起步早,同時技術和大數據等資源豐富,成為勝出的關鍵。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中,百度是大陸<span lang="EN-US">AI</span>領域標準的主導力量,多次參與國家人工智慧技術標準體系設計和討論,也是標準核心貢獻單位之一,起草人工智慧預訓練大模型系列國家標準。百度今年<span lang="EN-US">3</span>月發表「文心一言」大模型,並在<span lang="EN-US">8</span>月<span lang="EN-US">31</span>日開放全球用戶使用。目前,百度文心大模型日均調用量達數千萬次,每月服務企業超過<span lang="EN-US">1</span>萬家。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">本次通過評測的首批大模型中,阿里「通義千問」是唯一的開源模型,其性能表現及安全性得到了大範圍的公開檢驗。<span lang="EN-US">12</span>月<span lang="EN-US">1</span>日開源後,通義千問<span lang="EN-US">72B</span>在<span lang="EN-US">10</span>個權威基準評測中創下開源模型最優成績,併力壓<span lang="EN-US">Llama2</span>登頂海外最具權威性的<span lang="EN-US">HuggingFace</span>排行榜,為業界公認性能超強開源大模型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">騰訊混元大模型也率先這次測試。此外,騰訊雲還以提案牽頭方身份啟動「人工智慧模型即服務(<span lang="EN-US">MaaS</span>)功能要求」的討論與編制,推動<span lang="EN-US">MaaS</span>領域標準化。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">360</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">是大陸較早布局人工智慧大模型的企業,自研千億規模通用大模型「<span lang="EN-US">360</span>智腦」核心能力位居大陸第一梯隊,並憑藉<span lang="EN-US">360</span>在安全領域的積累和優勢,成為大陸首個原生安全的大模型。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中國大陸積極發展<span lang="EN-US">AI</span>大模型<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、網路三巨頭都有參加<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、百度最早布局<span lang="EN-US">AI<o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、阿里「通義千問」是表現最好的大模型<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、台灣人李開復在大陸也成立一個大模型<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">人民幣<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 陳宥菘,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">環球銀行金融電信協會(<span lang="EN-US">SWIFT</span>)最新數據顯示,今年<span lang="EN-US">11</span>月,人民幣在全球支付使用量排名超越日圓,成為國際支付中的第四大貨幣,是人民幣自<span lang="EN-US">2022</span>年<span lang="EN-US">1</span>月以來首次重返前四名,市占率更來到歷史新高的<span lang="EN-US">4.61%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">SWIFT</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">數據顯示,今年<span lang="EN-US">11</span>月人民幣在全球支付交易中的占比從<span lang="EN-US">10</span>月的<span lang="EN-US">3.60%</span>升至<span lang="EN-US">4.61%</span>;日圓占比從<span lang="EN-US">10</span>月的<span lang="EN-US">3.91%</span>降至<span lang="EN-US">3.41%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其他貨幣方面,<span lang="EN-US">11</span>月美元在全球支付交易中由前月的<span lang="EN-US">47.25%</span>降至<span lang="EN-US">47.08%</span>,仍位居第一;歐元從<span lang="EN-US">23.36%</span>降至<span lang="EN-US">22.95%</span>;英鎊從<span lang="EN-US">7.33%</span>降至<span lang="EN-US">7.15%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新華財經報導,法國巴黎銀行資產管理公司亞太區高級策略師<span lang="EN-US">Chi Lo</span>評論稱,今年出現了一系列有利於人民幣國際使用的積極進展,<span lang="EN-US">11</span>月的<span lang="EN-US"> SWIFT</span>資料「甚至可能是人民幣市占緩慢上升趨勢的開始」。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">SWIFT</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">指出,<span lang="EN-US">80%</span>的離岸人民幣交易是通過香港進行的,其他主要境外交易中心包括英國、新加坡和美國。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸積極推動人民幣國際化,希望人民幣能夠跨越國界在境外流通,成為國際上普遍認可的計價、結算及儲備貨幣。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近年來,地緣政治和全球經濟格局的變化,使得國際貨幣體系走向多元化的需求更為迫切。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新華財經報導,在政策引導和經濟基本面的支撐下,人民幣國際化逐步推進,人民幣在國際上的接受和認可程度也在逐步提高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">中國人民銀行(大陸央行)行長潘功勝此前表示,人行將穩慎扎實的推進人民幣國際化,積極提升跨境人民幣業務服務實體經濟的能力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">潘功勝表示,人民辦進一步深化外匯領域改革開放,促進貿易和投融資便利化。穩步擴大金融市場制度型開放,拓展境內外金融市場互聯互通。