[
  {
    "industry": "電腦及週邊設備業",
    "as_of": "2026-10-18",
    "one_liner": "從筆電到機櫃，把運算變成整台設備",
    "one_liner_en": "Taiwan builds the computing systems behind global PCs and AI.",
    "overview": "緯創9月營收約3,808億元，比去年同月增加87.2%。電腦業像一支組裝大隊，把晶片、電源與散熱零件，裝成桌上的筆電和機房裡的伺服器。本頁109家公司合計約16,966億元，年增65.4%；廣達約3,253億元、年增76.7%，和碩約2,148億元、年增86.9%，大型代工廠都有增長。做記憶體、板卡及伺服器通路的青雲，營收約25億元、年增575%，是月營收達10億元公司中增幅最高者。下一次月營收，先看緯創能否延續87.2%的年增幅，再對照廣達的交付成績。",
    "segments": [
      {
        "name": "筆電與電子產品代工",
        "description": "替品牌客戶設計、製造與組裝電腦及電子產品；部分業務也涵蓋伺服器。",
        "codes": [
          "3231",
          "2382",
          "4938",
          "2356",
          "2324",
          "2362"
        ],
        "company_sources": [
          {
            "code": "3231",
            "name": "緯創",
            "role": "電子產品與伺服器代工；公告擴充美國及越南據點。",
            "source_url": "https://www.wistron.com/en/Newsroom/2026-09-09",
            "source_date": "2026-09-09",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2382",
            "name": "廣達",
            "role": "筆電製造與雲端運算方案。",
            "source_url": "https://www.quantatw.com/quanta/english/about/company.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "4938",
            "name": "和碩",
            "role": "筆電、桌機、伺服器及通訊、消費性電子製造。",
            "source_url": "https://www.pegatroncorp.com/media/20260508074846949_2025_Annual_Report_Eng.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2356",
            "name": "英業達",
            "role": "筆電、桌機及企業與雲端資料中心硬體。",
            "source_url": "https://www.inventec.com/en/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2324",
            "name": "仁寶",
            "role": "電子產品代工，並供應通用及加速運算伺服器。",
            "source_url": "https://www.compalserver.com/products/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2362",
            "name": "藍天",
            "role": "高階筆記型電腦OEM及利基機種。",
            "source_url": "https://www.clevo.com.tw/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "雲端伺服器與儲存系統",
        "description": "供應資料中心所需的伺服器、儲存設備與系統整合。",
        "codes": [
          "6669",
          "3706",
          "7711",
          "3693"
        ],
        "company_sources": [
          {
            "code": "6669",
            "name": "緯穎",
            "role": "雲端資料中心及AI伺服器系統。",
            "source_url": "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
            "source_date": "2026-08-07",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3706",
            "name": "神達",
            "role": "透過集團事業供應HPC、AI及儲存伺服器。",
            "source_url": "https://www.mitac.com/en-global",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "7711",
            "name": "永擎",
            "role": "雲端伺服器系統與伺服器主機板。",
            "source_url": "https://www.asrockrack.com/general/about.asp",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3693",
            "name": "營邦",
            "role": "高密度伺服器、儲存平台與AI基礎設施。",
            "source_url": "https://www.aicipc.com/about/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "PC品牌與板卡",
        "description": "以品牌、產品設計與通路銷售PC、主機板或顯示卡；多家公司也經營伺服器。",
        "codes": [
          "2357",
          "2376",
          "2353",
          "2377",
          "3515",
          "2425"
        ],
        "company_sources": [
          {
            "code": "2357",
            "name": "華碩",
            "role": "PC品牌，同時供應AI伺服器與整合基礎設施。",
            "source_url": "https://www.asus.com/ca-en/business/resources/news/asus-advances-ai-factories/",
            "source_date": "2026-09-03",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2376",
            "name": "技嘉",
            "role": "主機板、顯示卡與伺服器品牌及系統供應商。",
            "source_url": "https://www.gigabyte.com/About",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2353",
            "name": "宏碁",
            "role": "PC品牌及商用、消費性電腦產品。",
            "source_url": "https://news.acer.com/acer-reports-september-consolidated-revenues-of-nt3474-billion-highest-in-14-years",
            "source_date": "2026-10-08",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2377",
            "name": "微星",
            "role": "PC與板卡品牌，亦布局AI伺服器及邊緣運算。",
            "source_url": "https://www.msi.com/press-room",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3515",
            "name": "華擎",
            "role": "主機板與PC零組件品牌。",
            "source_url": "https://www.asrock.com/general/about.asp",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2425",
            "name": "承啟",
            "role": "板卡廠，並拓展工作站與伺服器業務。",
            "source_url": "https://udn.com/news/story/7253/9623083",
            "source_date": "2026-07-12",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "工業、商用與邊緣運算",
        "description": "提供工業電腦、商用顯示與強固型裝置、智慧場域整合及工規儲存。",
        "codes": [
          "2352",
          "6414",
          "2395",
          "5289",
          "3005",
          "6166"
        ],
        "company_sources": [
          {
            "code": "2352",
            "name": "佳世達",
            "role": "顯示器、投影機與智慧應用整合；亦跨醫療及網通。",
            "source_url": "https://esg.qisda.com/responsible-governance/Organization-and-Operation-of-Corporate-Governance/operating-performance",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6414",
            "name": "樺漢",
            "role": "工業與商用AIoT系統、雲端及智慧場域整合。",
            "source_url": "https://www.ennoconn.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2395",
            "name": "研華",
            "role": "工業電腦、邊緣AI平台與部署軟體。",
            "source_url": "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment",
            "source_date": "2026-09-17",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5289",
            "name": "宜鼎",
            "role": "工業級記憶體、儲存與邊緣AI系統。",
            "source_url": "https://www.innodisk.com/cht/industries/manufacturing",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3005",
            "name": "神基",
            "role": "強固型電腦及行動運算方案。",
            "source_url": "https://www.getac.com/us/about-us/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6166",
            "name": "凌華",
            "role": "工業電腦、嵌入式系統與邊緣AI平台。",
            "source_url": "https://www.adlinktech.com/en/aboutus",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "散熱、電源與周邊零組件",
        "description": "供應散熱、電源、電池、機殼、鍵盤與精密機構，支援整機組裝。",
        "codes": [
          "3017",
          "2301",
          "6121",
          "8210",
          "8163",
          "2387"
        ],
        "company_sources": [
          {
            "code": "3017",
            "name": "奇鋐",
            "role": "散熱方案、風扇與機櫃等零組件。",
            "source_url": "https://www.avc.co/zh-tw/About-AVC/%E5%93%81%E8%B3%AA%E6%94%BF%E7%AD%96",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2301",
            "name": "光寶科",
            "role": "伺服器電源、機櫃能源管理與液冷整合。",
            "source_url": "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026",
            "source_date": "2026-10-14",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6121",
            "name": "新普",
            "role": "筆電等裝置使用的鋰電池模組，亦布局儲能。",
            "source_url": "https://www.simplo.com.tw/article_d.php?id=955&lang=cn&tb=1",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8210",
            "name": "勤誠",
            "role": "伺服器機殼與機構整合方案。",
            "source_url": "https://www.chenbro.com/en-US/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8163",
            "name": "達方",
            "role": "鍵盤、精密機構、電源與儲能相關產品。",
            "source_url": "https://esg.darfon.com.tw/en/esg/50/246/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2387",
            "name": "精元",
            "role": "筆電鍵盤、桌機鍵鼠與人機介面裝置。",
            "source_url": "https://www.sunrex.com.tw/673ed98093008/673ed99a41ef3",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "資訊產品通路",
        "description": "代理與銷售電腦零組件、系統和周邊，銜接原廠、經銷商與使用者。",
        "codes": [
          "3709",
          "5386"
        ],
        "company_sources": [
          {
            "code": "3709",
            "name": "鑫聯大投控",
            "role": "透過捷元經營資訊產品通路。",
            "source_url": "https://www.genuine.com.tw/News/Detail?id=1085",
            "source_date": "2026-09-08",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5386",
            "name": "青雲",
            "role": "記憶體、儲存、板卡及伺服器等產品通路。",
            "source_url": "https://www.albatron.com.tw/eng/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "提供整機使用的散熱、電源、電池、機殼、鍵盤及工業級儲存與記憶體模組。CPU、GPU等晶片也是投入要素，但此處只列本產業名單內的公司。",
        "codes": [
          "3017",
          "2301",
          "6121",
          "8210",
          "8163",
          "2387",
          "5289"
        ],
        "source_urls": [
          "https://www.avc.co/zh-tw/About-AVC/%E5%93%81%E8%B3%AA%E6%94%BF%E7%AD%96",
          "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026",
          "https://www.simplo.com.tw/article_d.php?id=955&lang=cn&tb=1",
          "https://www.chenbro.com/en-US/about",
          "https://esg.darfon.com.tw/en/esg/50/246/",
          "https://www.sunrex.com.tw/673ed98093008/673ed99a41ef3",
          "https://www.innodisk.com/cht/industries/manufacturing",
          "https://newsroom.amd.com/news/amd-2q-2026-earnings/",
          "https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2027/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "依產品功能整理的產業位置，非逐對供貨關係；同一公司可能跨多層。"
      },
      "midstream": {
        "description": "把運算晶片、板卡、儲存與周邊整合為筆電、伺服器及工業電腦，負責設計、組裝、測試與系統交付。",
        "codes": [
          "3231",
          "2382",
          "4938",
          "2356",
          "2324",
          "6669",
          "3706",
          "7711",
          "3693",
          "2395",
          "6414",
          "6166",
          "2362",
          "2425"
        ],
        "source_urls": [
          "https://www.wistron.com/en/Newsroom/2026-09-09",
          "https://www.quantatw.com/quanta/english/about/company.aspx",
          "https://www.pegatroncorp.com/media/20260508074846949_2025_Annual_Report_Eng.pdf",
          "https://www.inventec.com/en/",
          "https://www.compalserver.com/products/",
          "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
          "https://www.mitac.com/en-global",
          "https://www.asrockrack.com/general/about.asp",
          "https://www.aicipc.com/about/",
          "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment",
          "https://www.ennoconn.com/",
          "https://www.adlinktech.com/en/aboutus",
          "https://www.clevo.com.tw/tw/",
          "https://udn.com/news/story/7253/9623083"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "依產品功能整理的產業位置，非逐對供貨關係；同一公司可能跨多層。"
      },
      "downstream": {
        "description": "透過品牌與通路把設備交給企業、消費者與垂直場域；最終需求來自雲端資料中心、辦公、工廠及個人使用者。品牌商也可能同時參與上游設計與中游製造。",
        "codes": [
          "2357",
          "2353",
          "2376",
          "2377",
          "3515",
          "3709",
          "5386",
          "3005",
          "2352"
        ],
        "source_urls": [
          "https://www.asus.com/ca-en/business/resources/news/asus-advances-ai-factories/",
          "https://news.acer.com/acer-reports-september-consolidated-revenues-of-nt3474-billion-highest-in-14-years",
          "https://www.gigabyte.com/About",
          "https://www.msi.com/press-room",
          "https://www.asrock.com/general/about.asp",
          "https://www.genuine.com.tw/News/Detail?id=1085",
          "https://www.albatron.com.tw/eng/",
          "https://www.getac.com/us/about-us/",
          "https://esg.qisda.com/responsible-governance/Organization-and-Operation-of-Corporate-Governance/operating-performance",
          "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
          "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "依產品功能整理的產業位置，非逐對供貨關係；同一公司可能跨多層。"
      }
    },
    "drivers": [
      {
        "driver": "雲端與AI基礎設施持續投入",
        "explanation": "微軟於FY2026第四季法說表示，當季資本支出410億美元，約三分之二用於以CPU、GPU為主的短期資產。這是伺服器需求的觀察依據；資本支出含租賃與其他建設，不能全數視為台廠訂單。",
        "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "新CPU與GPU平台帶動系統更新",
        "explanation": "AMD於第二季財報揭露第六代EPYC與Instinct MI400系列等新平台。處理器更新需要對應的主機板、伺服器及驗證工作，可觀察台廠新品交付；各產品放量時程仍依後續公告。",
        "source_url": "https://newsroom.amd.com/news/amd-2q-2026-earnings/",
        "source_date": "2026-08-04",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "高密度運算提高供電與散熱需求",
        "explanation": "光寶在OCP展示800 VDC電源與液冷整合方案，並展示最高2.6 MW熱交換能力的CDU。這反映資料中心採購逐步涵蓋能源與散熱系統；展示規格不代表出貨量。",
        "source_url": "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "本機AI與創作應用推動PC產品升級",
        "explanation": "華碩在IFA展示搭載NVIDIA RTX Spark的ProArt筆電與迷你電腦，主打本機AI及創作工作流程。新品提供換機理由，但實際銷售仍須看出貨、售價及庫存，不能以發表等同換機潮。",
        "source_url": "https://www.asus.com/us/business/resources/news/asus-proart-at-ifa2026/",
        "source_date": "2026-09-02",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "工業與商用場域導入邊緣AI",
        "explanation": "研華擴充WEDA生態系，整合運算平台、容器資源與管理工具，協助客戶由概念驗證走向多據點部署。這類應用連結工業電腦、工規儲存與系統服務；部署規模仍須後續實績驗證。",
        "source_url": "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment",
        "source_date": "2026-09-17",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "3231",
        "name": "緯創",
        "role": "伺服器與電子產品代工",
        "why": "2026年9月核准美國D2廠最高1.46億美元設施與設備支出，可觀察其區域製造布局。",
        "source_url": "https://www.wistron.com/en/Newsroom/2026-09-09",
        "source_date": "2026-09-09",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2382",
        "name": "廣達",
        "role": "筆電製造與雲端系統供應商",
        "why": "官網列示同時經營筆電與雲端運算方案，研發中心在台灣，製造及服務據點跨亞洲、美洲與歐洲。",
        "source_url": "https://www.quantatw.com/quanta/english/about/company.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6669",
        "name": "緯穎",
        "role": "雲端資料中心及AI伺服器系統",
        "why": "2026年第二季營收2,781.53億元、年增26.0%，並核准下半年9.42億美元資本支出預算。",
        "source_url": "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
        "source_date": "2026-08-07",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2357",
        "name": "華碩",
        "role": "PC品牌與AI基礎設施供應商",
        "why": "2026年9月展示涵蓋運算、網路、儲存、部署與治理的AI工廠平台，業務已跨越單一PC產品。",
        "source_url": "https://www.asus.com/ca-en/business/resources/news/asus-advances-ai-factories/",
        "source_date": "2026-09-03",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2376",
        "name": "技嘉",
        "role": "板卡品牌與伺服器系統供應商",
        "why": "技鋼2026年9月宣布建置GAIFA驗證場域，首期規劃6座機櫃、700 kW電力容量。",
        "source_url": "https://www.gigabyte.com/us/press/news/2453",
        "source_date": "2026-09-22",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2395",
        "name": "研華",
        "role": "工業電腦與邊緣AI平台",
        "why": "2026年9月擴充WEDA生態系，結合Intel、Qualcomm與AMD平台及軟體部署工具。",
        "source_url": "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment",
        "source_date": "2026-09-17",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3017",
        "name": "奇鋐",
        "role": "散熱與機構零組件供應商",
        "why": "官網列有散熱方案、風扇、機箱機櫃與整機散熱產品，可作為整機之外的零組件觀察窗口。",
        "source_url": "https://www.avc.co/zh-tw/About-AVC/%E5%93%81%E8%B3%AA%E6%94%BF%E7%AD%96",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2301",
        "name": "光寶科",
        "role": "資料中心電源與液冷整合",
        "why": "2026年OCP展示800 VDC架構及支援NVIDIA Vera Rubin的電源與液冷方案，連結機櫃供電與散熱。",
        "source_url": "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6121",
        "name": "新普",
        "role": "鋰電池模組供應商",
        "why": "公司官網列示同時服務筆電等3C電池應用，並延伸至儲能系統與工業移動設備。",
        "source_url": "https://www.simplo.com.tw/article_d.php?id=955&lang=cn&tb=1",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3709",
        "name": "鑫聯大投控",
        "role": "資訊產品通路投控",
        "why": "旗下捷元於2026年9月與Intel及經銷夥伴推廣Core Ultra裝機方案，呈現其原廠到經銷端的通路角色。",
        "source_url": "https://www.genuine.com.tw/News/Detail?id=1085",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-08-07",
        "event": "緯穎公布第二季營收2,781.53億元、年增26.0%。公司說明，部分客戶自4月改採記憶體代採模式，相關金額不再列入營收與銷貨成本；董事會另核准下半年9.42億美元資本支出預算。",
        "codes": [
          "6669"
        ],
        "source_url": "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
        "source_date": "2026-08-07",
        "date_note": "公司新聞稿發布日，也是董事會通過第二季財報日；資本支出為核准預算，不能視為已投入或投產。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-03",
        "event": "華碩在ASUS AI Tech 2026展示整合運算、網路、儲存、部署軟體與AI治理的平台，並採用NVIDIA DSX Sim Blueprint協助客戶在實體安裝前模擬與驗證AI工廠。",
        "codes": [
          "2357"
        ],
        "source_url": "https://www.asus.com/ca-en/business/resources/news/asus-advances-ai-factories/",
        "source_date": "2026-09-03",
        "date_note": "新聞稿內文標示的發布與展示日期；產品展示與平台能力不代表已取得訂單。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-09",
        "event": "緯創董事會核准對美國子公司增資1.5億美元，並為德州D2廠核定最高1.46億美元設施與設備支出；另核准越南子公司最高5,910萬美元投資，以支持伺服器業務擴充。",
        "codes": [
          "3231"
        ],
        "source_url": "https://www.wistron.com/en/Newsroom/2026-09-09",
        "source_date": "2026-09-09",
        "date_note": "董事會決議與公司公告日；美國增資與D2資本支出不可相加為總投資，兩者可能重疊。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-17",
        "event": "研華宣布擴充WEDA邊緣AI生態系，結合Intel、Qualcomm與AMD平台，以及預先配置的容器資源、軟體與雲端管理，協助客戶從概念驗證走向多據點部署。",
        "codes": [
          "2395"
        ],
        "source_url": "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment",
        "source_date": "2026-09-17",
        "date_note": "官網標示News 9/17/2026，內文亦為September 17；不採同站9/18電子型錄日期。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-22",
        "event": "技嘉子公司技鋼宣布在新北市建置首座自有AI運算中心GAIFA，作為整櫃伺服器、液冷、電力與資料中心整合的驗證場域。首期規劃6座運算、儲存與網路機櫃，電力容量700 kW。",
        "codes": [
          "2376"
        ],
        "source_url": "https://www.gigabyte.com/us/press/news/2453",
        "source_date": "2026-09-22",
        "date_note": "宣布建置日期。原文稱詳細規格與營運資訊將於完成後公布，因此不能寫成已完工或正式商轉。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-08",
        "event": "宏碁公布9月合併營收347.4億元、年增17.6%，為近14年同月新高；第三季初步合併營收918.2億元、年增25.1%，其中9月PC營收年增14.8%。",
        "codes": [
          "2353"
        ],
        "source_url": "https://news.acer.com/acer-reports-september-consolidated-revenues-of-nt3474-billion-highest-in-14-years",
        "source_date": "2026-10-08",
        "date_note": "營收新聞稿發布日，營收所屬期間為2026年9月；第三季數字為公司初步統計。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-14",
        "event": "光寶公布OCP展示方案，涵蓋800 VDC電源機櫃、支援NVIDIA Vera Rubin與MGX平台的電源及液冷整合，並展示與DCX合作的2.6 MW企業級CDU。",
        "codes": [
          "2301"
        ],
        "source_url": "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "accessed_at": "2026-10-18",
        "date_note": "採官網新聞稿發布日；相關峰會於10月12日至15日舉行。展示內容不代表已量產或已取得訂單。"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-20",
        "event": "NVIDIA GTC Berlin預定10月20日至22日舉行，黃仁勳主題演講為10月21日。可觀察AI基礎建設與實體AI的合作及產品訊息。這是產業觀察窗，尚不能據此認定個別台廠參展或取得訂單。",
        "codes": [],
        "source_url": "https://www.nvidia.com/en-eu/gtc/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "date_note": "官網未標發布日，source_date為查核日。10月20日為工作坊，正式會議與展覽為10月21日至22日。",
        "accessed_at": "2026-10-18"
      },
      {
        "expected": "2026-11",
        "event": "技鋼預告搭載AMD EPYC 9006 SP7處理器的伺服器將於11月隨AMD首日出貨；SP8系統預定2027年3月出貨。可追蹤新平台交付進度與產品組合。",
        "codes": [
          "2376"
        ],
        "source_url": "https://www.gigabyte.com/us/press/news/2435",
        "source_date": "2026-07-24",
        "date_note": "官網新聞稿的公司預定出貨時程，不是已出貨。expected填第一階段月份，第二階段亦在未來6個月內。",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "expected": "2027-01-06",
        "event": "CES 2027預定1月6日至9日在拉斯維加斯舉行。可觀察PC品牌與周邊裝置的新品方向；此處僅列展會日程，未假設台廠參展、個別新品發表或營收受益。",
        "codes": [],
        "source_url": "https://exhibit.ces.tech/exhibit2027/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "date_note": "CTA官方展會頁未標發布日，source_date為查核日；頁面兩處明確標示2027年1月6日至9日。",
        "accessed_at": "2026-10-18"
      },
      {
        "expected": "2027-03",
        "event": "NVIDIA GTC 2027預定3月中旬在聖荷西舉行。可觀察加速運算、AI基礎設施與合作生態系更新；個別台廠參與及新品內容仍待公告。",
        "codes": [],
        "source_url": "https://www.nvidia.com/gtc/faq/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "date_note": "官網未標發布日，source_date為查核日。FAQ正文兩處列3月14日至18日，但頁首導覽列3月15日至18日；此處只列月份與3月中旬，待正式日程更新。",
        "accessed_at": "2026-10-18"
      }
    ],
    "global_peers": [
      {
        "name": "NVIDIA",
        "ticker": "NASDAQ:NVDA",
        "relation": "GPU與加速運算平台上游。華碩已揭露採用其平台與DSX工具，可對照台廠AI系統的規格更新。",
        "source_url": "https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2027/",
        "source_date": "2026-08-26",
        "source_date_type": "published",
        "accessed_at": "2026-10-18",
        "source_urls": [
          "https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2027/",
          "https://www.asus.com/ca-en/business/resources/news/asus-advances-ai-factories/"
        ]
      },
      {
        "name": "AMD",
        "ticker": "NASDAQ:AMD",
        "relation": "CPU與GPU平台上游。技鋼已公告對應EPYC 9006的伺服器時程，可對照台廠新平台導入。",
        "source_url": "https://newsroom.amd.com/news/amd-2q-2026-earnings/",
        "source_date": "2026-08-04",
        "source_date_type": "published",
        "accessed_at": "2026-10-18",
        "source_urls": [
          "https://newsroom.amd.com/news/amd-2q-2026-earnings/",
          "https://www.gigabyte.com/us/press/news/2435"
        ]
      },
      {
        "name": "HP Inc.",
        "ticker": "NYSE:HPQ",
        "relation": "國際PC品牌商；其本機AI與創作PC產品，可和華碩、宏碁的品牌端產品方向比較，不推定特定代工訂單。",
        "source_url": "https://www.hp.com/us-en/newsroom/press-releases/2026/computex.html",
        "source_date": "2026-06-01",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "name": "Super Micro Computer",
        "ticker": "NASDAQ:SMCI",
        "relation": "AI、企業及儲存系統供應商，亦提供液冷與機櫃整合；可與台灣伺服器系統商比較交付範圍及產品組合。",
        "source_url": "https://ir.supermicro.com/news/news-details/2026/Supermicro-Expands-End-to-End-DCBBS-Liquid-Cooling-Portfolio-with-Rear-Door-Heat-Exchangers-for-High-Density-AI-and-HPC-Infrastructure/default.aspx",
        "source_date": "2026-07-15",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      }
    ],
    "watch_metrics": [
      {
        "metric": "雲端客戶資本支出與設備投入占比",
        "why": "每季看主要雲端商的實際支出、CPU/GPU設備占比與下季指引，較能辨識需求強弱。比較前先分清現金支出、融資租賃與營業租賃，避免口徑不同造成誤判。",
        "source_urls": [
          "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "研究整理的追蹤建議；來源提供背景與指標口徑，不表示已有完整指標數列。"
      },
      {
        "metric": "伺服器新品出貨、AI營收占比與毛利率",
        "why": "一起追新平台是否從展示走向交付，以及產品組合變化。緯穎已說明記憶體代採影響營收認列，故不能只用營收成長推算台數或獲利。",
        "source_urls": [
          "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
          "https://www.gigabyte.com/us/press/news/2435"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "研究整理的追蹤建議；來源提供背景與指標口徑，不表示已有完整指標數列。"
      },
      {
        "metric": "PC出貨、平均售價與通路庫存",
        "why": "把台數、價格和庫存一起看，才能區分換機需求、漲價及備貨。微軟在法說提醒零組件成本、裝置價格與庫存會影響PC需求；品牌月營收僅是其中一項。",
        "source_urls": [
          "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
          "https://news.acer.com/acer-reports-september-consolidated-revenues-of-nt3474-billion-highest-in-14-years"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "研究整理的追蹤建議；來源提供背景與指標口徑，不表示已有完整指標數列。"
      },
      {
        "metric": "液冷與機櫃電源的量產、交付和營收占比",
        "why": "追蹤CDU、電源機櫃等產品的認證與實際交付，而非只比展示功率。光寶已有800 VDC與液冷展示，可接續觀察產品是否轉成公司揭露的出貨與營收。",
        "source_urls": [
          "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "研究整理的追蹤建議；來源提供背景與指標口徑，不表示已有完整指標數列。"
      },
      {
        "metric": "存貨與應收帳款天數、營業現金流",
        "why": "以季報檢查備料和收款是否隨業務成長失衡，並和營收、毛利一起看。單月營收缺少資金占用資訊；可從公司合併財報取數，使用一致的平均餘額及季度天數口徑。",
        "source_urls": [
          "https://www.pegatroncorp.com/media/20260508074846949_2025_Annual_Report_Eng.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "研究整理的追蹤建議；來源提供背景與指標口徑，不表示已有完整指標數列。"
      }
    ],
    "sources": [
      "https://www.wistron.com/en/Newsroom/2026-09-09",
      "https://www.quantatw.com/quanta/english/about/company.aspx",
      "https://www.pegatroncorp.com/media/20260508074846949_2025_Annual_Report_Eng.pdf",
      "https://www.inventec.com/en/",
      "https://www.compalserver.com/products/",
      "https://www.clevo.com.tw/tw/",
      "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
      "https://www.mitac.com/en-global",
      "https://www.asrockrack.com/general/about.asp",
      "https://www.aicipc.com/about/",
      "https://www.asus.com/ca-en/business/resources/news/asus-advances-ai-factories/",
      "https://www.gigabyte.com/About",
      "https://news.acer.com/acer-reports-september-consolidated-revenues-of-nt3474-billion-highest-in-14-years",
      "https://www.msi.com/press-room",
      "https://www.asrock.com/general/about.asp",
      "https://udn.com/news/story/7253/9623083",
      "https://esg.qisda.com/responsible-governance/Organization-and-Operation-of-Corporate-Governance/operating-performance",
      "https://www.ennoconn.com/",
      "https://www.advantech.com/en-us/resources/news/advantech-expands-weda-powered-edge-ai-ecosystem-to-streamline-ai-from-development-to-deployment",
      "https://www.innodisk.com/cht/industries/manufacturing",
      "https://www.getac.com/us/about-us/",
      "https://www.adlinktech.com/en/aboutus",
      "https://www.avc.co/zh-tw/About-AVC/%E5%93%81%E8%B3%AA%E6%94%BF%E7%AD%96",
      "https://www.liteon.com/zh-tw/news/press-center/content/liteon-ocp-2026",
      "https://www.simplo.com.tw/article_d.php?id=955&lang=cn&tb=1",
      "https://www.chenbro.com/en-US/about",
      "https://esg.darfon.com.tw/en/esg/50/246/",
      "https://www.sunrex.com.tw/673ed98093008/673ed99a41ef3",
      "https://www.genuine.com.tw/News/Detail?id=1085",
      "https://www.albatron.com.tw/eng/",
      "https://newsroom.amd.com/news/amd-2q-2026-earnings/",
      "https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2027/",
      "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
      "https://www.asus.com/us/business/resources/news/asus-proart-at-ifa2026/",
      "https://www.gigabyte.com/us/press/news/2453",
      "https://www.nvidia.com/en-eu/gtc/",
      "https://www.gigabyte.com/us/press/news/2435",
      "https://exhibit.ces.tech/exhibit2027/",
      "https://www.nvidia.com/gtc/faq/",
      "https://www.hp.com/us-en/newsroom/press-releases/2026/computex.html",
      "https://ir.supermicro.com/news/news-details/2026/Supermicro-Expands-End-to-End-DCBBS-Liquid-Cooling-Portfolio-with-Rear-Door-Heat-Exchangers-for-High-Density-AI-and-HPC-Infrastructure/default.aspx",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
    ],
    "provenance": {
      "input_path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "snapshot_report_date": "2026-10-17",
      "revenue_unit": "新台幣千元",
      "company_count": 109,
      "revenue_sum_thousand_ntd": 1696598617,
      "top5_revenue_share_percent": 70.265,
      "top15_revenue_share_percent": 94.1784,
      "overview_sources": [
        {
          "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
          "source_date": "2026-10-17",
          "source_date_type": "input_snapshot_report_date",
          "note": "指定輸入檔所列的上市公司原始資料入口；規模與排名由本地快照計算，未宣稱現行API仍保有相同快照。"
        },
        {
          "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
          "source_date": "2026-10-17",
          "source_date_type": "input_snapshot_report_date",
          "note": "指定輸入檔所列的上櫃公司原始資料入口；採用相同本地快照口徑。"
        },
        {
          "source_url": "https://www.quantatw.com/quanta/english/about/company.aspx",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_at": "2026-10-18"
        },
        {
          "source_url": "https://www.wiwynn.com/news/wiwynn-reports-second-quarter-2026-financial-results?hs_amp=true",
          "source_date": "2026-08-07",
          "source_date_type": "published",
          "accessed_at": "2026-10-18"
        },
        {
          "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4",
          "source_date": "2026-07-29",
          "source_date_type": "published",
          "accessed_at": "2026-10-18"
        }
      ],
      "classification_note": "次產業只涵蓋營收前30大，各公司恰歸一類；分類是研究導航，不代表唯一業務或最新營收占比。價值鏈可跨層，並非特定買賣關係。",
      "date_note": "published表示來源明載日期；accessed只表示查核日，原頁未標發布日，不冒充公告日期。事件日、營收月份及預定時程分別標示。",
      "analysis_note": "一句話定位、分工、價值鏈、國際對照關係及追蹤指標為依所列公開來源整理的分析；不推定未公開訂單或客戶關係。"
    }
  },
  {
    "industry": "其他電子業",
    "as_of": "2026-10-18",
    "one_liner": "從電子代工到建廠，接起製造現場",
    "one_liner_en": "Taiwan’s mix of electronics manufacturing, fab construction and critical support suppliers.",
    "overview": "鴻海9月營收約11,586億元，年增38.4%，在本頁94家公司中規模最大。這個產業像電子工廠的整套工具箱，從代工組裝、無塵室工程，到散熱供電與產品檢測，都有人分工。全體合計約12,863億元，年增37.4%；金寶約222億元、年增13.4%，鴻準約144億元、年增11.2%，增幅較鴻海溫和。供應測試設備的致茂，營收約69億元、年增206%，在月營收達10億元的公司中成長最快。下次除了看鴻海能否維持38.4%的增幅，也把致茂的69億元當作檢測設備端的比較起點。",
    "segments": [
      {
        "name": "電子製造與終端產品",
        "description": "鴻海、金寶提供電子製造代工；鴻準、可成供應機構件；東科、安普新做聲學產品；震旦行提供辦公設備與服務。各公司終端需求不同。",
        "codes": [
          "2317",
          "2312",
          "2354",
          "5225",
          "2474",
          "2373",
          "6743"
        ],
        "company_sources": [
          {
            "code": "2317",
            "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
            "source_date": "2026-08-12",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2312",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b5334167-8606-47c2-9795-e5dade548fb3",
            "source_date": "2026-04-21",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2354",
            "source_url": "https://www.foxconntech.com.tw/investor-relations/faq/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5225",
            "source_url": "https://www.eastech.com/zh-hant/about-us",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2474",
            "source_url": "https://www.catcher-group.com/tw/technology.aspx",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2373",
            "source_url": "https://www.aurora.com.tw/about-aurora",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6743",
            "source_url": "https://www.ampacscorp.com/zh-tw/about/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "廠務工程與製程供應系統",
        "description": "建廠時整合無塵室、機電與製程管線。亞翔、漢唐、聖暉、洋基、巨漢承作系統工程；朋億、信紘科、漢科提供水氣化或供氣系統；帆宣兼做設備與廠務。",
        "codes": [
          "6139",
          "2404",
          "6196",
          "5536",
          "6691",
          "6613",
          "6667",
          "6903",
          "3402"
        ],
        "company_sources": [
          {
            "code": "6139",
            "source_url": "https://www.lkeng.com.tw/tw/service/engineering/epc%E5%B7%A5%E7%A8%8B%E7%B5%B1%E5%8C%85%E6%9C%8D%E5%8B%99",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2404",
            "source_url": "https://www.uisco.com.tw/UIS_introduction-2023.pdf",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6196",
            "source_url": "https://www.micb2b.com/about/introduction/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5536",
            "source_url": "https://www.acter.com.tw/about/introduction",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6691",
            "source_url": "https://www.yankey.com/chinese/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6613",
            "source_url": "https://www.novatech.com.tw/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6667",
            "source_url": "https://www.trusval.com.tw/big5/about",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6903",
            "source_url": "https://www.jiuhan.com.tw/about/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3402",
            "source_url": "https://www.wholetech.com.tw/wholetech/views/about/about.php?at=profile&lang=tw",
            "source_date": null,
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "互連、材料與PCB耗材",
        "description": "貿聯供應線材與互連；光洋科做靶材及貴稀金屬回收；昇貿做焊錫；尖點供應PCB鑽針與鑽孔服務。靠材料規格、加工精度與客戶認證參與供應鏈。",
        "codes": [
          "3665",
          "1785",
          "3305",
          "8021"
        ],
        "company_sources": [
          {
            "code": "3665",
            "source_url": "https://www.bizlinktech.com/industry/ai-data-center",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "1785",
            "source_url": "https://www.solartech.com.tw/en/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3305",
            "source_url": "https://www.shenmao.com/zh-tw/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8021",
            "source_url": "https://www.topoint.tw/tw/about/%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B",
            "source_date": null,
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "散熱與電力支援",
        "description": "雙鴻提供散熱與液冷；旭隼、碩天提供不斷電系統及電源產品；安葆整合備援供電與能源系統。服務伺服器機房、工廠或其他用電場域。",
        "codes": [
          "3324",
          "6409",
          "3617",
          "7792"
        ],
        "company_sources": [
          {
            "code": "3324",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
            "source_date": "2026-09-01",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6409",
            "source_url": "https://voltronicpower.com/zh-TW/Company",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3617",
            "source_url": "https://www.cyberpower.com/tw/zh/investor/overview",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "7792",
            "source_url": "https://www.ampower.com.tw/index.php/2026/01/15/ampower-in-a-world-that-cannot-stop/",
