市場快訊Market Brief
加權指數TAIEX45,848.9045,848.90+337.41+337.41櫃買指數TPEx399.21399.21+10.48+10.48集中市場成交值TWSE Turnover6,759.70 億元NT$676.0 billion+322.05 億元+NT$32.2 billion外資買賣超Foreign Net Buying-179.80 億元-NT$18.0 billion+447.19 億元+NT$44.7 billion投信買賣超SITC Net Buying+106.46 億元+NT$10.6 billion+10.72 億元+NT$1.1 billion自營商買賣超Proprietary Net Buying-129.74 億元-NT$13.0 billion-34.12 億元-NT$3.4 billion外資台指期淨未平倉Foreign Taifex Net Position-76,351 口-76,351 contracts+6,872 口+6,872 contracts融資餘額Margin Balance5,861.67 億元NT$586.2 billion+39.26 億元+NT$3.9 billion美國 10 年期公債殖利率U.S. 10-Year Treasury Yield5.02%5.02%+0.02pp+0.02pp布蘭特原油現貨Brent Crude Spot105.83 美元$105.83-1.12 美元-$1.12
AHI Journal
2026 年 9 月 17 日 星期四Thursday, September 17, 2026登入Log In訂閱Subscribe
要聞速覽What’s News
市場Markets
外資期貨空單大減 6872 口Foreign Futures Net Shorts Fall by 6,872 Contracts9 月 16 日外資在期貨市場減持空單 6,872 口，淨空單降至 76,351 口，現貨賣超縮小至 179.8 億元，顯示籌碼面極端避險壓力出現邊際緩解。Foreign institutional investors covered 6,872 contracts in index futures on Sept. 16, cutting net shorts to 76,351 contracts as net spot selling shrank to NT$18.0 billion, signaling marginal relief from extreme hedging pressure. 讀全文 →Read →
聯邦基金利率調升至 4%Fed Lifts Funds Rate to 4%美國聯準會全體官員一致同意升息 25 個基點，基準借貸成本區間來到 3.75%至 4.00%；利率預測落點更將 2026 年末基準水準預期推升至 4.1%，粉碎投資人對寬鬆週期提早來臨的盤算。Federal Reserve officials voted unanimously to raise the benchmark borrowing rate by 25 basis points to 3.75%-4.00%, with the updated dot plot lifting the end-2026 forecast to 4.1%, dimming expectations for early easing. 讀全文 →Read →
美國 10 年期債息攀至 5.02%10-Year Treasury Yield Hovers at 5.02%受 8 月零售銷售月增 1.2%與進口物價上漲推動，美債 10 年期殖利率維持在 5.02%，高利率持續推升科技股折現率負擔。Propelled by a 1.2% monthly rise in August retail sales and climbing import prices, the U.S. 10-year Treasury yield held at 5.02%, weighing on tech-stock discounting multiples. 讀全文 →Read →
產業與企業Industry & Companies
華邦電併購英飛凌記憶體事業Winbond Acquires Infineon Memory Unit華邦電斥資 11.2 億美元收購英飛凌NOR Flash業務，合併後市佔率將升至 34%，有助掌握車用與AI伺服器編碼快閃記憶體定價權。Winbond agreed to buy Infineon's NOR Flash business for $1.12 billion, lifting its post-merger market share to 34% and reinforcing its pricing leverage across automotive and AI server code storage. 讀全文 →Read →
欣興高階ABF產能擴增 3 成Unimicron Expands High-End ABF Capacity 30%欣興因應AI伺服器載板供不應求，規劃 2027 年ABF產能擴增 30%至 40%，外資研究預估高階報價漲幅擴大將帶動毛利率站上 35%。Addressing tight AI server substrate supplies, Unimicron plans a 30% to 40% capacity expansion by 2027; sell-side models forecast widening high-end price hikes will drive gross margins past 35%. 讀全文 →Read →
