<h2>关键要点</h2>
<ul>
<li>台积电在半导体制造市场的份额超过英特尔。</li>
<li>在几乎所有财务指标上，台积电也优于英特尔。</li>
<li>如果你只能购买一只股票，单从财务角度来看，台积电的投资价值非常吸引人。</li>
<li>我们更看好的 10 只股票超过台积电制造 ›</li>
</ul>
<p>半导体芯片行业，或许比其他任何行业都更是现代世界的基石。无论你正在使用什么设备阅读这篇文章，没有半导体，这一切都不可能实现。</p>
<p>长期以来，<strong>英特尔</strong>(NASDAQ: INTC) 一直是半导体生产的无可争议的世界领导者，但如今这一称号已被 <strong>台积电</strong>(NYSE: TSM) 夺走。</p>
<p>如果你在寻找 2026 年的半导体投资，那么你应该选择优质企业，而不是跟随者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/2FZ0DIMAmhpBs8dfTxMWNQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://media.zenfs.com/en/motleyfool.com/736813be69b8ba384025bc9a2eacfe25?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/2FZ0DIMAmhpBs8dfTxMWNQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://media.zenfs.com/en/motleyfool.com/736813be69b8ba384025bc9a2eacfe25"/></p>
<p>图片来源：Getty Images。</p>
<h2>这个小岛屿的巨大影响力</h2>
<p>台湾是中国共产党之前的共和政府的最后残余。这里生产了全球 60% 的半导体芯片，90% 的最先进芯片也来自这里。</p>
<p>大多数芯片由台积电制造，台积电的财务状况也证明了这一点。2025 年，台积电的收入达到 1213 亿美元，比 2024 年增长了 37%。在过去三年中，其收入的复合年增长率（CAGR）为 20.48%。它还经常超出盈利预期，盈利能力极强，毛利率为 58.98%，净利率为 43.29%。</p>
<p>值得注意的是，台积电目前的股息收益率为 0.99%，考虑到过去 12 个月股价上涨了 66%，这相当令人印象深刻。过去五年，该公司的股息年增长率为 12.3%。与英特尔相比，这使得台积电不太可能在短期内放弃其王冠。</p>
<p>尽管美国政府给予了巨大的支持，英特尔的收入在过去三年中实际上以平均 8.4% 的速度下降。其毛利率仅为 33%，净利率则微薄至 0.37%。这意味着在净收入方面，英特尔的盈利能力几乎微乎其微。值得注意的是，英特尔在 2024 年底暂停了股息，并且看起来不打算在短期内恢复支付。</p>
<p>英特尔的过去 12 个月（TTM）收入不到台积电的一半，TTM 稀释每股收益（EPS）仅为 0.05 美元，而台积电为 1.99 美元，台积电的现金几乎是英特尔的三倍，分别为 902.5 亿美元和 309.4 亿美元。</p>
<p>尽管台积电的债务少于英特尔，台积电的债务仅为 337.6 亿美元，而英特尔为 465.5 亿美元。因此，台积电的净现金为 564.9 亿美元，而英特尔则负债 150 亿美元。</p>
<p>此外，台积电正在美国建立工厂，英特尔的主场。它在亚利桑那州有一座价值 1650 亿美元的巨大工厂，并计划进一步扩张。《纽约时报》上周报道，台积电已在亚利桑那州获得第二块土地，并希望扩大其在美国的制造足迹。</p>
<p>我认为，通常选择赛场上看起来最强的马是个好主意，而台积电在竞争中确实是一匹优质马。如果你在 2026 年只进行一次半导体投资，台积电是一个非常有说服力的选择。</p>
<h2>你现在应该购买台积电的股票吗？</h2>
<p>在你购买台积电的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而台积电并不在其中。入选的 10 只股票在未来几年可能会带来巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 474,578 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,141,628 美元</strong>！*</p>
<p>现在，值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 955%——相比之下，标准普尔 500 指数的回报率为 196%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 1 月 19 日。</em></p>
<p><em>James Hires 在提到的任何股票中没有持仓。Motley Fool 持有并推荐英特尔和台积电。Motley Fool 有披露政策。</em></p>
<p>台积电是否比英特尔更值得购买？最初由 Motley Fool 发布。</p>

