中国台湾“立法院”于2023年1月7日通过了《产业创新条例》修正案，为当地龙头科技企业提供最高可达所得税50%的税务减免。继美国政府2022年8月通过《2022芯片与科学法案》之后，中国台湾也推出了自己的法案来支持本地的科技产业链。《产业创新条例》下的税务减免主要针对的是在全球供应链中取得关键地位的本土半导体、5G和电动汽车企业。目前申请上述税务减免的要求细节仍未公布，例如对先进制程的定义。一些中国台湾半导体企业已经对这项新的法案表示欢迎，包括日月光、力积电以及国巨等。台积电将于北京时间2023年1月12日下午2时举行其2022年第四季度业绩会。我们期待在业绩电话会议上听到更多台积电关于该新法案的见解。
　　虽然在拜登政府的压力下台积电已经向美国转移了部分先进制程产能，但中国台湾仍希望在全球半导体供应链中保持其领先地位。2022年12月6日，台积电宣布在其位于亚利桑那州的首个晶圆厂（计划2024年量产N4制程工艺）之后，台积电将在该州建设第二个晶圆厂（计划2026年量产3纳米制程工艺）。2022年12月29日，台积电在位于台南科学工业园的晶圆18厂施工现场举行了3纳米制程量产和产能扩张典礼。台积电还计划在新竹科学园区的晶圆20厂建立新一代2纳米产能。我们相信台积电的高管团队仍然希望能尽可能地将公司最先进的制程工艺产能保留在中国台湾。
　　我们看好参与建立自主可控集成电路产业链的中国大陆关键半导体企业。在逆全球化大潮下，各个国家都在尝试强化自身的科技产业链，其中集成电路的制造是最重要的战略重心之一。2022年11月，8家日本顶尖科技企业联合成立了Rapidus公司来推动日本2纳米制程工艺的研发，其中包含丰田、索尼、日本电气、日本电信电话、日本电装、铠侠（前东芝存储）等。对中国大陆来说，建立自主可控的集成电路供应链迫在眉睫。虽然来自美国及其盟友的制裁将构成短期扰动，但中国大陆的半导体产业仍能从海外供应商手中获得部分制造设备以及材料。从中长期来看，我们预计随着国产化率的稳步提升，国产半导体产品的替代进程将会进一步加速。

研究报告全文：股票Research研究EquityFlashTableBasicInfoNoteElectronicsSectorJackLiu柳晨快讯电子行业85225092149chenliugtjascomhk9January2023TableMainInfoATaiwanProvinceVersionoftheChipActPassedProvidingGreaterTaxCutsintheNext6Years快中国台湾版芯片法案获得通过未来6年将提供更多税务减免讯TheLegislatureofTaiwanProvincepassedtheAmendmentsonActforIndustrialInnovationon7thJanFlashNoteFlash2023providinglocalleadingtechnologyenterpriseswithincometaxdeductionsofupto50FollowingbyUSgovernments2022ChipandScienceActinAug2022TaiwanProvincehasalsopasseditsownlegislativebilltosupportthelocalsciencetechnologyindustrychainThetaxdeductionpolicyunderActforIndustrialInnovationmainlytargetslocalenterprisesthatspecializeinsemiconductors5GandelectricvehicleswithakeypositionintheglobalsupplychainAtthisstagedetailedrequirementsforapplyingfortheaforementionedtaxdeductionisyettobefinalizedsuchasthedefinitionofadvancedprocessSeveralkeyplayersintheTaiwanProvincesemiconductorssupplychainhavealreadyshownpositiveresponsestothisnewactincludingASEPowerChipYageoetcTaiwanSemiconductorManufacturingCoLtdTSMCwillholdits4Q2022earningsconferenceat1400BeijingtimeGMT8on12thJan2023welookforwardtohearingmoreregardingthisnewactfromTSMCduringtheearningsconferencecall证Table-1Keydifferencesbetweenthepreviousandnewtaxpolicies告st券From1January2023tostst研报TaxdeductionitemBefore1January202331December202925ofsuchexpense究究Forward-lookinginnovativeRDexpense10-15ofsuchexpenseCap30ofincometaxResearchReport报研5ofsuchexpenseAdvancedprocessequipmentexpensenil告Cap30ofincometax券EquityIfanenterpriseappliestaxdeductionforbothitemsTotalCap50ofincometax证SourceUnitedDailyNewsTaiwanGuotaiJunanInternationalAlthoughTSMCtransferredpartialadvancedprocessproductioncapacityintotheUSunderpressurefromtheBidenadministrationTaiwanProvincestillwantstomaintainitsleadingpositionintheglobalsemiconductorssupplychainOn6Dec2022TSMCannouncedthatinadditiontoitsfirstwaferproductionfacilityfabinArizonascheduledtobeginproductionofN4processtechnologyin2024TSMCalsostartedtheTconstructionofasecondfabscheduledtobeginproductionof3nmprocesstechnologyin2026On29Dec2022aTSMCheldits