            "source_date": "2026-01-15",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "量測、檢測與監測",
        "description": "致茂供應電子與電力測試設備；德律檢查電路板及封裝品質；三聯提供計量、儀控與環境監測。分別處理產品驗證、製程品質及場域安全。",
        "codes": [
          "2360",
          "3030",
          "5493"
        ],
        "company_sources": [
          {
            "code": "2360",
            "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
            "source_date": "2026-09-09",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3030",
            "source_url": "https://www.tri.com.tw/tw/news/news_detail-26-1-6--7530-1.html",
            "source_date": "2024-05-14",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5493",
            "source_url": "https://sanlien.com.tw/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "自動化與工業控制",
        "description": "盟立、迅得整合自動搬送、倉儲與生產系統；巨路提供工業程控、工程服務及電子通信產品。協助客戶把設備、控制與資訊串接起來。",
        "codes": [
          "2464",
          "6192",
          "6438"
        ],
        "company_sources": [
          {
            "code": "2464",
            "source_url": "https://www.mirle.com.tw/about/6/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6192",
            "source_url": "https://www.elumax.com/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6438",
            "source_url": "https://www.saa-symtek.com/zh_tw/",
            "source_date": null,
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "提供生產所需的材料、耗材與關鍵零組件：靶材與回收金屬、焊錫、PCB鑽針、線材互連，以及機構件。部分公司同時提供加工或組裝服務。",
        "codes": [
          "1785",
          "3305",
          "8021",
          "3665",
          "2354",
          "2474"
        ],
        "source_refs": [
          {
            "title": "光洋應材：產品與核心能力",
            "source_url": "https://www.solartech.com.tw/en/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "昇貿：焊錫產品與公司介紹",
            "source_url": "https://www.shenmao.com/zh-tw/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "尖點：公司簡介",
            "source_url": "https://www.topoint.tw/tw/about/%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "貿聯：AI Data Center產品應用",
            "source_url": "https://www.bizlinktech.com/industry/ai-data-center",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "鴻準：投資人問答集的主要產品線",
            "source_url": "https://www.foxconntech.com.tw/investor-relations/faq/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "可成：創新技術",
            "source_url": "https://www.catcher-group.com/tw/technology.aspx",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          }
        ]
      },
      "midstream": {
        "description": "把工廠與生產流程建起來：整合無塵室、機電、水氣化、自動化搬送與工業控制，再用測試、光學及X光檢測把關品質。散熱、UPS與備援供電支援設備和機房運轉。",
        "codes": [
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          "2464",
          "6438",
          "6192",
          "2360",
          "3030",
          "5493",
          "3324",
          "6409",
          "3617",
          "7792"
        ],
        "source_refs": [
          {
            "title": "亞翔：EPC工程統包服務",
            "source_url": "https://www.lkeng.com.tw/tw/service/engineering/epc%E5%B7%A5%E7%A8%8B%E7%B5%B1%E5%8C%85%E6%9C%8D%E5%8B%99",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "漢唐：公司簡介",
            "source_url": "https://www.uisco.com.tw/UIS_introduction-2023.pdf",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "公司簡介檔名標2023；未確認精確刊印日，僅用於服務範圍。查閱日2026-10-18。"
          },
          {
            "title": "帆宣：公司簡介",
            "source_url": "https://www.micb2b.com/about/introduction/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "聖暉：公司簡介",
            "source_url": "https://www.acter.com.tw/about/introduction",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "洋基工程：高科技廠房機電與無塵室統包",
            "source_url": "https://www.yankey.com/chinese/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "朋億：水氣化工程服務",
            "source_url": "https://www.novatech.com.tw/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "信紘科：公司簡介",
            "source_url": "https://www.trusval.com.tw/big5/about",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "巨漢：關於公司",
            "source_url": "https://www.jiuhan.com.tw/about/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "漢科：系統工程、供氣與廢氣處理業務",
            "source_url": "https://www.wholetech.com.tw/wholetech/views/about/about.php?at=profile&lang=tw",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "盟立：公司簡介",
            "source_url": "https://www.mirle.com.tw/about/6/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "迅得：半導體、載板與PCB自動化",
            "source_url": "https://www.saa-symtek.com/zh_tw/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "巨路：工業程控與電子通信服務",
            "source_url": "https://www.elumax.com/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "致茂：63700H高速能源回收式直流電子負載系統",
            "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
            "source_date": "2026-09-09",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "德律：林口二期製造中心與測試產品範圍",
            "source_url": "https://www.tri.com.tw/tw/news/news_detail-26-1-6--7530-1.html",
            "source_date": "2024-05-14",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "三聯：計量、儀控與環境監測",
            "source_url": "https://sanlien.com.tw/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "MoneyDJ：雙鴻水冷比重與出貨現況",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
            "source_date": "2026-09-01",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "旭隼：關於公司",
            "source_url": "https://voltronicpower.com/zh-TW/Company",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "碩天：投資人公司簡介",
            "source_url": "https://www.cyberpower.com/tw/zh/investor/overview",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "安葆：高科技設施供電系統",
            "source_url": "https://www.ampower.com.tw/index.php/2026/01/15/ampower-in-a-world-that-cannot-stop/",
            "source_date": "2026-01-15",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          }
        ]
      },
      "downstream": {
        "description": "整合成伺服器與消費電子等成品，交給品牌商及雲端客戶；聲學產品與辦公設備服務則直接對應各自終端市場。名單內以鴻海、金寶、鴻準、東科、安普新及震旦行作例子。",
        "codes": [
          "2317",
          "2312",
          "2354",
          "5225",
          "6743",
          "2373"
        ],
        "source_refs": [
          {
            "title": "鴻海2026年第二季與半年度法說新聞稿",
            "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
            "source_date": "2026-08-12",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "MoneyDJ：金寶電子製造服務及產品範圍",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b5334167-8606-47c2-9795-e5dade548fb3",
            "source_date": "2026-04-21",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "鴻準：投資人問答集的主要產品線",
            "source_url": "https://www.foxconntech.com.tw/investor-relations/faq/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "東科：關於我們",
            "source_url": "https://www.eastech.com/zh-hant/about-us",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "安普新：公司簡介",
            "source_url": "https://www.ampacscorp.com/zh-tw/about/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "震旦：集團與辦公設備服務簡介",
            "source_url": "https://www.aurora.com.tw/about-aurora",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "雲端業者擴大AI基礎建設",
        "explanation": "鴻海8月法說指出，雲端客戶持續增加資本支出、AI機櫃放量。這把需求從單台伺服器延伸到整櫃製造與周邊零組件；公司展望仍須由後續出貨驗證。",
        "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
        "source_date": "2026-08-12",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "先進製程與封裝擴建",
        "explanation": "台積電10月法說維持2026年資本預算600至640億美元。建廠與產線擴充需要廠務、管線、設備及自動化；這是需求傳導的分析，不能直接視為任一家工程公司的已得標訂單。",
        "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
        "source_date": "2026-10-15",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "高速傳輸規格升級",
        "explanation": "貿聯8月底公布1.6T互連與PCIe Gen6方案，並整合液冷漏液偵測。頻寬與機櫃密度提高，帶動互連規格升級及驗證需求；產品發表不代表量產營收已發生。",
        "source_url": "https://www.bizlinktech.com/de/events/2026-odx",
        "source_date": "2026-08-31",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "高功率機櫃帶動電源驗證",
        "explanation": "致茂9月推出可擴充至MW等級的直流負載系統，並揭露HVDC測試導入案例。新電力架構需驗證瞬間負載、可靠度與效率，增加測試設備的技術要求。",
        "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
        "source_date": "2026-09-09",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "工廠搬送與智慧化需求",
        "explanation": "盟立1月成立具身智能事業群，聚焦搬送、巡檢與工站輔助，回應人力及供應鏈韌性需求。應用能否擴大，要觀察客戶驗收、重複訂單與實際部署。",
        "source_url": "https://www.mirle.com.tw/news-detail/661/",
        "source_date": "2026-01-19",
        "accessed_at": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "2317",
        "name": "鴻海",
        "role": "電子製造與AI系統整合",
        "why": "2026年上半年營收4.65兆元，並提供AI機櫃整體方案，是清單內規模最大的製造平台。",
        "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
        "source_date": "2026-08-12",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2312",
        "name": "金寶",
        "role": "多元電子產品製造代工",
        "why": "2026年9月法說揭露已完成第一代單機量子位元控制系統開發，呈現代工之外的研發布局。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=3a0e75a9-bc4d-48ea-8cd2-40ad38f6c9ee",
        "source_date": "2026-09-16",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6139",
        "name": "亞翔",
        "role": "無塵室與廠務工程整合",
        "why": "客戶9月公告向亞翔取得廠務設備與工程，6月10日至9月30日累計12.173億元。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=51648c40-8436-49ab-9bc7-dd77b243296f",
        "source_date": "2026-09-30",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2404",
        "name": "漢唐",
        "role": "高科技廠房系統整合",
        "why": "服務涵蓋無塵室、機電、製程支援及水氣化，從採購施工一路做到試車與維護。",
        "source_url": "https://www.uisco.com.tw/UIS_introduction-2023.pdf",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6196",
        "name": "帆宣",
        "role": "廠務、設備製造與系統整合",
        "why": "公司同時經營設備材料、供應系統、整合系統與設備製造4大事業，並承作資料中心機電工程。",
        "source_url": "https://www.micb2b.com/about/introduction/",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3665",
        "name": "貿聯-KY",
        "role": "高速、電力及工業互連",
        "why": "2026 ODX公布1.6T及PCIe Gen6互連方案，連結AI機房的資料傳輸與監測需求。",
        "source_url": "https://www.bizlinktech.com/de/events/2026-odx",
        "source_date": "2026-08-31",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2360",
        "name": "致茂",
        "role": "電子與電力自動測試",
        "why": "63700H已導入HVDC電源機櫃測試實驗室，揭露連續測試功率1,080kW的案例。",
        "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
        "source_date": "2026-09-09",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "1785",
        "name": "光洋科",
        "role": "電子材料與貴稀金屬回收",
        "why": "官網列出7類功能性材料及8種貴稀金屬回收平台，串起原料回收與材料供應。",
        "source_url": "https://www.solartech.com.tw/en/",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3324",
        "name": "雙鴻",
        "role": "散熱模組與液冷系統",
        "why": "公司9月揭露2026年上半年水冷營收占55%，可用來觀察液冷對產品組合的影響。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
        "source_date": "2026-09-01",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2464",
        "name": "盟立",
        "role": "整廠自動化與智慧搬送",
        "why": "2026年1月成立具身智能事業群，整合減速機、關節模組、移動平台與工廠系統。",
        "source_url": "https://www.mirle.com.tw/news-detail/661/",
        "source_date": "2026-01-19",
        "accessed_at": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-10-16",
        "event": "鴻海與三菱電機宣布汽車設備策略聯盟，規劃透過子公司取得三菱電機移動50%股權，預計價金1,150億日圓；仍待核准，預計2027年10月交割。",
        "codes": [
          "2317"
        ],
        "source_url": "https://www.honhai.com/zh-tw/press-center/events/csr-events/2123",
        "source_date": "2026-10-16",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-15",
        "event": "MoneyDJ報導，帆宣在手訂單達1,578億元，能見度至少至2028年；公司今年也在台灣取得AI資料中心工程新專案。",
        "codes": [
          "6196"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=39596cb9-26b2-42c4-afae-81356f38a496",
        "source_date": "2026-10-15",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-30",
        "event": "南亞科公告，6月10日至9月30日向亞翔取得廠務設備與工程一批，累計交易金額12.173億元；這是期間累計公告，並非當日新增訂單。",
        "codes": [
          "6139"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=51648c40-8436-49ab-9bc7-dd77b243296f",
        "source_date": "2026-09-30",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-30",
        "event": "MoneyDJ報導，聖暉達拉斯團隊取得首個GMP藥廠案，已進入規劃設計；若協商與設計順利，最快第四季施工，尚非已開工。",
        "codes": [
          "5536"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=20438604-8063-4cd8-97c1-a1f28841e986",
        "source_date": "2026-09-30",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-21",
        "event": "貿聯宣布與ams OSRAM建立策略合作，共同開發AI運算光學互連；並於ECOC 2026規劃展示連接器化多芯光纖方案。",
        "codes": [
          "3665"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=45945b1b-7f09-4e73-afb5-598e42621c24",
        "source_date": "2026-09-21",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-15",
        "event": "金寶法說會揭露，第一代單機量子位元控制系統已開發完成，並重啟衛星新案；AI伺服器電源模組則預計第四季試產。",
        "codes": [
          "2312"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=3a0e75a9-bc4d-48ea-8cd2-40ad38f6c9ee",
        "source_date": "2026-09-16",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-09",
        "event": "致茂發表63700H能源回收式直流電子負載系統；公司揭露導入HVDC電源機櫃測試實驗室的案例，連續測試功率達1,080kW。",
        "codes": [
          "2360"
        ],
        "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
        "source_date": "2026-09-09",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-01",
        "event": "雙鴻表示，上半年水冷營收占比達55%，7月約60%；AMD相關散熱訂單已開始出貨，液冷與客製化晶片成為產品組合重點。",
        "codes": [
          "3324"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
        "source_date": "2026-09-01",
        "accessed_at": "2026-10-18"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-30",
        "event": "鴻海科技日10月30日至31日在南港展覽館一館舉行，預告展示智慧平台與AI技術及新產品；可觀察產品與合作進度。",
        "codes": [
          "2317"
        ],
        "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
        "source_date": "2026-08-12",
        "accessed_at": "2026-10-18",
        "schedule_status": "官網已公布日期"
      },
      {
        "expected": "2026-11-10",
        "event": "致茂歐洲子公司參加11月10日至13日Electronica 2026，可追蹤測試量測方案與市場應用；參展不等於訂單。",
        "codes": [
          "2360"
        ],
        "source_url": "https://www.chromaate.com/tw/newsroom/event1135",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "schedule_status": "官網已公布日期"
      },
      {
        "expected": "2026-11-12",
        "event": "鴻海官網行事曆列示第三季法人說明會於11月12日舉行，可觀察AI伺服器產品組合及第四季展望。",
        "codes": [
          "2317"
        ],
        "source_url": "https://www.honhai.com.tw/zh-tw/investor-relations/investor-relations-activities/event-calendar",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "schedule_status": "官網已公布日期"
      },
      {
        "expected": "2026-11-17",
        "event": "貿聯官網列示11月17日至19日參加德國Space Tech Expo Europe；可追蹤航太應用的產品與市場布局。",
        "codes": [
          "3665"
        ],
        "source_url": "https://factory-automation-machinery.bizlinktech.com/about-us/dates/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "schedule_status": "官網已公布日期"
      },
      {
        "expected": "2026-11-24",
        "event": "貿聯參加11月24日至26日德國SPS自動化展，展示工業乙太網路、運動控制及人形機器人用線材。",
        "codes": [
          "3665"
        ],
        "source_url": "https://www.bizlinktech.com/zh-tw/events/sps-2026",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "schedule_status": "官網已公布日期"
      }
    ],
    "global_peers": [
      {
        "name": "Jabil",
        "ticker": "NYSE:JBL",
        "relation": "同為電子製造服務商，可對照鴻海、金寶的全球製造布局、客戶外包需求與產品組合。",
        "source_url": "https://investors.jabil.com/overview/default.aspx",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "source_refs": [
          {
            "title": "Jabil：投資人公司概覽",
            "source_url": "https://investors.jabil.com/overview/default.aspx",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "鴻海2026年第二季與半年度法說新聞稿",
            "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
            "source_date": "2026-08-12",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "MoneyDJ：金寶電子製造服務及產品範圍",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b5334167-8606-47c2-9795-e5dade548fb3",
            "source_date": "2026-04-21",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          }
        ],
        "relation_type": "依公開產品與業務範圍作研究對照，未據此認定直接交易或合作關係。"
      },
      {
        "name": "Amphenol",
        "ticker": "NYSE:APH",
        "relation": "提供連接器與互連方案，可對照貿聯的高速資料傳輸、工業與電力互連業務。",
        "source_url": "https://www.amphenol.com/about",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "source_refs": [
          {
            "title": "Amphenol：公司介紹與上市代號",
            "source_url": "https://www.amphenol.com/about",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "貿聯：AI Data Center產品應用",
            "source_url": "https://www.bizlinktech.com/industry/ai-data-center",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          }
        ],
        "relation_type": "依公開產品與業務範圍作研究對照，未據此認定直接交易或合作關係。"
      },
      {
        "name": "Vertiv",
        "ticker": "NYSE:VRT",
        "relation": "提供資料中心電力與熱管理方案，可對照雙鴻、旭隼、碩天及安葆參與的散熱或供電環節。",
        "source_url": "https://www.vertiv.com/en-us/about/about-vertiv/fact-sheet/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "source_refs": [
          {
            "title": "Vertiv：公司資料表",
            "source_url": "https://www.vertiv.com/en-us/about/about-vertiv/fact-sheet/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "資料表標示2025版本；僅引用電力與熱管理業務及上市代號，未引用歷史市占率。"
          },
          {
            "title": "MoneyDJ：雙鴻水冷比重與出貨現況",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
            "source_date": "2026-09-01",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "旭隼：關於公司",
            "source_url": "https://voltronicpower.com/zh-TW/Company",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "碩天：投資人公司簡介",
            "source_url": "https://www.cyberpower.com/tw/zh/investor/overview",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "安葆：高科技設施供電系統",
            "source_url": "https://www.ampower.com.tw/index.php/2026/01/15/ampower-in-a-world-that-cannot-stop/",
            "source_date": "2026-01-15",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          }
        ],
        "relation_type": "依公開產品與業務範圍作研究對照，未據此認定直接交易或合作關係。"
      },
      {
        "name": "Keysight Technologies",
        "ticker": "NYSE:KEYS",
        "relation": "提供設計、模擬與測試方案，可對照致茂的測試量測需求與研發循環；兩者產品組合不同。",
        "source_url": "https://investor.keysight.com/investor-relations/default.aspx?LanguageId=1",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "source_refs": [
          {
            "title": "Keysight：投資人公司概覽",
            "source_url": "https://investor.keysight.com/investor-relations/default.aspx?LanguageId=1",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "致茂：63700H高速能源回收式直流電子負載系統",
            "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
            "source_date": "2026-09-09",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          }
        ],
        "relation_type": "依公開產品與業務範圍作研究對照，未據此認定直接交易或合作關係。"
      },
      {
        "name": "高砂熱學工業 Takasago Thermal Engineering",
        "ticker": "TSE:1969",
        "relation": "提供無塵室與空調節能方案，可對照漢唐、亞翔、聖暉的高科技廠房系統工程能力。",
        "source_url": "https://www.tte-net.com/service/issue/cleanroom_energy.html",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "source_refs": [
          {
            "title": "高砂熱學：節能無塵室方案",
            "source_url": "https://www.tte-net.com/service/issue/cleanroom_energy.html",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "高砂熱學：上市股票代號問答",
            "source_url": "https://www.tte-net.com/ir/faq/index.html",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "漢唐：公司簡介",
            "source_url": "https://www.uisco.com.tw/UIS_introduction-2023.pdf",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "公司簡介檔名標2023；未確認精確刊印日，僅用於服務範圍。查閱日2026-10-18。"
          },
          {
            "title": "亞翔：EPC工程統包服務",
            "source_url": "https://www.lkeng.com.tw/tw/service/engineering/epc%E5%B7%A5%E7%A8%8B%E7%B5%B1%E5%8C%85%E6%9C%8D%E5%8B%99",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "聖暉：公司簡介",
            "source_url": "https://www.acter.com.tw/about/introduction",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          }
        ],
        "relation_type": "依公開產品與業務範圍作研究對照，未據此認定直接交易或合作關係。"
      }
    ],
    "watch_metrics": [
      {
        "metric": "各次產業營收年增率與成長家數占比",
        "why": "先將鴻海與其他公司分開，再看各組營收加總年增及成長家數占比，可分辨成長是否擴散。年增率用同期營收加總計算，避免直接平均各家公司百分比。",
        "source_refs": [
          {
            "title": "證交所：上市公司每月營業收入彙總表",
            "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
            "source_date": "2026-10-17",
            "accessed_at": "2026-10-18",
            "date_note": "API出表日期1151017，資料年月11509；2026-10-18讀取。"
          },
          {
            "title": "櫃買中心：上櫃公司每月營業收入彙總表",
            "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
            "source_date": "2026-10-17",
            "accessed_at": "2026-10-18",
            "date_note": "API出表日期1151017，資料年月11509；2026-10-18讀取。"
          }
        ],
        "basis": "研究追蹤方法"
      },
      {
        "metric": "廠務在手訂單與新接單／營收比",
        "why": "在手訂單反映待執行工作；新接單與當期認列營收相比，可觀察補單速度。要搭配工程進度、地區及預收款，避免把訂單直接當成已實現收入。",
        "source_refs": [
          {
            "title": "MoneyDJ報導，帆宣在手訂單達1,578億元，能見度至少至2028年；公司今年也在台灣取得AI資料中心工程新專案。",
            "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=39596cb9-26b2-42c4-afae-81356f38a496",
            "source_date": "2026-10-15",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "南亞科公告，6月10日至9月30日向亞翔取得廠務設備與工程一批，累計交易金額12.173億元；這是期間累計公告，並非當日新增訂單。",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=51648c40-8436-49ab-9bc7-dd77b243296f",
            "source_date": "2026-09-30",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          }
        ],
        "basis": "依工程業務特性提出的研究指標"
      },
      {
        "metric": "AI機櫃出貨量及液冷、高速互連營收占比",
        "why": "分開追數量與產品組合，可看出成長來自出貨增加或規格升級。鴻海機櫃、雙鴻液冷、貿聯互連各有不同口徑，應逐家公司比較。",
        "source_refs": [
          {
            "title": "鴻海2026年第二季與半年度法說新聞稿",
            "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
            "source_date": "2026-08-12",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "MoneyDJ：雙鴻水冷比重與出貨現況",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
            "source_date": "2026-09-01",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "貿聯：2026 ODX互連與漏液偵測方案",
            "source_url": "https://www.bizlinktech.com/de/events/2026-odx",
            "source_date": "2026-08-31",
            "accessed_at": "2026-10-18",
            "date_note": "正文新聞稿日期2026-08-31；頁首2026-09-02是活動開始日。"
          }
        ],
        "basis": "依公司揭露產品及出貨口徑提出的研究指標"
      },
      {
        "metric": "毛利率與營業利益率",
        "why": "營收擴大是否轉成獲利，要看高規產品比重與費用負擔。廠務、材料、代工的收入結構不同，宜與公司自身歷史及同類業務比較。",
        "source_refs": [
          {
            "title": "鴻海2026年第二季與半年度法說新聞稿",
            "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
            "source_date": "2026-08-12",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "帆宣：公司簡介",
            "source_url": "https://www.micb2b.com/about/introduction/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "光洋應材：產品與核心能力",
            "source_url": "https://www.solartech.com.tw/en/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          }
        ],
        "basis": "財務分析方法，未設定統一目標值"
      },
      {
        "metric": "存貨與應收帳款週轉天數",
        "why": "備料、交貨及收款是否跟上營收成長，會反映在資金占用。工程公司另看合約資產及工程收款；材料公司另辨金屬價格影響，避免只看帳面營收。",
        "source_refs": [
          {
            "title": "鴻海2026年第二季與半年度法說新聞稿",
            "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
            "source_date": "2026-08-12",
            "accessed_at": "2026-10-18",
            "date_note": "網頁明列發布日。"
          },
          {
            "title": "亞翔：EPC工程統包服務",
            "source_url": "https://www.lkeng.com.tw/tw/service/engineering/epc%E5%B7%A5%E7%A8%8B%E7%B5%B1%E5%8C%85%E6%9C%8D%E5%8B%99",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          },
          {
            "title": "光洋應材：產品與核心能力",
            "source_url": "https://www.solartech.com.tw/en/",
            "source_date": null,
            "accessed_at": "2026-10-18",
            "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
          }
        ],
        "basis": "營運資金分析方法，未填造未揭露數值"
      }
    ],
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b5334167-8606-47c2-9795-e5dade548fb3",
      "https://www.foxconntech.com.tw/investor-relations/faq/",
      "https://www.lkeng.com.tw/tw/service/engineering/epc%E5%B7%A5%E7%A8%8B%E7%B5%B1%E5%8C%85%E6%9C%8D%E5%8B%99",
      "https://www.bizlinktech.com/industry/ai-data-center",
      "https://www.bizlinktech.com/de/events/2026-odx",
      "https://www.uisco.com.tw/UIS_introduction-2023.pdf",
      "https://www.micb2b.com/about/introduction/",
      "https://www.chromaate.com/tw/newsroom/news1181",
      "https://www.acter.com.tw/about/introduction",
      "https://www.solartech.com.tw/en/",
      "https://www.solartech.com.tw/esg/circular_economy/",
      "https://www.yankey.com/chinese/",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
      "https://voltronicpower.com/zh-TW/Company",
      "https://www.novatech.com.tw/",
      "https://www.shenmao.com/zh-tw/",
      "https://www.cyberpower.com/tw/zh/investor/overview",
      "https://www.eastech.com/zh-hant/about-us",
      "https://www.trusval.com.tw/big5/about",
      "https://www.catcher-group.com/tw/technology.aspx",
      "https://www.mirle.com.tw/about/6/",
      "https://www.mirle.com.tw/news-detail/661/",
      "https://www.aurora.com.tw/about-aurora",
      "https://www.tri.com.tw/tw/news/news_detail-26-1-6--7530-1.html",
      "https://www.topoint.tw/tw/about/%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B",
      "https://www.jiuhan.com.tw/about/",
      "https://www.elumax.com/",
      "https://www.saa-symtek.com/zh_tw/",
      "https://www.ampower.com.tw/index.php/2026/01/15/ampower-in-a-world-that-cannot-stop/",
      "https://www.ampacscorp.com/zh-tw/about/",
      "https://sanlien.com.tw/",
      "https://www.wholetech.com.tw/wholetech/views/about/about.php?at=profile&lang=tw",
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      "https://www.chromaate.com/tw/newsroom/event1135",
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        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
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        "date_note": "API出表日期1151017，資料年月11509；2026-10-18讀取。"
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        "title": "鴻海2026年第二季與半年度法說新聞稿",
        "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
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        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
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      {
        "title": "台積電2026年第三季法說逐字稿",
        "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
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        "date_note": "網頁明列發布日。"
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        "title": "帆宣：公司簡介",
        "source_url": "https://www.micb2b.com/about/introduction/",
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        "source_url": "https://www.catcher-group.com/tw/technology.aspx",
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        "source_url": "https://www.aurora.com.tw/about-aurora",
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          "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
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        "date_note": "API出表日期1151017，資料年月11509；2026-10-18讀取。"
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      {
        "title": "鴻海2026年第二季與半年度法說新聞稿",
        "source_url": "https://www.honhai.com/zh-tw/press-center/press-releases/latest-news/2094",
        "source_date": "2026-08-12",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "MoneyDJ：金寶電子製造服務及產品範圍",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b5334167-8606-47c2-9795-e5dade548fb3",
        "source_date": "2026-04-21",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
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      {
        "title": "鴻準：投資人問答集的主要產品線",
        "source_url": "https://www.foxconntech.com.tw/investor-relations/faq/",
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        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "亞翔：EPC工程統包服務",
        "source_url": "https://www.lkeng.com.tw/tw/service/engineering/epc%E5%B7%A5%E7%A8%8B%E7%B5%B1%E5%8C%85%E6%9C%8D%E5%8B%99",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "貿聯：AI Data Center產品應用",
        "source_url": "https://www.bizlinktech.com/industry/ai-data-center",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
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      {
        "title": "貿聯：2026 ODX互連與漏液偵測方案",
        "source_url": "https://www.bizlinktech.com/de/events/2026-odx",
        "source_date": "2026-08-31",
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      {
        "title": "漢唐：公司簡介",
        "source_url": "https://www.uisco.com.tw/UIS_introduction-2023.pdf",
        "source_date": null,
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        "date_note": "公司簡介檔名標2023；未確認精確刊印日，僅用於服務範圍。查閱日2026-10-18。"
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      {
        "title": "帆宣：公司簡介",
        "source_url": "https://www.micb2b.com/about/introduction/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "致茂：63700H高速能源回收式直流電子負載系統",
        "source_url": "https://www.chromaate.com/tw/newsroom/news1181",
        "source_date": "2026-09-09",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
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      {
        "title": "聖暉：公司簡介",
        "source_url": "https://www.acter.com.tw/about/introduction",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "光洋應材：產品與核心能力",
        "source_url": "https://www.solartech.com.tw/en/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "光洋應材：循環經濟",
        "source_url": "https://www.solartech.com.tw/esg/circular_economy/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "洋基工程：高科技廠房機電與無塵室統包",
        "source_url": "https://www.yankey.com/chinese/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "MoneyDJ：雙鴻水冷比重與出貨現況",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=ca385276-a12e-4d9c-8140-7ac3661d3214",
        "source_date": "2026-09-01",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "旭隼：關於公司",
        "source_url": "https://voltronicpower.com/zh-TW/Company",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "朋億：水氣化工程服務",
        "source_url": "https://www.novatech.com.tw/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "昇貿：焊錫產品與公司介紹",
        "source_url": "https://www.shenmao.com/zh-tw/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "碩天：投資人公司簡介",
        "source_url": "https://www.cyberpower.com/tw/zh/investor/overview",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "東科：關於我們",
        "source_url": "https://www.eastech.com/zh-hant/about-us",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "信紘科：公司簡介",
        "source_url": "https://www.trusval.com.tw/big5/about",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "可成：創新技術",
        "source_url": "https://www.catcher-group.com/tw/technology.aspx",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "盟立：公司簡介",
        "source_url": "https://www.mirle.com.tw/about/6/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "盟立：成立具身智能事業群",
        "source_url": "https://www.mirle.com.tw/news-detail/661/",
        "source_date": "2026-01-19",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "震旦：集團與辦公設備服務簡介",
        "source_url": "https://www.aurora.com.tw/about-aurora",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "德律：林口二期製造中心與測試產品範圍",
        "source_url": "https://www.tri.com.tw/tw/news/news_detail-26-1-6--7530-1.html",
        "source_date": "2024-05-14",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "尖點：公司簡介",
        "source_url": "https://www.topoint.tw/tw/about/%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "巨漢：關於公司",
        "source_url": "https://www.jiuhan.com.tw/about/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "巨路：工業程控與電子通信服務",
        "source_url": "https://www.elumax.com/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "迅得：半導體、載板與PCB自動化",
        "source_url": "https://www.saa-symtek.com/zh_tw/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "安葆：高科技設施供電系統",
        "source_url": "https://www.ampower.com.tw/index.php/2026/01/15/ampower-in-a-world-that-cannot-stop/",
        "source_date": "2026-01-15",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "安普新：公司簡介",
        "source_url": "https://www.ampacscorp.com/zh-tw/about/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "三聯：計量、儀控與環境監測",
        "source_url": "https://sanlien.com.tw/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "漢科：系統工程、供氣與廢氣處理業務",
        "source_url": "https://www.wholetech.com.tw/wholetech/views/about/about.php?at=profile&lang=tw",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "台積電2026年第三季法說逐字稿",
        "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
        "source_date": "2026-10-15",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "Jabil：投資人公司概覽",