2 倍做多 TSM ETF - GraniteShares

费城交易所 半导体 ETF - iShares

英特尔

2 倍做多 INTC ETF - GraniteShares

半导体 3 倍做多 - Direxion

2 倍做多 TSM ETF - Leverage Shares

台积电

标普半导体 ETF - SPDR

半导体 ETF - VanEck Vectors

2 倍做多台积电 ETF - Direxion

<p>台积电目前被视为比英特尔更具吸引力的 2026 年投资选择。台积电在半导体制造市场占据主导地位，拥有优越的财务指标，包括 2025 年的收入为 1213 亿美元，毛利率为 58.98%。相比之下，英特尔的收入有所下降，毛利率仅为 33%。台积电还拥有强劲的现金流，并正在扩大其在美国的制造能力。尽管未出现在最近的热门股票名单上，台积电的财务实力使其成为投资者的一个引人注目的选择</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Taiwan Semiconductor controls a larger share of the semiconductor fabrication market than Intel.</li>
<li>It also beats Intel in virtually every financial metric.</li>
<li>If you can only buy one, the financials alone make a compelling case for Taiwan Semiconductor.</li>
<li>10 stocks we like better than Taiwan Semiconductor Manufacturing ›</li>
</ul>
<div class="lb-trans"><ul>
<li>台积电在半导体制造市场的份额超过英特尔。</li>
<li>在几乎所有财务指标上，台积电也优于英特尔。</li>
<li>如果你只能购买一只股票，单从财务角度来看，台积电的投资价值非常吸引人。</li>
<li>我们更看好的 10 只股票超过台积电制造 ›</li>
</ul>
</div><p>The semiconductor chip industry is, perhaps more than any other, a business sector on which the modern world is built. Whatever device you happen to be reading this on, it would not be possible without the semiconductor.</p>
<div class="lb-trans"><p>半导体芯片行业，或许比其他任何行业都更是现代世界的基石。无论你正在使用什么设备阅读这篇文章，没有半导体，这一切都不可能实现。</p>
</div><p>For a long time, <strong>Intel</strong>(NASDAQ: INTC) was the undisputed world leader in semiconductor production, but today that title has been taken by <strong>Taiwan Semiconductor Manufacturing</strong>(NYSE: TSM).</p>
<div class="lb-trans"><p>长期以来，<strong>英特尔</strong>(NASDAQ: INTC) 一直是半导体生产的无可争议的世界领导者，但如今这一称号已被 <strong>台积电</strong>(NYSE: TSM) 夺走。</p>
</div><p>And if you're looking for a semiconductor investment for 2026, then you should bet on the thoroughbred, not the also-ran.</p>
<div class="lb-trans"><p>如果你在寻找 2026 年的半导体投资，那么你应该选择优质企业，而不是跟随者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/2FZ0DIMAmhpBs8dfTxMWNQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://media.zenfs.com/en/motleyfool.com/736813be69b8ba384025bc9a2eacfe25" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/2FZ0DIMAmhpBs8dfTxMWNQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://media.zenfs.com/en/motleyfool.com/736813be69b8ba384025bc9a2eacfe25"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The small island with an enormous footprint</h2>
<div class="lb-trans"><h2>这个小岛屿的巨大影响力</h2>
</div><p>The country of Taiwan is the last remnant of China's pre-communist republican government. It's also where 60% of all the world's semiconductor chips are produced and where 90% of its most advanced ones come from.</p>
<div class="lb-trans"><p>台湾是中国共产党之前的共和政府的最后残余。这里生产了全球 60% 的半导体芯片，90% 的最先进芯片也来自这里。</p>
</div><p>Most of those chips are made by Taiwan Semiconductor Manufacturing, better known as TSMC. And the company's financials bear that out. For 2025, TSMC brought in $121.3 billion in revenue, up 37% over 2024. Over the past three years, its revenue has grown at a compound annual growth rate (CAGR) of 20.48%. It also routinely beats earnings expectations and is incredibly profitable, boasting a gross margin of 58.98% and a net income margin of 43.29%.</p>
<div class="lb-trans"><p>大多数芯片由台积电制造，台积电的财务状况也证明了这一点。2025 年，台积电的收入达到 1213 亿美元，比 2024 年增长了 37%。在过去三年中，其收入的复合年增长率（CAGR）为 20.48%。它还经常超出盈利预期，盈利能力极强，毛利率为 58.98%，净利率为 43.29%。</p>
</div><p>Note too that TSMC pays a dividend that yields 0.99% at current prices, which is impressive considering the stock price is up 66% over the past 12 months. The company has also grown its dividend at an annual rate of 12.3% over the past five years. Compare that to Intel, and it should become pretty clear that TSMC is not likely to relinquish its crown anytime soon.</p>
<div class="lb-trans"><p>值得注意的是，台积电目前的股息收益率为 0.99%，考虑到过去 12 个月股价上涨了 66%，这相当令人印象深刻。过去五年，该公司的股息年增长率为 12.3%。与英特尔相比，这使得台积电不太可能在短期内放弃其王冠。</p>
