July Taiex investment strategy- Volatility intensifies

研报英文原文证据摘录

July Taiex investment strategy- Volatility intensifies

tabilizing, the seasonal effect in 2H26 is worth

anticipating. Coupled with robust demand for electronic materials, petrochemical

companies are seeing a turnaround. The FPC Group is actively transforming and targeting

the semiconductor specialty chemicals market, and with TSMC, ASE, and other leading

companies continuing to diversify their supplier strategies, it is worth observing whether

this will further drive the transformation of the domestic petrochemical supply chain. In

the steel industry, CSC raised its 3Q26 quarterly prices to reflect rising raw material costs.

In the medium to long term, domestic steel mills are also seeing a turnaround as industry

order improves.

July stock pick strategy: advanced packaging / AI application themes / strong earnings /

high dividend yield

⚫ Advanced packaging and panel-level packaging: The path to enhanced computing

power remains endless. However, as semiconductor processes move into 1nm or

more advanced nodes, significant challenges persist. Improving packaging

efficiency and leveraging 3D packaging to boost chip computing capacity will be

the main approaches going forward. In particular, considering dicing efficiency and

structural distribution improvements, investment in panel-level packaging will

further increase. Key beneficiaries include TSMC (2330 TT), ASE (3711 TT), and

Gudeng (3680 TT).

⚫ Agent-based AI applications and robotics: The Chicago Machine Tool Show and

nVidia’s recent positive outlook on physical AI business opportunities suggest that

related supply chains will see relatively strong sales momentum starting in 2H26.

Stocks favored in this theme include: MediaTek (2454 TT), Unimicron (3037 TT),

MPI (6223 TT); Hiwin (2049 TT), and Advantech (2395 TT).