        "source_url": "https://investors.jabil.com/overview/default.aspx",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "Amphenol：公司介紹與上市代號",
        "source_url": "https://www.amphenol.com/about",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "Vertiv：公司資料表",
        "source_url": "https://www.vertiv.com/en-us/about/about-vertiv/fact-sheet/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "資料表標示2025版本；僅引用電力與熱管理業務及上市代號，未引用歷史市占率。"
      },
      {
        "title": "Keysight：投資人公司概覽",
        "source_url": "https://investor.keysight.com/investor-relations/default.aspx?LanguageId=1",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "高砂熱學：節能無塵室方案",
        "source_url": "https://www.tte-net.com/service/issue/cleanroom_energy.html",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "高砂熱學：上市股票代號問答",
        "source_url": "https://www.tte-net.com/ir/faq/index.html",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "鴻海與三菱電機宣布汽車設備策略聯盟，規劃透過子公司取得三菱電機移動50%股權，預計價金1,150億日圓；仍待核准，預計2027年10月交割。",
        "source_url": "https://www.honhai.com/zh-tw/press-center/events/csr-events/2123",
        "source_date": "2026-10-16",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "MoneyDJ報導，帆宣在手訂單達1,578億元，能見度至少至2028年；公司今年也在台灣取得AI資料中心工程新專案。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=39596cb9-26b2-42c4-afae-81356f38a496",
        "source_date": "2026-10-15",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "南亞科公告，6月10日至9月30日向亞翔取得廠務設備與工程一批，累計交易金額12.173億元；這是期間累計公告，並非當日新增訂單。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=51648c40-8436-49ab-9bc7-dd77b243296f",
        "source_date": "2026-09-30",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "MoneyDJ報導，聖暉達拉斯團隊取得首個GMP藥廠案，已進入規劃設計；若協商與設計順利，最快第四季施工，尚非已開工。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=20438604-8063-4cd8-97c1-a1f28841e986",
        "source_date": "2026-09-30",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "貿聯宣布與ams OSRAM建立策略合作，共同開發AI運算光學互連；並於ECOC 2026規劃展示連接器化多芯光纖方案。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=45945b1b-7f09-4e73-afb5-598e42621c24",
        "source_date": "2026-09-21",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "金寶法說會揭露，第一代單機量子位元控制系統已開發完成，並重啟衛星新案；AI伺服器電源模組則預計第四季試產。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=3a0e75a9-bc4d-48ea-8cd2-40ad38f6c9ee",
        "source_date": "2026-09-16",
        "accessed_at": "2026-10-18",
        "date_note": "網頁明列發布日。"
      },
      {
        "title": "致茂歐洲子公司參加11月10日至13日Electronica 2026，可追蹤測試量測方案與市場應用；參展不等於訂單。",
        "source_url": "https://www.chromaate.com/tw/newsroom/event1135",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "鴻海官網行事曆列示第三季法人說明會於11月12日舉行，可觀察AI伺服器產品組合及第四季展望。",
        "source_url": "https://www.honhai.com.tw/zh-tw/investor-relations/investor-relations-activities/event-calendar",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "貿聯官網列示11月17日至19日參加德國Space Tech Expo Europe；可追蹤航太應用的產品與市場布局。",
        "source_url": "https://factory-automation-machinery.bizlinktech.com/about-us/dates/",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      },
      {
        "title": "貿聯參加11月24日至26日德國SPS自動化展，展示工業乙太網路、運動控制及人形機器人用線材。",
        "source_url": "https://www.bizlinktech.com/zh-tw/events/sps-2026",
        "source_date": null,
        "accessed_at": "2026-10-18",
        "date_note": "網頁未標明發布日；accessed_at 為查閱日期。"
      }
    ]
  },
  {
    "industry": "半導體業",
    "as_of": "2026-10-18",
    "one_liner": "從設計到封測，把晶片做成可用的零件",
    "one_liner_en": "Taiwan connects chip design, fabrication, packaging and testing in one supply chain.",
    "overview": "台積電9月營收約5,119億元，較去年同月增加54.6%。半導體業像一座接力廚房，有人畫晶片藍圖、有人製造，再交給封裝測試廠完成最後工序。本頁207家公司合計約10,183億元，年增58.9%；日月光投控約881億元、年增45.5%，聯發科約554億元、年增2.0%，成長幅度各有節奏。記憶體廠南亞科營收約451億元、年增577%，是月營收達10億元公司中的增幅首位，與聯發科形成鮮明對照。下一次看月營收，先比南亞科能否延續577%的增幅，再看台積電的5,119億元基準。",
    "segments": [
      {
        "name": "IC設計與ASIC",
        "description": "設計運算、通訊、顯示、電源或記憶體晶片，並提供客製化ASIC服務；新唐另有自有晶圓廠，以主要產品角色歸入本組。",
        "codes": [
          "2454",
          "2379",
          "3034",
          "3661",
          "3006",
          "3443",
          "4919",
          "6415",
          "5351"
        ],
        "company_sources": [
          {
            "code": "2454",
            "role": "手機、連網與運算系統單晶片設計",
            "source_url": "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips?hs_amp=true",
            "source_date": "2026-09-15",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "2379",
            "role": "通訊網路、電腦周邊與多媒體IC設計",
            "source_url": "https://www.realtek.com/Article/Index?lang=zh-CN&menu_id=371",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "3034",
            "role": "顯示驅動與影像相關IC設計",
            "source_url": "https://www.novatek.com.tw/zh-TW/Home/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "3661",
            "role": "高效能運算與AI客製化ASIC設計服務",
            "source_url": "https://www.alchip.com/en/Newsroom/Alchip_Reports_ASIC-Leading_2nm_Developments",
            "source_date": "2026-03-12",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "3006",
            "role": "利基記憶體與混合訊號IC設計",
            "source_url": "https://www.esmt.com.tw/tw/about/introduction",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "3443",
            "role": "ASIC設計服務與先進封裝整合",
            "source_url": "https://www.guc-asic.com/tw/about/us",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "4919",
            "role": "MCU與邏輯晶片；兼具自有晶圓廠的IDM",
            "source_url": "https://esg.nuvoton.com/uploads/files/shares/Resources/Downloads/2024_ESG_Report/2024_NuvoTon_ESG_report_EN_CH1.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "6415",
            "role": "電源管理與類比IC設計",
            "source_url": "https://www.silergy.com/esg",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "5351",
            "role": "記憶體與邏輯IC設計",
            "source_url": "https://etron.com/aboutus/company/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          }
        ],
        "classification_date": "2026-10-18"
      },
      {
        "name": "晶圓代工",
        "description": "依客戶設計製造晶片，涵蓋先進邏輯、成熟特殊製程與記憶體代工。",
        "codes": [
          "2330",
          "2303",
          "6770",
          "5347"
        ],
        "company_sources": [
          {
            "code": "2330",
            "role": "先進與成熟製程晶圓代工",
            "source_url": "https://pr.tsmc.com/english/news/3346",
            "source_date": "2026-10-15",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "2303",
            "role": "邏輯與特殊製程晶圓代工",
            "source_url": "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729",
            "source_date": "2026-07-29",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "6770",
            "role": "記憶體、邏輯與分離式元件晶圓代工",
            "source_url": "https://www.powerchip.com/zh-tw/staticpage/company-profile",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "5347",
            "role": "特殊製程晶圓代工",
            "source_url": "https://investors.nxp.com/news-releases/news-release-details/vsmc-celebrates-grand-opening-its-first-300mm-fab-singapore",
            "source_date": "2026-09-28",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          }
        ],
        "classification_date": "2026-10-18"
      },
      {
        "name": "記憶體製造",
        "description": "自行設計及製造DRAM、NOR Flash、NAND Flash或ROM；產品與報價週期不同，須分開看。",
        "codes": [
          "2408",
          "2344",
          "2337"
        ],
        "company_sources": [
          {
            "code": "2408",
            "role": "DRAM設計與製造",
            "source_url": "https://www.nanya.com/cn/IR/16/%E6%96%B0%E9%97%BB%E7%A8%BF?IRId=14188",
            "source_date": "2026-10-12",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "2344",
            "role": "記憶體設計與製造；集團另含邏輯晶片",
            "source_url": "https://www.winbond.com.tw/hq/about-winbond/company-profile/overview/?__locale=zh",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "2337",
            "role": "NOR Flash、NAND Flash與ROM整合元件製造",
            "source_url": "https://www.macronix.com/zh-tw/about/Pages/company-overview.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          }
        ],
        "classification_date": "2026-10-18"
      },
      {
        "name": "儲存控制與記憶體模組",
        "description": "群聯提供NAND控制晶片與SSD方案；其餘公司把記憶體顆粒整合為模組、SSD及儲存產品。",
        "codes": [
          "8299",
          "3260",
          "2451",
          "4967",
          "8271"
        ],
        "company_sources": [
          {
            "code": "8299",
            "role": "NAND控制晶片與SSD整體方案",
            "source_url": "https://www.phison.com/years/2026/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "3260",
            "role": "記憶體模組與儲存產品",
            "source_url": "https://www.icaa.org.tw/pdf/497754/ICAA_Member_Profile_2025Q3.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "2451",
            "role": "記憶體模組、SSD與工業儲存產品",
            "source_url": "https://www.icaa.org.tw/pdf/497754/ICAA_Member_Profile_2025Q3.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "4967",
            "role": "記憶體模組、SSD與工規儲存產品",
            "source_url": "https://www.teamgroupinc.com/tw/about/vision/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "8271",
            "role": "記憶體模組與工業SSD",
            "source_url": "https://www.apacer.com/zh-tw/page/business-philosophy",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          }
        ],
        "classification_date": "2026-10-18"
      },
      {
        "name": "封裝與測試",
        "description": "將晶粒封裝、連接並測試；先進封裝也負責多晶片整合。日月光投控另有電子代工業務。",
        "codes": [
          "3711",
          "6239",
          "2449",
          "8150",
          "6147"
        ],
        "company_sources": [
          {
            "code": "3711",
            "role": "封裝、測試與系統整合；合併營收另含電子代工",
            "source_url": "https://www.aseglobal.com/press-room/310x310/",
            "source_date": "2026-05-26",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "6239",
            "role": "記憶體與邏輯晶片封裝測試",
            "source_url": "https://www.pti.com.tw/cn/about/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "2449",
            "role": "晶圓、成品與預燒等專業測試",
            "source_url": "https://www.kyec.com.tw/en/About/company-profile",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "8150",
            "role": "記憶體與顯示驅動IC封裝測試",
            "source_url": "https://www.chipmos.com/english/ir/company.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "6147",
            "role": "顯示驅動IC等封裝測試",
            "source_url": "https://www.chipbond.com.tw/zh-tw/html/about-chipbond",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          }
        ],
        "classification_date": "2026-10-18"
      },
      {
        "name": "設備、材料與載板",
        "description": "供應矽晶圓、IC載板及測試分類設備，服務前段製造與後段封測；中美晶含太陽能及集團投資，以矽材料關聯歸類。",
        "codes": [
          "5483",
          "7769",
          "3189",
          "6488"
        ],
        "company_sources": [
          {
            "code": "5483",
            "role": "矽材料集團；本體亦經營太陽能事業",
            "source_url": "https://www.saswafer.com/about/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "7769",
            "role": "IC自動化測試分類機與溫控設備",
            "source_url": "https://expo.semi.org/taiwan2026/Public/eBooth.aspx?BoothID=652062&FromPage=Exhibitors.aspx&IndexInList=369&ListByBooth=true&ParentBoothID=",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          },
          {
            "code": "3189",
            "role": "IC封裝載板",
            "source_url": "https://www.twse.com.tw/staticFiles/news/news/tsecnews/8a8216d697fc438f0198c68bf79c0339.pdf",
            "source_date": "2025-08-20",
            "source_date_type": "published",
            "accessed": "2026-10-18"
          },
          {
            "code": "6488",
            "role": "半導體矽晶棒與矽晶圓",
            "source_url": "https://www.sas-globalwafers.com/profile-tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed": "2026-10-18"
          }
        ],
        "classification_date": "2026-10-18"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "先完成晶片與ASIC設計，並準備矽晶圓等材料、封裝載板及設備；材料與設備也會持續供應製造和封測各環節。",
        "codes": [
          "2454",
          "2379",
          "3034",
          "3661",
          "3006",
          "3443",
          "4919",
          "6415",
          "5351",
          "5483",
          "7769",
          "3189",
          "6488"
        ],
        "source_urls": [
          "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips?hs_amp=true",
          "https://www.realtek.com/Article/Index?lang=zh-CN&menu_id=371",
          "https://www.novatek.com.tw/zh-TW/Home/",
          "https://www.alchip.com/en/Newsroom/Alchip_Reports_ASIC-Leading_2nm_Developments",
          "https://www.esmt.com.tw/tw/about/introduction",
          "https://www.guc-asic.com/tw/about/us",
          "https://esg.nuvoton.com/uploads/files/shares/Resources/Downloads/2024_ESG_Report/2024_NuvoTon_ESG_report_EN_CH1.pdf",
          "https://www.silergy.com/esg",
          "https://etron.com/aboutus/company/",
          "https://www.saswafer.com/about/",
          "https://expo.semi.org/taiwan2026/Public/eBooth.aspx?BoothID=652062&FromPage=Exhibitors.aspx&IndexInList=369&ListByBooth=true&ParentBoothID=",
          "https://www.twse.com.tw/staticFiles/news/news/tsecnews/8a8216d697fc438f0198c68bf79c0339.pdf",
          "https://www.sas-globalwafers.com/profile-tw/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "上下游為本頁依流程所做的研究分類；公司角色與逐筆來源見segments.company_sources。"
      },
      "midstream": {
        "description": "晶圓廠把設計做成晶圓上的晶片。代工廠承接客戶設計，記憶體整合元件廠則兼顧自有產品設計與製造。",
        "codes": [
          "2330",
          "2303",
          "6770",
          "5347",
          "2408",
          "2344",
          "2337"
        ],
        "source_urls": [
          "https://pr.tsmc.com/english/news/3346",
          "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729",
          "https://www.powerchip.com/zh-tw/staticpage/company-profile",
          "https://investors.nxp.com/news-releases/news-release-details/vsmc-celebrates-grand-opening-its-first-300mm-fab-singapore",
          "https://www.nanya.com/cn/IR/16/%E6%96%B0%E9%97%BB%E7%A8%BF?IRId=14188",
          "https://www.winbond.com.tw/hq/about-winbond/company-profile/overview/?__locale=zh",
          "https://www.macronix.com/zh-tw/about/Pages/company-overview.aspx"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "上下游為本頁依流程所做的研究分類；公司角色與逐筆來源見segments.company_sources。"
      },
      "downstream": {
        "description": "完成封裝、晶圓與成品測試，再整合成記憶體模組或SSD，供伺服器、手機、電腦與工業設備使用；群聯橫跨控制晶片設計與儲存整合。",
        "codes": [
          "3711",
          "6239",
          "2449",
          "8150",
          "6147",
          "8299",
          "3260",
          "2451",
          "4967",
          "8271"
        ],
        "source_urls": [
          "https://www.aseglobal.com/press-room/310x310/",
          "https://www.pti.com.tw/cn/about/about",
          "https://www.kyec.com.tw/en/About/company-profile",
          "https://www.chipmos.com/english/ir/company.aspx",
          "https://www.chipbond.com.tw/zh-tw/html/about-chipbond",
          "https://www.phison.com/years/2026/",
          "https://www.icaa.org.tw/pdf/497754/ICAA_Member_Profile_2025Q3.pdf",
          "https://www.teamgroupinc.com/tw/about/vision/",
          "https://www.apacer.com/zh-tw/page/business-philosophy"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "上下游為本頁依流程所做的研究分類；公司角色與逐筆來源見segments.company_sources。"
      }
    },
    "drivers": [
      {
        "driver": "AI資料中心與客製化運算",
        "explanation": "台積電2026年第三季高效能運算營收季增22%，占營收68%；雲端運算需求連結先進製程與客製化晶片。高效能運算包含多種應用，不能全視為AI收入。",
        "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "driver": "多晶片整合與先進封裝",
        "explanation": "AI晶片需整合運算晶粒與高頻寬記憶體，也要改善互連與供電。日月光2026年5月公布310×310毫米自動化面板封裝線，顯示封裝技術正隨運算系統升級。",
        "source_url": "https://www.aseglobal.com/press-room/310x310/",
        "source_date": "2026-05-26",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "driver": "旗艦手機的終端AI升級",
        "explanation": "聯發科2026年9月發表2奈米天璣9600 Pro，採雙NPU並支援LPDDR6與UFS 5.0；這些規格帶來晶片、記憶體與儲存升級需求，實際放量仍看終端採用。",
        "source_url": "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips?hs_amp=true",
        "source_date": "2026-09-15",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "driver": "企業SSD的容量與效能升級",
        "explanation": "群聯Pascari D206V瞄準超大規模AI資料中心，2026年5月規格文件規劃單碟最高245.76TB，並註明為開發中估計值。高容量儲存需求連結SSD控制器、韌體與系統整合，仍須追蹤驗證及出貨。",
        "source_url": "https://www.phisonenterprise.com/wp-content/uploads/2026/05/D206V-Solutions-Brief.pdf",
        "source_date": "2026-05-22",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "date_source_url": "https://www.phisonenterprise.com/zh-tw/resource/pascari-d206v-solutions-brief/"
      },
      {
        "driver": "通訊、消費與電源管理需求",
        "explanation": "聯電表示2026年第二季出貨成長受通訊及消費電子需求帶動，稼動率升至85%；第三季展望另提電源管理IC、感測器與MCU需求。後者屬公司展望，須用後續實績核對。",
        "source_url": "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "2330",
        "name": "台積電",
        "role": "先進製程晶圓代工",
        "why": "2026年第三季7奈米及更先進製程占晶圓營收79%，是觀察先進製程需求的重要窗口。",
        "source_url": "https://pr.tsmc.com/english/news/3346",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "code": "3711",
        "name": "日月光投控",
        "role": "封裝測試與異質整合",
        "why": "旗下日月光於2026年5月公布310×310毫米自動化面板封裝線，推進多晶片封裝的規模化製造。",
        "source_url": "https://www.aseglobal.com/press-room/310x310/",
        "source_date": "2026-05-26",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "code": "2454",
        "name": "聯發科",
        "role": "手機與運算IC設計",
        "why": "2026年9月發表2奈米天璣9600 Pro，連結旗艦手機、終端AI與新一代記憶體規格。",
        "source_url": "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips?hs_amp=true",
        "source_date": "2026-09-15",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "code": "2408",
        "name": "南亞科",
        "role": "DRAM設計與製造",
        "why": "2026年第三季DRAM平均售價季增逾六成，可觀察公司產品組合與記憶體價格週期。",
        "source_url": "https://www.nanya.com/cn/IR/16/%E6%96%B0%E9%97%BB%E7%A8%BF?IRId=14188",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "code": "8299",
        "name": "群聯",
        "role": "NAND控制器與SSD方案",
        "why": "2026年5月文件規劃Pascari D206V企業SSD最高245.76TB容量，屬開發估計值，呈現其資料中心儲存布局。",
        "source_url": "https://www.phisonenterprise.com/wp-content/uploads/2026/05/D206V-Solutions-Brief.pdf",
        "source_date": "2026-05-22",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "date_source_url": "https://www.phisonenterprise.com/zh-tw/resource/pascari-d206v-solutions-brief/"
      },
      {
        "code": "2303",
        "name": "聯電",
        "role": "成熟與特殊製程代工",
        "why": "2026年第二季22/28奈米占晶圓營收37%，可用來追蹤成熟製程升級與需求變化。",
        "source_url": "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "code": "3661",
        "name": "世芯-KY",
        "role": "高效能ASIC設計服務",
        "why": "2026年3月公布2奈米測試晶片首次投片成功，展現先進客製化晶片的設計能力。",
        "source_url": "https://www.alchip.com/en/Newsroom/Alchip_Reports_ASIC-Leading_2nm_Developments",
        "source_date": "2026-03-12",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "code": "6488",
        "name": "環球晶",
        "role": "半導體矽晶圓材料",
        "why": "產品涵蓋3吋至12吋矽晶圓，連結多種製程與晶圓廠需求。",
        "source_url": "https://www.sas-globalwafers.com/profile-tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      },
      {
        "code": "2449",
        "name": "京元電子",
        "role": "晶圓與成品測試",
        "why": "服務涵蓋晶圓測試、成品測試、預燒與系統級測試，可觀察複雜晶片的測試需求。",
        "source_url": "https://www.kyec.com.tw/en/About/company-profile",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      },
      {
        "code": "2379",
        "name": "瑞昱",
        "role": "通訊網路與多媒體IC設計",
        "why": "產品橫跨通訊網路、電腦周邊與多媒體IC，可作為觀察終端連網需求的代表。",
        "source_url": "https://www.realtek.com/Article/Index?lang=zh-CN&menu_id=371",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-10-15",
        "event": "台積電公布第三季營收新台幣1兆4,942.4億元，年增50.9%；2奈米占晶圓營收8%。公司預估第四季營收523億至543億美元。",
        "codes": [
          "2330"
        ],
        "source_url": "https://pr.tsmc.com/english/news/3346",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-10-13",
        "event": "日月光擴展PowerSiP平台，推出垂直整合3D SiP供電方案；公司表示可降低50%以上寄生佈線損耗，對應AI資料中心的高功耗需求。",
        "codes": [
          "3711"
        ],
        "source_url": "https://ase.aseglobal.com/ch/press-room/ase-expands-powersip-platform-for-next-generation-ai-power-delivery/",
        "source_date": "2026-10-13",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-10-12",
        "event": "南亞科公布第三季自結營收1,336.49億元，季增61.9%；DRAM平均售價季增逾六成、銷售量季減中個位數百分比，顯示成長主要由價格推動；數字尚未經會計師核閱。",
        "codes": [
          "2408"
        ],
        "source_url": "https://www.nanya.com/cn/IR/16/%E6%96%B0%E9%97%BB%E7%A8%BF?IRId=14188",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-09-28",
        "event": "世界先進與NXP合資的VSMC新加坡首座12吋廠落成，已進入風險試產，預定2027年第一季量產；製程涵蓋130至40奈米。",
        "codes": [
          "5347"
        ],
        "source_url": "https://investors.nxp.com/news-releases/news-release-details/vsmc-celebrates-grand-opening-its-first-300mm-fab-singapore",
        "source_date": "2026-09-28",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-09-21",
        "event": "聯發科推出筆電用Dimensity CX C10 Max，採台積電3奈米製程，NPU算力最高55 TOPS，擴大AI運算晶片布局。",
        "codes": [
          "2454",
          "2330"
        ],
        "source_url": "https://www.mediatek.com/press-room/mediatek-dimensity-cx-c10-max-offers-flagship-performance-to-a-new-era-of-ai-first-laptops",
        "source_date": "2026-09-21",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-09-16",
        "event": "華邦電宣布以基本價金11.2億美元，收購英飛凌NOR Flash及F-RAM事業100%股權；交易預計2027年下半年完成，仍須主管機關核准等條件。",
        "codes": [
          "2344"
        ],
        "source_url": "https://www.winbond.com/hq/about-winbond/news-and-events/news/news00590.html?__locale=en",
        "source_date": "2026-09-16",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-09-15",
        "event": "聯發科發表採2奈米製程的天璣9600 Pro，搭載雙NPU與代理式AI架構，並支援LPDDR6及UFS 5.0，推進旗艦手機規格。",
        "codes": [
          "2454"
        ],
        "source_url": "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips",
        "source_date": "2026-09-15",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-08-31",
        "event": "聯發科與NVIDIA擴大合作，涵蓋雲端AI、個人AI運算與車用平台；聯發科將採用NVLink Fusion，協助客戶開發客製化XPU。",
        "codes": [
          "2454"
        ],
        "source_url": "https://www.mediatek.com/press-room/nvidia-and-mediatek-deepen-long-standing-partnership-to-build-ai-edge-to-cloud-computing-platforms",
        "source_date": "2026-08-31",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "date": "2026-07-29",
        "event": "聯電宣布擴充新加坡P4潔淨室與設備，並在台南興建容納P7、P8的新廠房，因應AI、邊緣運算與矽光子需求；採分階段投資。",
        "codes": [
          "2303"
        ],
        "source_url": "https://www.umc.com/en/News/press_release/Content/corporate/20260729-1",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "date_source_url": "https://www.umc.com/en/News/press_release"
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    ],
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      {
        "expected": "2026-10-28",
        "event": "聯電預定公布第三季財報並舉行法說，可追蹤成熟製程需求、稼動率及新產能進度；日期依官方行事曆，可能調整。",
        "codes": [
          "2303"
        ],
        "source_url": "https://www.umc.com/en/IR_Event/ir_events",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      },
      {
        "expected": "2026-10-30",
        "event": "聯發科預定舉行第三季法說，可觀察旗艦手機晶片、AI運算產品及第四季需求展望。",
        "codes": [
          "2454"
        ],
        "source_url": "https://www.mediatek.com/investor-relations/ir-events",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      },
      {
        "expected": "2026-11-10",
        "event": "台積電預定公告10月營收，可與第四季營收展望併看；月營收只揭露總量，無法單獨判定2奈米放量幅度。",
        "codes": [
          "2330"
        ],
        "source_url": "https://investor.tsmc.com/english/financial-calendar",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      },
      {
        "expected": "2026-12-09",
        "event": "SEMICON Japan預定12月9至11日在東京舉行，同期安排先進封裝與Chiplet等峰會，可觀察設備、材料與封裝技術動向。",
        "codes": [],
        "source_url": "https://www.semiconjapan.org/en",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      },
      {
        "expected": "2027-01-06",
        "event": "CES 2027預定1月6至9日在拉斯維加斯舉行，可觀察AI PC、終端裝置與車用應用的新產品；台廠個別發表時程仍待公告。",
        "codes": [],
        "source_url": "https://www.ces.tech/press-releases/ces-2026-the-future-is-here",
        "source_date": "2026-01-09",
        "source_date_type": "published",
        "accessed": "2026-10-18"
      },
      {
        "expected": "2027-01-08",
        "event": "台積電預定公告12月營收，可據全年與第四季月營收合計檢視營收走勢；正式獲利仍須等財報。",
        "codes": [
          "2330"
        ],
        "source_url": "https://investor.tsmc.com/english/financial-calendar",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18"
      }
    ],
    "global_peers": [
      {
        "name": "NVIDIA",
        "ticker": "NASDAQ:NVDA",
        "relation": "聯發科的已公告合作夥伴，雙方擴大雲端AI、個人AI運算及車用平台合作；也可用來觀察AI運算平台需求。",
        "source_url": "https://nvidianews.nvidia.com/news/nvidia-and-mediatek-deepen-long-standing-partnership-to-build-ai-edge-to-cloud-computing-platforms",
        "source_date": "2026-08-31",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "additional_source_urls": [
          "https://investor.nvidia.com/investor-resources/faqs/"
        ]
      },
      {
        "name": "Samsung Electronics（三星電子）",
        "ticker": "KRX:005930",
        "relation": "同時經營記憶體與晶圓代工；在業務上對照南亞科、華邦電與台積電，產品組合及技術節點不同。",
        "source_url": "https://news.samsung.com/global/samsung-electronics-announces-second-quarter-2026-results",
        "source_date": "2026-07-30",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "additional_source_urls": [
          "https://www.samsung.com/global/ir/stock-information/listing-Info/"
        ],
        "relation_type": "業務比較"
      },
      {
        "name": "Micron Technology（美光）",
        "ticker": "NASDAQ:MU",
        "relation": "記憶體與儲存供應商，可對照南亞科等台廠的記憶體景氣；不能把其HBM成長直接套用至台廠所有產品。",
        "source_url": "https://investors.micron.com/financials/quarterly-results/default.aspx?mode=light",
        "source_date": "2026-09-30",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "relation_type": "業務比較"
      },
      {
        "name": "Amkor Technology（艾克爾）",
        "ticker": "NASDAQ:AMKR",
        "relation": "封裝測試服務同業，可對照日月光投控與力成的先進封裝、測試及海外布局。",
        "source_url": "https://amkor.com/company-history/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed": "2026-10-18",
        "relation_type": "業務比較"
      },
      {
        "name": "Shin-Etsu Chemical（信越化學）",
        "ticker": "TSE:4063",
        "relation": "供應矽晶圓、光阻與光罩基材；其中矽晶圓業務可對照環球晶，集團其他化學業務須分開看。",
        "source_url": "https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf",
        "source_date": "2026-04-28",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "relation_type": "業務比較"
      },
      {
        "name": "NXP Semiconductors（恩智浦）",
        "ticker": "NASDAQ:NXPI",
        "relation": "世界先進的VSMC合資夥伴，可觀察特殊製程與車用、工業應用的需求及新加坡產能進度。",
        "source_url": "https://investors.nxp.com/news-releases/news-release-details/vsmc-celebrates-grand-opening-its-first-300mm-fab-singapore",
        "source_date": "2026-09-28",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "relation_type": "已公告合資關係"
      }
    ],
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        "why": "把需求與實際生產連在一起。稼動率變化會影響固定成本攤提；要分先進、成熟及特殊製程，不能用一家代表全部。可追聯電每季稼動率及出貨量。",
        "source_url": "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "interpretation": "研究整理"
      },
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        "metric": "DRAM／NAND平均售價與位元出貨量",
        "why": "營收增加可能來自漲價，也可能來自出貨增加。南亞科2026年第三季售價上升但銷量下降，顯示兩者要一起看；不同產品與客戶組合不可直接套用同一報價。",
        "source_url": "https://www.nanya.com/cn/IR/16/%E6%96%B0%E9%97%BB%E7%A8%BF?IRId=14188",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "interpretation": "研究整理"
      },
      {
        "metric": "先進製程與先進封裝的營收占比、產能交付",
        "why": "區分技術升級與單純總量增加。追蹤台積電製程別占比、封裝投產與客戶驗證，才能判斷新技術是否轉成收入；規劃產能須與已投產產能分開。",
        "source_url": "https://pr.tsmc.com/english/news/3346",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "additional_source_urls": [
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        ],
        "interpretation": "研究整理"
      },
      {
        "metric": "存貨天數與存貨金額",
        "why": "觀察備貨是否快於出貨。應連同產品組合、報價與營收一起看，避免把策略備料全當成滯銷；各公司需採一致的季度計算口徑。台積電法說有揭露存貨天數。",
        "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "interpretation": "研究整理"
      },
      {
        "metric": "資本支出、自由現金流與投產進度",
        "why": "擴產會先花錢，收入通常較晚出現。把公司資本支出、營業現金流及實際投產時程對照，可追蹤供給增加與資金負擔；自由現金流採營業現金流減資本支出的統一定義。",
        "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed": "2026-10-18",
        "additional_source_urls": [
          "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729"
        ],
        "interpretation": "研究整理"
      }
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      "https://ase.aseglobal.com/ch/press-room/ase-expands-powersip-platform-for-next-generation-ai-power-delivery/",
      "https://esg.nuvoton.com/uploads/files/shares/Resources/Downloads/2024_ESG_Report/2024_NuvoTon_ESG_report_EN_CH1.pdf",
      "https://etron.com/aboutus/company/",
      "https://expo.semi.org/taiwan2026/Public/eBooth.aspx?BoothID=652062&FromPage=Exhibitors.aspx&IndexInList=369&ListByBooth=true&ParentBoothID=",
      "https://investor.nvidia.com/investor-resources/faqs/",
      "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf",
      "https://investor.tsmc.com/english/financial-calendar",
      "https://investors.micron.com/financials/quarterly-results/default.aspx?mode=light",
      "https://investors.nxp.com/news-releases/news-release-details/vsmc-celebrates-grand-opening-its-first-300mm-fab-singapore",
      "https://news.samsung.com/global/samsung-electronics-announces-second-quarter-2026-results",
      "https://nvidianews.nvidia.com/news/nvidia-and-mediatek-deepen-long-standing-partnership-to-build-ai-edge-to-cloud-computing-platforms",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://pr.tsmc.com/english/news/3346",
      "https://www.alchip.com/en/Newsroom/Alchip_Reports_ASIC-Leading_2nm_Developments",
      "https://www.apacer.com/zh-tw/page/business-philosophy",
      "https://www.aseglobal.com/press-room/310x310/",
      "https://www.ces.tech/press-releases/ces-2026-the-future-is-here",
      "https://www.chipbond.com.tw/zh-tw/html/about-chipbond",
      "https://www.chipmos.com/english/ir/company.aspx",
      "https://www.esmt.com.tw/tw/about/introduction",
      "https://www.guc-asic.com/tw/about/us",
      "https://www.icaa.org.tw/pdf/497754/ICAA_Member_Profile_2025Q3.pdf",
      "https://www.kyec.com.tw/en/About/company-profile",
      "https://www.macronix.com/zh-tw/about/Pages/company-overview.aspx",
      "https://www.mediatek.com/investor-relations/ir-events",
      "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips",
      "https://www.mediatek.com/press-room/mediatek-dimensity-9600-pro-sets-new-standard-for-flagship-smartphone-chips?hs_amp=true",
      "https://www.mediatek.com/press-room/mediatek-dimensity-cx-c10-max-offers-flagship-performance-to-a-new-era-of-ai-first-laptops",
      "https://www.mediatek.com/press-room/nvidia-and-mediatek-deepen-long-standing-partnership-to-build-ai-edge-to-cloud-computing-platforms",
      "https://www.nanya.com/cn/IR/16/%E6%96%B0%E9%97%BB%E7%A8%BF?IRId=14188",
      "https://www.novatek.com.tw/zh-TW/Home/",
      "https://www.phison.com/years/2026/",
      "https://www.phisonenterprise.com/wp-content/uploads/2026/05/D206V-Solutions-Brief.pdf",
      "https://www.phisonenterprise.com/zh-tw/resource/pascari-d206v-solutions-brief/",
      "https://www.powerchip.com/zh-tw/staticpage/company-profile",
      "https://www.pti.com.tw/cn/about/about",
      "https://www.realtek.com/Article/Index?lang=zh-CN&menu_id=371",
      "https://www.samsung.com/global/ir/stock-information/listing-Info/",
      "https://www.sas-globalwafers.com/profile-tw/",
      "https://www.saswafer.com/about/",
      "https://www.semiconjapan.org/en",
      "https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf",
      "https://www.silergy.com/esg",
      "https://www.teamgroupinc.com/tw/about/vision/",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.twse.com.tw/staticFiles/news/news/tsecnews/8a8216d697fc438f0198c68bf79c0339.pdf",
      "https://www.umc.com/en/IR_Event/ir_events",
      "https://www.umc.com/en/News/press_release",
      "https://www.umc.com/en/News/press_release/Content/corporate/20260729-1",
      "https://www.umc.com/zh-TW/News/press_release/Content/investor/20260729",
      "https://www.winbond.com.tw/hq/about-winbond/company-profile/overview/?__locale=zh",
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        "industry_filter": "半導體業",
        "month": "2026-09",
        "report_date_in_input": "2026-10-17",
        "accessed": "2026-10-18",
        "company_count": 207,
        "revenue_unit": "新台幣千元",
        "total_consolidated_revenue": 1018339851,
        "top30_revenue_share_percent": 91.4728,
        "source_urls": [
          "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