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、人民幣重要性愈來愈高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、市占率來到歷史新高<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、成為國際支付中第四大貨幣,超越日圓<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、俄國和中東未來都有可能採用人民幣<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、香港是人民幣交易中心<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">陸整頓網遊<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者陳宥菘、葉文義,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">23</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">大陸再出重手監管網路遊戲,造成<span lang="EN-US">22</span>日陸港股劇震,兩家遊戲大廠騰訊控股、網易股價崩跌,合計市值蒸發超過人民幣<span lang="EN-US">5,000</span>億元(約新台幣<span lang="EN-US">2.2</span>兆元)。此慘烈景況引來環球時報前總編輯胡錫進在微博發文稱,相關文件給股市「剛有的一點回暖又被澆了冷水」,盼能進一步評估。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新華財經報導,為加強行業規範管理,大陸國家新聞出版署網站<span lang="EN-US">22</span>日發布《網絡遊戲管理辦法(草案徵求意見稿)》,該草案內容涵蓋經營、課金和獎賞機制,以至數據管理和未成年人規限,不少條文都變相要求遊戲商修改既有生意的運作模式。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">例如,該意見稿擬限制遊戲過度使用及高額消費。包含網路遊戲「不得設定每日登入、首次儲值、連續儲值等誘導性獎勵」;網路遊戲出版經營單位不得以炒作、拍賣等形式提供或縱容虛擬道具高價交易行為。此外,所有的網路遊戲須「設定用戶儲值限額」,並在其服務規則中予以公示,對於遊戲用戶非理性消費行為,應進行彈出式警告的提醒。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">《時代財經》分析,上述每日登錄獎勵、首次充值優惠、累計充值激勵,以及透過抽獎獲取稀有道具早已經成為遊戲廠商保障用戶活躍、促進玩家消費的慣用技巧。外界普遍認為,上述《管理辦法》必將顯著影響遊戲廠商的獲利能力。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場對遊戲行業未來預期並不樂觀。<span lang="EN-US"> 22</span>日午間消息一出,包含騰訊、網易、嗶哩嗶哩等遊戲股應聲跳水。截至<span lang="EN-US">22</span>日收盤,網易港股重挫<span lang="EN-US">24.6%</span>,盤中最大跌幅達<span lang="EN-US">28.24%</span>;騰訊收跌<span lang="EN-US">12.3%</span>,盤中最大跌幅達<span lang="EN-US">15.67%</span>。以此計算,兩家遊戲龍頭大廠市值至少蒸發人民幣<span lang="EN-US">5,000</span>億元。<span lang="EN-US">A</span>股方面,截至<span lang="EN-US">22</span>日收盤,網路遊戲指數下跌<span lang="EN-US">9.76%</span>,其中三七互娛、巨人網路、遊族網路、吉比特等<span lang="EN-US">20</span>檔個股閃崩跌停。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、習近平又出手整頓網遊<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、造成網遊概念股股價大跌<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、兩年前習近平整頓補教行業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、去年已經整頓過一次遊戲股<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、看來大陸中央是要徹底打壓年輕人投機心理<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">鴻海<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 林宸誼、吳凱中、江睿智,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">21</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美中貿易紛爭延燒,鴻海集團也無法倖免。美國商務部工業和安全局(BIS)十九日公告,將十三家中國大陸企業列入「未經核實清單」(<span lang="EN-US">Unverified List</span>),其中鴻海集團旗下生產網通、伺服器等當紅產品的天津富聯精密電子,以及南寧富桂精密工業兩家子公司也上榜,這是台資上市櫃公司關係企業首度遭列入清單,也是鴻海集團首度捲入美國貿易觀察/管制名單當中。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">路透報導,「未經核實清單」是美國用來阻止敏感商品和技術落入不當對象的工具之一。業界認為,美方最新名單意味網通、伺服器等產品進入美方「雷達區」。對於兩家子公司遭美方列入名單,鴻海集團昨日沒有回應。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這次被列入清單的包括江蘇的至純科技、北京盛博協通科技、廣州信威交通、廈門貝萊勝電子、天津富聯精密電子與南寧富桂精密工業、深圳金格琅科技、西安億爾達嘉益建材檢驗等。其中天津富聯精密電子和南寧富桂精密工業,是富士康旗下子公司,也是工業富聯旗下企業,受消息影響,工業富聯昨天股價重挫百分之四點○九,鴻海卻逆勢上揚,上漲兩元、收在一○四點五元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據公開資料顯示,天津富聯精密電子主要從事伺服器、記憶體、機櫃等雲端運算產品的研發與製造;至於南寧富桂精密工業主要業務包括開發、生產新型電子元器件、寬頻接入網通信系統設備。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">經濟部官員表示,「未經核實清單」與「實體清單」(<span lang="EN-US">Entity List</span>)不同,後者是禁止出口清單,前者是指美國出口商要出口產品至名單上公司時,須事先進行更多盡職調查,因為美國的主管機關也會進行更多的查核工作。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">一旦被美方列入「未經核實清單」,我官員說,並不會影響美國廠商對清單上公司的出口,但須多一道查核手續與成本。美國也會持續修正「未經核實清單」,只要遵守美方規定就有機會從名單上除名,也呼籲台廠要多加注意執行細節的變化,並且作好法遵。