TAIWAN WEEKLY KICKSTART

研报英文原文证据摘录

TAIWAN WEEKLY KICKSTART

Portfolio Strategy Research

10 July 2026 | 11:46PM HKT

TAIEX fell 3% as continued QFII selling pressured Tech (US$6bn past week; US$23bn past three

weeks); June sales growth accelerated to +57% YoY; TSMC reports earnings next week

Performance: TAIEX -3.0%, underperforming MXAPJ by Macro Data (Jun): Exports + 40.3% yoy (vs. GSe +53.5%, Alvin So, CFA

+852-2978-1585 | alvin.so@gs.com

2.1pp. Health Care and Financials (+2–3%) led, while May +51.7%) on a sharp pullback in ASEAN demand; Goldman Sachs (Asia) L.L.C.

Chemicals, Hardware, and Telcos (-6–7%) lagged. TSMC Headline Inflation +2.6% yoy (vs. GSe +2.3%, May +2.2%) Timothy Moe, CFA

+65-6889-1199 | timothy.moe@gs.com

-1.2%. TWD closed at 32.2 (-0.7%) (Exhibit 14) Goldman Sachs (Singapore) Pte

Charts of the Week: Earnings in Focus Kinger+852-2978-1224Lau, CFA| kinger.lau@gs.comFlows: QFIIs net sold US$5.9bn, concentrated in Tech

Monthly Sales Tacker (June): Listed companies’ revenues Goldman Sachs (Asia) L.L.C.

(TSMC: -US$1.3bn; others: -US$3.0bn) and Commodities

+57% YoY in June (vs. +45% YoY in May), with April-June Sunil+44(20)7051-4931Koul | sunil.koul@gs.com(-US$600mn), while reducing short futures positions by Goldman Sachs International sales tracking at 104% of consensus Q2 estimates

US$2.3bn (Exhibit 17). Local funds net bought US$1.5bn

across sectors (Exhibit 18). Retail investors net bought 2Q26 Earnings Preview: Most companies will report results

US$4bn of cash equities, alongside higher margin ratios, by mid-August, starting with TSMC on 16 July. Our equity

while reducing long futures positions (Exhibit 24). Short analysts expect momentum to strengthen further in 2027,

interest also declined (Exhibit 28). ETFs recorded US$2.5bn supported by robust demand for AI accelerators and server