          "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
        ],
        "note": "公司名單與營收以使用者指定latest.json快照為準；未將即時API不同更新日的資料覆蓋此快照。加總不是去除重複計算的產業產值。"
      },
      "classification_scope": "依輸入2026年9月合併營收排序的前30家公司；每家公司只歸入一個次產業。其餘177家未在本次細分，不表示不屬於本產業。",
      "classification_basis": "依公司產品與服務角色做研究分類，並非證交所新增的官方次產業分類。上下游依設計、製造、封測與整合流程簡化；設備材料跨階段供應。",
      "date_policy": "source_date_type=published為來源明載的發布日期；accessed為無明載發布日頁面的實際查閱日期，不冒充發布日期。所有來源於2026-10-18查閱。",
      "recent_window": [
        "2026-07-20",
        "2026-10-18"
      ],
      "catalyst_window": [
        "2026-10-19",
        "2027-04-18"
      ],
      "catalyst_policy": "未來事件僅採已公告日期；空codes的展會代表產業觀察時點，未推定任何台廠已參展。未用過往慣例補造2027年2至4月時程。",
      "analysis_policy": "分工、價值鏈、同業比較及指標意義為依所列官方資料的研究整理；公司展望與規格不等同未來營收或已實現量產。"
    }
  },
  {
    "industry": "電子通路業",
    "as_of": "2026-10-18",
    "one_liner": "替晶片與設備找好通往客戶的路",
    "one_liner_en": "Connecting global chips, materials and electronics with Taiwan’s supply chain.",
    "overview": "大聯大9月營收約2,196億元，年增146%，比去年同月多了一倍以上。電子通路像替工廠備料的配送站，把原廠晶片、記憶體和資訊設備送到製造商與企業手上，還協助選料與設計。本頁38家公司合計約6,886億元，年增102%；文曄約2,159億元、年增60.0%，聯強約903億元、年增159%，大廠的增幅也有差距。擎亞營收約92億元、年增393%，在月營收達10億元的公司中居首。下一張月營收表，先看大聯大能否維持146%的增幅，再把文曄的60.0%放在一起比較。",
    "segments": [
      {
        "name": "半導體與電子零組件加值代理",
        "description": "向原廠取得代理線，供應IC、類比、電源、通訊及連接元件，並提供選型、設計導入與物流服務。三顧兼有生醫業務，此處只按電子代理業務歸類。",
        "codes": [
          "3702",
          "3036",
          "3033",
          "3048",
          "3028",
          "3209",
          "6189",
          "6227",
          "3312",
          "3528",
          "3360",
          "6474",
          "8032",
          "6270",
          "8068",
          "3224"
        ],
        "evidence": [
          {
            "code": "3702",
            "source_url": "https://www.wpgholdings.com/investors_msg/detail/zhtw/other/3100",
            "source_date": "2026-10-12",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3036",
            "source_url": "https://www.wtmec.com/202609-unaudited-consolidated-monthly-sales/",
            "source_date": "2026-10-08",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3033",
            "source_url": "https://www.weikeng.com.tw/content.php?no=13",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3048",
            "source_url": "https://www.edomtech.com/zh-tw/edom_news-detail/edom-technology-announces-revenue-for-september-26/",
            "source_date": "2026-10-07",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3028",
            "source_url": "https://www.zenitron.com.tw/tw/about/overview",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3209",
            "source_url": "https://www.alltek.com/cn/关于全科/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6189",
            "source_url": "https://www.promate.com.tw/linecard/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6227",
            "source_url": "https://www.macnica.com/apac/galaxy/zh_tw/about-us/company-profile/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3312",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a030f577-d17d-4abb-97e7-6d8d0bdb2a80",
            "source_date": "2025-04-28",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3528",
            "source_url": "https://www.macnica.com/apac/anstek/zh_tw/news-events/news/_2025_-_3_/",
            "source_date": "2025-05-29",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3360",
            "source_url": "https://www.sunnic.com/tw/SUNNIC/learnus-common/2/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6474",
            "source_url": "https://www.wfe.com.tw/about.php",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8032",
            "source_url": "https://www.koryo.com.tw/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6270",
            "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=afdc7843-ce4e-4d75-b4ff-c594b047b19d",
            "source_date": "2025-11-24",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8068",
            "source_url": "https://www.chander.com.tw/about-us",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3224",
            "source_url": "https://www.metatech.com.tw/upload/shareholder/2024/annual_report.pdf",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3224",
            "supports": "電子與生醫並行，分類僅按電子通路業務。",
            "source_url": "https://findit.sme.gov.tw/tw/Investor/UDlPOGYxY3RURHBGRmVGbFFLdGE4UT09",
            "source_date": "2026-10-02",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          }
        ],
        "classification_basis": "依公司電子通路產品與服務歸類；每家公司僅歸一類，非合併營收分部拆分。"
      },
      {
        "name": "記憶體與儲存元件通路",
        "description": "以記憶體及儲存相關產品為重要觀察主軸，需求來自伺服器、手機與消費電子。擎亞亦代理影像感測與其他半導體，並非純記憶體商。",
        "codes": [
          "8112",
          "8096",
          "6265"
        ],
        "evidence": [
          {
            "code": "8112",
            "source_url": "https://www.supreme.com.tw/WP/WP0000.aspx",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8096",
            "source_url": "https://www.coasiaelec.com/en/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6265",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=ed77a7d8-220b-41e4-9312-3d840192c1e4",
            "source_date": "2026-09-18",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          }
        ],
        "classification_basis": "依公司電子通路產品與服務歸類；每家公司僅歸一類，非合併營收分部拆分。"
      },
      {
        "name": "半導體材料、封裝與設備服務",
        "description": "供應晶圓製造及封裝所需的精密材料、封裝樹脂、基板與設備。崇越另有環保及廠務工程，華立也服務PCB等市場。",
        "codes": [
          "3010",
          "5434",
          "8070"
        ],
        "evidence": [
          {
            "code": "3010",
            "source_url": "https://www.wahlee.com/en/news-detail/5940d561282dc78/12ec95a243becc86",
            "source_date": "2026-08-11",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5434",
            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=16b0c0af-b802-4607-aecb-0d4db9595835",
            "source_date": "2026-07-28",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8070",
            "source_url": "https://www.cwei.com.tw/products?cls=web-intro-product-1",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          }
        ],
        "classification_basis": "依公司電子通路產品與服務歸類；每家公司僅歸一類，非合併營收分部拆分。"
      },
      {
        "name": "資訊產品、企業方案與數位娛樂通路",
        "description": "代理電腦、周邊、企業IT、軟體及遊戲產品，連結品牌、經銷商與企業客戶。宏碁遊戲另有遊戲代工及開發，屬混合業務。",
        "codes": [
          "2347",
          "6776",
          "2414",
          "6118",
          "6908"
        ],
        "evidence": [
          {
            "code": "2347",
            "source_url": "https://www.cna.com.tw/news/afe/202610080183.aspx",
            "source_date": "2026-10-08",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6776",
            "source_url": "https://www.weblink.com.tw/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2414",
            "source_url": "https://www.unitech.com.tw/about.aspx",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6118",
            "source_url": "https://www.xander.com.tw/user2/about/xander_1-1.aspx",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6908",
            "source_url": "https://www.cnyes.com/twstock/6908/company/profile",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          }
        ],
        "classification_basis": "依公司電子通路產品與服務歸類；每家公司僅歸一類，非合併營收分部拆分。"
      },
      {
        "name": "3C與家電零售",
        "description": "直接面向消費者，透過門市及線上銷售資訊與家電商品，並結合配送、安裝或售後服務。",
        "codes": [
          "2430",
          "6281",
          "6154"
        ],
        "evidence": [
          {
            "code": "2430",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=f4a7dc23-b744-4f64-aae8-2aff29fd5bd5",
            "source_date": "2025-05-16",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6281",
            "source_url": "https://www.elifemall.com.tw/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6154",
            "source_url": "https://www.isunfar.com.tw/about/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          }
        ],
        "classification_basis": "依公司電子通路產品與服務歸類；每家公司僅歸一類，非合併營收分部拆分。"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "上游原廠提供晶片、記憶體、材料與設備；本名單的華立、崇越、長華，位於製造端的材料及設備供應服務層，供應晶圓與封裝製程所需產品。",
        "codes": [
          "3010",
          "5434",
          "8070"
        ],
        "evidence": [
          {
            "source_url": "https://www.wahlee.com/en/news-detail/5940d561282dc78/12ec95a243becc86",
            "source_date": "2026-08-11",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=16b0c0af-b802-4607-aecb-0d4db9595835",
            "source_date": "2026-07-28",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.cwei.com.tw/products?cls=web-intro-product-1",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          }
        ],
        "positioning_note": "代號指上游材料與設備通路服務商，不把代理商視為晶片原廠。"
      },
      "midstream": {
        "description": "元件代理商銜接原廠與製造客戶，負責選型、設計導入、備貨及交貨；資訊產品代理商則銜接品牌、經銷商與企業客戶。材料通路與成品通路屬並行分支，不是每家公司依序互相供貨。",
        "codes": [
          "3702",
          "3036",
          "8112",
          "3033",
          "3048",
          "3028",
          "3209",
          "2347",
          "6776",
          "2414",
          "6118"
        ],
        "evidence": [
          {
            "source_url": "https://www.weikeng.com.tw/content.php?no=13",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.zenitron.com.tw/tw/about/overview",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.wtmec.com/corporate-governance/risk-management/operation-risk/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.xander.com.tw/user2/about/xander_1-1.aspx",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.weblink.com.tw/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "downstream": {
        "description": "下游客戶包括系統製造商、企業與一般消費者；本名單中的燦坤、全國電與順發直接經營3C及家電零售，承接消費者購買、配送或售後需求。",
        "codes": [
          "2430",
          "6281",
          "6154"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=f4a7dc23-b744-4f64-aae8-2aff29fd5bd5",
            "source_date": "2025-05-16",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.elifemall.com.tw/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.isunfar.com.tw/about/",
            "source_date": null,
            "source_date_kind": "undated",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "AI伺服器與高速網通建置",
        "explanation": "益登表示，AI伺服器與網通設備需求上升，帶動2026年第三季營運；通路可承接運算、連接與周邊元件採購。不同公司的代理線與供貨範圍仍有差異。",
        "source_url": "https://www.edomtech.com/zh-tw/edom_news-detail/edom-technology-announces-revenue-for-september-26/",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "伺服器與手機的記憶體拉貨",
        "explanation": "至上在9月營收說明中指出，伺服器及手機客戶拉貨強，記憶體等零組件價格持續上漲。評估此動能時，要分開看數量增加與單價變動。",
        "source_url": "https://tw.stock.yahoo.com/news/至上-115年9月營收660-34億-年增233-54-084400345.html",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "工業與車用客戶回補需求",
        "explanation": "文曄8月法說指出，Future、工業及車用市場的訂單出貨比顯示復甦。這是公司對接單的觀察，後續仍需由實際出貨與財報確認。",
        "source_url": "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/",
        "source_date": "2026-08-06",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "先進製程、先進封裝與PCB材料升級",
        "explanation": "華立8月說明，AI與高效能運算推升光阻、先進封裝材料及特用氣體需求；AI伺服器與高速交換器也帶動高階PCB材料需求。材料通路因此連結製造端擴產與規格升級。",
        "source_url": "https://www.wahlee.com/en/news-detail/5940d561282dc78/12ec95a243becc86",
        "source_date": "2026-08-11",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "企業IT與AI部署擴散",
        "explanation": "聯強表示，企業開始部署IT升級，AI建置帶動相關產品需求。這類需求由企業端採購與方案整合推進，與單純消費性電腦換機的節奏不同。",
        "source_url": "https://www.cna.com.tw/news/afe/202610080183.aspx",
        "source_date": "2026-10-08",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "消費3C與家電的換機及服務需求",
        "explanation": "燦坤的營運涵蓋線上、門市及配送安裝。由此觀察，零售端可追蹤換機、新品與服務帶來的成交；這是商業模式的需求分析，不表示消費市場已全面復甦。",
        "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=f4a7dc23-b744-4f64-aae8-2aff29fd5bd5",
        "source_date": "2025-05-16",
        "source_date_kind": "updated",
        "accessed_at": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "3702",
        "name": "大聯大",
        "role": "大型半導體與電子零組件通路",
        "why": "9月營收約2,195.9億元，第三季約5,079.3億元，顯示大型通路的調度與供貨規模。",
        "source_url": "https://www.wpgholdings.com/investors_msg/detail/zhtw/other/3100",
        "source_date": "2026-10-12",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3036",
        "name": "文曄",
        "role": "全球電子元件代理與供應鏈服務",
        "why": "第三季營收約5,973億元創季度新高，是觀察AI及全球元件通路需求的重要公司。",
        "source_url": "https://www.wtmec.com/202609-unaudited-consolidated-monthly-sales/",
        "source_date": "2026-10-08",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2347",
        "name": "聯強",
        "role": "資訊、企業IT與半導體通路",
        "why": "9月營收約903.09億元創新高，公司將成長主要歸因於AI建置需求。",
        "source_url": "https://www.cna.com.tw/news/afe/202610080183.aspx",
        "source_date": "2026-10-08",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "8112",
        "name": "至上",
        "role": "記憶體及相關半導體通路",
        "why": "9月營收660.34億元、年增233.54%，公告說明同時反映價格上漲與伺服器、手機拉貨。",
        "source_url": "https://tw.stock.yahoo.com/news/至上-115年9月營收660-34億-年增233-54-084400345.html",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3033",
        "name": "威健",
        "role": "技術導向的電子元件代理",
        "why": "配置應用工程師協助客戶開發伺服器、電源及車用等方案，具體呈現通路的設計支援角色。",
        "source_url": "https://www.weikeng.com.tw/content.php?no=54",
        "source_date": null,
        "source_date_kind": "undated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3048",
        "name": "益登",
        "role": "半導體元件與應用解決方案",
        "why": "第三季營收423.80億元、年增48.51%，公司指出AI伺服器與網通是需求來源。",
        "source_url": "https://www.edomtech.com/zh-tw/edom_news-detail/edom-technology-announces-revenue-for-september-26/",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "3010",
        "name": "華立",
        "role": "高科技材料與設備供應服務",
        "why": "第二季營收238.4億元、年增17.9%，受AI、先進製程與封裝材料需求帶動。",
        "source_url": "https://www.wahlee.com/en/news-detail/5940d561282dc78/12ec95a243becc86",
        "source_date": "2026-08-11",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "5434",
        "name": "崇越",
        "role": "半導體材料與廠務整合服務",
        "why": "2025年半導體暨電子材料銷售占產品營收85%，另提供環保及廠務系統服務。",
        "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=16b0c0af-b802-4607-aecb-0d4db9595835",
        "source_date": "2026-07-28",
        "source_date_kind": "updated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "8070",
        "name": "長華*",
        "role": "IC封裝材料與設備通路",
        "why": "產品涵蓋封膠樹脂、導線架及封裝基板，連結原廠材料與封裝製造需求。",
        "source_url": "https://www.cwei.com.tw/products?cls=web-intro-product-1",
        "source_date": null,
        "source_date_kind": "undated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2430",
        "name": "燦坤",
        "role": "面向消費者的3C與家電零售",
        "why": "整合門市、線上銷售及配送安裝，適合觀察終端消費與零售服務，與元件代理分工不同。",
        "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=f4a7dc23-b744-4f64-aae8-2aff29fd5bd5",
        "source_date": "2025-05-16",
        "source_date_kind": "updated",
        "accessed_at": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-10-12",
        "event": "大聯大公告9月營收約2,195.9億元、第三季約5,079.3億元；公司指出十一長假前提前拉貨與部分產品價格調整也是單月成長因素。",
        "codes": [
          "3702"
        ],
        "source_url": "https://www.wpgholdings.com/investors_msg/detail/zhtw/other/3100",
        "source_date": "2026-10-12",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-08",
        "event": "文曄公告9月營收約2,159億元，第三季約5,973億元，雙雙創新高；季度營收高於原法說財測中位數。",
        "codes": [
          "3036"
        ],
        "source_url": "https://www.wtmec.com/202609-unaudited-consolidated-monthly-sales/",
        "source_date": "2026-10-08",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-08",
        "event": "聯強公布9月營收約903.09億元創新高，表示主要受AI建置帶動相關產品需求。",
        "codes": [
          "2347"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202610080183.aspx",
        "source_date": "2026-10-08",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-07",
        "event": "至上公告9月營收660.34億元、年增233.54%；說明記憶體等元件價格上漲及伺服器、手機客戶拉貨強勁。",
        "codes": [
          "8112"
        ],
        "source_url": "https://tw.stock.yahoo.com/news/至上-115年9月營收660-34億-年增233-54-084400345.html",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-07",
        "event": "益登公告第三季營收423.80億元、季增7.29%，創單季新高，需求來自AI伺服器與網通設備。",
        "codes": [
          "3048"
        ],
        "source_url": "https://www.edomtech.com/zh-tw/edom_news-detail/edom-technology-announces-revenue-for-september-26/",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-01",
        "event": "文曄完成海外存託憑證及海外可轉債同步訂價，預期合計募得約9.35億美元，用於外幣購料及部分償還借款；此為訂價公告，非新增訂單。",
        "codes": [
          "3036"
        ],
        "source_url": "https://www.wtmec.com/wt-microelectronics-priced-concurrent-offerings-of-global-depositary-shares-and-convertible-bonds-2/",
        "source_date": "2026-09-01",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-08-11",
        "event": "華立公布第二季營收238.4億元、年增17.9%；公司說明光阻、先進封裝材料及特用氣體等業務需求成長。",
        "codes": [
          "3010"
        ],
        "source_url": "https://www.wahlee.com/en/news-detail/5940d561282dc78/12ec95a243becc86",
        "source_date": "2026-08-11",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-08-06",
        "event": "文曄舉行第二季法說，公布營收約5,907億元，並指出AI需求延續、工業與車用及Future業務復甦。",
        "codes": [
          "3036"
        ],
        "source_url": "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/",
        "source_date": "2026-08-06",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11-10",
        "end_date": "2026-11-13",
        "event": "electronica 2026 將於慕尼黑舉行，主題含邊緣運算、感測、電力電子及資安；可觀察元件新品與應用設計需求。",
        "codes": [
          "3702",
          "3036",
          "3033",
          "3048",
          "3028"
        ],
        "source_url": "https://electronica.de/en/trade-fair/journalists/press-releases/detail/from-edge-to-ai-what-visitors-can-expect-at-electronica.html",
        "source_date": "2026-10-14",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18",
        "relevance_basis": "依已查證的產品分工設定觀察公司；國際展會不代表已確認參展、接單或代理品牌。"
      },
      {
        "expected": "2026-11-13",
        "event": "展碁國際主辦 Adobe AI Creator Link 2026，活動聚焦 Adobe 與 AI 創作應用，預定 13:00–17:30 在台北舉行；可觀察 AI 軟體授權與創作硬體的通路推廣。",
        "codes": [
          "6776"
        ],
        "source_url": "https://adbecsp.weblink.com.tw/events/creator-link-2026/",
        "source_date": null,
        "source_date_kind": "undated_official_event_page",
        "accessed_at": "2026-10-18",
        "relevance_basis": "展碁為主辦單位；活動推廣不等同訂單或營收。"
      },
      {
        "expected": "2027-01-06",
        "end_date": "2027-01-09",
        "event": "CES 2027 將於拉斯維加斯舉行；Lenovo 已公告 1/6 主題演講，內容涵蓋裝置、基礎建設與混合 AI，可觀察資訊通路後續新品組合。",
        "codes": [
          "2347",
          "6776",
          "2414",
          "2430",
          "6281"
        ],
        "source_url": "https://www.ces.tech/press-releases/lenovo-takes-ces-2027-keynote-to-new-heights-with-immersive-experience-at-sphere/",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18",
        "relevance_basis": "依已查證的產品分工設定觀察公司；國際展會不代表已確認參展、接單或代理品牌。"
      },
      {
        "expected": "2027-03",
        "event": "NVIDIA 已預告 2027 年 3 月在聖荷西舉行 GTC，可觀察 AI 基礎建設、機器人與實體 AI 的產品及應用進展。",
        "codes": [
          "3702",
          "3036",
          "2347",
          "3048"
        ],
        "source_url": "https://www.nvidia.com/gtc/",
        "source_date": null,
        "source_date_kind": "undated_official_page",
        "accessed_at": "2026-10-18",
        "relevance_basis": "依已查證的產品分工設定觀察公司；國際展會不代表已確認參展、接單或代理品牌。",
        "date_note": "官方首頁與FAQ的起始日相差一天，因此只列月份。"
      },
      {
        "expected": "2027-03-16",
        "end_date": "2027-03-18",
        "event": "embedded world 2027 將於紐倫堡舉行，展會涵蓋嵌入式運算、IC、模組、物聯網與嵌入式智慧，可追蹤工控及邊緣 AI 的設計導入方向。",
        "codes": [
          "3033",
          "3048",
          "3028",
          "3528"
        ],
        "source_url": "https://www.embedded-world.de/en/visitor",
        "source_date": null,
        "source_date_kind": "undated_official_page",
        "accessed_at": "2026-10-18",
        "relevance_basis": "依已查證的產品分工設定觀察公司；國際展會不代表已確認參展、接單或代理品牌。"
      }
    ],
    "global_peers": [
      {
        "name": "Arrow Electronics",
        "ticker": "NYSE: ARW",
        "relation": "同時經營電子元件及企業運算通路；元件業務可對照大聯大、文曄，企業通路可對照聯強。這是業務模式比較。",
        "source_url": "https://investor.arrow.com/news/press-release-details/2026/Arrow-Electronics-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
        "source_date": "2026-08-06",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "name": "Avnet",
        "ticker": "NASDAQ: AVT",
        "relation": "代理半導體、連接器及被動元件，提供設計與供應鏈服務；可對照大聯大、文曄等元件通路商。這是業務模式比較。",
        "source_url": "https://www.sec.gov/Archives/edgar/data/8858/000110465926096346/avt-20260627x10k.htm",
        "source_date": "2026-08-14",
        "source_date_kind": "10-K_filing_date",
        "accessed_at": "2026-10-18"
      },
      {
        "name": "Macnica Holdings",
        "ticker": "TSE: 3132",
        "relation": "日本電子元件通路集團，提供半導體與工程支援；茂綸官網記載 2010 年加入 Macnica 集團，與台灣通路有實際集團連結。",
        "source_url": "https://www.macnica.com/content/dam/macnicagwi/americas/mai/public/en/downloads/macnica-americas-linecard.pdf",
        "source_date": "2026-09",
        "source_date_kind": "document_revision_month",
        "accessed_at": "2026-10-18",
        "relation_source_url": "https://www.macnica.com/apac/galaxy/zh_tw/about-us/company-profile/",
        "relation_source_date": null,
        "relation_accessed_at": "2026-10-18"
      },
      {
        "name": "TD SYNNEX",
        "ticker": "NYSE: SNX",
        "relation": "全球資訊產品通路與解決方案整合商，涵蓋雲端、資安及 AI；可對照聯強、展碁國際等資訊通路商。這是業務模式比較。",
        "source_url": "https://ir.tdsynnex.com/news/news-details/2026/TD-SYNNEX-Reports-Record-Fiscal-2026-Third-Quarter-Results/default.aspx",
        "source_date": "2026-09-24",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      }
    ],
    "watch_metrics": [
      {
        "metric": "月營收、年增率與應用別接單",
        "why": "搭配月增、累計及應用別說明，區分季節性、提前拉貨與持續需求。大聯大9月亦有長假前拉貨因素，單月不能直接外推全年。",
        "interpretation": "研究判讀",
        "source_url": "https://www.wpgholdings.com/investors_msg/detail/zhtw/other/3100",
        "source_date": "2026-10-12",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "metric": "記憶體報價與出貨組合",
        "why": "至上公告同時提到價格上漲與客戶拉貨。追蹤DRAM、NAND合約價及產品組合，有助分辨營收成長來自單價或實際用量；未取得出貨量時，不自行估算。",
        "interpretation": "研究判讀",
        "source_url": "https://tw.stock.yahoo.com/news/至上-115年9月營收660-34億-年增233-54-084400345.html",
        "source_date": "2026-10-07",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "metric": "存貨週轉天數與跌價損失",
        "why": "通路需管理原廠供貨與客戶需求的時間差。可用平均存貨除以當期銷貨成本、乘當期天數觀察；天數拉長時，再核對備貨目的及跌價損失。",
        "interpretation": "依通路營運風險與會計關係提出的研究判讀，未宣稱當期庫存已惡化。",
        "source_url": "https://www.wtmec.com/corporate-governance/risk-management/operation-risk/",
        "source_date": null,
        "source_date_kind": "undated",
        "accessed_at": "2026-10-18"
      },
      {
        "metric": "毛利率與營業利益率",
        "why": "營收放大是否轉成獲利，要看產品組合、技術服務及費用。以當期毛利或營業利益除以營收比較；元件、材料與零售的結構不同，宜各自對照。",
        "interpretation": "研究判讀；法說已提供營收與營業利益，指標為比較方法。",
        "source_url": "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/",
        "source_date": "2026-08-06",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "metric": "營業現金流與現金循環天數",
        "why": "文曄募資用途含購料與還款，顯示營運資金需與成長配合。把存貨天數加應收帳款天數、再減應付帳款天數，並核對營業現金流，可觀察資金占用。",
        "interpretation": "研究判讀，未將募資本身解讀為財務困難。",
        "source_url": "https://www.wtmec.com/wt-microelectronics-priced-concurrent-offerings-of-global-depositary-shares-and-convertible-bonds-2/",
        "source_date": "2026-09-01",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
      }
    ],
    "sources": [
      "https://adbecsp.weblink.com.tw/events/creator-link-2026/",
      "https://electronica.de/en/trade-fair/journalists/press-releases/detail/from-edge-to-ai-what-visitors-can-expect-at-electronica.html",
      "https://findit.sme.gov.tw/tw/Investor/UDlPOGYxY3RURHBGRmVGbFFLdGE4UT09",
      "https://investor.arrow.com/news/press-release-details/2026/Arrow-Electronics-Reports-Strong-Second-Quarter-2026-Results/default.aspx",
      "https://ir.tdsynnex.com/news/news-details/2026/TD-SYNNEX-Reports-Record-Fiscal-2026-Third-Quarter-Results/default.aspx",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://tw.stock.yahoo.com/news/至上-115年9月營收660-34億-年增233-54-084400345.html",
      "https://www.alltek.com/cn/关于全科/",
      "https://www.ces.tech/press-releases/lenovo-takes-ces-2027-keynote-to-new-heights-with-immersive-experience-at-sphere/",
      "https://www.chander.com.tw/about-us",
      "https://www.cna.com.tw/news/afe/202610080183.aspx",
      "https://www.cnyes.com/twstock/6908/company/profile",
      "https://www.coasiaelec.com/en/",
      "https://www.cwei.com.tw/products?cls=web-intro-product-1",
      "https://www.edomtech.com/zh-tw/edom_news-detail/edom-technology-announces-revenue-for-september-26/",
      "https://www.elifemall.com.tw/",
      "https://www.embedded-world.de/en/visitor",
      "https://www.isunfar.com.tw/about/",
      "https://www.koryo.com.tw/",
      "https://www.macnica.com/apac/anstek/zh_tw/news-events/news/_2025_-_3_/",
      "https://www.macnica.com/apac/galaxy/zh_tw/about-us/company-profile/",
      "https://www.macnica.com/content/dam/macnicagwi/americas/mai/public/en/downloads/macnica-americas-linecard.pdf",
      "https://www.metatech.com.tw/upload/shareholder/2024/annual_report.pdf",
      "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=f4a7dc23-b744-4f64-aae8-2aff29fd5bd5",
      "https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=ed77a7d8-220b-41e4-9312-3d840192c1e4",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=afdc7843-ce4e-4d75-b4ff-c594b047b19d",
      "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=16b0c0af-b802-4607-aecb-0d4db9595835",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a030f577-d17d-4abb-97e7-6d8d0bdb2a80",
      "https://www.nvidia.com/gtc/",
      "https://www.promate.com.tw/linecard/",
      "https://www.sec.gov/Archives/edgar/data/8858/000110465926096346/avt-20260627x10k.htm",
      "https://www.sunnic.com/tw/SUNNIC/learnus-common/2/",
      "https://www.supreme.com.tw/WP/WP0000.aspx",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.unitech.com.tw/about.aspx",
      "https://www.wahlee.com/en/news-detail/5940d561282dc78/12ec95a243becc86",
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      "https://www.wfe.com.tw/about.php",
      "https://www.wpgholdings.com/investors_msg/detail/zhtw/other/3100",
      "https://www.wtmec.com/202609-unaudited-consolidated-monthly-sales/",
      "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/",
      "https://www.wtmec.com/corporate-governance/risk-management/operation-risk/",
      "https://www.wtmec.com/wt-microelectronics-priced-concurrent-offerings-of-global-depositary-shares-and-convertible-bonds-2/",
      "https://www.xander.com.tw/user2/about/xander_1-1.aspx",
      "https://www.zenitron.com.tw/tw/about/overview"
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    "overview_evidence": [
      {
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_kind": "input_snapshot_report_date",
        "accessed_at": "2026-10-18",
        "supports": "公司名單及營收以使用者指定latest.json快照為準；38家、合計6,886.20061億元及前兩大63.2465%為本次程式計算。此API為快照所載上游來源，不代表另做完整歷史重抓。"
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        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_kind": "input_snapshot_report_date",
        "accessed_at": "2026-10-18",
        "supports": "同一輸入快照的上櫃公司月營收來源。"
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      {
        "source_url": "https://www.cna.com.tw/news/afe/202610080183.aspx",
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        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
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        "source_url": "https://www.wtmec.com/announced-financial-results-for-the-second-quarter-of-2026/",
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        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
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      {
        "source_url": "https://www.weikeng.com.tw/content.php?no=13",
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        "source_date_kind": "undated",
        "accessed_at": "2026-10-18"
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      {
        "source_url": "https://www.wtmec.com/wt-microelectronics-priced-concurrent-offerings-of-global-depositary-shares-and-convertible-bonds-2/",
        "source_date": "2026-09-01",
        "source_date_kind": "published",
        "accessed_at": "2026-10-18"
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    "provenance": {
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      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "input_report_date": "2026-10-17",
      "industry_company_count": 38,
      "revenue_unit": "新台幣千元",
      "revenue_sum": 688620061,
      "top_two_revenue_share_percent": 63.246457758946995,
      "segment_scope": "2026-09營收前30大，每家只歸一個次產業。其餘8家未在本次分類範圍。",
      "source_date_policy": "source_date為發布、更新或文件版本日期；查無發布日填null，另用accessed_at記錄2026-10-18查核日，不以查核日冒充發布日。",
      "recent_window_start": "2026-07-20",
      "recent_window_end": "2026-10-18",
      "catalyst_window_end": "2027-04-18",
      "scope_note": "合併營收含海外與可能的通路間交易，非台灣市場產值、非增加值，也非已去除重複交易的產業規模。"
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  {
    "industry": "電子零組件業",
    "as_of": "2026-10-18",
    "one_liner": "讓電力、訊號與熱量各走對的路",
    "one_liner_en": "Taiwan’s supply chain that connects chips to finished products.",
    "overview": "台達電9月營收約654億元，年增14.6%，是本頁營收最大的公司。電子零組件像電腦與伺服器裡的道路、水電和排風系統，電路板傳訊號、電源送電，散熱零件把熱帶走。本頁210家公司合計約3,379億元，年增29.8%；臻鼎-KY約264億元、年增36.1%，台光電約215億元、年增169%，板材與電路板公司的增幅高於台達電。騰輝電子-KY約10億元、年增202%，是月營收達10億元公司中的增幅首位。下次看台光電能否延續169%的年增率，再對照台達電的654億元營收。",
    "segments": [
      {
        "name": "電路板與IC載板",
        "description": "製作承載與連接電子元件的板件，涵蓋硬板、軟板、HDI及晶片封裝載板；精成科另有EMS業務。",
        "codes": [
          "4958",
          "3037",
          "3044",
          "2368",
          "2313",
          "5469",
          "8046",
          "6191",
          "3715",
          "8213",
          "6269",
          "2355"
        ],
        "source_urls": [
          "https://www.zdtco.com/upload/2026_05_122/202605121431417ck4ymRHy1.pdf",
          "https://www.tpca.org.tw/en/company_infor.php?no=279",
          "https://www.tripod-tech.com/",
          "https://www.gce.com.tw/product.html",
          "https://www.compeq.com.tw/product01.php",
          "https://tw.hannstarboard.com/about/",
          "https://www.nanyapcb.com.tw/nypcb/english/AboutNanYaPCB/CompanyProfile/Company",
          "https://www.gbm.com.tw/",
          "https://www.dynaholding.com/about/index.html",
          "https://www.tpt-pcb.com/",
          "https://www.flexium.com.tw/About/Company?lang=en-us",
          "https://www.chinpoon.com/"
        ],
        "classification_note": "依產品分工整理；每家公司僅列一組，不代表全部營收都來自此組。來源日期見source_details。"
      },
      {
        "name": "銅箔基板與電子材料",
        "description": "供應PCB用銅箔基板、膠片及低損耗基材；材料特性影響高速訊號傳輸與可靠度。",
        "codes": [
          "2383",
          "6274",
          "6213"
        ],
        "source_urls": [
          "https://www.emctw.com/en-global/product_name/index",
          "https://www.tuc.com.tw/zh-tw/about",
          "https://www.iteqcorp.com/product/product-introduction/"
        ],
        "classification_note": "依產品分工整理；每家公司僅列一組，不代表全部營收都來自此組。來源日期見source_details。"
      },
      {
        "name": "被動元件與通路",
        "description": "供應電容、電阻等零件；國巨與華新科以製造為主，日電貿以代理通路為主。",
        "codes": [
          "2327",
          "2492",
          "3090"
        ],
        "source_urls": [
          "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
          "https://www.passivecomponent.com/zh-hant/products/capacitors/",
          "https://www.ndb-group.com/%E9%9B%86%E5%9C%98%E7%B0%A1%E4%BB%8B/"
        ],
        "classification_note": "依產品分工整理；每家公司僅列一組，不代表全部營收都來自此組。來源日期見source_details。"
      },
      {
        "name": "電源、散熱與機構件",
        "description": "把電力穩定送進設備並處理熱量，另涵蓋伺服器導軌；台達、康舒與群電供電，建準與健策散熱，川湖供應導軌。",
        "codes": [
          "2308",
          "2059",
          "6282",
          "3653",
          "6412",
          "2421"
        ],
        "source_urls": [
          "https://www.deltaww.com/en-US/products/data-center",
          "https://www.kingslide.com/products_cloud",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=97ff53cb-d0f1-42ff-a1f4-30e99343207b",
          "https://www.jentech.com.tw/zh/heatspreader",
          "https://www.chiconypower.com/zh-tw/home/about",
          "https://www.sunon.com/News.aspx"
        ],
        "classification_note": "依產品分工整理；每家公司僅列一組，不代表全部營收都來自此組。來源日期見source_details。"
      },
      {
        "name": "連接器與線材整合",
        "description": "連接晶片、電路板與設備，傳輸電力與訊號，涵蓋插座、線纜、線束與客製連接方案。",
        "codes": [
          "2392",
          "3533",
          "3023",
          "2328"
        ],
        "source_urls": [
          "https://www.foxlink.com/web/products/",