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">外電報導,根據拜登政府政策,如果外國政府阻止美國官員對「未經核實清單」的企業實地查驗,華府將在六十天後將其列入「實體清單」;若成功完成查驗,會將公司從清單除名。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">對於美國商務部的舉動,大陸駐美國大使館發言人劉鵬宇表示,美方仍在持續擴大國家安全概念,對特定大陸企業採取歧視性、不公平的作法,不斷地將經貿問題政治化、武器化,此次將大陸企業列入未經核實名單便是其中一例。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、中美貿易戰繼續延燒<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、美國商務部將十三家中國大陸企業列入「未經核實清單」,包括鴻海底下子公司<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、這些公司生產網通、伺服器,不是很清楚為何被列入<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、可能跟中間的<span lang="EN-US">AI</span>零組件有關<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、中美貿易冷戰仍然持續進行<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">比亞迪<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 記者黃雅慧,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">20</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">市場調查機構<span lang="EN-US">Counterpoint Research</span>發布最新報告顯示,今年第<span lang="EN-US">3</span>季全球乘用純電汽車(<span lang="EN-US">BEV</span>)銷量年增<span lang="EN-US">29%</span>。值得注意的是,大陸品牌比亞迪在純電動車銷量已快趕上特斯拉,目前兩者市占率均為<span lang="EN-US">17%</span>,比亞迪相較去年同期增加<span lang="EN-US">4</span>個百分點,預計將在第<span lang="EN-US">4</span>季超越特斯拉,領先全球。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">比亞迪最新發布數據顯示, <span lang="EN-US">11</span>月交付超過<span lang="EN-US">30.1</span>萬輛乘用車,年增<span lang="EN-US">31%</span>,連續第二個月單月銷量突破<span lang="EN-US">30</span>萬輛。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">其中,<span lang="EN-US">11</span>月純電動車超過<span lang="EN-US">17</span>萬輛,較去年同期成長近<span lang="EN-US">50%</span>。今年第<span lang="EN-US">4</span>季前兩個月,比亞迪純電動車銷量近<span lang="EN-US">33.6</span>萬輛,較去年同期成長約<span lang="EN-US">55%</span>。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">分析指出,以此一成長速度,比亞迪第<span lang="EN-US">4</span>季純電動車的交車量將超過<span lang="EN-US">50</span>萬輛。特斯拉預計在今年第<span lang="EN-US">4</span>季交付約<span lang="EN-US">47.5</span>萬輛。也就是說,特斯拉將在純電動車產品上,單季銷量首次輸給比亞迪。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">報告指出,大陸依然是全球最大的純電汽車市場,但因為經濟前景疲軟和價格競爭激烈等因素,導致第<span lang="EN-US">3</span>季純電汽車銷量僅增長<span lang="EN-US">11%</span>,低於全球平均水平。雖然如此,大陸純電車品牌在海外銷售超<span lang="EN-US">13</span>萬輛純電動車,與<span lang="EN-US">2022</span>年第<span lang="EN-US">3</span>季相比增長四倍。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">如果就車型來看,全球銷量最高前五的電動車型全由特斯拉與比亞迪包辦,其中比亞迪就有三款入列。第一到五名五款車型分別是:特斯拉的<span lang="EN-US">Model Y </span>、比亞迪的元<span lang="EN-US">PLUS</span>、特斯拉的<span lang="EN-US">Model 3</span>、比亞迪的海豚、比亞迪的海鷗。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">該機構高級分析師<span lang="EN-US">Soumen Mandal</span>表示,中國大陸仍占全球純電動汽車市場的<span lang="EN-US">58%</span>,美國約占<span lang="EN-US">12%</span>。德國是第三大純電動汽車市場,年增長率也超過<span lang="EN-US">60%</span>。而由於價格合理的選擇,印度和東南亞等新興經濟體的純電動汽車採用率也在上升,<span lang="EN-US">2023</span>全年美國市場大幅擴張。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此前,集邦諮詢在<span lang="EN-US">1</span>日發布純電車統計數據顯示,今年第<span lang="EN-US">3</span>季<span lang="EN-US">BEV</span>前十大品牌中,特斯拉與比亞迪的銷量差異不到千輛,如果將比亞迪集團的另一品牌騰勢(比亞迪和德商戴姆勒大中華區投資公司於<span lang="EN-US">2010</span>年合資成立)的銷量納入計算則超越特斯拉。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">集邦諮詢分析,比亞迪產品線多元、價格帶廣,有助於比亞迪向一、二線城市以外的市場擴張;特斯拉雖不斷降價,但其價格帶仍以一、二線城市為主要客群,造就比亞迪和特斯拉兩者在定位上的差異,從而導致造銷量差距持續縮小。