3nmvolumeproductionandcapacityexpansionceremonyatitsfab18newconstructionsiteintheSouthernTaiwanScienceParkTSMCisalsoplanningtoestablishitsnext-gen2nmproductioncapacityinitsfabb20inHsinchuScienceParkWebelievethattheseniormanagementofTSMCstillwantstokeeptheproductionl电capacityofitsmostadvancedprocessesinsideTaiwanProvince子e行WearebullishonkeysemiconductorenterprisesinmainlandChinathatwillparticipateinthe业establishmentofaself-controllableintegratedcircuitICsupplychainUnderthede-globalizationtideLmanycountriesaretryingtostrengthentheirownsciencetechnologysupplychaininwhichintegratedcircuiteElectronicsSectormanufacturingisoneofthemostsignificantstrategicfocusesInNov2022eightleadingtechnologyenterprisesfinJapanjointlyestablishedRapidusCompanytopromotethedevelopmentofJapanese2nmproductioncapacityincludingToyotaSonyNipponElectricCompanyNECNipponTelegraphandTelephoneCorporationNTTtDensoKioxiaformerlyknownasToshibaMemoryetcFormainlandChinaestablishingaself-controllableMintegratedcircuitsupplychainisimminentAlthoughsanctionsfromtheUSanditsallieswillcreateshort-termadisturbancethesemiconductorsindustryinmainlandChinastillhasaccesstomanufacturingequipmentandrmaterialsfromoverseassuppliersInthemediumtolongtermweexpecttheprocessofdomesticsemiconductorsproductreplacementtofurtheracceleratealongsidesteadyimprovementinlocalizationrateginSeethelastpagefordisclaimerPage1of3Seethelastpagefo将会进一步加速从海外供应商手中来说日本产业链我们看好参与建立自主可控集成电路产业链的中国大陆关键半导体企业管团队仍然希望能尽可能地将公司最先进的制程工艺产能保留在中国台湾举行了第二个晶圆厂计划2虽然在拜登政府的压力下台积电已经向美国转移了部分先进制程产能但中国台湾仍希望在全球半导体供应链中保持其领先地位资料来源表话会议上听到更多台积电关于该新法案的见解光力积电以及国巨述税务减免的要求细节仍未公布例如对先进制程的定义一些中国台湾半导体企业已经对这项新的法案表示欢迎包括日月产业创新条例下的税务减免主要针对的是在全球供应链中取得关键地位的本土半导体务减免中国台湾立法院于022r若企业同时申请两项抵税先进制程设备支出前瞻创新研发支出抵税项目-disclaimer1新旧税务政策的主要异同2年建立其中集成电路的制造是最重要的战略重心之一3纳米制程工艺的研发其中包含丰田索尼日本电气日本电信电话日本电装铠侠1继美国政府纳米台湾联合报国泰君安国际2自主可控的集成电路供应链迫在眉睫虽然来自美国及其盟友的制裁将构成短期扰动但中国大陆的半导体产业仍能月制程6日台积电宣布在其位于亚利桑那州的首个晶圆厂计划获得部分制造设备以及材料从中长期来看我们预计随着国产化率的稳步提升国产量产和产能扩张典礼台积电还计划在新竹科学园区的晶圆等20222026台积电将于北京时间2023年年量产年8月通过1月3纳米制程工艺7日通过了产业创新条例修正案为当地龙头科技企业提供最高可达所得税2022P芯片与科学法案之后中国台湾也推出了自己的法案来支持本地的科技产业链2023年12022月2012202322该支出的年日下午年1211年月月2129无10月时举行其日台积电在位于台南科学工业园的晶圆8在逆全球化大潮下各个国家都在尝试强化自身的20241家日本顶尖科技企业联合成立了至日之前TablePageHeader2150年量产2022厂建立新一代年第四季度业绩会N4制程工艺之后台积电将在该州建设5G总抵税上限上限所得税的上限所得税的和电动汽车企业目前申请上220292023纳米产能我们相信台积电的高前东芝存储该支出的该支出的年年我们期待在业绩电半导体产品的121所得税的月Rapidus月2551等对中国大陆31日至lcrncSectorElectronics13030850日公司来推动厂施工现场50替代进程的税科技PagePage2ofof3n2argiMbleTa1nigraMelbaTFlashNoteElectronicsSector电子行业9January2023SeeWebsitewwwgtjacomhkTel852250927FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongsubjectGuotaiJunanandgroupitscompaniesanytoregistrationorlicensingrequirementwithinsuchjurisdictionwoulduseoravailabilitypublicationdistributionsuchwherejurisdictionanyinThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorandwherenecessaryconsulttheirownfinancialadviserspriortoaneconoandpoliticalmutablesituationuncertainty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