          "https://www.lotes.cc/zh-tw",
          "https://www.sinbon.com/tw/files/2024_Company_Profile_1224_tc.pdf",
          "https://www.panpi.com.tw/tw/about"
        ],
        "classification_note": "依產品分工整理；每家公司僅列一組，不代表全部營收都來自此組。來源日期見source_details。"
      },
      {
        "name": "影像、聲學與輸入模組",
        "description": "把相機、聲學與人機介面功能做成模組或裝置；致伸整合影像與聲學，群光供應鍵盤與影像產品。",
        "codes": [
          "4915",
          "2385"
        ],
        "source_urls": [
          "https://www.primax.com.tw/zh-tw/group",
          "https://www.chicony.com/chicony/tw/Product"
        ],
        "classification_note": "依產品分工整理；每家公司僅列一組，不代表全部營收都來自此組。來源日期見source_details。"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "以本頁「材料→元件→模組與組裝」的範圍來看，上游供應PCB用銅箔基板、膠片與低損耗基材，代表公司為台光電、台燿及聯茂。",
        "codes": [
          "2383",
          "6274",
          "6213"
        ],
        "source_urls": [
          "https://www.emctw.com/en-global/product_name/index",
          "https://www.tuc.com.tw/zh-tw/about",
          "https://www.iteqcorp.com/product/product-introduction/"
        ],
        "classification_note": "依公司產品整理；同一公司可跨環節，來源日期見source_details。"
      },
      "midstream": {
        "description": "中游把材料做成電路板、IC載板、被動元件、連接器及散熱機構件，再交給模組廠或組裝廠；各路供應鏈並行，並非每家公司都有直接交易。",
        "codes": [
          "4958",
          "3037",
          "3044",
          "2368",
          "2313",
          "8046",
          "2327",
          "2492",
          "3533",
          "3653",
          "2421",
          "2059"
        ],
        "source_urls": [
          "https://www.tpca.org.tw/en/company_infor.php?no=279",
          "https://www.compeq.com.tw/product01.php",
          "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
          "https://www.lotes.cc/zh-tw",
          "https://www.jentech.com.tw/zh/heatspreader",
          "https://www.kingslide.com/products_cloud",
          "https://www.sunon.com/News.aspx"
        ],
        "classification_note": "依公司產品整理；同一公司可跨環節，來源日期見source_details。"
      },
      "downstream": {
        "description": "下游把元件整合成電源、影像、聲學、線束或組裝服務，送入資料中心、電腦、手機、汽車與工業設備。此處只列名單內較接近模組及系統整合的公司，終端品牌與整機廠不在本頁代號範圍。",
        "codes": [
          "2308",
          "6282",
          "6412",
          "4915",
          "2385",
          "6191",
          "3023"
        ],
        "source_urls": [
          "https://www.deltaww.com/en-US/products/data-center",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=97ff53cb-d0f1-42ff-a1f4-30e99343207b",
          "https://www.chiconypower.com/zh-tw/home/about",
          "https://www.primax.com.tw/zh-tw/group",
          "https://www.chicony.com/chicony/tw/Product",
          "https://www.gbm.com.tw/",
          "https://www.sinbon.com/tw/files/2024_Company_Profile_1224_tc.pdf"
        ],
        "classification_note": "依公司產品整理；同一公司可跨環節，來源日期見source_details。"
      }
    },
    "drivers": [
      {
        "driver": "AI伺服器帶動高階板材",
        "explanation": "AI與高階伺服器採用高多層、HDI及低損耗材料，增加板件製程與材料規格要求；金像電官網列明這些產品應用。這是產品升級方向，實際成長仍看客戶出貨。",
        "source_url": "https://www.gce.com.tw/product.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "高速傳輸推動連接規格升級",
        "explanation": "嘉澤已提供DDR5、PCIe Gen6與高速線纜產品。處理器、記憶體及板間介面升級，形成連接器換代需求；單價與採用量仍須逐家公司追蹤。",
        "source_url": "https://www.lotes.cc/zh-tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "高功率機櫃需要更好的供電與散熱",
        "explanation": "台達在GTC 2026展示800 VDC電源與液冷方案，包括660kW電源機櫃。AI機櫃功率提高，讓電源轉換、備援及散熱成為共同配套需求。",
        "source_url": "https://www.delta-americas.com/en-US/news/40116",
        "source_date": "2026-03-16",
        "source_date_type": "published"
      },
      {
        "driver": "被動元件的AI需求與工業回溫",
        "explanation": "國巨2026年第2季AI相關業務占營收16%，工業應用已連續六季成長。高規格與一般品需求並存，評估需求時要分開看終端應用與產品組合。",
        "source_url": "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
        "source_date": "2026-07-29",
        "source_date_type": "published"
      },
      {
        "driver": "邊緣AI增加感知與介面整合機會",
        "explanation": "致伸將影像、聲學與人機介面整合到車用、安全監控及工業應用。這些產品構成邊緣AI的感知入口；此處整理需求方向，並未假設所有應用已放量。",
        "source_url": "https://www.primax.com.tw/zh-tw/group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
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    "leaders": [
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        "name": "台達電",
        "role": "電源、液冷與資料中心基礎設施",
        "why": "GTC 2026展示800 VDC與660kW電源機櫃，產品延伸到機櫃供電與液冷整合。",
        "source_url": "https://www.delta-americas.com/en-US/news/40116",
        "source_date": "2026-03-16",
        "source_date_type": "published"
      },
      {
        "code": "4958",
        "name": "臻鼎-KY",
        "role": "軟硬板、HDI及IC載板平台",
        "why": "公司2026年5月資料載明，2017至2025年連續九年為全球最大PCB製造商，能觀察多種板件需求。",
        "source_url": "https://www.zdtco.com/upload/2026_05_122/202605121431417ck4ymRHy1.pdf",
        "source_date": "2026-05-12",
        "source_date_type": "published"
      },
      {
        "code": "2383",
        "name": "台光電",
        "role": "高速銅箔基板材料",
        "why": "M9材料於2026年下半年進入量產，是觀察高速板材升級與材料供給的代表。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=170ab00d-8090-4a8d-9c9f-5b58a377f8fc",
        "source_date": "2026-10-05",
        "source_date_type": "published"
      },
      {
        "code": "3037",
        "name": "欣興",
        "role": "ABF載板與HDI",
        "why": "2026年資本支出提高至537億元，其中80%至85%投入ABF，是觀察高階載板擴產的重要樣本。",
        "source_url": "https://anuenews.cnyes.com/news/id/6550630",
        "source_date": "2026-07-29",
        "source_date_type": "published"
      },
      {
        "code": "2327",
        "name": "國巨*",
        "role": "電容、電阻等被動元件集團",
        "why": "2026年第2季AI相關業務占營收16%，可追蹤AI需求對被動元件產品組合的影響。",
        "source_url": "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
        "source_date": "2026-07-29",
        "source_date_type": "published"
      },
      {
        "code": "2368",
        "name": "金像電",
        "role": "伺服器與網通PCB",
        "why": "產品涵蓋AI伺服器用高多層HDI及低損耗PCB，可觀察運算與網通的板件規格升級。",
        "source_url": "https://www.gce.com.tw/product.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "3533",
        "name": "嘉澤",
        "role": "CPU插座與高速連接器",
        "why": "產品同時涵蓋CPU插座、DDR5與PCIe Gen6，連結處理器、記憶體及板間介面的升級需求。",
        "source_url": "https://www.lotes.cc/zh-tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "3023",
        "name": "信邦",
        "role": "客製線材與連接整合",
        "why": "公司方案涵蓋醫療、汽車、綠能、工業與通訊五類市場，可觀察非消費電子的連接需求。",
        "source_url": "https://www.sinbon.com/tw/files/2024_Company_Profile_1224_tc.pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "3653",
        "name": "健策",
        "role": "晶片均熱片與精密散熱件",
        "why": "均熱片產品涵蓋CPU、GPU與雲端伺服器，直接對應晶片封裝層級的散熱需求。",
        "source_url": "https://www.jentech.com.tw/zh/heatspreader",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4915",
        "name": "致伸",
        "role": "影像、聲學與人機介面整合",
        "why": "集團整合影像、聲學與人機介面三類技術，並延伸至車用、安控與工業的邊緣AI應用。",
        "source_url": "https://www.primax.com.tw/zh-tw/group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-07-29",
        "event": "欣興法說會表示，2026年資本支出提高至537億元，其中80%至85%投入ABF載板，反映AI與HPC帶動的擴產需求。",
        "codes": [
          "3037"
        ],
        "source_url": "https://anuenews.cnyes.com/news/id/6550630",
        "source_date": "2026-07-29"
      },
      {
        "date": "2026-08-26",
        "event": "台達與官田鋼鐵合作的80MW儲能案場併網，裝置容量30.5萬度電，並參與台電電力交易平台。",
        "codes": [
          "2308"
        ],
        "source_url": "https://www.deltaww.com/zh-TW/press/41072",
        "source_date": "2026-08-26"
      },
      {
        "date": "2026-09-03",
        "event": "臻鼎子公司禮鼎董事會通過深圳先進封裝載板基地計畫，預計投資不低於人民幣120億元；最終金額依實際投資，部分項目仍須核准或備案。",
        "codes": [
          "4958"
        ],
        "source_url": "https://udn.com/news/story/7240/9733293",
        "source_date": "2026-09-03"
      },
      {
        "date": "2026-09-03",
        "event": "MoneyDJ報導，正崴德州廠完成試產並進入認證，規劃第3季開始出貨；越南峴港產線已完工投產，海外供應布局持續調整。",
        "codes": [
          "2392"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1e1be03e-7e32-40f2-9511-a68891cb5bd2",
        "source_date": "2026-09-03",
        "date_note": "此為報導日；未把德州廠規劃出貨寫成已完成出貨。"
      },
      {
        "date": "2026-09-07",
        "event": "MoneyDJ報導，國巨調價範圍擴及合約、現貨與直接客戶，品項含MLCC、鉭質電容及其他電容，涵蓋約一半營收；實際效益仍依合約與出貨反映。",
        "codes": [
          "2327"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=02b5b33e-9463-4362-86f2-0786d8044ae5",
        "source_date": "2026-09-07",
        "date_note": "此為報導日，報導未提供全部品項的統一生效日。"
      },
      {
        "date": "2026-10-05",
        "event": "MoneyDJ報導，台光電M9銅箔基板已在2026年下半年進入量產，高速傳輸需求帶動材料升級；高階銅箔與玻纖布供應仍是觀察重點。",
        "codes": [
          "2383"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=170ab00d-8090-4a8d-9c9f-5b58a377f8fc",
        "source_date": "2026-10-05",
        "date_note": "此為報導日，並非M9首次量產的確切日期。"
      },
      {
        "date": "2026-10-09",
        "event": "美國國際貿易委員會啟動垂直電力傳輸系統的337調查，台達及相關子公司列為當事人。案件仍在調查程序，尚無侵權定案。",
        "codes": [
          "2308"
        ],
        "source_url": "https://public-inspection.federalregister.gov/2026-20993.pdf",
        "source_date": "2026-10-14",
        "date_note": "調查命令於10月9日發布，Federal Register於10月14日刊登。"
      },
      {
        "date": "2026-10-14",
        "event": "台達於Energy Taiwan 2026首次展示預製型SST直流電力方案，擴充微電網與能源基礎設施的解決方案。",
        "codes": [
          "2308"
        ],
        "source_url": "https://www.deltaww.com/zh-TW/press/41166",
        "source_date": "2026-10-14"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-20",
        "event": "TPCA Show Taipei於10月20日至22日舉行，聚焦PCB、IC載板、電子組裝及先進封裝。可觀察材料規格、設備與製程展示，作為產業技術更新節點。",
        "codes": [],
        "source_url": "https://www.moea.gov.tw/MNS/doit/news/NewsAction.aspx?menu_id=13420&news_id=124269",
        "source_date": "2026-10-14"
      },
      {
        "expected": "2026-10-29",
        "event": "台達官網排定第3季法說會於15:00至16:00舉行，可追蹤電源、資料中心與能源業務說明；實際揭露內容以會議資料為準。",
        "codes": [
          "2308"
        ],
        "source_url": "https://www.deltaww.com/zh-TW/press/events",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "date_note": "活動頁未標發布日；source_date為查閱日，非公告日。"
      },
      {
        "expected": "2026-11-10",
        "event": "嘉澤公告將參加11月10日至13日的慕尼黑electronica 2026，展示高階連接解決方案與應用產品，攤位為Hall B2、260。",
        "codes": [
          "3533"
        ],
        "source_url": "https://www.lotes.cc/zh-tw/news.php?act=view&id=38",
        "source_date": "2026-10-01"
      },
      {
        "expected": "2027-01-06",
        "event": "CES 2027已公告於1月6日至9日在拉斯維加斯舉行，可觀察消費電子、車用電子與AI應用新品方向。此為終端需求觀察節點，未假定台廠參展或訂單。",
        "codes": [],
        "source_url": "https://www.ces.tech/press-releases/ces-2026-the-future-is-here",
        "source_date": "2026-01-09"
      }
    ],
    "global_peers": [
      {
        "name": "村田製作所 Murata",
        "ticker": "TSE:6981",
        "relation": "MLCC供應商，與國巨、華新科在陶瓷電容領域有產品重疊，可比較車用及高階電容的產品方向。",
        "source_url": "https://corporate.murata.com/en-global/ir/info/basic",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.murata.com/en-global/products/capacitor/ceramiccapacitor/overview/lineup"
        ],
        "relation_type": "產品同業比較，非已證實合作或供貨關係"
      },
      {
        "name": "Ibiden",
        "ticker": "TSE:4062",
        "relation": "供應AI及高效能伺服器IC封裝載板，與欣興、南電的高階載板業務可作技術及擴產比較。",
        "source_url": "https://www.ibiden.com/company/2026/02/notice-regarding-capital-investment-plan-for-high-performance-ic-package-substrates.html",
        "source_date": "2026-02-03",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://www.ibiden.co.jp/ir/stock/info/169soukai/content-2-3.html"
        ],
        "relation_type": "產品同業比較，非已證實合作或供貨關係"
      },
      {
        "name": "TTM Technologies",
        "ticker": "NASDAQ:TTMI",
        "relation": "PCB產品涵蓋資料中心、網通與車用，可與金像電、健鼎、華通比較終端組合及訂單變化。",
        "source_url": "https://investors.ttm.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品同業比較，非已證實合作或供貨關係"
      },
      {
        "name": "Amphenol",
        "ticker": "NYSE:APH",
        "relation": "連接器與互連解決方案供應商，與嘉澤、信邦、正崴在部分連接及線纜產品領域重疊。",
        "source_url": "https://www.amphenol.com/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品同業比較，非已證實合作或供貨關係"
      },
      {
        "name": "Vertiv",
        "ticker": "NYSE:VRT",
        "relation": "提供資料中心電源、冷卻及基礎設施方案，與台達在供電和散熱整合領域可作比較。",
        "source_url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Second-Quarter-2026-with-Diluted-EPS-Growth-of-53-Adjusted-Diluted-EPS-Growth-of-60-Raises-Full-Year-2026-Guidance-Across-All-Key-Metrics/default.aspx",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "relation_type": "產品同業比較，非已證實合作或供貨關係"
      }
    ],
    "watch_metrics": [
      {
        "metric": "月營收年增率與終端產品組合",
        "why": "營收先看連續數月，再拆AI、工業、車用及消費電子，判斷成長是否集中於少數應用；併購及匯率也可能影響年增率。",
        "source_url": "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "interpretation_note": "研究整理的追蹤方法，非來源對整個產業的預測或投資建議。"
      },
      {
        "metric": "高階產品稼動率與新產能開出進度",
        "why": "同樣增加設備，高階載板與一般板的需求可能不同。對照產能、認證及稼動率，才能判斷擴產是否轉為有效出貨；無公開數據時記為未揭露。",
        "source_url": "https://anuenews.cnyes.com/news/id/6550630",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "interpretation_note": "研究整理的追蹤方法，非來源對整個產業的預測或投資建議。"
      },
      {
        "metric": "訂單出貨比與庫存周轉天數",
        "why": "訂單出貨比可看新單與出貨的相對速度，庫存天數則看備貨是否消化。兩者一起看，比單看接單更能辨認拉貨與庫存累積；不同公司口徑須一致。",
        "source_url": "https://investors.ttm.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf"
        ],
        "interpretation_note": "研究整理的追蹤方法，非來源對整個產業的預測或投資建議。"
      },
      {
        "metric": "產品售價、原料成本與毛利率",
        "why": "國巨法說指出價格調整、AI產品組合及投入成本會共同影響毛利。追蹤報價時，也要確認成本轉嫁與實際毛利變化，不能把漲價幅度直接當成獲利增幅。",
        "source_url": "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "interpretation_note": "研究整理的追蹤方法，非來源對整個產業的預測或投資建議。"
      },
      {
        "metric": "資本支出與自由現金流",
        "why": "擴廠先支出資金，量產與回收較晚。把設備投資和營業現金流、自由現金流一起看，可檢視擴產強度及資金負擔；計畫金額仍可能調整。",
        "source_url": "https://anuenews.cnyes.com/news/id/6550630",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf"
        ],
        "interpretation_note": "研究整理的追蹤方法，非來源對整個產業的預測或投資建議。"
      }
    ],
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      "https://www.zdtco.com/upload/2026_05_122/202605121431417ck4ymRHy1.pdf",
      "https://www.emctw.com/en-global/product_name/index",
      "https://www.tpca.org.tw/en/company_infor.php?no=279",
      "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
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      "https://www.gce.com.tw/product.html",
      "https://www.compeq.com.tw/product01.php",
      "https://tw.hannstarboard.com/about/",
      "https://www.foxlink.com/web/products/",
      "https://www.primax.com.tw/zh-tw/group",
      "https://www.chicony.com/chicony/tw/Product",
      "https://www.tuc.com.tw/zh-tw/about",
      "https://www.iteqcorp.com/product/product-introduction/",
      "https://www.nanyapcb.com.tw/nypcb/english/AboutNanYaPCB/CompanyProfile/Company",
      "https://www.passivecomponent.com/zh-hant/products/capacitors/",
      "https://www.kingslide.com/products_cloud",
      "https://www.gbm.com.tw/",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=97ff53cb-d0f1-42ff-a1f4-30e99343207b",
      "https://www.lotes.cc/zh-tw",
      "https://www.sinbon.com/tw/files/2024_Company_Profile_1224_tc.pdf",
      "https://www.dynaholding.com/about/index.html",
      "https://www.jentech.com.tw/zh/heatspreader",
      "https://www.panpi.com.tw/tw/about",
      "https://www.chiconypower.com/zh-tw/home/about",
      "https://www.tpt-pcb.com/",
      "https://www.flexium.com.tw/About/Company?lang=en-us",
      "https://www.sunon.com/News.aspx",
      "https://www.chinpoon.com/",
      "https://www.ndb-group.com/%E9%9B%86%E5%9C%98%E7%B0%A1%E4%BB%8B/",
      "https://www.delta-americas.com/en-US/news/40116",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=170ab00d-8090-4a8d-9c9f-5b58a377f8fc",
      "https://anuenews.cnyes.com/news/id/6550630",
      "https://corporate.murata.com/en-global/ir/info/basic",
      "https://www.murata.com/en-global/products/capacitor/ceramiccapacitor/overview/lineup",
      "https://www.ibiden.com/company/2026/02/notice-regarding-capital-investment-plan-for-high-performance-ic-package-substrates.html",
      "https://www.ibiden.co.jp/ir/stock/info/169soukai/content-2-3.html",
      "https://investors.ttm.com/",
      "https://www.amphenol.com/about",
      "https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Second-Quarter-2026-with-Diluted-EPS-Growth-of-53-Adjusted-Diluted-EPS-Growth-of-60-Raises-Full-Year-2026-Guidance-Across-All-Key-Metrics/default.aspx",
      "https://www.deltaww.com/zh-TW/press/41072",
      "https://udn.com/news/story/7240/9733293",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1e1be03e-7e32-40f2-9511-a68891cb5bd2",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=02b5b33e-9463-4362-86f2-0786d8044ae5",
      "https://public-inspection.federalregister.gov/2026-20993.pdf",
      "https://www.deltaww.com/zh-TW/press/41166",
      "https://www.moea.gov.tw/MNS/doit/news/NewsAction.aspx?menu_id=13420&news_id=124269",
      "https://www.deltaww.com/zh-TW/press/events",
      "https://www.lotes.cc/zh-tw/news.php?act=view&id=38",
      "https://www.ces.tech/press-releases/ces-2026-the-future-is-here",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
    ],
    "overview_source_urls": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf"
    ],
    "source_details": [
      {
        "url": "https://www.deltaww.com/en-US/products/data-center",
        "title": "台達電：電源、資料中心與散熱整合",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.zdtco.com/upload/2026_05_122/202605121431417ck4ymRHy1.pdf",
        "title": "臻鼎-KY：軟板、硬板、HDI與IC載板",
        "published_date": "2026-05-12",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.emctw.com/en-global/product_name/index",
        "title": "台光電：銅箔基板與低損耗材料",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.tpca.org.tw/en/company_infor.php?no=279",
        "title": "欣興：HDI、IC載板與多層板",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://yageogroup.com/content/Resource%20Library/Financial/YAGEO%202Q26_Earnings%20Conference%20Presentation_CH.pdf",
        "title": "國巨*：電容、電阻等被動元件",
        "published_date": "2026-07-29",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.tripod-tech.com/",
        "title": "健鼎：PCB，應用於記憶體、伺服器與車用",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.gce.com.tw/product.html",
        "title": "金像電：高多層PCB，應用於AI伺服器及網通",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.compeq.com.tw/product01.php",
        "title": "華通：多層板、HDI、軟板與軟硬板",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://tw.hannstarboard.com/about/",
        "title": "瀚宇博：多層PCB，並含子公司PCB業務",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.foxlink.com/web/products/",
        "title": "正崴：連接器、線纜及多種電子模組",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.primax.com.tw/zh-tw/group",
        "title": "致伸：影像、聲學、人機介面與邊緣AI",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.chicony.com/chicony/tw/Product",
        "title": "群光：鍵盤、影像及其他周邊模組",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.tuc.com.tw/zh-tw/about",
        "title": "台燿：銅箔基板、膠片與壓合服務",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.iteqcorp.com/product/product-introduction/",
        "title": "聯茂：銅箔基板、膠片及軟性基材",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.nanyapcb.com.tw/nypcb/english/AboutNanYaPCB/CompanyProfile/Company",
        "title": "南電：ABF、PP載板與一般PCB",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.passivecomponent.com/zh-hant/products/capacitors/",
        "title": "華新科：積層陶瓷電容等被動元件",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.kingslide.com/products_cloud",
        "title": "川湖：伺服器導軌與理線器等機構件",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.gbm.com.tw/",
        "title": "精成科：PCB製造及電子製造服務EMS",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=97ff53cb-d0f1-42ff-a1f4-30e99343207b",
        "title": "康舒：電源供應器及能源解決方案",
        "published_date": "2026-10-08",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lotes.cc/zh-tw",
        "title": "嘉澤：CPU插座、記憶體與高速連接器",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.sinbon.com/tw/files/2024_Company_Profile_1224_tc.pdf",
        "title": "信邦：線材、連接器與電子連接整合",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "資料版本為2024年12月公司簡介，僅用於產品分工及市場範圍；2026年查閱日不代表資料年度更新至2026。"
      },
      {
        "url": "https://www.dynaholding.com/about/index.html",
        "title": "定穎投控：透過子公司經營PCB製造",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.jentech.com.tw/zh/heatspreader",
        "title": "健策：均熱片與精密散熱機構件",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.panpi.com.tw/tw/about",
        "title": "廣宇：電線、線束、連接器及組裝",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.chiconypower.com/zh-tw/home/about",
        "title": "群電：交換式電源供應器",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.tpt-pcb.com/",
        "title": "志超：印刷電路板製造",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.flexium.com.tw/About/Company?lang=en-us",
        "title": "台郡：軟性印刷電路板",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.sunon.com/News.aspx",
        "title": "建準：風扇、散熱模組與液冷方案",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.chinpoon.com/",
        "title": "敬鵬：印刷電路板製造",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.ndb-group.com/%E9%9B%86%E5%9C%98%E7%B0%A1%E4%BB%8B/",
        "title": "日電貿：被動元件代理與通路",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "用於產品分工與產品應用描述；頁面未標發布日，日期採查閱日。"
      },
      {
        "url": "https://www.delta-americas.com/en-US/news/40116",
        "title": "台達於GTC展示800 VDC電源、液冷及微電網方案",
        "published_date": "2026-03-16",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=170ab00d-8090-4a8d-9c9f-5b58a377f8fc",
        "title": "台光電M9材料量產與供應狀況",
        "published_date": "2026-10-05",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://anuenews.cnyes.com/news/id/6550630",
        "title": "欣興2026年資本支出計畫",
        "published_date": "2026-07-29",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://corporate.murata.com/en-global/ir/info/basic",
        "title": "村田股票基本資訊",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.murata.com/en-global/products/capacitor/ceramiccapacitor/overview/lineup",
        "title": "村田陶瓷電容產品",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.ibiden.com/company/2026/02/notice-regarding-capital-investment-plan-for-high-performance-ic-package-substrates.html",
        "title": "Ibiden高效能IC載板投資計畫",
        "published_date": "2026-02-03",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.ibiden.co.jp/ir/stock/info/169soukai/content-2-3.html",
        "title": "Ibiden證券代碼4062與電子事業",
        "published_date": null,
        "accessed_date": "2026-10-18"
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      {
        "url": "https://investors.ttm.com/",
        "title": "TTM投資人資訊與PCB事業",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.amphenol.com/about",
        "title": "Amphenol公司與上市資訊",
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        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Second-Quarter-2026-with-Diluted-EPS-Growth-of-53-Adjusted-Diluted-EPS-Growth-of-60-Raises-Full-Year-2026-Guidance-Across-All-Key-Metrics/default.aspx",
        "title": "Vertiv 2026年第2季業績新聞稿",
        "published_date": "2026-07-29",
        "accessed_date": "2026-10-18"
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      {
        "url": "https://www.deltaww.com/zh-TW/press/41072",
        "title": "事件或活動來源",
        "published_date": "2026-08-26",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://udn.com/news/story/7240/9733293",
        "title": "事件或活動來源",
        "published_date": "2026-09-03",
        "accessed_date": "2026-10-18"
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      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1e1be03e-7e32-40f2-9511-a68891cb5bd2",
        "title": "事件或活動來源",
        "published_date": "2026-09-03",
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      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=02b5b33e-9463-4362-86f2-0786d8044ae5",
        "title": "事件或活動來源",
        "published_date": "2026-09-07",
        "accessed_date": "2026-10-18"
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      {
        "url": "https://public-inspection.federalregister.gov/2026-20993.pdf",
        "title": "事件或活動來源",
        "published_date": "2026-10-14",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.deltaww.com/zh-TW/press/41166",
        "title": "事件或活動來源",
        "published_date": "2026-10-14",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.moea.gov.tw/MNS/doit/news/NewsAction.aspx?menu_id=13420&news_id=124269",
        "title": "事件或活動來源",
        "published_date": "2026-10-14",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.deltaww.com/zh-TW/press/events",
        "title": "事件或活動來源",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lotes.cc/zh-tw/news.php?act=view&id=38",
        "title": "事件或活動來源",
        "published_date": "2026-10-01",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.ces.tech/press-releases/ces-2026-the-future-is-here",
        "title": "事件或活動來源",
        "published_date": "2026-01-09",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "title": "公司月營收官方原始資料介面",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "動態介面；本頁營收統計依指定latest.json之2026-09快照計算，非本次重新下載值。"
      },
      {
        "url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "公司月營收官方原始資料介面",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "動態介面；本頁營收統計依指定latest.json之2026-09快照計算，非本次重新下載值。"
      }
    ],
    "data_basis": {
      "input_path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "snapshot_report_date": "2026-10-17",
      "revenue_unit": "新台幣千元",
      "company_count": 210,
      "revenue_total": 337874536,
      "aggregate_yoy_percent": 29.80925449452507,
      "top15_revenue_share_percent": 65.5133484223268,
      "source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
      ],
      "calculation_note": "依指定檔案所有210家同產業公司加總；年增率以本月合計除以上年同月合計計算，不取個股年增率平均；含集團合併營收重疊，不能等同產值。"
    },
    "methodology": {
      "recent_window": {
        "start": "2026-07-20",
        "end": "2026-10-18"
      },
      "catalyst_window": {
        "start": "2026-10-19",
        "end": "2027-04-18"
      },
      "source_dates": "有明確發布日則記發布日；未標發布日的靜態產品頁與活動頁記查閱日，並保留source_date_type或source_details.published_date=null；不以搜尋引擎爬取日充當發布日。",
      "segments": "以產品分工將營收前30大公司各歸一組，非官方次產業分類；其餘180家未逐一分類。",
      "value_chain": "以材料、元件、模組與組裝分層，列代表公司；多元集團可能跨層，不暗示特定買賣關係。",
      "global_peers": "依產品重疊整理國際同業，關係屬研究比較；未據此認定台廠與國際公司有合作或供貨關係。",
      "catalysts": "只列已找到明確時程的法說與展會；全產業展會codes可為空，不代表本頁公司已確認參展。"
    }
  },
  {
    "industry": "航運業",
    "as_of": "2026-10-18",
    "one_liner": "用船、飛機與物流接好貨物的旅程",
    "one_liner_en": "Shipping, airlines and logistics connect Taiwan at home and abroad.",
    "overview": "長榮9月營收約497億元，比去年同月增加63.8%。航運業像一張把工廠、港口和收件人連在一起的接力網，船與飛機搬運貨物，貨攬、報關和倉儲接好中間每一站，也涵蓋旅客運輸。本頁34家公司合計約1,727億元，年增49.6%；萬海約218億元、年增97.6%，陽明約217億元、年增69.9%，兩家規模接近，增幅卻不同。台驊控股約30億元、年增99.2%，在月營收達10億元的公司中成長最快。下一次月營收，先比萬海與陽明的年增率，看看97.6%與69.9%的距離如何變化。",
    "segments": [
      {
        "name": "貨櫃海運",
        "description": "以定期班輪運送貨櫃，連結亞洲製造端與海外消費市場。",
        "codes": [
          "2603",
          "2615",
          "2609"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "散裝與油輪",
        "description": "承運鐵礦砂、煤炭、穀物及油品；船型與租約不同，運價反應也不同。",
        "codes": [
          "2637",
          "2606",
          "2605",
          "2612",
          "2617",
          "5608",
          "2641",
          "2601"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.uming.com.tw/Upload/20250506/2024%20Annual%20Report-ch.pdf",
            "source_date": "2025-05-06",
            "source_date_type": "file_date"
          },
          {
            "source_url": "https://www.franbo.com.tw/product_list",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "name": "航空客貨運",
        "description": "經營國際客運與航空貨運；全服務航空與低成本航空的收入組合不同。",
        "codes": [
          "2610",
          "2618",
          "2646",
          "6757"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://money.udn.com/money/story/5612/9797463",
            "source_date": "2026-10-06",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.iata.org/en/pressroom/2026-releases/09-30-air-passenger-demand-slips-august/",
            "source_date": "2026-09-30",
            "source_date_type": "published"
          }
        ]
      },
      {
        "name": "物流、貨攬與倉儲",
        "description": "整合海空運訂艙、報關、港站裝卸、倉儲及配送；各家公司提供的服務不同。",
        "codes": [
          "5609",
          "2636",
          "2607",
          "2608",
          "2643",
          "5607",
          "2613",
          "8367",
          "2642",
          "7716",
          "5603",
          "2611",
          "5601"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://money.udn.com/money/story/5612/9797463",
            "source_date": "2026-10-06",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.twse.com.tw/pdf/ch/8367_ch.pdf",
            "source_date": "2026-10-04",
            "source_date_type": "data_generated"
          }
        ]
      },
      {
        "name": "造船與航太製造維修",
        "description": "建造船艦，製造飛機與零組件，或提供航空器維修；依訂單與交付進度營運。",
        "codes": [
          "2634",
          "2208",
          "2645",
          "6753",
          "2630"
        ],
        "source_url": "https://www.aidc.com.tw/tw/about/business",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www2.csbcnet.com.tw/csr/about.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.lungteh.com/zh/about-us",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.twse.com.tw/pdf/ch/2645_ch.pdf",
            "source_date": "2026-10-16",
            "source_date_type": "data_generated"
          },
          {
            "source_url": "https://www.twse.com.tw/pdf/ch/2630_ch.pdf",
            "source_date": "2026-10-14",
            "source_date_type": "data_generated"
          }
        ]
      },
      {
        "name": "軌道客運",
        "description": "台灣高鐵提供西部城際旅運，需求來自通勤、商務與旅遊。",
        "codes": [
          "2633"
        ],
        "source_url": "https://www.thsrc.com.tw/corp/78bd8bc3-9847-4087-a154-975937a5d043",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "提供運具與維修：台船、龍德造船負責船舶建造；漢翔、長榮航太、亞航提供航太製造或維修。此處按服務功能定位，不表示彼此都有交易。",
        "codes": [
          "2208",
          "6753",
          "2634",
          "2645",
          "2630"
        ],
        "source_url": "https://www.aidc.com.tw/tw/about/business",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www2.csbcnet.com.tw/csr/about.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.lungteh.com/zh/about-us",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.twse.com.tw/pdf/ch/2645_ch.pdf",
            "source_date": "2026-10-16",
            "source_date_type": "data_generated"
          },
          {
            "source_url": "https://www.twse.com.tw/pdf/ch/2630_ch.pdf",
            "source_date": "2026-10-14",
            "source_date_type": "data_generated"
          }
        ]
      },
      "midstream": {
        "description": "營運船舶、航機與高鐵，把貨物或旅客送到目的地；海運、航空與軌道是平行服務。",
        "codes": [
          "2603",
          "2615",
          "2609",
          "2637",
          "2606",
          "2605",
          "2612",
          "2617",
          "5608",
          "2641",
          "2601",
          "2610",
          "2618",
          "2646",
          "6757",
          "2633"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.thsrc.com.tw/corp/78bd8bc3-9847-4087-a154-975937a5d043",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.franbo.com.tw/product_list",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      "downstream": {
        "description": "接上貨主端與最後配送，提供貨攬、報關、港站、倉儲及陸運服務；貨攬也能向中游採購艙位，因此是服務網路，不是單向生產線。",
        "codes": [
          "5609",
          "2636",
          "2607",
          "2608",
          "2643",
          "5607",
          "2613",
          "8367",
          "2642",
          "7716",
          "5603",
          "2611",
          "5601"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://money.udn.com/money/story/5612/9797463",
            "source_date": "2026-10-06",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.twse.com.tw/pdf/ch/8367_ch.pdf",
            "source_date": "2026-10-04",
            "source_date_type": "data_generated"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "出口與海外補貨",
        "explanation": "財政部公布2026年9月出口872.2億美元、年增60.9%。出口貨源支撐海空運，但出口金額不等於貨量，仍要看貨種與運輸方式。",
        "source_url": "https://www.mof.gov.tw/singlehtml/384fb3077bb349ea973e7fc6f13b6974?cntId=856cf6c5ea4646208d3b8345b3bb46e2",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "driver": "AI與半導體急件",
        "explanation": "中菲行10月6日表示，AI伺服器與半導體出貨支撐亞洲至美國空運，部分海運延誤急單轉空運。高時效貨物帶動航空與貨攬需求。",
        "source_url": "https://money.udn.com/money/story/5612/9797463",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "driver": "旅遊、商務與轉機客流",
        "explanation": "IATA公布8月全球客運需求年減0.8%，亞洲至北美航線客流則年增2.5%。客流與航線組合仍是航空需求來源，不能把各地市場視為同一景氣。",
        "source_url": "https://www.iata.org/en/pressroom/2026-releases/09-30-air-passenger-demand-slips-august/",
        "source_date": "2026-09-30",
        "source_date_type": "published"
      },
      {
        "driver": "原物料用量與運輸距離",
