<h2>韧性：专家表示，新美国关税对台湾股市的影响有限，市场显示出吸收负面消息的能力。</h2>
<p>尽管重新出现的美国关税担忧抑制了市场情绪，并限制了后续买盘，但台湾股市在农历新年假期后的首个交易日仍创下历史新高。</p>
<p>加权指数上涨 167.55 点，或 0.5%，收于 33,773 点，尽管在下午交易中出现卖压，回吐了大部分早盘涨幅。成交总额达到 9020.81 亿新台币（286.7 亿美元），是历史上第三高的日交易额，突显出投资者在市场近期反弹后调整头寸和锁定利润时的高度波动性。</p>
<p>兆丰国际投资顾问公司分析师黄国伟表示，市场延续了假期前的动能，涨幅超出了大型股。</p>
<p>黄国伟将这一强劲表现主要归因于国内经济基本面稳健，表示上市公司第一季度的表现强于典型的季节性放缓，伴随着成交量上升和股价与交易量动态改善。</p>
<p>人工智能（AI）相关股票仍然是主导主题，受到全球数据中心和先进计算应用需求增长的支持。</p>
<p>特别是，DRAM 芯片制造商南亚科技收盘上涨 3.96%，而华邦电子和旺宏国际分别飙升 9% 和 5.08%。</p>
<p>黄国伟表示，内存行业继续受益于改善的价格预期和间接的 AI 驱动需求。</p>
<p>机构交易显示出混合的头寸。</p>
<p>外资净买入 83.5 亿新台币，为市场提供了关键支持，而自营交易商净卖出 114.7 亿新台币，互惠基金则减持 20.2 亿新台币，台湾证券交易所数据显示，这表明一些国内机构正在获取短期利润。</p>
<p>黄国伟表示，关于潜在新美国关税的不确定性迄今对台湾股市的影响有限，因为台美贸易协议基本保持不变。</p>
<p>台新证券投资顾问公司副董事长李镇宇表示，假期后的涨幅展示了市场的韧性，以及其吸收负面消息并维持看涨结构的能力。</p>
<p>市场成交量的激增反映了强劲的参与度和活跃的行业轮动，这些因素支持了股价，李镇宇补充道，华盛顿提议的全球最高 15% 的普遍关税不太可能影响台湾的半导体领军企业，因为它们在技术优势和全球供应链中的根深蒂固角色。</p>
<p>他表示，短期内，地方股市预计将保持区间震荡，投资者可能会消化全球贸易政策和其他宏观经济信号的发展。</p>

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<p>台湾加权指数（TAIEX）上涨 0.5%，创下 33,773 点的历史新高，尽管对美国新关税的担忧依然存在。分析师指出，市场表现出韧性，得益于强劲的国内经济基本面和活跃的交易活动，成交额达到 9020.81 亿新台币。与人工智能相关的股票领涨，记忆芯片制造商的股价显著上涨。外资为净买入，而部分国内机构则选择获利了结。专家预计，随着投资者关注全球贸易动态，地方交易将保持稳定</p>

<h2>RESILIENT: The new US tariffs have had limited impact on Taiwanese equities, and the gain showed the market’s ability to absorb negative headlines, experts said</h2>
<div class="lb-trans"><h2>韧性：专家表示，新美国关税对台湾股市的影响有限，市场显示出吸收负面消息的能力。</h2>
</div><p>Taiwanese equities closed at a record high yesterday in the first trading session after the Lunar New Year holiday, although renewed US tariff concerns tempered sentiment and limited follow-through buying despite abundant liquidity.</p>
<div class="lb-trans"><p>尽管重新出现的美国关税担忧抑制了市场情绪，并限制了后续买盘，但台湾股市在农历新年假期后的首个交易日仍创下历史新高。</p>
</div><p>The TAIEX rose 167.55 points, or 0.5 percent, to close at 33,773 after giving back most of its earlier gains as selling pressure emerged in afternoon trade. Turnover totaled NT$902.081 billion (US$28.67 billion), the third-highest daily trading value on record, highlighting heightened volatility as investors adjusted positions and locked in profits following the market’s recent rally.</p>
<div class="lb-trans"><p>加权指数上涨 167.55 点，或 0.5%，收于 33,773 点，尽管在下午交易中出现卖压，回吐了大部分早盘涨幅。成交总额达到 9020.81 亿新台币（286.7 亿美元），是历史上第三高的日交易额，突显出投资者在市场近期反弹后调整头寸和锁定利润时的高度波动性。</p>
</div><p>Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said the market extended the momentum seen before the holiday, with gains spreading beyond large-cap stocks.</p>
<div class="lb-trans"><p>兆丰国际投资顾问公司分析师黄国伟表示，市场延续了假期前的动能，涨幅超出了大型股。</p>
</div><p>Huang attributed the strength mainly to solid domestic economic fundamentals, saying that first-quarter performance for listed companies has been stronger than the typical seasonal slowdown, accompanied by rising turnover and improving stock price-trading volume dynamics.</p>
