<h3><strong><em>医疗保健、贸易与人工智能支出交汇</em></strong></h3>
<h3>新医疗保健框架的形成</h3>
<p>唐纳德·特朗普概述了一项名为&#34;伟大的医疗保健计划&#34;的新医疗保健框架，旨在降低处方药价格和保险费。该提案是在延长关键的《平价医疗法案》税收抵免的努力在参议院停滞不前之际提出的，这增加了保险费上涨的风险。白宫将该计划定位为成本减轻，而非扩大保险公司补贴。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/b8e2c512-7179-4dc6-84b4-0342083c1fb1/image.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1480" height="833" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/b8e2c512-7179-4dc6-84b4-0342083c1fb1/image.png"/></p>
<p>该框架将锁定最惠国药品定价，扩大直接面向消费者的折扣药品销售，并将保险资金重定向到个人而非保险公司。它还包括可能使普通《平价医疗法案》计划的保险费降低超过 10% 的成本分担减免，以及更广泛的价格透明度规则。尽管执行仍不确定，但其政治吸引力显而易见。</p>
<h3>美台芯片交易重塑贸易叙事</h3>
<p>美国和台湾达成了一项贸易协议，以扩大美国的半导体制造。台湾芯片公司承诺至少在美国投资 2500 亿美元，并获得 2500 亿美元的信用担保。作为交换，美国将把关税上限设定为 15%，取消部分关税，并为美国本土的晶圆厂提供第 232 条豁免。</p>
<blockquote>
<p>美国 🇺🇸 和台湾 🇹🇼 的贸易协议已达成！</p>
<p>美国将对一系列台湾制造的商品降低关税至 15%，减少半导体供应链的短期摩擦，同时国内晶圆厂的产能持续提升。</p>
<p>此举允许 $TSM 增加芯片和晶圆… https://t.co/17u2BrorKU pic.twitter.com/IvzTvLiPaG</p>
<p>— Sam Badawi (@samsolid57) 2026 年 1 月 15 日</p>
</blockquote>
<p>台积电已经购买了土地，并可能在亚利桑那州进一步扩张，在建设期间有额外的灵活性可以免税进口设备。该协议减少了供应链摩擦，并将产业政策与长期产能目标对齐。对于市场而言，它消除了大规模资本支出周围的不确定性。</p>
<h3>台积电财报确认人工智能资本支出是结构性的</h3>
<p>台积电第四季度业绩超出预期，净利润为 5057 亿新台币，同比增长 35%，主要受强劲的人工智能需求推动。关键要点是资本支出预测为 520 亿至 560 亿美元，远高于预期，清晰地表明人工智能投资是持久的。半导体设备公司如 ASML 对此做出了反应，股价上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/a2869e0d-8026-45e8-8b56-e7637b737058/image.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1199" height="771" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/a2869e0d-8026-45e8-8b56-e7637b737058/image.png"/></p>
<p>管理层预计收入增长约 30%，并重申其作为 NVIDIA 主要芯片供应商的角色。结合不断扩大的美国业务，信息很明确，人工智能基础设施支出正在变得嵌入式，而非周期性。</p>
<p>感谢您的阅读！欲了解更多每周更新，请关注 @WOLF_Financial</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

<p>唐纳德·特朗普推出了 “伟大的医疗保健计划”，旨在降低药品价格和保险费，同时应对 ACA 税收抵免的停滞。该计划包括最惠国药品定价和成本分担减免。与此同时，美国和台湾达成了一项贸易协议，以促进半导体制造，台湾企业承诺在美国投资 2500 亿美元。台积电报告了强劲的收益，受益于人工智能需求，预计资本支出将在 520 亿到 560 亿美元之间，表明人工智能基础设施支出的持续增长。这与美国的工业政策相一致，并减少了供应链的不确定性</p>