        "explanation": "裕民年報列主要客戶為礦商、鋼廠與電廠。鐵礦砂、煤炭與穀物出貨形成散裝需求；同樣噸數走更遠，需要更多船舶周轉時間。",
        "source_url": "https://www.uming.com.tw/Upload/20250506/2024%20Annual%20Report-ch.pdf",
        "source_date": "2025-05-06",
        "source_date_type": "file_date"
      },
      {
        "driver": "運具訂單與航空製造需求",
        "explanation": "產發署9月8日公布，漢翔取得龐巴迪CL3500駕駛艙與前機身20年合作專案。這類長期訂單支撐製造端，後續仍要追履約進度。",
        "source_url": "https://www.ida.gov.tw/ctlr?PRO=news.rwdNewsView&id=43362",
        "source_date": "2026-09-08",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "2603",
        "name": "長榮",
        "role": "貨櫃班輪",
        "why": "2026年9月營收497.11億元，居本次34家公司首位。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "2615",
        "name": "萬海",
        "role": "貨櫃班輪",
        "why": "2026年9月營收217.75億元、年增97.63%，月營收居清單第二。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "2609",
        "name": "陽明",
        "role": "貨櫃班輪",
        "why": "2026年9月營收217.00億元，與長榮、萬海共同構成清單前三大。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "2610",
        "name": "華航",
        "role": "航空客運與貨運",
        "why": "2026年9月營收209.33億元，為清單中航空公司最高。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "2618",
        "name": "長榮航",
        "role": "航空客運與貨運",
        "why": "2026年9月營收207.49億元，年增32.86%，為主要航空營運商。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "2637",
        "name": "慧洋-KY",
        "role": "散裝船營運",
        "why": "2026年9月營收20.12億元，為本次散裝與油輪分組最高。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "5609",
        "name": "中菲行",
        "role": "國際海空運貨攬",
        "why": "公司公布9月營收約36.5億元、年增約47%，反映科技貨物與整合物流需求。",
        "source_url": "https://money.udn.com/money/story/5612/9797463",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "code": "2633",
        "name": "台灣高鐵",
        "role": "城際軌道客運",
        "why": "2026年9月營收47.18億元，提供不同於國際航運的國內旅運觀察角度。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_generated",
        "additional_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=T000",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "2634",
        "name": "漢翔",
        "role": "航太製造與維修",
        "why": "業務涵蓋國防、民用航空及工業技術服務三大區塊。",
        "source_url": "https://www.aidc.com.tw/tw/about/business",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "2208",
        "name": "台船",
        "role": "造船與海事工程",
        "why": "具有貨櫃輪、散裝輪、油輪、軍艦與公務船建造實績。",
        "source_url": "https://www2.csbcnet.com.tw/csr/about.htm",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-10-08",
        "event": "貨櫃三雄公布9月營收：長榮497.11億元、陽明217.00億元、萬海217.75億元，三家均較去年同月成長。",
        "codes": [
          "2603",
          "2609",
          "2615"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9804007",
        "source_date": "2026-10-09",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
            "source_date": "2026-10-17",
            "source_date_type": "data_generated"
          }
        ]
      },
      {
        "date": "2026-10-08",
        "event": "華航、長榮航公布9月及前三季合併營收均創同期新高；9月營收分別為209.33億元與207.49億元，AI及半導體貨運需求提供支撐。",
        "codes": [
          "2610",
          "2618"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202610080349.aspx",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-06",
        "event": "中菲行公布9月自結合併營收36.5億元、年增約47%，創2022年7月以來單月新高；公司指出海運延誤使部分急單轉向空運。",
        "codes": [
          "5609"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9797463",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-30",
        "event": "裕民新加坡子公司簽約建造4艘64,000載重噸Ultramax散裝船，首艘預計2029年第4季交付，持續更新船隊。",
        "codes": [
          "2606"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1feb3621-16bb-4436-b29e-bbaf1d9dcb7b",
        "source_date": "2026-09-30",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-07",
        "event": "漢翔與龐巴迪舉行CL3500駕駛艙暨前機身合作簽約典禮，取得20年合作專案，擴大民用航太結構件業務。",
        "codes": [
          "2634"
        ],
        "source_url": "https://www.ida.gov.tw/ctlr?PRO=news.rwdNewsView&id=43362",
        "source_date": "2026-09-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-07-21",
        "event": "華航開航台中至沖繩，每日以A321neo執飛，補齊北、中、南三地沖繩航網。",
        "codes": [
          "2610"
        ],
        "source_url": "https://www.china-airlines.com/cn/zh/about-china-airlines/media/news/20260721",
        "source_date": "2026-07-21",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-25",
        "event": "星宇預計開航台中至名古屋，官方公告每週3至7班；觀察中部新航線的載客率與收入貢獻。",
        "codes": [
          "2646"
        ],
        "source_url": "https://latestnews.starlux-airlines.com/zh-TW/about-us/travel-advisories/advisories/latest-news/from-taichung-to-nagoya",
        "source_date": "2026-08-13",
        "source_date_type": "published"
      },
      {
        "expected": "2026-11-06",
        "event": "ITF台灣國際旅展預定11月6日至9日在南港展覽館舉行，可觀察機票促銷與冬季旅遊需求；星宇已公告線上旅展活動。",
        "codes": [
          "2646"
        ],
        "source_url": "https://www.taiwanitf.org.tw/MessageDetail/04bfaff4562742be8b16d3676597280f",
        "source_date": "2026-08-25",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://latestnews.starlux-airlines.com/zh-TW/about-us/travel-advisories/advisories/latest-news/2026_ITF_promotion",
            "source_date": "2026-10-15",
            "source_date_type": "published"
          }
        ]
      },
      {
        "expected": "2026-11-09",
        "event": "財政部排定公布10月進出口貿易統計，可檢視出口貨源與海空運需求的變化。",
        "codes": [
          "2603",
          "2609",
          "2615",
          "2610",
          "2618",
          "5609"
        ],
        "source_url": "https://www.mof.gov.tw/singlehtml/384fb3077bb349ea973e7fc6f13b6974?cntId=856cf6c5ea4646208d3b8345b3bb46e2",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "expected": "2027-01-01",
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          "title": "催化時程：星宇預計開航台中至名古屋，官方公告每週3至7",
          "date": "2026-08-13",
          "date_type": "published",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://www.taiwanitf.org.tw/MessageDetail/04bfaff4562742be8b16d3676597280f",
          "title": "催化時程：ITF台灣國際旅展預定11月6日至9日在南港",
          "date": "2026-08-25",
          "date_type": "published",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=398538a2-f391-49f0-9da0-5cae47977f5a",
          "title": "催化時程：星宇預計進駐高雄，開航高雄至神戶與沖繩，擴大",
          "date": "2026-09-08",
          "date_type": "published",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://www.hapag-lloyd.com/en/home.html",
          "title": "Hapag-Lloyd：全球貨櫃服務",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "本次網頁工具已開啟並讀取內文；直接HTTP可能受網站限制"
        },
        {
          "url": "https://www.hapag-lloyd.com/es/company/ir/share/basic-data-trading-chart.html",
          "title": "Hapag-Lloyd：股票基本資料",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "本次網頁工具已開啟並讀取內文；直接HTTP可能受網站限制"
        },
        {
          "url": "https://www.starbulk.com/gr/en/ir-overview/",
          "title": "Star Bulk：投資人概況",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://news.cathaypacific.com/the-cathay-group-announces-its-2026-interim-results-2xqzs3",
          "title": "國泰航空：2026年中期業績",
          "date": "2026-08-05",
          "date_type": "published",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://www.cathaypacific.com/cx/en_CA/investor-relations/stock-information.html",
          "title": "國泰航空：股票資訊",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://group.dhl.com/en/investors/shares/share-performance.html",
          "title": "DHL：股票資訊",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "本次網頁工具已開啟並讀取內文；直接HTTP可能受網站限制"
        },
        {
          "url": "https://www.sse.net.cn/indexIntro?indexName=scfi",
          "title": "上海航運交易所：SCFI指數簡介",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://www.balticexchange.com/en/data-services/market-information0/indices.html",
          "title": "波羅的海交易所：指數與船型定義",
          "date": "2026-10-18",
          "date_type": "accessed",
          "accessed_at": "2026-10-18",
          "access_check": "HTTP 200，並已核對所引用內容"
        },
        {
          "url": "https://group.dhl.com/en/media-relations/press-releases/2026/dhl-group-plans-more-than-eur-400-million-investment.html",
          "title": "DHL：物流服務與中東歐投資計畫",
          "date": "2026-10-08",
          "date_type": "published",
          "accessed_at": "2026-10-18",
          "access_check": "本次網頁工具已開啟並讀取內文；直接HTTP可能受網站限制"
        }
      ]
    }
  },
  {
    "industry": "金融保險業",
    "as_of": "2026-10-18",
    "one_liner": "把存款、保障與投資需求接起來",
    "one_liner_en": "Connecting Taiwan’s savings with investment and helping households and businesses manage risk.",
    "overview": "中信金9月營收約213億元，年增12.8%，在本頁金融保險公司中居首。這個產業像資金的轉運站，把存款、保費與投資需求，接到企業融資、家庭保障和交易服務。本頁31家公司合計約1,723億元，年減23.2%；國泰金約204億元、年減47.4%，富邦金約195億元、年減63.8%，與中信金呈現不同方向。統一證約29億元、年增113%，是月營收達10億元公司中的增幅首位。今年保險接軌新會計制度，讀營收時需搭配保險服務結果。下一次先看中信金能否延續12.8%的增幅，以及國泰金的年減幅是否縮小。",
    "segments": [
      {
        "name": "壽險與綜合金控",
        "description": "整合壽險、銀行、證券與資產管理。研究以保險服務、長期資產負債配置及跨子公司通路作為觀察入口。",
        "codes": [
          "2882",
          "2881",
          "2887",
          "2883"
        ]
      },
      {
        "name": "銀行服務金控",
        "description": "以銀行客群、存放款、財富管理與企業金融作為觀察入口。中信、玉山等也經營壽險；玉山已於2026年9月納入三商壽。",
        "codes": [
          "2891",
          "2884",
          "2890",
          "2886",
          "2880",
          "2892",
          "5880"
        ]
      },
      {
        "name": "獨立商業銀行",
        "description": "上市主體為商業銀行，提供存款、授信、支付、外匯與財富管理等服務；獨立指上市主體，並非沒有子公司或關係企業。",
        "codes": [
          "5876",
          "2801",
          "2834",
          "2812",
          "2838",
          "2845",
          "2897",
          "2849",
          "2836"
        ]
      },
      {
        "name": "證券、期貨與票券",
        "description": "涵蓋證券經紀、承銷、自營、基金管理、期貨交易服務，以及短期票券承銷與交易；元大金及國票金以集團代號呈現。",
        "codes": [
          "2885",
          "2855",
          "6005",
          "2889",
          "6024",
          "2820"
        ]
      },
      {
        "name": "產險與再保險",
        "description": "產險承接車輛、財產、工程及責任風險；再保險再分散保險公司的風險，提供承保容量。中再保屬再保，其餘為產險。",
        "codes": [
          "2850",
          "2851",
          "2816",
          "2832",
          "2852"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "資金與風險承擔來源：家庭、企業及投資人提供存款、保費或投資資金；銀行與壽險集團募集資金，再保險補充承保容量。以下代號是承接這些來源的上市中介，不是最終資金提供者。",
        "codes": [
          "2891",
          "2881",
          "2882",
          "2887",
          "5876",
          "2851"
        ]
      },
      "midstream": {
        "description": "配置資金、設計商品並管理風險：銀行授信與外匯、券商承銷及交易、投信管理基金、票券業提供短期融通，保險業核保並向再保分散風險。金融業是互相往返的網路，同一公司可跨階段。",
        "codes": [
          "2891",
          "2886",
          "2884",
          "2885",
          "2883",
          "2855",
          "6005",
          "2889",
          "2820",
          "2850",
          "2851"
        ]
      },
      "downstream": {
        "description": "資金與保障用到企業及家庭：企業取得週轉與投資資金，家庭使用房貸、支付、理財與保障，投資人透過券商及期貨商交易。以下代號為對客服務入口，最終企業及家庭不另硬填台股代號。",
        "codes": [
          "2801",
          "2834",
          "2812",
          "2838",
          "2845",
          "2880",
          "2892",
          "5880",
          "2890",
          "2897",
          "2850",
          "2816",
          "2832",
          "2852",
          "6024"
        ]
      }
    },
    "drivers": [
      {
        "driver": "企業投資與跨境資金需求",
        "explanation": "央行指出，AI產業投資與營運帶動企業週轉金需求。企業擴產、海外布局及貿易結算，可帶來授信、聯貸、外匯與現金管理業務。",
        "source_url": "https://www.cbc.gov.tw/tw/cp-302-192864-4319f-1.html",
        "source_date": "2026-09-17"
      },
      {
        "driver": "家庭資產配置與財富管理",
        "explanation": "中信銀2026上半年財管手續費收入年增4成。基金、保險與其他投資商品的配置需求，會反映在銀行手續費及資產管理業務。",
        "source_url": "https://udn.com/news/story/7239/9698945",
        "source_date": "2026-08-18"
      },
      {
        "driver": "台股交易與基金投資需求",
        "explanation": "國泰證券2026前9月稅後淨利年增127%，公司說明主要受台股交易熱絡帶動。成交量、經紀市占與管理資產規模，是觀察這類需求的入口。",
        "source_url": "https://news.cnyes.com/news/id/6631258",
        "source_date": "2026-10-15"
      },
      {
        "driver": "保障與長期保單需求",
        "explanation": "富邦人壽2026前9月初年度保費年增41%，公司持續推動保障型與分期繳商品。保費反映銷售需求，仍須搭配新契約價值及CSM觀察。",
        "source_url": "https://www.fubon.com/financialholdings/news/news_1261015_053632.htm",
        "source_date": "2026-10-15"
      },
      {
        "driver": "旅遊與企業風險保障需求",
        "explanation": "國泰產險說明，海外旅遊熱度帶動旅遊保障需求，2026前9月簽單保費年增4%。車輛、廠房與工程的風險保障，也是產險及再保的服務場景。",
        "source_url": "https://news.cnyes.com/news/id/6631258",
        "source_date": "2026-10-15"
      }
    ],
    "leaders": [
      {
        "code": "2881",
        "name": "富邦金",
        "role": "壽險、銀行、產險及證券的綜合金控",
        "why": "2026前9月自結稅後淨利1,272.2億元，可同時觀察保險資產配置、銀行業務與證券交易景氣。",
        "source_url": "https://www.fubon.com/financialholdings/news/news_1261015_053632.htm"
      },
      {
        "code": "2882",
        "name": "國泰金",
        "role": "壽險與銀行並行的綜合金控",
        "why": "2026前9月自結稅後淨利1,053.6億元，旗下投信管理資產達3.6兆元，連結保險、財管與基金需求。",
        "source_url": "https://news.cnyes.com/news/id/6631258"
      },
      {
        "code": "2891",
        "name": "中信金",
        "role": "企業金融、消金與壽險的跨業平台",
        "why": "中信銀2026上半年稅後淨利311.78億元、年增12%，是觀察銀行核心獲利與財管需求的代表。",
        "source_url": "https://udn.com/news/story/7239/9698945"
      },
      {
        "code": "2885",
        "name": "元大金",
        "role": "結合證券、基金與期貨的金融集團",
        "why": "元大投信2026上半年公募基金平均市占率27.1%，可觀察台灣基金管理與ETF投資需求。",
        "source_url": "https://www.yuanta.com/Files/4.3.4-0067b065217c3158-tw/2Q26-C.pdf"
      },
      {
        "code": "2884",
        "name": "玉山金",
        "role": "由銀行平台擴充壽險事業的金控",
        "why": "2026年9月完成三商壽股權交割後，公司公告資產逾6.6兆元，是觀察跨業整合的代表。",
        "source_url": "https://www.esunfhc.com/zh-tw/news-center/news-center/news/detail?id=D0565FF2DAE34916B079E1F26A048B1C&p=148DB1EBDC2B47629ED09DC9820A2155"
      },
      {
        "code": "5876",
        "name": "上海商銀",
        "role": "獨立上市商業銀行",
        "why": "2026第一季合併稅後淨利65.2億元、手續費淨收益年增13.04%，可觀察銀行本業與非利息收入。",
        "source_url": "https://www.scsb.com.tw/content/news/news_260518.html"
      },
      {
        "code": "2850",
        "name": "新產",
        "role": "車險與企業財產保障的產險業者",
        "why": "2025年簽單保費市占率9.67%、居產險業第三，可觀察一般產險的保障需求與承保品質。",
        "source_url": "https://www.centralre.com/files/public3/2025.pdf"
      },
      {
        "code": "2851",
        "name": "中再保",
        "role": "承接保險公司風險的專業再保險業者",
        "why": "2025年年報載為本國唯一專業再保險公司，是觀察風險分散、再保條件與承保容量的入口。",
        "source_url": "https://www.centralre.com/files/public3/2025.pdf"
      }
    ],
    "recent": [
      {
        "date": "2026-08-11",
        "event": "台新銀行公告，金管會已於8月10日核准台新銀行與新光銀行合併，合併後以台新銀行為存續銀行。",
        "codes": [
          "2887"
        ],
        "source_url": "https://www.taishinbank.com.tw/TSB/personal/common/important-notice/TSBankImportantNotice-001538/"
      },
      {
        "date": "2026-09-01",
        "event": "玉山金完成三商美邦人壽股權交割，將壽險納入集團；公司公告合併後資產逾6.6兆元，成為第5大上市金控。",
        "codes": [
          "2884"
        ],
        "source_url": "https://www.esunfhc.com/zh-tw/news-center/news-center/news/detail?id=D0565FF2DAE34916B079E1F26A048B1C&p=148DB1EBDC2B47629ED09DC9820A2155"
      },
      {
        "date": "2026-09-08",
        "event": "金管會發布保險業新一代清償能力制度的自有資本、風險資本計算方法及報表，要求業者自2026年起依規申報並落實查核。",
        "codes": [
          "2881",
          "2882",
          "2883",
          "2885",
          "2887",
          "2891",
          "2884",
          "2850",
          "2851",
          "2816",
          "2832",
          "2852"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=GL004322"
      },
      {
        "date": "2026-09-17",
        "event": "央行維持重貼現率2%；另自9月18日起，將自然人第2戶購屋貸款成數上限由6成調升為7成，並刪除購地貸款切結限期動工規定。",
        "codes": [
          "2891",
          "2881",
          "2882",
          "2884",
          "2886",
          "2892",
          "5880",
          "2801",
          "2834",
          "2812",
          "2838"
        ],
        "source_url": "https://www.cbc.gov.tw/tw/cp-302-192864-4319f-1.html"
      },
      {
        "date": "2026-09-23",
        "event": "證交所與櫃買中心共同建置的臺股儀表板上線，新增集中揭露全市場擔保維持率、證券授信及投資人違約資訊。",
        "codes": [
          "2885",
          "2855",
          "6005",
          "2883",
          "2890"
        ],
        "source_url": "https://www.twse.com.tw/staticFiles/news/news/tsecnews/8a8216d6a0bdcc0001a0c87b6eef0043.pdf"
      },
      {
        "date": "2026-10-08",
        "event": "金管會發布銀行家族辦公室顧問業務規範，讓具高資產業務資格且於專區試辦滿一年等條件的銀行，可申請擴大至專區外辦理。相關代號為業務觀察對象，非逐家核准名單。",
        "codes": [
          "2891",
          "2882",
          "2881",
          "2884",
          "2886",
          "2892",
          "5880",
          "5876",
          "2885",
          "2880"
        ],
        "source_url": "https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202610080001&dtable=News"
      },
      {
        "date": "2026-10-08",
        "event": "金管會放寬銷售給人身保險業財富管理客戶的保險商品，得不適用死亡給付對保單價值準備金的最低比率規範，增加商品設計彈性。",
        "codes": [
          "2881",
          "2882",
          "2883",
          "2887",
          "2891",
          "2884"
        ],
        "source_url": "https://www.ib.gov.tw/ch/home.jsp?id=239&parentpath=0,2,238&mcustomize=news_view.jsp&dataserno=202610080002&dtable=News"
      },
      {
        "date": "2026-10-16",
        "event": "13家上市金控前9月自結稅後盈餘合計6,318.8億元，年增45.9%；9月單月529.7億元、月減38.5%，顯示累計成長仍伴隨市場波動。",
        "codes": [
          "2891",
          "2882",
          "2881",
          "2885",
          "2887",
          "2884",
          "2890",
          "2886",
          "2883",
          "2880",
          "2892",
          "5880",
          "2889"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=befb7734-1faa-41ac-8ba5-2f8fdae8e96d"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "第三季財報申報及補正窗口。金控依規應於季後45日內申報，作業確有不及者須於60日內補正；可檢視各業務獲利及資本變化。",
        "codes": [
          "2891",
          "2882",
          "2881",
          "2885",
          "2887",
          "2884",
          "2890",
          "2886",
          "2883",
          "2880",
          "2892",
          "5880",
          "2889"
        ],
        "source_url": "https://law.banking.gov.tw/Chi/FLAW/FLAWDOC03.aspx?cnt=6&datatype=etype&eadmin=1&edate=20120531&recordNo=3&sdate=20120501"
      },
      {
        "expected": "2026-12-01",
        "event": "玉山金公告預計將三商美邦人壽更名為玉山人壽，仍須完成法定程序及主管機關核准，是壽險事業整合的後續節點。",
        "codes": [
          "2884"
        ],
        "source_url": "https://www.esunfhc.com/zh-tw/news-center/news-center/news/detail?id=D0565FF2DAE34916B079E1F26A048B1C&p=148DB1EBDC2B47629ED09DC9820A2155"
      },
      {
        "expected": "2026-12-17",
        "event": "央行預定召開第四季理監事聯席會議；政策利率與不動產信用管制決議，將提供銀行資金成本及房貸政策的新資訊。",
        "codes": [
          "2891",
          "2881",
          "2882",
          "2884",
          "2886",
          "2892",
          "5880",
          "2801",
          "2834",
          "5876"
        ],
        "source_url": "https://www.cbc.gov.tw/tw/cp-432-189514-82841-1.html"
      },
      {
        "expected": "2027-01-01",
        "event": "台新銀行與新光銀行公告合併基準日為2027年1月1日，由台新銀行存續；可追蹤系統、通路與客戶服務整合進度，實際安排依後續公告。",
        "codes": [
          "2887"
        ],
        "source_url": "https://mkp.taishinbank.com.tw/s/2026/merger/index.html"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報揭露窗口，也是保險接軌IFRS 17後首個完整年度。依現行規定，實收資本額達100億元以上上市櫃公司的年度財報原則須於年度終了後75日內申報；各公司實際公布日另以公告為準。",
        "codes": [
          "2891",
          "2882",
          "2881",
          "2885",
          "2887",
          "2884",
          "2890",
          "2886",
          "2883",
          "2880",
          "2892",
          "5880",
          "2889"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593"
      }
    ],
    "global_peers": [
      {
        "name": "星展集團 DBS Group",
        "ticker": "SGX:D05",
        "relation": "以亞洲商業銀行、財富管理與企業金融模式，對照中信金、玉山金及上海商銀；比較淨利差、手續費與資產品質。"
      },
      {
        "name": "友邦保險 AIA Group",
        "ticker": "HKEX:1299",
        "relation": "以亞洲壽險及保障商品模式，對照富邦金、國泰金與凱基金的壽險業務；比較新業務價值、CSM與保險服務獲利。"
      },
      {
        "name": "安達 Chubb",
        "ticker": "NYSE:CB",
        "relation": "以商業與個人產險模式，對照新產、台產、第一保及旺旺保；比較承保紀律、綜合率與巨災損失。"
      },
      {
        "name": "慕尼黑再保 Munich Re",
        "ticker": "XETRA:MUV2",
        "relation": "以全球再保險模式對照中再保；觀察再保定價、續約條件、承保容量與巨災損失。"
      }
    ],
    "watch_metrics": [
      {
        "metric": "銀行淨利差（NIM）與放款成長",
        "why": "放款量決定生息資產規模，淨利差反映資金運用與籌資成本。兩者一起看，才能判斷利息淨收益增加來自規模還是利差。"
      },
      {
        "metric": "銀行逾放比與備抵呆帳覆蓋率",
        "why": "用來看授信品質與損失緩衝。放款成長若伴隨逾放增加、提存上升，獲利品質就需要進一步拆解。"
      },
      {
        "metric": "證券日均成交值與基金管理資產規模",
        "why": "成交值連動經紀收入；管理資產規模連動基金管理費基礎。還要搭配各家市占及費率，才能分清市場成長與公司競爭力。"
      },
      {
        "metric": "壽險合約服務邊際（CSM）、避險成本與TIS資本適足率",
        "why": "追蹤新契約CSM及CSM餘額，觀察尚未賺得、待提供服務後認列的保險利潤；避險成本及新一代清償能力制度（TIS）資本適足率，協助評估海外資產負債風險與承保空間。還要區分稅後淨利與FVOCI股票處分對保留盈餘的影響。"
      },
      {
        "metric": "產險與再保險自留綜合率",
        "why": "在同口徑下觀察理賠與費用相對承保收入的負擔，判斷承保是否有效率。應分清巨災、再保安排及IFRS 17折現影響，避免只用投資收益評估本業。"
      }
    ],
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://openapi.twse.com.tw/v1/opendata/t187ap03_L",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=befb7734-1faa-41ac-8ba5-2f8fdae8e96d",
      "https://www.fubon.com/financialholdings/news/news_1260824_566102.htm",
      "https://www.fubon.com/financialholdings/news/news_1261015_053632.htm",
      "https://news.cnyes.com/news/id/6631258",
      "https://udn.com/news/story/7239/9698945",
      "https://www.yuanta.com/Files/4.3.4-0067b065217c3158-tw/2Q26-C.pdf",
      "https://www.esunfhc.com/zh-tw/news-center/news-center/news/detail?id=D0565FF2DAE34916B079E1F26A048B1C&p=148DB1EBDC2B47629ED09DC9820A2155",
      "https://www.scsb.com.tw/content/news/news_260518.html",
      "https://www.centralre.com/files/public3/2025.pdf",
      "https://www.fsc.gov.tw/userfiles/file/1110812-IFRS%E8%88%87ICS%E5%B8%B8%E8%A6%8B%E5%95%8F%E7%AD%94%E9%9B%86.pdf",
      "https://www.cbc.gov.tw/tw/cp-302-192864-4319f-1.html",
      "https://www.dbs.com/NewsPrinter.page?locale=en&newsId=msd3p34i",
      "https://www.dbs.com/investors/default.page?pid=sg-group-pweb-footer-investors",
      "https://www.aia.com/content/dam/group-wise/en/docs/investor-relations/2026/AIA%20Group%202026%20Interim%20Results%20Ann_Eng.pdf",
      "https://www.aia.com/en/investor-relations/overview/results-presentations",
      "https://news.chubb.com/2026-07-21-Chubb-Reports-Second-Quarter-Per-Share-Net-Income-of-7-30-and-Per-Share-Core-Operating-Income-of-7-26,-Up-18-2-Consolidated-Net-Premiums-Written-of-14-7-Billion,-Up-3-6-,-with-P-C-and-Life-Insurance-Up-3-0-and-7-5-P-C-Combined-Ratio-of-83-8",
      "https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2026/half-year-financial-report.html",
      "https://www.munichre.com/en/company/investors/shares.html",
      "https://www.taishinbank.com.tw/TSB/personal/common/important-notice/TSBankImportantNotice-001538/",
      "https://law.fsc.gov.tw/LawContent.aspx?id=GL004322",
      "https://www.twse.com.tw/staticFiles/news/news/tsecnews/8a8216d6a0bdcc0001a0c87b6eef0043.pdf",
      "https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202610080001&dtable=News",
      "https://www.ib.gov.tw/ch/home.jsp?id=239&parentpath=0,2,238&mcustomize=news_view.jsp&dataserno=202610080002&dtable=News",
      "https://law.banking.gov.tw/Chi/FLAW/FLAWDOC03.aspx?cnt=6&datatype=etype&eadmin=1&edate=20120531&recordNo=3&sdate=20120501",
      "https://www.cbc.gov.tw/tw/cp-432-189514-82841-1.html",
      "https://mkp.taishinbank.com.tw/s/2026/merger/index.html",
      "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593"
    ]
  },
  {
    "industry": "通信網路業",
    "as_of": "2026-10-18",
    "one_liner": "從機房到手機，鋪好資料往來的路",
    "one_liner_en": "Taiwan connects the world through networking equipment and telecom services.",
    "overview": "中華電9月營收約244億元，年增20.9%，把日常連線需求變成可見的收入。通信網路業像資料行走的道路系統，有人造機房交換器、有人把寬頻接進家門，電信商則提供連線服務。本頁92家公司合計約1,595億元，年增30.7%；營收居首的智邦約404億元、年增66.1%，台灣大約174億元、年增10.3%，設備與服務公司的增幅並不相同。閎暉約12億元、年增446%，在月營收達10億元公司中增幅最高。下次月營收先看智邦能否延續66.1%的增幅，再對照中華電的20.9%，比較這兩種收入的步調。",
    "segments": [
      {
        "name": "交換器、企業網路與資安平台",
        "description": "設計交換器、企業無線存取點與網路資安平台，服務資料中心和企業客戶；涵蓋代工與品牌。",
        "codes": [
          "2345",
          "3380",
          "3558",
          "2332",
          "6245",
          "6416",
          "3564"
        ],
        "classification_evidence": [
          {
            "code": "2345",
            "name": "智邦",
            "role": "高速交換器設計製造",
            "source_url": "https://news.cnyes.com/news/id/6615412",
            "source_date": "2026-10-06",
            "source_date_type": "published",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3380",
            "name": "明泰",
            "role": "交換器與企業網路設備",
            "source_url": "https://news.cnyes.com/news/id/6628173",
            "source_date": "2026-10-12",
            "source_date_type": "published",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3558",
            "name": "神準",
            "role": "企業無線存取點與資料中心交換器",
            "source_url": "https://www.senaonetworks.com/en/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "2332",
            "name": "友訊",
            "role": "網路設備品牌",
            "source_url": "https://company.dlink.com/en/about/brand-story",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "6245",
            "name": "立端",
            "role": "網路資安硬體與邊緣運算平台",
            "source_url": "https://www.lannerinc.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "6416",
            "name": "瑞祺電通",
            "role": "網路資安平台與雲端交換器",
            "source_url": "https://www.cas-well.com/?lang=en",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3564",
            "name": "其陽",
            "role": "網路資安平台與伺服器",
            "source_url": "https://www.aewin.com/about/brand/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "寬頻接取與無線連網",
        "description": "把光纖、有線電視或行動網路接進家庭與辦公室，產品包括數據機、閘道器、Wi-Fi設備及無線模組。合勤控也跨企業網路。",
        "codes": [
          "6285",
          "5388",
          "3596",
          "3704",
          "4906",
          "3694",
          "2419",
          "8059"
        ],
        "classification_evidence": [
          {
            "code": "6285",
            "name": "啟碁",
            "role": "寬頻、Wi-Fi與低軌衛星通訊設備",
            "source_url": "https://www.wnc.com.tw/en/csr/sustainability-management/message-from-the-management",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "5388",
            "name": "中磊",
            "role": "電信寬頻用戶端設備與物聯網設備",
            "source_url": "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3596",
            "name": "智易",
            "role": "光纖、Cable與無線寬頻用戶端設備",
            "source_url": "https://www.arcadyan.com/zh-hant/solutions/idea/fttx/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3704",
            "name": "合勤控",
            "role": "電信寬頻、企業網路與客製化網通設備",
            "source_url": "https://www.zyxelgroup.com/index.php?lang=en",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "4906",
            "name": "正文",
            "role": "固網與無線寬頻接取設備",
            "source_url": "https://www.gemteks.com/en/ir/years/Agj5kP/download",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18",
            "source_date_note": "2023年度年報，用於既有業務分類；不作為2026年出貨證據。"
          },
          {
            "code": "3694",
            "name": "海華",
            "role": "無線連網模組與影像模組",
            "source_url": "https://www.azurewave.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "2419",
            "name": "仲琦",
            "role": "Cable數據機、閘道器與寬頻接取設備",
            "source_url": "https://hitrontech.com/company/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "8059",
            "name": "凱碩",
            "role": "寬頻用戶端設備",
            "source_url": "https://www.castlenet.com.tw/userfile/upload/file/CTI_Shareholders_Meeting_Annaul_Report-2023_upload.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18",
            "source_date_note": "2023年度年報，用於既有業務分類；不作為2026年出貨證據。"
          }
        ]
      },
      {
        "name": "光通訊、射頻與傳輸零組件",
        "description": "提供光電磊晶片、光通訊元件與通訊線材，支援訊號轉換和高速傳輸。",
        "codes": [
          "6442",
          "6190",
          "4979",
          "3081",
          "2455"
        ],
        "classification_evidence": [
          {
            "code": "6442",
            "name": "光聖",
            "role": "光通訊與射頻連接元件",
            "source_url": "https://www.ezconn.com/en",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "6190",
            "name": "萬泰科",
            "role": "通訊線材",
            "source_url": "https://ic.tpex.org.tw/company_chain.php?stk_code=6190",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "4979",
            "name": "華星光",
            "role": "光通訊主動元件",
            "source_url": "https://www.luxnetcorp.com.tw/storage/architecture/page~103/page~141/2023-Annual-Report.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18",
            "source_date_note": "2023年度年報，用於既有業務分類；不作為2026年出貨證據。"
          },
          {
            "code": "3081",
            "name": "聯亞",
            "role": "光通訊用化合物半導體磊晶片",
            "source_url": "https://www.lmoc.com.tw/index.php?id=10&lang=en&option=module&task=pageinfo",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "2455",
            "name": "全新",
            "role": "射頻與光電化合物半導體磊晶片",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?keyid=d13f5db8-ad41-432f-85ab-ef101b291f9f",
            "source_date": "2025-06-03",
            "source_date_type": "updated",
            "retrieved_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "智慧終端、聲學與物聯網",
        "description": "涵蓋電聲與精密機構件、電子紙終端、RFID標籤，以及無線安防與照護設備；需求不全來自網路建設。",
        "codes": [
          "2439",
          "3311",
          "6143",
          "6863",
          "7689"
        ],
        "classification_evidence": [
          {
            "code": "2439",
            "name": "美律",
            "role": "耳機、電聲元件與商務通訊產品",
            "source_url": "https://www.merry.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3311",
            "name": "閎暉",
            "role": "精密機構整合元件與車用模組",
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=110d91ad-6ada-411e-af76-ec15e9a2dd04",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18",
            "source_date_note": "公司知識庫未標示目前版本更新日；使用讀取日。"
          },
          {
            "code": "6143",
            "name": "振曜",
            "role": "電子紙閱讀器、看板與連網終端",
            "source_url": "https://www.netronixinc.com/products.aspx?ID=1&tag=the-digital-reader.com",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "6863",
            "name": "永道-KY",
            "role": "RFID標籤與物聯網辨識",
            "source_url": "https://www.arizonrfid.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "7689",
            "name": "大鵬科CLMX",
            "role": "無線安防與遠距照護設備",
            "source_url": "https://www.twse.com.tw/market_insights/zh/preview/8a8216d69ef76943019f7d74628101e4",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "電信、機房與雲端服務",
        "description": "經營行動與固網連線，或提供機房、網路互連與企業雲端服務，主要以服務收入支撐營運。",
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            "name": "中華電",
            "role": "行動、固網寬頻與企業資通訊服務",
            "source_url": "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
            "source_date": "2026-08-05",
            "source_date_type": "published",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "3045",
            "name": "台灣大",
            "role": "電信與企業AI整合服務",
            "source_url": "https://corp.taiwanmobile.com/press-release/news/press_20260909_954253.html",
            "source_date": "2026-09-08",
            "source_date_type": "published",
            "retrieved_at": "2026-10-18"
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            "code": "4904",
            "name": "遠傳",
            "role": "行動電信服務",
            "source_url": "https://corporate.fetnet.net/content/corp/en/InvestorRelations/Financials/MonFinancialReport.html",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          },
          {
            "code": "6561",
            "name": "是方",
            "role": "IDC機房、網路互連與雲端服務",
            "source_url": "https://www.chief.com.tw/introduction/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
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        ]
      },
      {
        "name": "通訊零售與售後服務",
        "description": "透過門市及線上通路銷售手機與數位商品，並提供門號推廣和售後服務。",
        "codes": [
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        ],
        "classification_evidence": [
          {
            "code": "2450",
            "name": "神腦",
            "role": "通訊與數位商品銷售及維修通路",
            "source_url": "https://online.senao.com.tw/About",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "retrieved_at": "2026-10-18"
          }
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      }
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        "description": "提供磊晶片、光主動與被動元件、線材、聲學及機構件，交給設備與終端廠整合；本頁以相對於整機的供應位置分類。",
        "codes": [
          "2455",
          "3081",
          "4979",
          "6442",
          "6190",
          "2439",
          "3311"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/introduce.php?ic=I000&stk_code=2450",
          "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?keyid=d13f5db8-ad41-432f-85ab-ef101b291f9f",