</div><p>Despite a massive shot in the arm from the U.S. government, Intel's revenue has actually fallen at an average rate of 8.4% over the past three years. Its gross profit margin is only 33%, and its net income margin is a razor-thin 0.37%. This means that, in net income terms, Intel is only profitable by the skin of its teeth. It's also worth noting that Intel suspended its dividend in late 2024 and doesn't look like it plans to start paying one again anytime soon.</p>
<div class="lb-trans"><p>尽管美国政府给予了巨大的支持，英特尔的收入在过去三年中实际上以平均 8.4% 的速度下降。其毛利率仅为 33%，净利率则微薄至 0.37%。这意味着在净收入方面，英特尔的盈利能力几乎微乎其微。值得注意的是，英特尔在 2024 年底暂停了股息，并且看起来不打算在短期内恢复支付。</p>
</div><p>Intel's trailing-12-month (TTM) revenue is less than half of TSMC's, its TTM diluted earnings per share (EPS) is just $0.05 to TSMC's $1.99, and TSMC holds nearly three times the cash as Intel at $90.25 billion to $30.94 billion.</p>
<div class="lb-trans"><p>英特尔的过去 12 个月（TTM）收入不到台积电的一半，TTM 稀释每股收益（EPS）仅为 0.05 美元，而台积电为 1.99 美元，台积电的现金几乎是英特尔的三倍，分别为 902.5 亿美元和 309.4 亿美元。</p>
</div><p>That's also despite having less debt than Intel. TSMC carries a debt of just $33.76 billion to Intel's $46.55 billion. So TSMC has a positive net cash position of $56.49 billion, and Intel is $15 billion in the hole.</p>
<div class="lb-trans"><p>尽管台积电的债务少于英特尔，台积电的债务仅为 337.6 亿美元，而英特尔为 465.5 亿美元。因此，台积电的净现金为 564.9 亿美元，而英特尔则负债 150 亿美元。</p>
</div><p>Also consider that TSMC is setting up factories in America, Intel's home turf. It has one enormous $165 billion factory in Arizona, with more coming. <em>The New York Times</em> reported last week that TSMC had acquired a second piece of land in Arizona and was looking to expand its American manufacturing footprint.</p>
<div class="lb-trans"><p>此外，台积电正在美国建立工厂，英特尔的主场。它在亚利桑那州有一座价值 1650 亿美元的巨大工厂，并计划进一步扩张。《纽约时报》上周报道，台积电已在亚利桑那州获得第二块土地，并希望扩大其在美国的制造足迹。</p>
</div><p>I'm of a mind that it's generally a good idea to bet on the strongest-looking horse in the race, and TSMC is quite the thoroughbred compared to the competition. If you only make one semiconductor investment in 2026, TSMC makes a compelling case.</p>
<div class="lb-trans"><p>我认为，通常选择赛场上看起来最强的马是个好主意，而台积电在竞争中确实是一匹优质马。如果你在 2026 年只进行一次半导体投资，台积电是一个非常有说服力的选择。</p>
</div><h2>Should you buy stock in Taiwan Semiconductor Manufacturing right now?</h2>
<div class="lb-trans"><h2>你现在应该购买台积电的股票吗？</h2>
</div><p>Before you buy stock in Taiwan Semiconductor Manufacturing, consider this:</p>
<div class="lb-trans"><p>在你购买台积电的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Taiwan Semiconductor Manufacturing wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而台积电并不在其中。入选的 10 只股票在未来几年可能会带来巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $474,578</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,141,628</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 474,578 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,141,628 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 955% — a market-crushing outperformance compared to 196% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在，值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 955%——相比之下，标准普尔 500 指数的回报率为 196%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of January 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 1 月 19 日。</em></p>
</div><p><em>James Hires has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>James Hires 在提到的任何股票中没有持仓。Motley Fool 持有并推荐英特尔和台积电。Motley Fool 有披露政策。</em></p>
</div><p>Is Taiwan Semiconductor a Better Buy Than Intel for 2026? was originally published by The Motley Fool</p>
<div class="lb-trans"><p>台积电是否比英特尔更值得购买？最初由 Motley Fool 发布。</p>
</div>

Is Taiwan Semiconductor a Better Buy Than Intel for 2026?

- 台湾半导体在半导体制造市场占有更大份额，财务指标领先于英特尔。  
- 2025 年，台湾半导体营收达到 1213 亿美元，同比增长 37%。  
- 英特尔营收下降，毛利率仅 33%，且暂停分红，财务状况堪忧。

台积电是否比英特尔更值得在 2026 年购买？