<h3><strong><em>Healthcare, trade, and AI spending converge</em></strong></h3>
<div class="lb-trans"><h3><strong><em>医疗保健、贸易与人工智能支出交汇</em></strong></h3>
</div><h3>A New Healthcare Framework Takes Shape</h3>
<div class="lb-trans"><h3>新医疗保健框架的形成</h3>
</div><p>Donald Trump outlined a new healthcare framework called the &#34;Great Healthcare Plan,&#34; aimed at lowering prescription drug prices and insurance premiums. The proposal comes as efforts to extend key Affordable Care Act tax credits stall in the Senate, raising the risk of higher premiums. The White House positions the plan as cost relief rather than expanded insurer subsidies.</p>
<div class="lb-trans"><p>唐纳德·特朗普概述了一项名为&#34;伟大的医疗保健计划&#34;的新医疗保健框架，旨在降低处方药价格和保险费。该提案是在延长关键的《平价医疗法案》税收抵免的努力在参议院停滞不前之际提出的，这增加了保险费上涨的风险。白宫将该计划定位为成本减轻，而非扩大保险公司补贴。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/b8e2c512-7179-4dc6-84b4-0342083c1fb1/image.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/b8e2c512-7179-4dc6-84b4-0342083c1fb1/image.png"/></p>
<p>The framework would lock in most-favored-nation drug pricing, expand direct-to-consumer discounted drug sales, and redirect insurance funding to individuals instead of insurers. It also includes cost-sharing reductions that could lower common Obamacare plan premiums by over 10%, plus broader price-transparency rules. The political appeal is clear, even if execution remains uncertain.</p>
<div class="lb-trans"><p>该框架将锁定最惠国药品定价，扩大直接面向消费者的折扣药品销售，并将保险资金重定向到个人而非保险公司。它还包括可能使普通《平价医疗法案》计划的保险费降低超过 10% 的成本分担减免，以及更广泛的价格透明度规则。尽管执行仍不确定，但其政治吸引力显而易见。</p>
</div><h3>The U.S.-Taiwan Chip Deal Resets the Trade Narrative</h3>
<div class="lb-trans"><h3>美台芯片交易重塑贸易叙事</h3>
</div><p>The U.S. and Taiwan reached a trade agreement to expand semiconductor manufacturing in America. Taiwanese chip firms committed at least $250B in U.S. investment, backed by $250B in credit guarantees. In exchange, the U.S. will cap tariffs at 15%, remove some duties, and grant Section 232 exemptions for U.S.-based fabs.</p>
<div class="lb-trans"><p>美国和台湾达成了一项贸易协议，以扩大美国的半导体制造。台湾芯片公司承诺至少在美国投资 2500 亿美元，并获得 2500 亿美元的信用担保。作为交换，美国将把关税上限设定为 15%，取消部分关税，并为美国本土的晶圆厂提供第 232 条豁免。</p>
</div><blockquote>
<p>A U.S. 🇺🇸 and Taiwan 🇹🇼 trade deal has been reached!</p>
<p>The U.S. is lowering tariffs on a range of Taiwan-made goods to 15%, reducing near-term friction in the semiconductor supply chain as domestic fab capacity continues to ramp.</p>
<p>The move allows $TSM to increase chip and wafer… https://t.co/17u2BrorKU pic.twitter.com/IvzTvLiPaG</p>
<p>— Sam Badawi (@samsolid57) January 15, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>美国 🇺🇸 和台湾 🇹🇼 的贸易协议已达成！</p>
<p>美国将对一系列台湾制造的商品降低关税至 15%，减少半导体供应链的短期摩擦，同时国内晶圆厂的产能持续提升。</p>
<p>此举允许 $TSM 增加芯片和晶圆… https://t.co/17u2BrorKU pic.twitter.com/IvzTvLiPaG</p>
<p>— Sam Badawi (@samsolid57) 2026 年 1 月 15 日</p>
</blockquote>
</div><p>TSMC has already purchased land and may further expand in Arizona, with added flexibility to import equipment tariff-free during construction. The deal reduces supply-chain friction and aligns industrial policy with long-term capacity goals. For markets, it removes a layer of uncertainty around large-scale capex.</p>
<div class="lb-trans"><p>台积电已经购买了土地，并可能在亚利桑那州进一步扩张，在建设期间有额外的灵活性可以免税进口设备。该协议减少了供应链摩擦，并将产业政策与长期产能目标对齐。对于市场而言，它消除了大规模资本支出周围的不确定性。</p>
</div><h3>TSMC Earnings Confirm AI Capex Is Structural</h3>
<div class="lb-trans"><h3>台积电财报确认人工智能资本支出是结构性的</h3>
</div><p>TSMC beat fourth-quarter expectations, posting NT$505.7B in net profit, up 35% year over year on strong AI demand. The key takeaway was a $52-56B capex forecast, well above expectations and a clear signal that AI investment is durable. Semiconductor equipment names like ASML rallied in response.</p>
<div class="lb-trans"><p>台积电第四季度业绩超出预期，净利润为 5057 亿新台币，同比增长 35%，主要受强劲的人工智能需求推动。关键要点是资本支出预测为 520 亿至 560 亿美元，远高于预期，清晰地表明人工智能投资是持久的。半导体设备公司如 ASML 对此做出了反应，股价上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/a2869e0d-8026-45e8-8b56-e7637b737058/image.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/a2869e0d-8026-45e8-8b56-e7637b737058/image.png"/></p>
<p>Management guided to roughly 30% revenue growth and reaffirmed its role as the primary chip supplier to NVIDIA. Combined with expanding U.S. operations, the message is simple, AI infrastructure spending is becoming embedded, not cyclical.</p>
<div class="lb-trans"><p>管理层预计收入增长约 30%，并重申其作为 NVIDIA 主要芯片供应商的角色。结合不断扩大的美国业务，信息很明确，人工智能基础设施支出正在变得嵌入式，而非周期性。</p>
</div><p>Thanks for reading! For more updates throughout the week, follow @WOLF_Financial</p>
<div class="lb-trans"><p>感谢您的阅读！欲了解更多每周更新，请关注 @WOLF_Financial</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

政策、芯片以及规模化成本