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、比亞迪在第四季超越特斯拉,成為全球純電動車霸主<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、十一月比亞迪電動車較去年同期成長<span lang="EN-US">50%</span>,非常驚人<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、大陸依然是全球最大的純電動車市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、全球銷售量前五高的電動車,其中三款就是比亞迪<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、全球純電動車市場<span lang="EN-US">58%</span>由中國大陸占據,美國只有<span lang="EN-US">12%</span>,中國是美國的<span lang="EN-US">5</span>倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">EcoPro<o:p></o:p></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯吳孟真,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">22</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">南韓散戶今年一窩蜂追捧電動車電池相關股票的現象,使南韓鋰離子電池陰極材料供應商<span lang="EN-US">EcoPro</span>股價一路飆升,躍居今年全球表現最好的股票。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">EcoPro21</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日收盤跌<span lang="EN-US">4.8%</span>,收在<span lang="EN-US">69.2</span>萬韓元,不過今年來仍大漲<span lang="EN-US">571%</span>,在彭博世界指數的<span lang="EN-US">2,647</span>家公司當中遙遙領先,漲幅比排名第二的錦洋(<span lang="EN-US">Kum Yang</span>)整整高出<span lang="EN-US">200</span>個百分點。這是一家南韓企業,也同樣受惠於電動車熱潮。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊報導指出,今年南韓股市散戶勢不可擋的投資狂熱,造成該國股市劇烈震盪,<span lang="EN-US">EcoPro</span>是此現象的明證。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">有幾個因素可解釋投資者何以對車用電池製造商及材料供應商如此熱衷﹔散戶對股價波動的喜好、<span lang="EN-US">YouTube</span>網紅看漲此類股票,以及中國大陸的競爭對手面臨美國日趨嚴格的審查。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">EcoPro</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">股價今年上半年漲勢銳不可擋,一路從年初的<span lang="EN-US">11</span>萬韓元向上狂飆,七個月內就翻漲逾十倍,<span lang="EN-US">7</span>月<span lang="EN-US">25</span>日收在<span lang="EN-US">129.3</span>萬韓元,是歷來收盤新高。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">如此漲勢吸引不少投資人炒短線快速獲利,<span lang="EN-US">EcoPro</span>本益比於今夏突破<span lang="EN-US">500</span>倍,同時也有投資者因看跌此後走勢,選擇做空。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、南韓是全球電動車電池強國<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、南韓散戶追捧電動車電池相關股票<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">EcoPro</span>全年股價大漲<span lang="EN-US">571%</span>,本益比超過<span lang="EN-US">500</span>倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、這裡面有很高的投機成分<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來可能大幅回漲<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">星國充電站<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自自由時報 楊雅民,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">20</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">集團旗下裕電俥電(<span lang="EN-US">YES Charging</span>)去年與新加坡地鐵公司(<span lang="EN-US">SMRT</span>)旗下子公司<span lang="EN-US">Strides</span>組成<span lang="EN-US">ChargEco</span>充電聯盟,順利標得新加坡政府公共電動汽車充電站標案,該聯盟在<span lang="EN-US">369</span>個停車場已建置<span lang="EN-US">200</span>樁電動汽車充電服務,並預計在<span lang="EN-US">2024</span>年底完成<span lang="EN-US">1000</span>個電動車充電站。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">新加坡為推動綠色發展及降低陸路交通的排碳量,規劃<span lang="EN-US">2030</span>年不再販售燃油車,因應電動車充電需求,新加坡政府<span lang="EN-US">2030</span>年將開設<span lang="EN-US">6</span>萬個電動車充電站,預計<span lang="EN-US">2040</span>年全面淘汰燃油車。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">ChargEco</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">充電聯盟去年順利標得新加坡政府公共電動汽車充電站<span lang="EN-US">1.2</span>萬支充電樁標案,將建置<span lang="EN-US">4315</span>支充電樁,助新加坡加速完成<span lang="EN-US">2040</span>年全面淘汰燃油車的目標。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">裕隆移動服務事業群總經理林群盛、裕電俥電總經理莊怡伃表示,裕電俥電在台灣打造充電漫遊平台,解決車主須下載多個充電服務營運商<span lang="EN-US">APP</span>的痛點,下一步可望導入新加坡;而裕隆也取經新加坡在<span lang="EN-US">eMaaS</span>生態圈服務的做法,為即將交車的納智捷<span lang="EN-US">n7</span>電動車充電服務、<span lang="EN-US">LINE GO</span>電動計程車隊、格上電動車租賃出行服務的發展,以及未來電動車保修及車隊經營等業務,吸取新加坡在地經驗。