<div class="lb-trans"><p>黄国伟将这一强劲表现主要归因于国内经济基本面稳健，表示上市公司第一季度的表现强于典型的季节性放缓，伴随着成交量上升和股价与交易量动态改善。</p>
</div><p>Artificial intelligence (AI)-related shares remained the dominant theme, supported by growing demand from global data centers and advanced computing applications.</p>
<div class="lb-trans"><p>人工智能（AI）相关股票仍然是主导主题，受到全球数据中心和先进计算应用需求增长的支持。</p>
</div><p>In particular, DRAM chipmaker Nanya Technology Corp (南亞科) closed up 3.96 percent, while Winbond Electronics Corp (華邦電) and Macronix International Co (旺宏) surged 9 percent and 5.08 percent respectively.</p>
<div class="lb-trans"><p>特别是，DRAM 芯片制造商南亚科技收盘上涨 3.96%，而华邦电子和旺宏国际分别飙升 9% 和 5.08%。</p>
</div><p>The memory sector continued to benefit from improving pricing expectations and indirect AI-driven demand, Huang said.</p>
<div class="lb-trans"><p>黄国伟表示，内存行业继续受益于改善的价格预期和间接的 AI 驱动需求。</p>
</div><p>Institutional trading showed mixed positioning.</p>
<div class="lb-trans"><p>机构交易显示出混合的头寸。</p>
</div><p>Foreign investors were net buyers of NT$8.35 billion — providing key support to the market — proprietary traders posted a net sell of NT$11.47 billion while mutual funds trimmed NT$2.02 billion, Taiwan Stock Exchange data showed, which suggested that some domestic institutions were taking short-term profits.</p>
<div class="lb-trans"><p>外资净买入 83.5 亿新台币，为市场提供了关键支持，而自营交易商净卖出 114.7 亿新台币，互惠基金则减持 20.2 亿新台币，台湾证券交易所数据显示，这表明一些国内机构正在获取短期利润。</p>
</div><p>Uncertainties over potential new US tariffs have so far had limited impact on Taiwanese equities, as the Taiwan-US trade deal remains largely unchanged, Huang said.</p>
<div class="lb-trans"><p>黄国伟表示，关于潜在新美国关税的不确定性迄今对台湾股市的影响有限，因为台美贸易协议基本保持不变。</p>
</div><p>Taishin Securities Investment Advisory Co (台新投顧) vice chairman Mason Li (李鎮宇) said the post-holiday gain demonstrated the market’s resilience, and its ability to absorb negative headlines and maintain a bullish structure.</p>
<div class="lb-trans"><p>台新证券投资顾问公司副董事长李镇宇表示，假期后的涨幅展示了市场的韧性，以及其吸收负面消息并维持看涨结构的能力。</p>
</div><p>The surge in market turnover reflected strong participation and active sector rotation, factors that supported share prices, Li said, adding that Washington’s proposed blanket global levies of up to 15 percent are unlikely to affect Taiwan’s semiconductor leaders, given their technological advantages and entrenched roles in global supply chains.</p>
<div class="lb-trans"><p>市场成交量的激增反映了强劲的参与度和活跃的行业轮动，这些因素支持了股价，李镇宇补充道，华盛顿提议的全球最高 15% 的普遍关税不太可能影响台湾的半导体领军企业，因为它们在技术优势和全球供应链中的根深蒂固角色。</p>
</div><p>In the near term, local stock trading is expected to remain range-bound, with investors likely to digest developments in global trade policy and other macroeconomic signals, he said.</p>
<div class="lb-trans"><p>他表示，短期内，地方股市预计将保持区间震荡，投资者可能会消化全球贸易政策和其他宏观经济信号的发展。</p>
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台湾加权指数上涨 0.5%，创下历史新高