          "https://www.lmoc.com.tw/index.php?id=10&lang=en&option=module&task=pageinfo",
          "https://www.luxnetcorp.com.tw/storage/architecture/page~103/page~141/2023-Annual-Report.pdf",
          "https://www.ezconn.com/en",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=6190",
          "https://www.merry.com.tw/",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=110d91ad-6ada-411e-af76-ec15e9a2dd04"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "midstream": {
        "description": "整合晶片、射頻、光學、軟體與製造，做成交換器、寬頻閘道器、網路資安平台與智慧終端，供應品牌商、企業或電信商。",
        "codes": [
          "2345",
          "6285",
          "5388",
          "3596",
          "3704",
          "3380",
          "3558",
          "4906",
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          "3694",
          "6245",
          "2419",
          "6416",
          "6143",
          "6863",
          "3564",
          "7689",
          "8059"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/introduce.php?ic=I000&stk_code=2450",
          "https://news.cnyes.com/news/id/6615412",
          "https://www.wnc.com.tw/en/csr/sustainability-management/message-from-the-management",
          "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
          "https://www.arcadyan.com/zh-hant/solutions/idea/fttx/",
          "https://www.zyxelgroup.com/index.php?lang=en",
          "https://news.cnyes.com/news/id/6628173",
          "https://www.senaonetworks.com/en/",
          "https://www.gemteks.com/en/ir/years/Agj5kP/download",
          "https://company.dlink.com/en/about/brand-story",
          "https://www.azurewave.com/",
          "https://www.lannerinc.com/",
          "https://hitrontech.com/company/",
          "https://www.cas-well.com/?lang=en",
          "https://www.netronixinc.com/products.aspx?ID=1&tag=the-digital-reader.com",
          "https://www.arizonrfid.com/",
          "https://www.aewin.com/about/brand/",
          "https://www.twse.com.tw/market_insights/zh/preview/8a8216d69ef76943019f7d74628101e4",
          "https://www.castlenet.com.tw/userfile/upload/file/CTI_Shareholders_Meeting_Annaul_Report-2023_upload.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "downstream": {
        "description": "電信商與機房業者把設備轉成連線、運算和雲端服務，零售通路則負責終端銷售與售後。三段是研究整理，並非證交所另訂的產業分類。",
        "codes": [
          "2412",
          "3045",
          "4904",
          "6561",
          "2450"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/introduce.php?ic=I000&stk_code=2450",
          "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
          "https://corp.taiwanmobile.com/press-release/news/press_20260909_954253.html",
          "https://corporate.fetnet.net/content/corp/en/InvestorRelations/Financials/MonFinancialReport.html",
          "https://www.chief.com.tw/introduction/",
          "https://online.senao.com.tw/About"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    },
    "drivers": [
      {
        "driver": "AI資料中心升級高速網路",
        "explanation": "Broadcom於2026年3月宣布102.4 Tbps交換晶片進入量產。AI叢集對頻寬與延遲的要求，讓高速交換器及光互連成為升級重點；台廠受惠程度仍取決於個別設計案與交貨。",
        "source_url": "https://www.broadcom.com/company/news/product-releases/64031",
        "source_date": "2026-03-12",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "driver": "家庭寬頻與Wi-Fi設備換代",
        "explanation": "中磊2025年度年報列出Wi-Fi 7、10G PON、DOCSIS 4.0及5G FWA布局。光纖和Cable接取升級，會連動家用閘道器與無線設備換代；各市場建設進度不同。",
        "source_url": "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18",
        "source_date_note": "2025年度年報，2026年公開；未採搜尋引擎推估的發布日。"
      },
      {
        "driver": "5G固定無線接取擴大",
        "explanation": "Ericsson於2026年6月公布，提供FWA服務的業者中，採用5G的比率達71%，一年前為57%。這類服務以行動網路供應家庭寬頻，增加戶內外接取設備的需求場景。",
        "source_url": "https://www.ericsson.com/en/press-releases/2026/6/ericsson-mobility-report-5g-subscriptions-top-three-billion-as-uplink-gains-momentum",
        "source_date": "2026-06-16",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "driver": "寬頻升速與企業資通訊服務",
        "explanation": "中華電信2026年第二季固網寬頻ARPU為824元，年增2.4%，寬頻營收年增3.3%；上半年資通訊簽約金額已達前一年全年水準。升速與企業專案是服務端的觀察重點，簽約仍須追蹤交付和收入認列。",
        "source_url": "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
        "source_date": "2026-08-05",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "driver": "衛星與地面網路備援",
        "explanation": "中華電信在2026年9月的6G峰會展示高軌、中軌、低軌與衛星電話整合服務。多路徑備援是衛星接取設備及射頻零組件的應用方向；這是需求方向，尚不能推算個別供應商訂單。",
        "source_url": "https://www.cht.com.tw/zh-tw/home/cht/messages/2026/0923-1510",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      }
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        "name": "智邦",
        "role": "資料中心高速交換器",
        "why": "鉅亨於2026年10月報導800G交換器出貨維持高檔、1.6T開始量產，是追蹤AI網路升級的代表。",
        "source_url": "https://news.cnyes.com/news/id/6615412",
        "source_date": "2026-10-06",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "2412",
        "name": "中華電",
        "role": "行動、固網寬頻與企業資通訊服務",
        "why": "2026年6月底寬頻客戶447萬，第二季固網寬頻ARPU為824元，是觀察本地升速需求的重要樣本。",
        "source_url": "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
        "source_date": "2026-08-05",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "3045",
        "name": "台灣大",
        "role": "行動電信與企業AI服務",
        "why": "2026年9月發表支援地端或私有雲部署的MyAgent，顯示電信商正把企業服務延伸至AI工作流程。",
        "source_url": "https://corp.taiwanmobile.com/press-release/news/press_20260909_954253.html",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "6285",
        "name": "啟碁",
        "role": "寬頻、企業無線及衛星接取設備",
        "why": "官網列出的產品布局同時涵蓋低軌衛星、Wi-Fi 7、5G FWA與xPON，可觀察多種連網規格的需求。",
        "source_url": "https://www.wnc.com.tw/en/csr/sustainability-management/message-from-the-management",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "4904",
        "name": "遠傳",
        "role": "行動電信服務",
        "why": "公司營運資料列出2026年9月底行動用戶818.2萬人，是觀察本地行動通訊需求的樣本。",
        "source_url": "https://corporate.fetnet.net/content/corp/en/InvestorRelations/Financials/MonFinancialReport.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "5388",
        "name": "中磊",
        "role": "寬頻用戶端、企業與物聯網設備",
        "why": "2025年度年報揭露台灣、菲律賓、印度、墨西哥及中國五個生產基地，具跨區交貨配置。",
        "source_url": "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "3596",
        "name": "智易",
        "role": "光纖與Cable寬頻用戶端設備",
        "why": "官網提供GPON、XGSPON、10GEPON與NGPON2等方案，是追蹤電信寬頻接取換代的代表。",
        "source_url": "https://www.arcadyan.com/zh-hant/solutions/idea/fttx/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "6442",
        "name": "光聖",
        "role": "光通訊與射頻連接元件",
        "why": "官網產品涵蓋800G主動光纜、PON光次模組與多種光連接器，連結資料中心及電信接取需求。",
        "source_url": "https://www.ezconn.com/en",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "3081",
        "name": "聯亞",
        "role": "光通訊用化合物半導體磊晶片",
        "why": "以砷化鎵和磷化銦基板製作磊晶片，應用包含光纖通訊與矽光子，位於光電轉換元件上游。",
        "source_url": "https://www.lmoc.com.tw/index.php?id=10&lang=en&option=module&task=pageinfo",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
      },
      {
        "code": "6863",
        "name": "永道-KY",
        "role": "RFID標籤與物聯網辨識",
        "why": "官網列出服飾零售、物流、航空行李及醫療四類RFID應用，代表產業中的終端辨識需求。",
        "source_url": "https://www.arizonrfid.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18"
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        "date": "2026-08-06",
        "event": "昇達科在法說會表示，8月起低軌衛星產品出貨逐步恢復，並有兩筆新訂單加入；這是公司當時的營運說明，後續仍須用出貨與營收驗證。",
        "codes": [
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        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=dc2dfe00-78e9-49c8-aabf-37047645e0ed",
        "source_date": "2026-08-06",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
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      {
        "date": "2026-08-10",
        "event": "MoneyDJ報導，聯亞擴充磷化銦磊晶與連續波雷射產線，通過的設備投資案上限為30.09億元，銜接800G及1.6T光模組需求。",
        "codes": [
          "3081"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=68da3169-0c1f-4eb7-b44c-dc191dbd5737",
        "source_date": "2026-08-10",
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        "date": "2026-09-08",
        "event": "台灣大在硬科技日發表企業級AI代理平台MyAgent，支援地端或私有雲部署，將企業服務延伸到算力、模型與工作流程整合。",
        "codes": [
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        ],
        "source_url": "https://corp.taiwanmobile.com/press-release/news/press_20260909_954253.html",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
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        "date": "2026-09-23",
        "event": "中華電信參與舉辦6G Summit Taipei，展示整合高軌、中軌、低軌衛星與衛星電話的多軌通訊服務，聚焦AI原生網路與通訊備援。",
        "codes": [
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        ],
        "source_url": "https://www.cht.com.tw/zh-tw/home/cht/messages/2026/0923-1510",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "date": "2026-10-06",
        "event": "智邦公布第三季營收1,207.4億元，季增26.4%；鉅亨同日報導，800G交換器出貨維持高檔，1.6T交換器開始量產。",
        "codes": [
          "2345"
        ],
        "source_url": "https://news.cnyes.com/news/id/6615412",
        "source_date": "2026-10-06",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
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        "date": "2026-10-07",
        "event": "啟碁宣布參與OCP Global Summit，規劃展示全光交換器、800G光收發器及1.6TbE交換器，擴大AI資料中心高速互連布局。",
        "codes": [
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        ],
        "source_url": "https://news.cnyes.com/news/id/6623673",
        "source_date": "2026-10-07",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
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        "date": "2026-10-12",
        "event": "明泰宣布在OCP峰會展示64埠1.6T交換機，搭配直接水冷與ORV3機架整合，並結合其陽的AI資料中心伺服器。",
        "codes": [
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          "3564"
        ],
        "source_url": "https://news.cnyes.com/news/id/6628173",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
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        "date": "2026-10-12",
        "event": "中磊公告Network X展出規劃，包含Wi-Fi 8、AI閘道器與50G PON現場示範；這是技術展示，尚不能視為商用量產。",
        "codes": [
          "5388"
        ],
        "source_url": "https://www.sercomm.com/en/news/3/470",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
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    "catalysts": [
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        "event": "中華電信已公告第三季營運報告線上法說。可觀察行動服務收入、企業資通訊業務與網路資本支出。",
        "codes": [
          "2412"
        ],
        "source_url": "https://www.cht.com.tw/zh-tw/home/cht/investors/shareholder-services/ir-calendar",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_date_note": "讀取日；行事曆未標示首次發布日期",
        "retrieved_at": "2026-10-18"
      },
      {
        "expected": "2026-11-12",
        "event": "台灣大已公告第三季財務報告電話會議。可觀察行動服務、AIDC與企業AI服務的實際營運貢獻。",
        "codes": [
          "3045"
        ],
        "source_url": "https://corp.taiwanmobile.com/investor-relations/investor-events-2.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_date_note": "讀取日；行事曆未標示首次發布日期",
        "retrieved_at": "2026-10-18"
      },
      {
        "expected": "2027-01-06",
        "event": "CES 2027於1月6日至9日在拉斯維加斯舉行，是觀察智慧家庭、無線連網與AI終端新品的窗口；此處未確認個別台廠參展。",
        "codes": [],
        "source_url": "https://www.ces.tech/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_date_note": "讀取日；主辦方首頁未標示首次發布日期",
        "retrieved_at": "2026-10-18"
      },
      {
        "expected": "2027-03-01",
        "event": "MWC Barcelona 2027於3月1日至4日舉行，是觀察5G後續升級、6G、衛星與電信AI方案的窗口；此處未確認個別台廠參展。",
        "codes": [],
        "source_url": "https://www.mwcbarcelona.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_date_note": "讀取日；主辦方首頁未標示首次發布日期",
        "retrieved_at": "2026-10-18"
      },
      {
        "expected": "2027-03-07",
        "event": "OFC 2027技術會議於3月7日至11日、展覽於3月9日至11日舉行，可觀察高速光模組、矽光子與CPO技術進展；此處未確認個別台廠參展。",
        "codes": [],
        "source_url": "https://www.ofcconference.org/en-us/home/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_date_note": "讀取日；主辦方首頁未標示首次發布日期",
        "retrieved_at": "2026-10-18"
      }
    ],
    "global_peers": [
      {
        "name": "Cisco Systems",
        "ticker": "NASDAQ: CSCO",
        "relation": "以交換器、路由器與AI網路方案，對照智邦、明泰及企業網通廠的產品競合與技術升級。",
        "source_url": "https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2026/m03/cisco-secure-ai-factory-with-nvidia-GTC-2026.html",
        "source_date": "2026-03-16",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "relation_basis": "依雙方產品與供應位置所作的研究對照；個別客戶或供貨關係須另有公告。"
      },
      {
        "name": "Arista Networks",
        "ticker": "NYSE: ANET",
        "relation": "2026年6月發表1.6T AI交換平台，可對照智邦、明泰的高速交換器產品節奏。",
        "source_url": "https://www.arista.com/company/news/press-release/24102-pr-20260609",
        "source_date": "2026-06-09",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "relation_basis": "依雙方產品與供應位置所作的研究對照；個別客戶或供貨關係須另有公告。"
      },
      {
        "name": "Broadcom",
        "ticker": "NASDAQ: AVGO",
        "relation": "位於交換晶片上游，102.4 Tbps平台演進可作智邦、明泰及光互連供應鏈的技術觀察指標。",
        "source_url": "https://www.broadcom.com/company/news/product-releases/64031",
        "source_date": "2026-03-12",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "relation_basis": "依雙方產品與供應位置所作的研究對照；個別客戶或供貨關係須另有公告。"
      },
      {
        "name": "Ericsson",
        "ticker": "NASDAQ: ERIC",
        "relation": "提供行動通訊與企業連網方案，可對照台灣電信商的網路升級，以及啟碁、中磊等接取設備的需求方向。",
        "source_url": "https://www.ericsson.com/en/press-releases/2026/6/ericsson-mobility-report-5g-subscriptions-top-three-billion-as-uplink-gains-momentum",
        "source_date": "2026-06-16",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "relation_basis": "依雙方產品與供應位置所作的研究對照；個別客戶或供貨關係須另有公告。"
      },
      {
        "name": "Comcast",
        "ticker": "NASDAQ: CMCSA",
        "relation": "位於美國寬頻服務下游；其用戶、建設支出與DOCSIS升級可作仲琦、中磊等Cable設備廠的需求對照。",
        "source_url": "https://www.cmcsa.com/node/45906",
        "source_date": "2026-07-23",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "relation_basis": "依雙方產品與供應位置所作的研究對照；個別客戶或供貨關係須另有公告。",
        "additional_sources": [
          {
            "source_url": "https://corporate.comcast.com/press/releases/comcast-multi-gig-symmetrical-speeds-world-first-docsis-4-deployment",
            "source_date": "2023-12-15",
            "source_date_type": "published",
            "retrieved_at": "2026-10-18"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "雲端業者資本支出、800G／1.6T出貨與產品占比",
        "why": "先看雲端網路預算，再核對台廠法說揭露的出貨與組合，才能分辨設計案、展示與實際交貨；高規格也要搭配毛利率觀察。",
        "source_url": "https://www.broadcom.com/company/news/product-releases/64031",
        "source_date": "2026-03-12",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "basis": "依來源整理的研究追蹤方法，並非來源提供的投資結論。"
      },
      {
        "metric": "Wi-Fi、PON、DOCSIS與FWA新品的認證及出貨進度",
        "why": "寬頻設備須配合電信商導入；追蹤認證、試產到商用出貨的轉換，比單看新品名稱更能掌握換代需求是否落地。",
        "source_url": "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18",
        "basis": "依來源整理的研究追蹤方法，並非來源提供的投資結論。"
      },
      {
        "metric": "庫存天數、營業現金流與毛利率",
        "why": "一起檢查備料、收款和獲利，判斷營收成長是否伴隨資金壓力；中磊年報也指出匯率、關稅及零組件成本是營運變數。",
        "source_url": "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18",
        "basis": "依來源整理的研究追蹤方法，並非來源提供的投資結論。"
      },
      {
        "metric": "光通訊擴產支出、產能開出與客戶驗證",
        "why": "光電元件擴產要經過設備到位與產品驗證；把投資上限、完工、出貨分開追蹤，才能判斷高速光模組需求何時反映到營收。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=68da3169-0c1f-4eb7-b44c-dc191dbd5737",
        "source_date": "2026-08-10",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "basis": "依來源整理的研究追蹤方法，並非來源提供的投資結論。"
      },
      {
        "metric": "電信ARPU、5G升級、寬頻升速與行動服務收入",
        "why": "平均每戶收入搭配用戶數和服務收入，可看出升級是否帶來持續收入；比較時須統一月租型、物聯網門號等統計口徑。",
        "source_url": "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
        "source_date": "2026-08-05",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "basis": "依來源整理的研究追蹤方法，並非來源提供的投資結論。"
      }
    ],
    "sources": [
      "https://news.cnyes.com/news/id/6615412",
      "https://news.cnyes.com/news/id/6628173",
      "https://www.senaonetworks.com/en/",
      "https://company.dlink.com/en/about/brand-story",
      "https://www.lannerinc.com/",
      "https://www.cas-well.com/?lang=en",
      "https://www.aewin.com/about/brand/",
      "https://www.wnc.com.tw/en/csr/sustainability-management/message-from-the-management",
      "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
      "https://www.arcadyan.com/zh-hant/solutions/idea/fttx/",
      "https://www.zyxelgroup.com/index.php?lang=en",
      "https://www.gemteks.com/en/ir/years/Agj5kP/download",
      "https://www.azurewave.com/",
      "https://hitrontech.com/company/",
      "https://www.castlenet.com.tw/userfile/upload/file/CTI_Shareholders_Meeting_Annaul_Report-2023_upload.pdf",
      "https://www.ezconn.com/en",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=6190",
      "https://www.luxnetcorp.com.tw/storage/architecture/page~103/page~141/2023-Annual-Report.pdf",
      "https://www.lmoc.com.tw/index.php?id=10&lang=en&option=module&task=pageinfo",
      "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?keyid=d13f5db8-ad41-432f-85ab-ef101b291f9f",
      "https://www.merry.com.tw/",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=110d91ad-6ada-411e-af76-ec15e9a2dd04",
      "https://www.netronixinc.com/products.aspx?ID=1&tag=the-digital-reader.com",
      "https://www.arizonrfid.com/",
      "https://www.twse.com.tw/market_insights/zh/preview/8a8216d69ef76943019f7d74628101e4",
      "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
      "https://corp.taiwanmobile.com/press-release/news/press_20260909_954253.html",
      "https://corporate.fetnet.net/content/corp/en/InvestorRelations/Financials/MonFinancialReport.html",
      "https://www.chief.com.tw/introduction/",
      "https://online.senao.com.tw/About",
      "https://ic.tpex.org.tw/introduce.php?ic=I000&stk_code=2450",
      "https://www.broadcom.com/company/news/product-releases/64031",
      "https://www.ericsson.com/en/press-releases/2026/6/ericsson-mobility-report-5g-subscriptions-top-three-billion-as-uplink-gains-momentum",
      "https://www.cht.com.tw/zh-tw/home/cht/messages/2026/0923-1510",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=dc2dfe00-78e9-49c8-aabf-37047645e0ed",
      "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=68da3169-0c1f-4eb7-b44c-dc191dbd5737",
      "https://news.cnyes.com/news/id/6623673",
      "https://www.sercomm.com/en/news/3/470",
      "https://www.cht.com.tw/zh-tw/home/cht/investors/shareholder-services/ir-calendar",
      "https://corp.taiwanmobile.com/investor-relations/investor-events-2.html",
      "https://www.ces.tech/",
      "https://www.mwcbarcelona.com/",
      "https://www.ofcconference.org/en-us/home/",
      "https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2026/m03/cisco-secure-ai-factory-with-nvidia-GTC-2026.html",
      "https://www.arista.com/company/news/press-release/24102-pr-20260609",
      "https://www.cmcsa.com/node/45906",
      "https://corporate.comcast.com/press/releases/comcast-multi-gig-symmetrical-speeds-world-first-docsis-4-deployment",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
    ],
    "data_basis": {
      "input_file": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "data_month": "2026-09",
      "report_date": "2026-10-17",
      "company_count": 92,
      "revenue_unit": "新台幣千元",
      "total_revenue": 159468549,
      "aggregate_yoy_percent": 30.7262,
      "top15_revenue_share_percent": 89.1111,
      "top30_revenue_share_percent": 95.1902,
      "source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
      ],
      "source_date": "2026-10-17",
      "source_date_type": "input_snapshot_report_date",
      "method": "按industry精確篩選；以revenue降冪排序。年增率用本期營收合計除以lastYearMonthRevenue合計減一，不平均個別yoyPercent。數字採使用者指定輸入檔；網址為該檔載明的官方來源，未把API今日回傳視為該檔歷史快照的逐筆覆核。",
      "scope_note": "次產業只編列本月營收前30大，每家公司恰分一類，涵蓋本清單營收95.19%；不代表其餘62家沒有業務。分類為研究整理，公司可跨多項產品；合併營收未扣除母子公司或供應鏈交易的重複計入。"
    },
    "overview_sources": [
      {
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "input_snapshot_report_date",
        "retrieved_at": "2026-10-18",
        "supports": "輸入檔上市公司營收來源；92家及加總等數字由本地檔計算。"
      },
      {
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "input_snapshot_report_date",
        "retrieved_at": "2026-10-18",
        "supports": "輸入檔上櫃公司營收來源；加總不是官方另公布的產業產值。"
      },
      {
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=I000&stk_code=2450",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18",
        "supports": "產業鏈的零組件、設備與服務結構；本頁另整理為上中下游。"
      },
      {
        "source_url": "https://www.broadcom.com/company/news/product-releases/64031",
        "source_date": "2026-03-12",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "supports": "AI高速交換平台換代。"
      },
      {
        "source_url": "https://www.sercomm.com/en/tool-download/page/file3/23/Shareholder%E2%80%99s%20Meeting_Annual%20Report?note=Annual+Report",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "retrieved_at": "2026-10-18",
        "supports": "寬頻新品與設備換代需求。"
      },
      {
        "source_url": "https://www.cht.com.tw/en/home/cht/messages/2026/0805-1330",
        "source_date": "2026-08-05",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "supports": "寬頻升速與企業資通訊需求。"
      }
    ],
    "source_date_convention": "published為原文發布日；updated為原文明載更新日；accessed為2026-10-18讀取日，表示頁面未確認原始發布日，不可解讀為當日新消息；input_snapshot_report_date為使用者指定資料檔的reportDate。recent日期採消息發布／報導日，並在文字區分已發生、公司說明與展示規劃。"
  },
  {
    "industry": "光電業",
    "as_of": "2026-10-18",
    "one_liner": "把光做成螢幕、鏡頭與影像零件",
    "one_liner_en": "Taiwan turns light into displays, imaging and sensing.",
    "overview": "友達9月營收約234億元，比去年同月減少4.3%，仍是本頁規模最大的公司。光電業像替電子產品裝上眼睛與畫布，鏡頭收進影像，面板、背光和觸控零件把畫面送到使用者眼前。本頁116家公司合計約1,160億元，年增9.1%；群創約200億元、年增0.7%，TPK-KY約66億元、年增27.8%，顯示與觸控公司的表現有別。做精密結構件等業務的乙盛-KY約15億元、年增46.9%，是月營收達10億元公司中增幅最高者。下一次先看友達的年減幅能否縮小，再比群創是否超過本月0.7%的增幅。",
    "segments": [
      {
        "name": "顯示面板與電子紙",
        "description": "把光學材料做成顯示畫面。友達、群創、彩晶與凌巨經營液晶顯示；元太以電子紙為主。不同顯示技術的需求與成本結構各自追蹤。",
        "codes": [
          "2409",
          "3481",
          "8069",
          "6116",
          "8105"
        ],
        "classification_basis": "依官方產品與業務資料所作的研究分類；每家公司在次產業中只歸一類。",
        "evidence": [
          {
            "code": "2409",
            "role": "顯示面板、車用與垂直場域方案",
            "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/news_IR_20260730",
            "source_date": "2026-07-30",
            "accessed_date": "2026-10-18"
          },
          {
            "code": "3481",
            "role": "顯示面板與轉型業務",
            "source_url": "https://money.udn.com/money/story/5710/9809629",
            "source_date": "2026-10-12",
            "accessed_date": "2026-10-18"
          },
          {
            "code": "8069",
            "role": "電子紙材料、顯示技術與平台",
            "source_url": "https://www.eink.com/news/detail/EInk-Launches-Latest-Version-of-Color-ePaper-Platform-E-Ink-Kaleido-4",
            "source_date": "2026-10-15",
            "accessed_date": "2026-10-18"
          },
          {
            "code": "6116",
            "role": "TFT-LCD與觸控面板",
            "source_url": "https://www.hannstar.com/about/index/",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "8105",
            "role": "顯示器及模組",
            "source_url": "https://www.giantplus.com",
            "source_date": null,
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "name": "觸控、背光與電子組裝",
        "description": "提供觸控貼合、背光、顯示系統、控制板與精密結構件。乙盛及能率另有汽車等非光電業務；此分類依相關分工整理，不代表全部營收均來自顯示。",
        "codes": [
          "3673",
          "6456",
          "6278",
          "6176",
          "2489",
          "3718",
          "5243",
          "6120",
          "5392"
        ],
        "classification_basis": "依官方產品與業務資料所作的研究分類；每家公司在次產業中只歸一類。",
        "evidence": [
          {
            "code": "3673",
            "role": "觸控顯示與製造方案",
            "source_url": "https://www.tpk.com/cn/index",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "6456",
            "role": "觸控與顯示模組整合",
            "source_url": "https://esg.gis-touch.com/GIS_ESG_PLATFORM/Files/somefiles/202506/496d3e5d-fe4c-4b80-9c8f-6913e2630fe6.pdf",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "6278",
            "role": "面板控制板與其他電子產品SMT組裝",
            "source_url": "https://www.tsmt.com/products",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "6176",
            "role": "LCD背光模組與導光板",
            "source_url": "https://www.radiant.com.tw/xhtml/zh/about01.jsf",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "2489",
            "role": "顯示與影音系統",
            "source_url": "https://www.amtran.com.tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "3718",
            "role": "透過子公司經營背光與投影等事業",
            "source_url": "https://www.coreintelligence.com.tw/about/intro",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "5243",
            "role": "TV、光學與汽車等產品的精密結構件及模具",
            "source_url": "https://www.eson.tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "6120",
            "role": "背光模組、精密部品與顯示系統整合",
            "source_url": "https://www.darwinprecisions.com/zh-tw/about.php",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "5392",
            "role": "相機與電子零組件等多元事業投資",
            "source_url": "https://www.avy.com.tw/application.html",
            "source_date": null,
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "name": "光學鏡頭與影像",
        "description": "涵蓋鏡片與鏡頭製造、相機代工、影像晶片和感測模組。手機、車載及工業等應用各有不同規格與認證要求。",
        "codes": [
          "3008",
          "3406",
          "3019",
          "2374",
          "3059",
          "6209"
        ],
        "classification_basis": "依官方產品與業務資料所作的研究分類；每家公司在次產業中只歸一類。",
        "evidence": [
          {
            "code": "3008",
            "role": "手機鏡頭與光纖陣列研發",
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=21fc82b1-55a7-400f-a589-d4964f7119ae",
            "source_date": "2026-10-08",
            "accessed_date": "2026-10-18"
          },
          {
            "code": "3406",
            "role": "手機、車載及其他光學鏡頭",
            "source_url": "https://www.gseo.com/tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "3019",
            "role": "光學鏡片、鏡頭與光學產品",
            "source_url": "https://www.asia-optical.com",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "2374",
            "role": "相機與影像產品代工",
            "source_url": "https://tw.abilitytw.com/overview",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "3059",
            "role": "影像晶片、AI攝影機與感測模組",
            "source_url": "https://www.altek.com.tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "6209",
            "role": "光學元件與鏡頭",
            "source_url": "https://www.kinko-optical.com/en/company",
            "source_date": null,
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "name": "LED光源與封裝零組件",
        "description": "富采提供晶粒到模組的整合能力；億光經營LED及光電元件；一詮提供導線架等零組件，並跨入散熱應用。",
        "codes": [
          "3714",
          "2393",
          "2486"
        ],
        "classification_basis": "依官方產品與業務資料所作的研究分類；每家公司在次產業中只歸一類。",
        "evidence": [
          {
            "code": "3714",
            "role": "LED晶粒、封裝與模組",
            "source_url": "https://www.ennostar.com/about",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "2393",
            "role": "LED封裝與光電元件",
            "source_url": "https://www.everlight.com",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "2486",
            "role": "LED導線架及背光、散熱零組件",
            "source_url": "https://www.i-chiun.com.tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "name": "光學膜與顯示材料",
        "description": "提供偏光片、光學膜片與導光板等材料。明基材、誠美材與華宏的產品組合各異，不能把整家公司營收都視為面板材料收入。",
        "codes": [
          "8215",
          "4960",
          "8240"
        ],
        "classification_basis": "依官方產品與業務資料所作的研究分類；每家公司在次產業中只歸一類。",
        "evidence": [
          {
            "code": "8215",
            "role": "偏光片與光學材料，另有其他材料事業",
            "source_url": "https://www.benqmaterials.com/product/83/",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "4960",
            "role": "偏光板與光學機能材料",
            "source_url": "https://www.cmmt.com.tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "8240",
            "role": "光學膜片、導光板及其他材料",
            "source_url": "https://www.wahhong.com",
            "source_date": null,
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "name": "太陽光電與儲存媒體",
        "description": "為配合交易所光電業清單，將兩條不同產品鏈併列。國碩、碩禾以太陽能材料及相關事業切入；中環、錸德經營光碟與儲存媒體。",
        "codes": [
          "2406",
          "2323",
          "3691",
          "2349"
        ],
        "classification_basis": "依官方產品與業務資料所作的研究分類；每家公司在次產業中只歸一類。",
        "evidence": [
          {
            "code": "2406",
            "role": "太陽能材料與光電系統",
            "source_url": "https://www.gigastorage.com.tw/index.aspx",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "2323",
            "role": "光碟與資料儲存產品",
            "source_url": "https://www.cmcnet.com.tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "3691",
            "role": "太陽能電池導電漿與電子材料",
            "source_url": "https://www.gigasolar.com.tw/",
            "source_date": null,
            "accessed_date": "2026-10-18"
          },
          {
            "code": "2349",
            "role": "光碟及電子儲存媒體",
            "source_url": "https://www.ritek.com/business/lang/tw",
            "source_date": null,
            "accessed_date": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "先提供光學膜、偏光材料、LED晶粒與導線架、精密結構件與模具，以及太陽能電池導電漿。這些是顯示、光源或太陽能產品各自需要的材料與零件。",
        "codes": [
          "8215",
          "4960",
          "8240",
          "3714",
          "2486",
          "5243",
          "3691"
        ],
        "source_urls": [
          "https://www.benqmaterials.com/product/83/",
          "https://www.cmmt.com.tw",
          "https://www.wahhong.com",
          "https://www.ennostar.com/about",
          "https://www.i-chiun.com.tw",
          "https://www.eson.tw",
          "https://www.gigasolar.com.tw/"
        ],
        "accessed_date": "2026-10-18",
        "source_date_note": "各來源發布日與未標日期情形見source_details；公司分工依segments.evidence逐家列示。"
      },
      "midstream": {
        "description": "把材料與零件製成液晶面板、電子紙、光學鏡頭、LED封裝、觸控與背光模組，再透過控制板組裝串接電子系統。",
        "codes": [
          "2409",
          "3481",
          "8069",
          "6116",
          "8105",
          "3008",
          "3406",
          "3019",
          "6209",
          "2393",
          "3673",
          "6456",
          "6176",
          "6120",
          "6278"
        ],
        "source_urls": [
          "https://www.auo.com/zh-TW/News_Archive/detail/news_IR_20260730",
          "https://money.udn.com/money/story/5710/9809629",
          "https://www.eink.com/news/detail/EInk-Launches-Latest-Version-of-Color-ePaper-Platform-E-Ink-Kaleido-4",
          "https://www.hannstar.com/about/index/",
          "https://www.giantplus.com",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=21fc82b1-55a7-400f-a589-d4964f7119ae",
          "https://www.gseo.com/tw",
          "https://www.asia-optical.com",
          "https://www.kinko-optical.com/en/company",
          "https://www.everlight.com",
          "https://www.tpk.com/cn/index",
          "https://esg.gis-touch.com/GIS_ESG_PLATFORM/Files/somefiles/202506/496d3e5d-fe4c-4b80-9c8f-6913e2630fe6.pdf",
          "https://www.radiant.com.tw/xhtml/zh/about01.jsf",
          "https://www.darwinprecisions.com/zh-tw/about.php",
          "https://www.tsmt.com/products"
        ],
        "accessed_date": "2026-10-18",
        "source_date_note": "各來源發布日與未標日期情形見source_details；公司分工依segments.evidence逐家列示。"
      },
      "downstream": {
        "description": "把顯示或影像模組整合成電視、投影與相機等產品，連接消費、車用與工商客戶。另有太陽能系統及儲存媒體產品鏈；國碩、能率與投控公司會跨越多個環節。",
        "codes": [
          "2489",
          "3718",
          "2374",
          "3059",
          "5392",
          "2406",
          "2323",
          "2349"
        ],
        "source_urls": [
          "https://www.amtran.com.tw",
          "https://www.coreintelligence.com.tw/about/intro",
          "https://tw.abilitytw.com/overview",
          "https://www.altek.com.tw",
          "https://www.avy.com.tw/application.html",
          "https://www.gigastorage.com.tw/index.aspx",
          "https://www.cmcnet.com.tw",
          "https://www.ritek.com/business/lang/tw"
        ],
        "accessed_date": "2026-10-18",
        "source_date_note": "各來源發布日與未標日期情形見source_details；公司分工依segments.evidence逐家列示。"
      }
    },
    "drivers": [
      {
        "driver": "電視與IT產品的備貨週期",
        "explanation": "品牌備貨會牽動面板、背光與組裝需求。群創指出，上半年提前備貨後，下半年面板需求轉平；追蹤實際拉貨比單看傳統旺季更有用。",
        "source_url": "https://money.udn.com/money/story/5710/9809629",
        "source_date": "2026-10-12",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "車用與工商顯示應用",
        "explanation": "智慧座艙與工商顯示提供不同於消費電子的需求。友達第二季智慧移動營收季增3%、垂直場域季增11%，顯示不同應用的景氣並不同步。",
        "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/news_IR_20260730",
        "source_date": "2026-07-30",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "手機相機規格與品牌拉貨",
        "explanation": "鏡頭需求同時受手機出貨及規格升級影響。大立光法說表示2027年主鏡頭仍有升級，但2026年11月拉貨可能轉弱，規格提升不等於短期出貨同步增加。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=21fc82b1-55a7-400f-a589-d4964f7119ae",