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">裕電俥電也將透過此次合作,提高東南亞市場的知名度與能見度,積極將裕電的充電營運軟體導入新加坡充電站場域,未來<span lang="EN-US">Strides</span>及<span lang="EN-US">YTL</span>也規劃開拓東南亞市場,裕電俥電有機會以聯盟之姿共同耕耘東南亞、紐西蘭市場。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、裕隆集團旗下子公司跟新加坡地鐵合作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、取得電動車標案很不簡單<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、一般人過去並不特別理解,裕隆集團有從事這方面的業務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、裕隆裕電俥電在台灣打造充電漫遊服務<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、提高東南亞市場的能見度與知名度是正確的方向<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">日本製鐵<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自經濟日報 編譯易起宇,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">19</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">日本製鐵<span lang="EN-US">18</span>日宣布,將以約<span lang="EN-US">141</span>億美元價碼收購美國同業美國鋼鐵(<span lang="EN-US">US Steel</span>),向來由美國和日本老字號大廠所領導的鋼鐵業,預料將迎來重大改變。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">彭博資訊報導,日本製鐵將以每股<span lang="EN-US">55</span>美元現金收購美國鋼鐵的所有股權,使其成為完全子公司,比美國鋼鐵<span lang="EN-US">17</span>日收盤價<span lang="EN-US">39.33</span>美元溢價<span lang="EN-US">39%</span>。美國鋼鐵<span lang="EN-US">18</span>日早盤大漲約<span lang="EN-US">25%</span>至<span lang="EN-US">49.37</span>美元。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">兩家公司聲明指出,雙方已同意將繼續維持美國鋼鐵的商標和總部,日本製鐵也會遵從美國鋼鐵和美國鋼鐵工人聯合會之間的所有協議,該工會先前已多次表示,不會支持任何外國買家出價收購美國鋼鐵。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這項交易將創造出一家橫跨歐亞美的全球第二大鋼鐵廠。日本製鐵是日本最大暨全球第四大的鋼鐵製造商,由於國內需求因人口老化等因素不斷放緩,加上日圓驟貶和亞洲競爭加劇,該公司一直在尋求海外成長,來抵銷其目前營運面臨的諸多挑戰。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">這項交易將使日本製鐵在美國鋼鐵業獲得龐大基礎,尤其是在有利可圖的汽車市場,電動車相關的鋼鐵產品需求預估將會增加,美國鋼鐵是這類產品的主要供應商。此外,日本製鐵先前也已宣布,將和歐洲巨擘阿賽洛米塔爾合作在美國營運電爐,預料這也將會進一步強化該公司的美國事業。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">美國鋼鐵是美國工業界的百年老店,自從<span lang="EN-US">8</span>月中旬拒絕同業對手<span lang="EN-US">Cleveland-Cliffs</span>的<span lang="EN-US">72.5</span>億美元併購提案後,這家公司一直在考慮其他潛在交易。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、傳統產業很少有這樣的大併購<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、這是日本企業近年在美國最大的併購案之一<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、將創造一家橫跨歐亞美的全球第二大鋼鐵廠<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、未來汽車市場需要大量鋼鐵<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、美國跟日本為重要同盟夥伴<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">酷澎<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 林淑惠,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">20</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">跨國零售巨頭酷澎(<span lang="EN-US">Coupang</span>)<span lang="EN-US">19</span>日宣布,以<span lang="EN-US">5</span>億美元(約合新台幣<span lang="EN-US">157</span>億元)收購頂尖時尚精品電商<span lang="EN-US">Farfetch Holdings plc</span>的業務及資產。市場人士分析,由於<span lang="EN-US">Yahoo</span>奇摩購物、<span lang="EN-US">momo</span>甚至專門經營二手精品市場<span lang="EN-US">PopChill</span>(拍拍圈科技),布局精品電商多年,未來<span lang="EN-US">Coupang</span>若搶進精品電商市場,是否瓜分國內精品網購市占備受矚目。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">此外,<span lang="EN-US">Farfetch</span>如何整合到酷澎的平台?則是業界首先關注的焦點所在。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">據統計,全球個人奢侈品市場規模高達<span lang="EN-US">4,000</span>億美元,吸引<span lang="EN-US">Amazon</span>旗下的<span lang="EN-US">Shopbop</span>,<span lang="EN-US">Richemont</span>集團旗下<span lang="EN-US">NET-A-PORTER</span>、<span lang="EN-US">THE OUTNET</span>,及德國奢侈品電商<span lang="EN-US">MYTHERESA</span>等各路人馬搶進。