中砂擴充CMP鑽石碟產線Kinik Ramps CMP Diamond Disk Lines中砂受惠 2 奈米製程導入晶背供電與CMP道數增加，鑽石碟月產能規劃在 2027 年擴至 9 萬到 10 萬片，訂單能見度延伸至 2030 年。Benefiting from TSMC 2nm backside power delivery integration and a 40% increase in CMP passes, Kinik plans to scale monthly disk output to 90,000-100,000 units by 2027, with order visibility stretching to 2030. 讀全文 →Read →
AI伺服器帶動功率半導體升級AI Racks Spur Power Discrete Upgrades強茂與廣閎科受惠伺服器 48V直流電源與液冷馬達驅動器需求激增，高壓MOSFET與驅動IC量價齊揚，產品結構改善支撐毛利率季增。Panjit and Semi-Engine are capitalizing on surge demand for server 48V DC rails and liquid cooling pump motor drivers, lifting high-voltage MOSFET and driver IC volume and blended realizations to support sequential margin gains. 讀全文 →Read →
市場快照Market Snapshot
| 加權指數TAIEX | 45,848.9045,848.90 | +337.41+337.41 |
| 櫃買指數TPEx | 399.21399.21 | +10.48+10.48 |
| 集中市場成交值TWSE Turnover | 6,759.70 億元NT$676.0 billion | +322.05 億元+NT$32.2 billion |
| 外資買賣超Foreign Net Buying | -179.80 億元-NT$18.0 billion | +447.19 億元+NT$44.7 billion |
| 投信買賣超SITC Net Buying | +106.46 億元+NT$10.6 billion | +10.72 億元+NT$1.1 billion |
| 自營商買賣超Proprietary Net Buying | -129.74 億元-NT$13.0 billion | -34.12 億元-NT$3.4 billion |
| 外資台指期淨未平倉Foreign Taifex Net Position | -76,351 口-76,351 contracts | +6,872 口+6,872 contracts |
| 融資餘額Margin Balance | 5,861.67 億元NT$586.2 billion | +39.26 億元+NT$3.9 billion |
| 美國 10 年期公債殖利率U.S. 10-Year Treasury Yield | 5.02%5.02% | +0.02pp+0.02pp |
| 布蘭特原油現貨Brent Crude Spot | 105.83 美元$105.83 | -1.12 美元-$1.12 |
風險燈號Risk Dashboard
總經政策Macro Policy
聯準會全票升息 1 碼且點陣圖暗示年內續升，美債殖利率破 5%壓抑資產估值。Unanimous 25-bps Fed hike and higher dot plot point to further tightening; yields above 5% compress equity multiples.
市場流動性Market Liquidity
外資台指期淨空單自高檔降至 7.6 萬口，現貨賣超縮減，但當沖比重逼近 40%。Foreign futures net shorts retreated from peaks to 76,000 contracts and spot selling slowed, but day trading near 40% heightens volatility.
產業敘事Industry Narrative
先進製程耗材、ABF載板與伺服器功率元件需求強勁，訂單能見度延伸至 2027 年。Demand for advanced packaging consumables, ABF substrates, and server power components remains strong, with visibility extending to 2027.
時間季節性Seasonality
9 月歷史負報酬窗口期尚未結束，季底法人作帳與央行會議密集期市場震盪加劇。September's historical negative-return window persists amid quarter-end institutional rebalancing and central bank rate decisions.