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣包括<span lang="EN-US">Yahoo</span>奇摩購物、<span lang="EN-US">momo</span>,以及二手精品買賣平台<span lang="EN-US">PopChill</span>(拍拍圈科技)等電商,亦切入精品市場多年,其中<span lang="EN-US">PopChill</span>共同創辦人郭家齊,<span lang="EN-US">2012</span>年與哥哥郭書齊共同創辦生活市集、<span lang="EN-US">365</span>超市、成立松果購物,近年轉戰<span lang="EN-US">PopChill</span>。日前<span lang="EN-US">PopChill</span>完成<span lang="EN-US">Pre-A</span>+輪募資,吸引<span lang="EN-US">ITIC</span>、<span lang="EN-US">AVA</span>天使基金、<span lang="EN-US">500 Global</span>、<span lang="EN-US">Acorn Pacific Ventures</span>、達盈天使基金參與,凸顯精品市場商機龐大受到投資人青睞。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">Coupang</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">創辦人暨執行長金範錫(<span lang="EN-US">Bom Kim</span>)表示,奢侈品電商是奢侈品零售業的未來。<span lang="EN-US">Coupang</span>正在全球大舉拓展版圖包括台灣,上個月金範錫親自來台宣布在台啟用第二座物流中心,亦預告明年上半年將在台灣投資第三座物流中心。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">根據<span lang="EN-US">Coupang 11</span>月公布的<span lang="EN-US">2023</span>年第三季財報顯示,該公司營收和活躍用戶數呈現連續三季加速成長,活躍用戶數逾<span lang="EN-US">2,040</span>萬創新高。<span lang="EN-US">Farfetch</span>是全球知名奢侈品時尚購物平台,集結了<span lang="EN-US">50</span>個國家逾<span lang="EN-US">1,400</span>個國際知名品牌、精品業者和百貨公司精品。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、韓國零售巨頭酷澎勢力龐大<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、<span lang="EN-US">Farfetch</span>是英國精品電商平台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、全球奢侈品市場高達<span lang="EN-US">4000</span>億美元<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、台灣電商一直沒有走出去<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、拍拍圈科技是台灣新成立的二手精品買賣平台<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></b></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">網路銷售<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自工商時報 于國欽,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">20</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">主計總處<span lang="EN-US">19</span>日公布「<span lang="EN-US">111</span>年電子商務統計」,隨著疫情改變消費習慣及銷售型態,去年工業及服務業網路銷售,在前一年成長<span lang="EN-US">32</span>%的高基期下,再成長<span lang="EN-US">11.4</span>%,另受惠於疫情催化宅經濟,企業對個人(<span lang="EN-US">B2C</span>)的交易五年來更成長<span lang="EN-US">1.4</span>倍,顯示網路銷售持續升溫。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">國勢普查處副處長陳惠欣指出,電子商務交易是指經網路銷售所獲得收入,包括製造業循<span lang="EN-US">EDI</span>訂貨、網路訂票,網路訂房,網路訂餐,網路購物等等,隨著網路普及,電子商務交易(即網路銷售)占全體銷售比重也逐年擴大,根據<span lang="EN-US">110</span>年普查年的資料,工業及服務業網路銷售占全體銷售已由五年前<span lang="EN-US">6.0</span>%升至<span lang="EN-US">8.0</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">主計總處調查指出,<span lang="EN-US">111</span>年工業及服務業網路銷售升至<span lang="EN-US">6.8</span>兆元,年增率<span lang="EN-US">11.4</span>%,連續兩年呈兩位數成長,在<span lang="EN-US">110</span>年成長<span lang="EN-US">32.6</span>%的高基期下,再度高成長,陳惠欣表示,疫情改變了大家的消費習慣及銷售型態,近兩年不論製造業或服務業的網路銷售都快速成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">統計顯示,<span lang="EN-US">111</span>年製造業網路銷售達<span lang="EN-US">4.4</span>兆,年增率<span lang="EN-US">7.1</span>%,服務業部門<span lang="EN-US">2.3</span>兆,年增率<span lang="EN-US">19.4</span>%,其中住宿餐飲、運輸倉儲成長皆逾<span lang="EN-US">40</span>%,陳惠欣說,這是由於去年疫情趨緩,加以國境解封,出國旅遊、國內觀光回升帶動網路訂票、網路訂房所致,另外隨著疫情催化宅經濟商機,<span lang="EN-US">111</span>年批發零售業的網路銷售也升至<span lang="EN-US">1.5</span>兆元,在前一年<span lang="EN-US">43</span>%的高成長下,又成長<span lang="EN-US">15.4</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">若依交易對象觀察,去年<span lang="EN-US">6.8</span>兆的網路銷售裡仍以企業對企業(<span lang="EN-US">B2B</span>)占<span lang="EN-US">79.8</span>%較高,不過受宅經濟影響,企業對個人(<span lang="EN-US">B2C</span>)占比也逐漸升高,<span lang="EN-US">B2C</span>占比於去年首度升破<span lang="EN-US">20</span>%。五年之間(<span lang="EN-US">106</span>~<span lang="EN-US">111</span>)<span lang="EN-US">B2C</span>成長<span lang="EN-US">1.4</span>倍,同期間<span lang="EN-US">B2B</span>只成長<span lang="EN-US">67</span>%。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">展望未來,陳惠欣表示,隨著過去三年疫情加速網路銷售成長,在行動裝置普及,電子化交易需求增加的趨勢下,未來網路銷售可望持續成長。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、台灣網路銷售快速成長<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、特別是<span lang="EN-US">B2B</span>的領域<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">B2C</span>的領域五年來也成長<span lang="EN-US">1.4</span>倍<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、最大在製造業,其次才是服務業<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、未來服務業應該會進一步高升<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 394.8pt;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "微軟正黑體",sans-serif; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-font-kerning: 0pt;">電信業影視<span lang="EN-US"><o:p></o:p></span></span></u></b></p>
<p><span style="font-family: "微軟正黑體 Light",sans-serif; font-size: 10.0pt; letter-spacing: .75pt;">資料來源:取自聯合報 馬瑞璿,<span lang="EN-US">112</span>年<span lang="EN-US">12</span>月<span lang="EN-US">17</span>日<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">文創法今年修法後,愈來愈多企業開始加碼投資台灣本土原創內容,除了傳統影視業者之外,包含電信業、社群平台業者,也積極搶進內容影視產業;在新媒體時代,影視分眾愈來愈細,如何善用各式<span lang="EN-US">IP</span>(著作授權)打造好看的影視內容,並將這些<span lang="EN-US">IP</span>效益放大,就成了業界關注的焦點。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">事實上,從<span lang="EN-US">2019</span>年開始,電信業就已經開始小量投資影視產業,因為電信業明白,電信業未來的獲利方程式,不能再只靠傳統的電話線、基地台,唯有積極擁抱軟體應用、影視內容,才能為自己找到獲利活水。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">也因此,今年文創法修法完成之後,中華電信、台灣大哥大、遠傳電信都紛紛宣布與文策院共組影視娛樂基金,期望可以藉由資金投注,挖掘台灣優質文創內容<span lang="EN-US">IP</span>,促進市場正向循環。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">除電信業外,社群平台業者<span lang="EN-US">LINE</span>也相當積極;<span lang="EN-US">LINE</span>除了擁有<span lang="EN-US">LINE TV</span>影視服務之外,本身也有<span lang="EN-US">Webtoon</span>漫畫服務,若能善用漫畫創作,改編為影視內容,可望讓<span lang="EN-US">IP</span>效益便得更大。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">LINE</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">台灣董事長暨執行長陳立人也分享了<span lang="EN-US">LINE</span>近年投資影視產業的經驗,他表示,對於<span lang="EN-US">LINE</span>來說,要決定投資一部劇,除了要看劇本好不好之外,也得要思考投資回收報酬,「舉例來說,我們要拍一部片,邀請別人來投資,勢必得先考量這部片未來可以賣到什麼市場、權利金能否收回。」這些細節都不需經過精算,才能項投資方說項。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">不過,跟傳統影視製作公司不同的是,<span lang="EN-US">LINE</span>是一個社群平台,每天有千萬人在這個平台上面使用即時通訊、新聞、短影音等各式功能。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">LINE</span><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">擁有眾多的消費者內容興趣數據,也有更多的數位行銷工具、曝光機會,比起一般傳統影視業者,<span lang="EN-US">LINE</span>更能掌握消費者的喜好。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">近幾年,影視製作內容產業變化甚鉅,不僅國際串流平台進入台灣,民眾娛樂和觀影習慣加速改變,影視內容需求增加,如何有效應應<span lang="EN-US">IP</span>,也將成為業界重要課題。<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan;"><span style="background: #D9D9D9; font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-pattern: gray-15 auto; mso-shading: white;">我們的看法<span lang="EN-US">:</span></span><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"> <o:p></o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第一、文創法修法,企業加碼投資台灣本土原創內容<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第二、很多電信業者也加入市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第三、<span lang="EN-US">LINE TV</span>也進入市場<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第四、電信業者都和文策院合作<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;">第五、在串流平台,未來需要好的影音內容<span lang="EN-US"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-pagination: widow-orphan; tab-stops: 162.0pt;"><span lang="EN-US" style="font-family: "微軟正黑體",sans-serif; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-font-kerning: 0pt;"><o:p> </o:p></span></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-40481112560828560202023-12-29T23:16:00.004+08:002024-01-03T23:17:14.325+08:00黃齊元/113後 台灣能擁抱再見、燦爛相傳?