其他日期Other Days
- 2026-09-18國巨訂單出貨比攀至 2.2 伺服器電容規格翻倍推升稼動率Yageo's Book-to-Bill Ratio Climbs to 2.2 as Server Capacitor Specs Double, Driving Utilization
- 2026-09-18CPO降規傳言引發CCL族群重挫 業者駁斥高階用料不減反增CPO Speculation Hits CCL Stocks; Suppliers Counter High-End Demand Keeps Expanding
- 2026-09-17欣興ABF報價跳增 1 成 缺料緊繃直指 2030 年Unimicron Hikes ABF Prices 10% as Supply Bottlenecks Stretch to 2030
- 2026-09-16矽晶圓缺口預估擴至 24% 漢測凍資 8,600 億引爆產能卡位Silicon Wafer Deficit Projected to Widen to 24%; Han-Test IPO Freezes NT$860B as Capacity Race Ignites
- 2026-09-16MOSFET全線缺料壓抑伺服器電源放量 台達電第 3 季獲利遭機構下修Widespread MOSFET Shortages Stifle Server Power Shipments; Brokerages Cut Delta Electronics Q3 Earnings Forecasts
- 2026-09-15探針卡版圖位移與算力治理重估Probe-Card Market Realigns as AI Governance Spurs Valuation Reckoning
- 2026-09-14關鍵對手品質瑕疵退出，旺矽壟斷次世代算力探針卡份額Rival Yield Failure Leaves MPI With Near-Monopoly on Next-Gen Probe Cards
- 2026-09-14布蘭特原油破百美元遭遇外資 8.5 萬口期貨空單，台股失守 46,200 點的流動性估值修正Brent Breaches $100 as Foreign Short Positions Hit 85,000 Contracts; Taiex Breaches 46,200 in Liquidity Repricing
- 2026-09-11村田停產常規料退守AI高地：被動元件掀起 3 年長週期大洗牌Murata Halts Legacy MLCC Lines to Fortify AI Stronghold, Triggering 3-Year Cycle Reshuffle
- 2026-09-11原油破百美元與出口 800 億交火：台股在武裝態中面臨雙向拉扯Crude Breaks $100 as Exports Hit $80 Billion: Taiwan Equities Caught in Crossfire
- 2026-09-10出口破天荒衝破 800 億美元，台股卻因百元油價退守 4 萬七Taiwan Exports Smash $80B Record, but $100 Oil Pushes TAIEX Below 47,000
- 2026-09-09距前高 289 點，成交量卻掉到 0.92 兆Taiwan Shares Sit 289 Points Below Record as Turnover Dries to NT$920 Billion
- 2026-09-08同一波記憶體漲價：大立光降評，華邦電創新高The Same Memory Price Surge: Largan Downgraded, Winbond Hits Record High
- 2026-09-07就業 16.2 萬、薪資 3.1%、油價還在漲162K Jobs, 3.1% Wages, Oil Still Climbing
- 2026-09-05反彈 693 點站回 5 日線，量能創 8 月底新低Taiex Jumps 693 Points to Reclaim 5-Day Line on Thinnest Volume Since Late August
- 2026-09-0495 美元油價擊落台股 1,091 點$95 Oil Knocks 1,091 Points Off Taiex
- 2026-09-03金融指數漲 2.19% 創高，櫃買跌破季線Financials Surge 2.19% to Record High as OTC Index Slips Below Quarterly Line
- 2026-09-034.8% 殖利率壓過 950 億美元 AI 積壓訂單A 4.8% Yield Outweighs $95 Billion in AI Backlogs
- 2026-08-31「很難把金融狀況說成限制性的」'Hard to Describe Financial Conditions as Restrictive'
- 2026-08-27手握 962 億美元與 2 兆訂單，毛利率仍連跌 3 季Armed With $96.2 Billion and $2 Trillion in Backlog, Gross Margin Still Falls for Three Quarters
- 2026-08-26油價跌 3.1% 的那一天，市場把通膨的問題延後了The Day Oil Fell 3.1%, Markets Postponed the Inflation Question
- 2026-08-251.1 兆美元的租賃承諾，還沒進到資產負債表$1.1 Trillion in Lease Commitments Has Yet to Hit the Balance Sheet
- 2026-08-24當龍頭也要漲價：記憶體的帳單開始往終端移動When the Market Leader Raises Prices: Memory Costs Land on the End Customer
- 2026-08-23科技公司加入搶長期資金，長債殖利率因此壓不下來Tech Giants Join the Scramble for Long-Term Capital, Keeping Long Bond Yields High
- 2026-08-21外銷訂單 979 億美元創高：88% 增量僅來自 2 類產品Export Orders Hit Record $97.9 Billion: Two Categories Account for 88% of Growth
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