<p>黃齊元/113後 台灣能擁抱再見、燦爛相傳?</p><p>聯合報/ 黃齊元</p><p>最近發生幾件國際大事,改變國際地緣政治規則,間接都影響到台灣。</p><p><br /></p><p>九月時,拜登總統訪問越南,兩國關係提升至「全面戰略夥伴」層次,和中國相同,美國成為有此待遇的六個國家之一。雙方將「高科技」列為合作重點,包括半導體和稀土產業。</p><p><br /></p><p>東南亞是大陸重要戰略布局、RCEP主要市場,越南更是重中之重。習近平近期赴越南訪問,和越共總書記阮富仲宣布兩黨兩國關係新定位,在全面戰略的基礎上,建構具有戰略意義的「中越命運共同體」。</p><p><br /></p><p>輝達執行長黃仁勳,也在十二月拜訪日本、新加坡、馬來西亞和越南四國,在越南與總理范明政會面,表達在越南設立晶片研發中心,促進兩國在半導體和人工智慧等領域合作。</p><p><br /></p><p>最近,中國商務部認定台灣地區對大陸貿易限制措施構成貿易壁壘,點名民進黨違反ECFA,預警未來限縮甚至廢除ECFA的可能,雙方敵意升高。</p><p><br /></p><p>在近期拜習會達成和解後,美中交鋒重點已轉移到東南亞。為了因應美國分散供應鏈,陸企搶進越南,今年前十一個月中國投資越南金額達八十三億美元,超越台灣,連比亞迪都宣布在越南建立電動車基地。</p><p><br /></p><p>全世界半導體供應鏈正快速分散,面對台海危機,美國的布局是:高端晶片前進日本,台積電熊本一廠即將完工,三廠也已在規畫中;低端製程則開始布局越南。台灣作為全球半導體生產基地的獨特性,正逐漸降低。</p><p><br /></p><p>面對全球供應鏈新現實,台商只能加速走出去,但在大部分國家,台灣沒有優勢。我們希望將「中國的台灣」轉成「世界的台灣」,但「台灣的世界」與「中國的世界」高度重疊,脫離中國並不現實。</p><p><br /></p><p>全世界都在加強與中國對話及合作,除了台灣。最近G7峰會聲明中指出,願與中國建立「具建設性的穩定關係」。G7成員強調無意與中國「脫鉤」,轉而尋求「去風險」。然而G7成員也對中國帶來的挑戰,從南海軍事化到「經濟威脅」強烈批評,但基本上是「鬥而不破」。</p><p><br /></p><p>台灣不了解國際現實,倚美抗中;贏了世界,卻有可能失去國家。烏克蘭有全球民主陣營支持,如今殘破不堪;巴勒斯坦得到所有人同情,卻注定成為人間煉獄。就算全球視台灣為民主燈塔,也不能扭轉台灣的未來。中美在博弈,世界在避險,我們在旁觀,這就是現實。</p><p><br /></p><p>越南如同新加坡,懂得中立以自保,雖友善對待中國,但僅承認「未來共享命運體」,避談「共同」。越南的「竹子外交」意指筆直向上,不偏袒兩邊;台灣應稱作「繩子外交」,和美國綁在一起,還打了個死結。</p><p><br /></p><p>如今選舉情勢已逐漸明朗,美國開始面對「後113」時代,選後兩岸執政黨都會算總帳。面對川普再上台的可能,全球必然更加動盪,台灣必須準備好!</p><p><br /></p><p>未來歷史會這麼寫:二○二三年民進黨、國民黨與民眾黨領導人分別做了決定,這些決定不但影響他們的政黨,也改寫了台灣命運。從美中角度,現對台灣選舉已無期待,準備應變、不再等待;對台灣人民來說,只能扣緊安全帶,不用興奮、只有無奈!</p><p><br /></p><p>政治大師米爾斯海默十年前曾寫下〈對台灣說再見〉一文。這次選舉將是台灣的分水嶺,至少是與昨日的台灣說再見。就像誠品信義店的最後標語,「擁抱再見,燦爛相傳」!</p><p><br /></p><p>(作者為藍濤亞洲總裁兼東南亞影響力聯盟創辦人)</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0tag:blogger.com,1999:blog-6940736338307986050.post-14512671426270683952023-12-26T23:13:00.001+08:002024-01-03T23:14:33.118+08:00 亞洲半導體新星在越南,資深投行家:台商沒有任何優勢<p> 亞洲半導體新星在越南,資深投行家:台商沒有任何優勢</p><p><br /></p><p>最近台灣企業的關鍵字是「全球化」。台灣企業和國外做生意已久,過去20年將重點放在中國,現在必須轉移到其他國家,比如台積電去美國、德國、日本;鴻海及台灣供應鏈去印度、越南、墨西哥等。</p><p><br /></p><p>台商在台灣有地緣政治問題,那到海外去是不是就沒有問題?其實正好相反,問題反而更多。</p><p><br /></p><p>以我的看法,最大的問題並不是尋找土地,而是找「人才」。我有不少大型上市公司客戶在海外擴廠,都面臨人才不足的挑戰,而且因為短期內供應鏈突然外移,需聘用相當多人,從經理級到初階的白領職員均有。</p><p><br /></p><p>以往,台灣習慣從台灣派幹部支援海外,但從台積電的美國投資經驗,可以發現台幹很容易水土不服。</p><p><br /></p><p>但是,要在外國聘用當地人才也非常不容易。第一是語言,台商不了解當地語言,不像在中國;第二是知名度,台灣企業在很多國家都沒有知名度;第三是不瞭解當地市場,每個國家有自己的文化,不能套用台灣經驗或中國的經驗。</p><p><br /></p><p>全球投資熱點:越南</p><p>最近一個新全世界投資熱點是越南。美國總統拜登(Joe Biden)9月訪問越南後,越南總理范明政也回訪美國。本月,輝達執行長黃仁勳訪問亞洲4國,包括日本、新加坡、馬來西亞和越南。這是非常不尋常的舉動,12月是聖誕假期,通常美國人不會在此時密集出訪海外。</p><p><br /></p><p>拜登總統表示,美國將協助越南發展半導體產業;黃仁勳也表示,將在越南投資成立半導體研發中心,這些都激起越南全國對半導體和人工智慧的高度關注。</p><p><br /></p><p>習近平本月也訪問越南,高調宣示將和越南創建「中越命運共同體」,不過越南只採用「未來命運共享體」名詞,把共同2個字拿掉。這種中立的智慧,使得越南集萬千寵愛於一身,近期東南亞國家中迅速崛起。</p><p><br /></p><p>但台商在越南投資沒有任何優勢,由於沒有外交關係、語言文化不通,投資金額又落於新加坡、南韓、中國之後,只能苦苦追趕。</p><p><br /></p><p>東南亞不是唯一選擇</p><p>台灣企業全球化最獨特案例,大概是台泥,近期宣布將在加拿大溫哥華投資新台幣255億元,打造該國最大的高性能三元鋰電池電芯廠。台泥先前投資的地點包括土耳其、葡萄牙以及非洲,他們投資有一個原則,人多的地方不去。</p><p><br /></p><p>自從新任董事長上台後,不去中國,更不去東南亞,反而在一些沒人注意的區域投資、拔得頭籌,並受到當地的高度重視。</p><p><br /></p><p>從這個角度來看,台商或許應有更廣闊的視野,東南亞無疑是供應鏈重要的布局,也不代表是唯一選擇。企業只要有實力,就能放眼世界、海闊天空!</p><p><br /></p>台灣併購與私募股權協會理事長/藍濤亞洲總裁 黃齊元http://www.blogger.com/profile/01266007309953934903noreply@blogger.com0