        "source_date": "2026-10-08",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "彩色電子紙與零售數位化",
        "explanation": "元太推出Kaleido 4，首款終端為漢王M10C II；官方亦展示零售電子標籤與彩色看板的合作應用。閱讀、辦公與店內資訊更新是不同需求來源。",
        "source_url": "https://www.eink.com/news/detail/EInk-Launches-Latest-Version-of-Color-ePaper-Platform-E-Ink-Kaleido-4",
        "source_date": "2026-10-15",
        "accessed_date": "2026-10-18",
        "additional_sources": [
          {
            "source_url": "https://blog.eink.com/nrf-2026-recap-how-e-ink-and-our-partners-reimagined-retail-displays?hs_amp=true",
            "source_date": "2026-02-02",
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "driver": "AI資料中心的短距光互連",
        "explanation": "友達與富采、鼎元及材料夥伴展示Micro LED光通訊方案，瞄準資料中心10公尺短距互連。這是新應用開發方向；展示成果仍需經客戶驗證與量產轉換。",
        "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/News_Archive_Product_20260831",
        "source_date": "2026-08-31",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "太陽光電汰舊換新制度",
        "explanation": "經濟部在2026年度躉購制度新增太陽光電汰舊換新機制，提供設備更新誘因。對本清單的材料與系統業者，仍須看實際案場需求及訂單，不能直接推算營收。",
        "source_url": "https://www.moea.gov.tw/mns/Populace/news/News.aspx?kind=1&menu_id=40&news_id=121540",
        "source_date": "2026-01-02",
        "accessed_date": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "2409",
        "name": "友達",
        "role": "顯示面板與車用、場域方案",
        "why": "第二季營收708.9億元，智慧移動與垂直場域營收分別季增3%及11%，可觀察面板廠轉型。",
        "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/news_IR_20260730",
        "source_date": "2026-07-30",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "3481",
        "name": "群創",
        "role": "顯示面板與多元應用",
        "why": "第三季營收575.81億元、季減9.44%，是觀察品牌提前備貨後面板需求的代表。",
        "source_url": "https://money.udn.com/money/story/5710/9809629",
        "source_date": "2026-10-12",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "3673",
        "name": "TPK-KY",
        "role": "觸控與製造整合",
        "why": "官方方案涵蓋1至110吋觸控應用，連接不同尺寸裝置的人機介面需求。",
        "source_url": "https://www.tpk.com/cn/index",
        "source_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "code": "6456",
        "name": "GIS-KY",
        "role": "觸控顯示模組整合",
        "why": "以MegaSite模式整合保護玻璃、觸控感應器與液晶顯示模組，具備跨製程的整合角色。",
        "source_url": "https://esg.gis-touch.com/GIS_ESG_PLATFORM/Files/somefiles/202506/496d3e5d-fe4c-4b80-9c8f-6913e2630fe6.pdf",
        "source_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "code": "3008",
        "name": "大立光",
        "role": "精密鏡頭與新光學元件",
        "why": "10月法說確認FA通過客戶驗證，FAU仍在產能建置階段，反映精密光學跨入光通訊的進度。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=21fc82b1-55a7-400f-a589-d4964f7119ae",
        "source_date": "2026-10-08",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "6176",
        "name": "瑞儀",
        "role": "LCD背光與導光板",
        "why": "主要業務涵蓋背光模組設計、製造、組裝與銷售，直接連接面板與終端顯示需求。",
        "source_url": "https://www.radiant.com.tw/xhtml/zh/about01.jsf",
        "source_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "code": "8069",
        "name": "元太",
        "role": "電子紙技術與材料平台",
        "why": "2026年10月發表Kaleido 4，並由漢王M10C II率先導入，可觀察彩色電子紙產品落地。",
        "source_url": "https://www.eink.com/news/detail/EInk-Launches-Latest-Version-of-Color-ePaper-Platform-E-Ink-Kaleido-4",
        "source_date": "2026-10-15",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "3714",
        "name": "富采",
        "role": "LED晶粒到模組的整合",
        "why": "公布藍光Micro LED在2 kA/cm²條件下達2.1 GHz調變頻寬，是光源技術延伸至通訊應用的案例。",
        "source_url": "https://www.ennostar.com/news/news/6a72d45d24fe3",
        "source_date": "2026-08-05",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "8215",
        "name": "明基材",
        "role": "偏光片與光學材料",
        "why": "官方產品涵蓋偏光片與光學膜，位於顯示材料端，可與面板、背光模組一起觀察產品組合變化。",
        "source_url": "https://www.benqmaterials.com/product/83/",
        "source_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "code": "3691",
        "name": "碩禾",
        "role": "太陽能電池導電漿",
        "why": "產品涵蓋P型PERC及N型TOPCon用銀漿，代表清單中太陽能電池材料的分工。",
        "source_url": "https://www.gigasolar.com.tw/",
        "source_date": null,
        "accessed_date": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-10-15",
        "event": "元太發表彩色電子紙Kaleido 4，由漢王M10C II率先導入，應用延伸至閱讀、學習與行動辦公。",
        "codes": [
          "8069"
        ],
        "source_url": "https://www.eink.com/news/detail/EInk-Launches-Latest-Version-of-Color-ePaper-Platform-E-Ink-Kaleido-4",
        "source_date": "2026-10-15",
        "accessed_date": "2026-10-18"
      },
      {
        "date": "2026-10-12",
        "event": "群創公布第三季營收575.81億元、季減9.44%；公司指出提前備貨後，下半年面板需求趨於平緩。",
        "codes": [
          "3481"
        ],
        "source_url": "https://money.udn.com/money/story/5710/9809629",
        "source_date": "2026-10-12",
        "accessed_date": "2026-10-18"
      },
      {
        "date": "2026-10-08",
        "event": "大立光法說表示FA已通過客戶驗證，FAU已建展示產線，量產目標為2027年中，尚不能視為量產營收。",
        "codes": [
          "3008"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=21fc82b1-55a7-400f-a589-d4964f7119ae",
        "source_date": "2026-10-08",
        "accessed_date": "2026-10-18"
      },
      {
        "date": "2026-09-10",
        "event": "元太宣布策略投資美國NewCopper，評估導電銅墨在未來顯示材料與電極的應用；公告未披露投資金額。",
        "codes": [
          "8069"
        ],
        "source_url": "https://www.eink.com/news/detail/e-ink-announces-strategic-investment-in-NewCopper-to-advance-conductive-copper-ink-technology",
        "source_date": "2026-09-10",
        "accessed_date": "2026-10-18"
      },
      {
        "date": "2026-09-03",
        "event": "中光電投控完成公司設立登記。現行清單以3718列示；其年增率缺值，跨架構比較須另外核對。",
        "codes": [
          "3718"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=42972d0c-1cfe-4300-b75d-9f1f2ad83060&c=MB06",
        "source_date": "2026-09-03",
        "accessed_date": "2026-10-18",
        "additional_sources": [
          {
            "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
            "source_date": "2026-10-17",
            "accessed_date": "2026-10-18"
          }
        ]
      },
      {
        "date": "2026-08-31",
        "event": "友達宣布於9月2至4日SEMICON Taiwan展示Micro LED CPO及玻璃核心基板方案，合作夥伴包括富采、鼎元、達興材料與康寧。",
        "codes": [
          "2409",
          "3714",
          "2426",
          "5234"
        ],
        "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/News_Archive_Product_20260831",
        "source_date": "2026-08-31",
        "accessed_date": "2026-10-18",
        "date_note": "日期為公司公告日；展期另列於事件內。"
      },
      {
        "date": "2026-08-05",
        "event": "富采宣布藍光Micro LED在2 kA/cm²條件下達2.1 GHz調變頻寬；此為公司公布的技術測試成果，並非量產訂單公告。",
        "codes": [
          "3714"
        ],
        "source_url": "https://www.ennostar.com/news/news/6a72d45d24fe3",
        "source_date": "2026-08-05",
        "accessed_date": "2026-10-18"
      },
      {
        "date": "2026-07-30",
        "event": "友達公布第二季營收708.9億元、季增2.7%，營業利益2.2億元；車用與垂直場域營收成長，顯示科技略減。",
        "codes": [
          "2409"
        ],
        "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/news_IR_20260730",
        "source_date": "2026-07-30",
        "accessed_date": "2026-10-18"
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    ],
    "catalysts": [
      {
        "expected": "2026-10-29",
        "event": "友達預定下午 2 點舉行 2026 年第三季中文法說會暨網路直播，可追蹤顯示科技與車用業務的營運說明。",
        "codes": [
          "2409"
        ],
        "source_url": "https://www.auo.com/zh-TW/Investor_Conference_Call_Information/index/16",
        "source_date": null,
        "source_date_note": "官方活動頁未標發布日；2026-10-18 已開啟核對，頁面明列活動日 2026-10-29。",
        "accessed_date": "2026-10-18"
      },
      {
        "expected": "2027-01-06",
        "event": "CES 2027 預定 1 月 6 至 9 日在拉斯維加斯舉行，可觀察消費電子、顯示與車用新產品。",
        "codes": [],
        "source_url": "https://www.ces.tech/about-ces/about-ces/",
        "source_date": null,
        "source_date_note": "CTA 官方活動頁未標發布日；2026-10-18 已開啟核對，頁面明列展期。",
        "accessed_date": "2026-10-18",
        "participation_note": "未確認本文台股公司參展，codes 留空。"
      },
      {
        "expected": "2027-01-30",
        "event": "Photonics West 2027 預定 1 月 30 日至 2 月 4 日在舊金山舉行；主展為 2 月 2 至 4 日，涵蓋光學、雷射與 AR／VR／MR 技術。",
        "codes": [],
        "source_url": "https://apoma.org/events/photonics-west-2025/",
        "source_date": null,
        "source_date_note": "APOMA公會頁未標發布日；網址尾碼雖為2025，頁面標題與正文展期均明列2027；2026-10-18已核對。",
        "accessed_date": "2026-10-18",
        "participation_note": "未確認本文台股公司參展，codes 留空。"
      },
      {
        "expected": "2027-03-24",
        "event": "FPD China 2027 預定 3 月 24 至 26 日在上海舉行，列為顯示產業展會觀察時點。",
        "codes": [],
        "source_url": "https://china.semi.org.cn/index",
        "source_date": null,
        "source_date_note": "SEMI 官方活動頁未標發布日；2026-10-18 已開啟核對，頁面明列展期。FPD China 官網同樣列此日期，但本次直接抓取逾時，因此採用可開啟的 SEMI 公會頁。",
        "accessed_date": "2026-10-18",
        "participation_note": "未確認本文台股公司參展，codes 留空。"
      }
    ],
    "global_peers": [
      {
        "name": "LG Display",
        "ticker": "KRX:034220",
        "relation": "OLED 與 LCD 面板製造商；可和友達、群創比較電視、IT 與車用面板的產品轉型。",
        "source_url": "https://www.lgcorp.com/media/release/30372",
        "source_date": "2026-07-22",
        "related_codes": [
          "2409",
          "3481"
        ],
        "accessed_date": "2026-10-18",
        "relation_basis": "依公開產品與業務所作的研究對照，不代表已確認的供應或採購關係。",
        "additional_sources": [
          {
            "url": "https://www.lgdisplay.com/eng/attachment/download?originFileName=LPL-20F-2025_260428_v0.1.pdf&s3FileName=2026-04-29%2FCRr1Lxy4LHoIairnuecOGXYcEiqiAURU.pdf",
            "date": "2026-04-29",
            "note": "2025 年 Form 20-F；本次以 Python urllib 成功下載 HTTP 200、2376633 bytes；pypdf 讀取 PDF 第 28 頁確認 Korea Exchange identifying code 034220。網頁工具對此 PDF 抓取逾時，但可由一般 HTTP 開啟。"
          }
        ]
      },
      {
        "name": "TCL 科技（旗下 TCL 華星）",
        "ticker": "SZSE:000100",
        "relation": "旗下 TCL 華星經營電視、商用、筆電、平板與車用面板，是友達、群創在 LCD 與新型顯示技術的對照。",
        "source_url": "https://disc.static.szse.cn/download/disc/disk03/finalpage/2026-04-09/be732bad-87f5-4d26-a672-c5399957e140.PDF",
        "source_date": "2026-03-26",
        "related_codes": [
          "2409",
          "3481"
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        "accessed_date": "2026-10-18",
        "relation_basis": "依公開產品與業務所作的研究對照，不代表已確認的供應或採購關係。",
        "source_date_note": "PDF 董事長聲明落款為 2026-03-26；深圳交易所英文檔路徑日期為 2026-04-09。採文件明示日期。"
      },
      {
        "name": "舜宇光學科技",
        "ticker": "HKEX:2382",
        "relation": "手機鏡頭、車用光學與 XR 產品供應商；可和大立光、玉晶光、亞光比較產品規格與應用組合。",
        "source_url": "https://www.sunnyoptical.com/webfile/temps/20260981223026962.pdf",
        "source_date": "2026-08-26",
        "related_codes": [
          "3008",
          "3406",
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        "accessed_date": "2026-10-18",
        "relation_basis": "依公開產品與業務所作的研究對照，不代表已確認的供應或採購關係。",
        "source_date_note": "2026 中報審閱報告的明示日期為 2026-08-26；此處採文件日期，不主張它是中報上網發布日。另附可直接開啟的官方 2026 年中期業績頁，其發布日同為 2026-08-26。",
        "additional_sources": [
          {
            "url": "https://www.sunnyoptical.com/14986.html",
            "date": "2026-08-26",
            "note": "可直接開啟的官方 2026 Interim Results Presentation 頁；頁首 Stock Code 2382.HK，發布日 Aug 26, 2026。"
          }
        ]
      },
      {
        "name": "Seoul Semiconductor（首爾半導體）",
        "ticker": "KOSDAQ:046890",
        "relation": "LED、RGB 背光與車用光源供應商；可和富采、億光比較顯示背光、照明與車用應用。",
        "source_url": "https://kind.krx.co.kr/external/dst/irReference/18071/SSC_4Q%202025%20IR%20Earnings%20Result_Eng.pdf",
        "source_date": "2026-02-12",
        "related_codes": [
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          "2393"
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        "accessed_date": "2026-10-18",
        "relation_basis": "依公開產品與業務所作的研究對照，不代表已確認的供應或採購關係。",
        "source_date_note": "來源為公司2026-02-12法說簡報，日期是文件日期；產品對照為研究整理。",
        "additional_sources": [
          {
            "url": "https://www.seoulsemicon.com/en/media/event/257",
            "date": "2026-07-22",
            "note": "官方 K-DISPLAY 2026 活動頁標示 2026-07-22 至 24；此處日期為活動起日，非另有標示的新聞發布日。"
          }
        ]
      },
      {
        "name": "Universal Display",
        "ticker": "NASDAQ:OLED",
        "relation": "OLED 發光材料與技術授權商，是觀察 OLED 滲透及 LCD 背光鏈技術替代的上游對照。",
        "source_url": "https://ir.oled.com/newsroom/press-releases/press-release-details/2026/Universal-Display-Corporation-Announces-Second-Quarter-2026-Financial-Results/default.aspx",
        "source_date": "2026-07-30",
        "related_codes": [],
        "accessed_date": "2026-10-18",
        "relation_basis": "依公開產品與業務所作的研究對照，不代表已確認的供應或採購關係。"
      }
    ],
    "watch_metrics": [
      {
        "metric": "面板平均售價與出貨量／面積",
        "why": "把價格和數量分開，才知道營收變動來自需求、尺寸組合或價格。群創已說明備貨後需求轉平；追蹤各尺寸報價及公司出貨揭露，可檢查後續變化。",
        "source_url": "https://money.udn.com/money/story/5710/9809629",
        "source_date": "2026-10-12",
        "accessed_date": "2026-10-18",
        "interpretation_note": "指標用途為研究判讀；此來源未提供即時報價數值，本文不補估。"
      },
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        "metric": "稼動率、存貨天數與毛利率",
        "why": "對照生產與庫存，判斷拉貨是否能消化產出；毛利率可檢查產品組合及成本變化。友達第二季揭露存貨58天、毛利率13%，可作後續同口徑比較基準。",
        "source_url": "https://www.auo.com/zh-TW/News_Archive/detail/news_IR_20260730",
        "source_date": "2026-07-30",
        "accessed_date": "2026-10-18",
        "interpretation_note": "稼動率僅在公司有揭露時追蹤，不把庫存天數直接換算成稼動率。"
      },
      {
        "metric": "鏡頭規格組合、拉貨與新產品良率",
        "why": "高規格產品需要同時看出貨和良率。大立光指出手機拉貨可能轉弱，而FAU尚需建置產能及提升良率；規格升級與獲利轉換之間有時間差。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=21fc82b1-55a7-400f-a589-d4964f7119ae",
        "source_date": "2026-10-08",
        "accessed_date": "2026-10-18",
        "interpretation_note": "指標用途為研究整理，未估計公司未揭露的良率。"
      },
      {
        "metric": "電子紙應用出貨與產品導入",
        "why": "分開追蹤閱讀器、手寫筆記、電子標籤和看板的客戶導入及營收，才不會把單一新品當成整體市場放量。Kaleido 4首款終端已公布，可追後續品牌與產品。",
        "source_url": "https://www.eink.com/news/detail/EInk-Launches-Latest-Version-of-Color-ePaper-Platform-E-Ink-Kaleido-4",
        "source_date": "2026-10-15",
        "accessed_date": "2026-10-18",
        "additional_sources": [
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            "source_url": "https://blog.eink.com/nrf-2026-recap-how-e-ink-and-our-partners-reimagined-retail-displays?hs_amp=true",
            "source_date": "2026-02-02",
            "accessed_date": "2026-10-18"
          }
        ],
        "interpretation_note": "終端導入是可見證據；各應用營收或出貨未揭露時保留缺值。"
      },
      {
        "metric": "太陽能實際裝置量、訂單與材料毛利率",
        "why": "汰舊換新制度提供誘因，但實際裝置及材料訂單才反映需求落地。搭配導電漿產品組合與毛利率，可區分材料售價變動及出貨成長。",
        "source_url": "https://www.moea.gov.tw/mns/Populace/news/News.aspx?kind=1&menu_id=40&news_id=121540",
        "source_date": "2026-01-02",
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            "source_date": null,
            "accessed_date": "2026-10-18"
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        "interpretation_note": "政策與公司產品是來源事實；追蹤方法為研究整理，未推估裝置量或訂單。"
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      "industry_filter": "industry == 光電業",
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          "result": "readable",
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      {
        "url": "https://www.giantplus.com",
        "title": "凌巨官方：顯示器產品",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "官網未標發布日；查閱日為2026-10-18，不視為發布日。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.kinko-optical.com/en/company",
        "title": "今國光官方：光學業務",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "官網未標發布日；查閱日為2026-10-18，不視為發布日。",
        "access_check": {
          "method": "web_open",
          "result": "readable",
          "checked_on": "2026-10-18",
          "note": "本機HTTP GET受403限制；網頁查閱工具已開啟正文。"
        }
      },
      {
        "url": "https://www.cmmt.com.tw",
        "title": "誠美材官方：偏光板與光學機能材料",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "官網未標發布日；查閱日為2026-10-18，不視為發布日。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.wahhong.com",
        "title": "華宏官方：光學膜片與板材",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "官網未標發布日；查閱日為2026-10-18，不視為發布日。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.auo.com/zh-TW/Investor_Conference_Call_Information/index/16",
        "title": "友達預定下午 2 點舉行 2026 年第三季中文法說會暨網路直播，可追蹤顯示科技與車用業務的營運說明。",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "官方活動頁未標發布日；2026-10-18 已開啟核對，頁面明列活動日 2026-10-29。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.ces.tech/about-ces/about-ces/",
        "title": "CES 2027 預定 1 月 6 至 9 日在拉斯維加斯舉行，可觀察消費電子、顯示與車用新產品。",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "CTA 官方活動頁未標發布日；2026-10-18 已開啟核對，頁面明列展期。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://apoma.org/events/photonics-west-2025/",
        "title": "Photonics West 2027 預定 1 月 30 日至 2 月 4 日在舊金山舉行；主展為 2 月 2 至 4 日，涵蓋光學、雷射與 AR／VR／MR 技術。",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "APOMA公會頁未標發布日；網址尾碼雖為2025，頁面標題與正文展期均明列2027；2026-10-18已核對。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://china.semi.org.cn/index",
        "title": "FPD China 2027 預定 3 月 24 至 26 日在上海舉行，列為顯示產業展會觀察時點。",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "SEMI 官方活動頁未標發布日；2026-10-18 已開啟核對，頁面明列展期。FPD China 官網同樣列此日期，但本次直接抓取逾時，因此採用可開啟的 SEMI 公會頁。",
        "access_check": {
          "method": "web_open",
          "result": "readable",
          "checked_on": "2026-10-18",
          "note": "本機HTTP GET受403限制；網頁查閱工具已開啟正文。"
        }
      },
      {
        "url": "https://www.lgcorp.com/media/release/30372",
        "title": "LG Display官方業務與代碼資料",
        "source_date": "2026-07-22",
        "accessed_date": "2026-10-18",
        "date_kind": "publication_date",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.lgdisplay.com/eng/attachment/download?originFileName=LPL-20F-2025_260428_v0.1.pdf&s3FileName=2026-04-29%2FCRr1Lxy4LHoIairnuecOGXYcEiqiAURU.pdf",
        "title": "LG Display補充官方來源",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "2025 年 Form 20-F；本次以 Python urllib 成功下載 HTTP 200、2376633 bytes；pypdf 讀取 PDF 第 28 頁確認 Korea Exchange identifying code 034220。網頁工具對此 PDF 抓取逾時，但可由一般 HTTP 開啟。 文件或活動日期：2026-04-29",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://disc.static.szse.cn/download/disc/disk03/finalpage/2026-04-09/be732bad-87f5-4d26-a672-c5399957e140.PDF",
        "title": "TCL 科技（旗下 TCL 華星）官方業務與代碼資料",
        "source_date": "2026-03-26",
        "accessed_date": "2026-10-18",
        "date_kind": "document_date",
        "date_note": "PDF 董事長聲明落款為 2026-03-26；深圳交易所英文檔路徑日期為 2026-04-09。採文件明示日期。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.sunnyoptical.com/webfile/temps/20260981223026962.pdf",
        "title": "舜宇光學科技官方業務與代碼資料",
        "source_date": "2026-08-26",
        "accessed_date": "2026-10-18",
        "date_kind": "document_date",
        "date_note": "2026 中報審閱報告的明示日期為 2026-08-26；此處採文件日期，不主張它是中報上網發布日。另附可直接開啟的官方 2026 年中期業績頁，其發布日同為 2026-08-26。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.sunnyoptical.com/14986.html",
        "title": "舜宇光學科技補充官方來源",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "可直接開啟的官方 2026 Interim Results Presentation 頁；頁首 Stock Code 2382.HK，發布日 Aug 26, 2026。 文件或活動日期：2026-08-26",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://kind.krx.co.kr/external/dst/irReference/18071/SSC_4Q%202025%20IR%20Earnings%20Result_Eng.pdf",
        "title": "Seoul Semiconductor（首爾半導體）官方業務與代碼資料",
        "source_date": "2026-02-12",
        "accessed_date": "2026-10-18",
        "date_kind": "document_date",
        "date_note": "來源為公司2026-02-12法說簡報，日期是文件日期；產品對照為研究整理。",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://www.seoulsemicon.com/en/media/event/257",
        "title": "Seoul Semiconductor（首爾半導體）補充官方來源",
        "source_date": null,
        "accessed_date": "2026-10-18",
        "date_kind": "not_stated",
        "date_note": "官方 K-DISPLAY 2026 活動頁標示 2026-07-22 至 24；此處日期為活動起日，非另有標示的新聞發布日。 文件或活動日期：2026-07-22",
        "access_check": {
          "method": "public_HTTP_GET",
          "http_status": 200,
          "checked_on": "2026-10-18"
        }
      },
      {
        "url": "https://ir.oled.com/newsroom/press-releases/press-release-details/2026/Universal-Display-Corporation-Announces-Second-Quarter-2026-Financial-Results/default.aspx",
        "title": "Universal Display官方業務與代碼資料",
        "source_date": "2026-07-30",
        "accessed_date": "2026-10-18",
        "date_kind": "publication_date",
        "access_check": {
          "method": "web_open",
          "result": "readable",
          "checked_on": "2026-10-18",
          "note": "本機HTTP GET受403限制；網頁查閱工具已開啟正文。"
        }
      }
    ]
  },
  {
    "industry": "塑膠工業",
    "as_of": "2026-10-18",
    "one_liner": "把樹脂變成包材、鞋材與日常用品",
    "one_liner_en": "Taiwan’s materials base, from plastic resins to electronic materials.",
    "overview": "南亞9月營收約344億元，年增55.3%，在本頁塑膠工業公司中規模最大。這個產業像材料的變形工坊，把樹脂一路做成薄膜、鞋材、容器與生活用品，部分公司也供應電子材料。本頁25家公司合計約1,039億元，年增32.6%；台化約334億元、年增44.8%，台塑約150億元、年增7.1%，相近產業位置的公司也有不同增幅。國喬約42億元、年增96.8%，在月營收達10億元公司中成長最快，與台塑的溫和增長形成對照。下一次月營收，先比南亞的55.3%與台塑的7.1%，看看兩者成長幅度是否更接近。",
    "segments": [
      {
        "name": "綜合石化與電子材料",
        "description": "業務跨原料、樹脂與加工；南亞另有電子材料。以集團多產品組合為主要觀察單位。",
        "codes": [
          "1303",
          "1326",
          "1301"
        ],
        "source_refs": [
          "company_1303",
          "company_1326",
          "company_1301"
        ],
        "classification_basis": "依產品與業務資料整理，每家公司僅歸一類。"
      },
      {
        "name": "聚烯烴、PVC與苯乙烯鏈",
        "description": "供應PE、EVA、PVC、ABS、PS等樹脂及苯乙烯單體。台苯保留原分工，但須連同已公告的停產轉型觀察。",
        "codes": [
          "1312",
          "1304",
          "1309",
          "1310",
          "1305",
          "1308"
        ],
        "source_refs": [
          "company_1312",
          "company_1304",
          "company_1309",
          "company_1310",
          "company_1305",
          "company_1308"
        ],
        "classification_basis": "依產品與業務資料整理，每家公司僅歸一類。"
      },
      {
        "name": "化纖原料與可塑劑",
        "description": "中石化提供尼龍及合成材料原料；聯成提供使軟質塑膠易加工的可塑劑及酸酐。",
        "codes": [
          "1313",
          "1314"
        ],
        "source_refs": [
          "company_1313",
          "company_1314"
        ],
        "classification_basis": "依產品與業務資料整理，每家公司僅歸一類。"
      },
      {
        "name": "膠布、合成皮與發泡鞋材",
        "description": "把樹脂製成膠布、合成皮、發泡或鞋底材料，連接鞋包、家具與建材等應用。",
        "codes": [
          "1307",
          "1321",
          "1341",
          "4303",
          "4305",
          "1337",
          "1340"
        ],
        "source_refs": [
          "company_1307",
          "company_1321",
          "company_1341",
          "company_4303",
          "company_4305",
          "company_1337",
          "company_1340"
        ],
        "classification_basis": "依產品與業務資料整理，每家公司僅歸一類。"
      },
      {
        "name": "膠帶、複合膜與容器",
        "description": "透過製膜、貼合、塗布或成形，供應膠帶、工業包材與日化容器。",
        "codes": [
          "4306",
          "1323",
          "1324",
          "4304"
        ],
        "source_refs": [
          "company_4306",
          "company_1323",
          "company_1324",
          "company_4304"
        ],
        "classification_basis": "依產品與業務資料整理，每家公司僅歸一類。"
      },
      {
        "name": "終端用品與不織布",
        "description": "直接面向旅行、雨具與衛材等用途，包括行李箱、機能服飾與不織布。",
        "codes": [
          "9950",
          "1315",
          "1325"
        ],
        "source_refs": [
          "company_9950",
          "company_1315",
          "company_1325"
        ],
        "classification_basis": "依產品與業務資料整理，每家公司僅歸一類。"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "上游從石油衍生物取得乙烯、丙烯與苯等基礎原料，再製成單體與化纖中間原料。此處代號列本清單內有相關業務的公司，含台化芳香族、台塑VCM與AN、中石化CPL與AN、國喬SM；台苯已公告停止SM生產計畫。",
        "codes": [
          "1326",
          "1301",
          "1314",
          "1312",
          "1310"
        ],
        "source_refs": [
          "company_1326",
          "company_1301",
          "company_1314",
          "company_1312",
          "company_1310",
          "chain_basics"
        ]
      },
      "midstream": {
        "description": "將單體聚合成PE、PP、PVC、ABS、PS、EVA等樹脂，並加入可塑劑等調整性能；南亞也延伸至銅箔基板、銅箔與玻纖材料。綜合廠可跨越多個環節。",
        "codes": [
          "1303",
          "1326",
          "1301",
          "1312",
          "1304",
          "1309",
          "1305",
          "1308",
          "1313"
        ],
        "source_refs": [
          "company_1303",
          "company_1326",
          "company_1301",
          "company_1312",
          "company_1304",
          "company_1309",
          "company_1305",
          "company_1308",
          "company_1313"
        ]
      },
      "downstream": {
        "description": "經製膜、塗布、貼合、發泡與成形，做成膠布、合成皮、膠帶、容器、管材及不織布，再用於鞋包、家具建材、日化醫療及旅行用品。以下為本清單內加工與成品廠；列名不代表彼此已有直接供銷合約。",
        "codes": [
          "1303",
          "1305",
          "1307",
          "1321",
          "1341",
          "4303",
          "4305",
          "1337",
          "1340",
          "4306",
          "1323",
          "1324",
          "4304",
          "9950",
          "1315",
          "1325"
        ],
        "source_refs": [
          "company_1303",
          "company_1305",
          "company_1307",
          "company_1321",
          "company_1341",
          "company_4303",
          "company_4305",
          "company_1337",
          "company_1340",
          "company_4306",
          "company_1323",
          "company_1324",
          "company_4304",
          "company_9950",
          "company_1315",
          "company_1325"
        ]
      }
    },
    "drivers": [
      {
        "driver": "AI伺服器與高速傳輸材料升級",
        "explanation": "南亞指出，AI與高效能運算需求帶動銅箔基板、銅箔及玻纖材料價量成長。高頻高速規格提升，讓電子材料成為本產業的重要需求來源。",
        "source_url": "https://www.npc.com.tw/j2npc/zhtw/company_highlights.jsp",
        "source_date": "2026-07-30",
        "source_date_type": "publication"
      },
      {
        "driver": "住宅、公共工程與裝修需求",
        "explanation": "華夏的PVC可做管材、膠布與膠皮。依產品用途判斷，新建、修繕及裝潢需求會傳導到PVC與建材加工訂單；這是需求機制，並非已確認的建築景氣成長。",
        "source_url": "https://www.cgpc.com.tw/zh-tw/dirAbout/frmAbout1.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "食品、物流與日化包裝",
        "explanation": "台塑樹脂用於包裝材料與瓶罐；永裕供應化妝品、清潔用品及藥品容器。依用途判斷，消費出貨與包材規格改變會影響樹脂、薄膜、膠帶與容器需求。",
        "source_url": "https://www.fpc.com.tw/fpcw/index.php?op=ppc",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          "company_1301",
          "company_1323",
          "company_4306"
        ]
      },
      {
        "driver": "運動鞋包與機能材料選用",
        "explanation": "三芳供應合成皮革、薄膜及複合材料，應用涵蓋鞋類與運動用品。品牌採購量與材料選用會影響加工材料需求；此為用途推論，未估算品牌訂單增幅。",
        "source_url": "https://www.sanfang.com/en/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "低碳材料的供應鏈採購",
        "explanation": "BASF與聯成簽署低碳足跡產品合作意向書，聚焦可塑劑價值鏈。這顯示下游客戶的碳足跡要求正影響原料選擇，但尚無採購量或訂單金額可供估算。",
        "source_url": "https://www.basf.com/my/en/media/news-releases/asia-pacific/2026/09/apac-26-99",
        "source_date": "2026-09-14",
        "source_date_type": "publication"
      }
    ],
    "leaders": [
      {
        "code": "1303",
        "name": "南亞",
        "role": "電子材料與綜合塑化",
        "why": "同時供應銅箔基板、銅箔與玻纖材料，可觀察AI需求如何傳到上游材料。",
        "source_url": "https://www.npc.com.tw/j2npc/zhtw/company_highlights.jsp",
        "source_date": "2026-07-30",
        "source_date_type": "publication"
      },
      {
        "code": "1326",
        "name": "台化",
        "role": "芳香族、樹脂與纖維整合",
        "why": "產品從苯、PX、PTA延伸到ABS、PS與PP，可觀察多條石化鏈的產品組合。",
        "source_url": "https://www.fcfc.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1301",
        "name": "台塑",
        "role": "泛用樹脂與化學品",
        "why": "產品涵蓋PVC、PE與PP，應用跨包裝、瓶罐與建材，是基礎樹脂的重要觀察廠。",
        "source_url": "https://www.fpc.com.tw/fpcw/index.php?op=ppc",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1313",
        "name": "聯成",
        "role": "可塑劑與酸酐",
        "why": "產品涵蓋泛用及特殊可塑劑、苯酐，連接軟質PVC加工與特用化學需求。",
        "source_url": "https://www.upc.com.tw/zh-TW/Product/products",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1312",
        "name": "國喬",
        "role": "苯乙烯與下游樹脂",
        "why": "同時生產苯乙烯與ABS、PS、SAN，可對照單體和樹脂兩端的營運。",
        "source_url": "https://www.gppc.com.tw/gppc/product.asp",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1304",
        "name": "台聚",
        "role": "聚乙烯與EVA樹脂",
        "why": "官網列出LDPE、EVA、HDPE、LLDPE四類，可比較包裝與不同加工用途的材料需求。",
        "source_url": "https://www.usife.com.tw/en-us/dirProduct/frmProduct1",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4306",
        "name": "炎洲",
        "role": "薄膜、膠帶與包材通路",
        "why": "業務串接薄膜、膠帶及包材通路，可觀察材料加工到銷售端的變化。",
        "source_url": "https://www.ycgroup.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1307",
        "name": "三芳",
        "role": "合成皮革與機能薄膜",
        "why": "官網列有台灣、中國、越南、印尼四地工廠，可觀察鞋材供應鏈的跨國生產布局。",
        "source_url": "https://www.sanfang.com/en/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1314",
        "name": "中石化",
        "role": "尼龍與合成材料原料",
        "why": "產品包含己內醯胺、丙烯腈及尼龍粒，連接化纖與工程塑膠需求。",
        "source_url": "https://www.cpdc.com.tw/tw/product_list",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1323",
        "name": "永裕",
        "role": "日化及化妝品容器",
        "why": "提供模具、成形、裝飾加工到內容物充填服務，代表具整合加工能力的包材廠。",
        "source_url": "https://www.yonyu.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-08-25",
        "event": "國喬宣布與日本愛沃特共同參與宏廣新技增資，雙方各持股35%，將半導體特殊氣體納入轉型布局。這是投資與合作布局，尚不代表新增獲利已實現。",
        "codes": [
          "1312"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9712984?from=edn_editorrelated_story",
        "source_date": "2026-08-25",
        "source_date_type": "publication"
      },
      {
        "date": "2026-08-28",
        "event": "聯成說明下半年將增加苯酐生產與銷售、降低低毛利增塑劑比重，並擴大DINP優勢；訂單改善仍須搭配原料成本與產品利差觀察。",
        "codes": [
          "1313"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=711693a4-ca9e-4546-af52-a253bef5c957",
        "source_date": "2026-08-28",
        "source_date_type": "publication"
      },
      {
        "date": "2026-09-01",
        "event": "聯成與BASF在珠海簽署低產品碳足跡（LowPCF）產品合作意向書，合作範圍聚焦增塑劑價值鏈。意向書是後續合作框架，未揭露採購數量或訂單金額。",
        "codes": [
          "1313"
        ],
        "source_url": "https://www.basf.com/my/en/media/news-releases/asia-pacific/2026/09/apac-26-99",
        "source_date": "2026-09-14",
        "source_date_type": "publication"
      },
      {
        "date": "2026-09-02",
        "event": "南亞說明麥寮已重啟一套乙二醇（EG）產線，新增產量以外銷為主；電子材料維持高稼動率，呈現不同產品線各自發展的走勢。",
        "codes": [
          "1303"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=b03231de-e165-4b36-bfba-bc5fcd83bfb7",
        "source_date": "2026-09-02",
        "source_date_type": "publication",
        "date_note": "日期是公司營運資訊的報導日；未將近期重啟改寫成9月2日當日復車。"
      },
      {
        "date": "2026-09-23",
        "event": "台苯說明將自10月1日起停止生產苯乙烯（SM），並以現有庫存銷售銜接營運；同時評估能源貿易、資產活化及半導體鍍膜材料轉型。",
        "codes": [
          "1310"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=0a8a1fb9-ee45-41c5-88e9-117cb3fcacfe&c=MB00",
        "source_date": "2026-09-23",
        "source_date_type": "publication",
        "date_note": "採9月23日的營運說明日，非以後續新聞證明已如期停產。"
      },
      {
        "date": "2026-09-24",
        "event": "炎洲說明半導體及電子級特殊化學品新廠改設彰濱自有土地，已進入需求設計與建廠規劃，預計2028年第四季營運。這項計畫屬中期轉型，尚非未來六個月投產催化。",
        "codes": [
          "4306"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=3926c2ee-c63b-49c2-b605-06b61085ae5a",
        "source_date": "2026-09-24",
        "source_date_type": "publication"
      },
      {
        "date": "2026-10-08",
        "event": "台塑公布麥寮AI資料中心與電子化學品布局進度；2026年已完成電子級異丙醇廢液回收、1-己烯及聚芳醚酮複合材料產線，並規劃2027年續增電子級材料。",
        "codes": [
          "1301"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=30f33b11-dea7-445d-9d7f-cdf2a38a5c05",
        "source_date": "2026-10-08",
        "source_date_type": "publication",
        "date_note": "2027全年投產計畫未提供月份，故未放入未來六個月催化清單。"
      },
      {
        "date": "2026-10-12",
        "event": "第三季自結營運顯示產品線分化：南亞營業利益183.09億元，台塑與台化營業損失分別42.10億元及8.79億元。泛用塑化利差壓力與電子材料成長同時存在。",
        "codes": [
          "1303",
          "1301",
          "1326"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=a06ede17-5a33-4b4d-808b-d8bea06de4a4",
        "source_date": "2026-10-12",
        "source_date_type": "publication"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "10月營收陸續公告，可觀察台苯公告停產後的庫存銷售及南亞電子材料動能。證交法原則要求每月10日以前申報上月營運情形；此為法定揭露窗口，實際申報日依公司公告及適用規定。",
        "codes": [
          "1310",
          "1301",
          "1303"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
        "source_date": "2024-08-07",
        "source_date_type": "publication",
        "schedule_type": "statutory_disclosure_window",
        "source_date_note": "法規頁顯示修正日期2024-08-07；2026-10-18讀取現行內容。"
      },
      {
        "expected": "2026-11",
        "event": "第三季財報揭露窗口，可核對產品毛利、庫存及業外收益。證交法原則規定第三季結束後45日內申報；實際公告日依各公司公告及適用規定。這是法定觀察期，未宣稱已排定個別法說。",
        "codes": [
          "1301",
          "1303",
          "1326",
          "1312",
          "1313",
          "1307",
          "4306"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
        "source_date": "2024-08-07",
        "source_date_type": "publication",
        "schedule_type": "statutory_disclosure_window",
        "source_date_note": "法規頁顯示修正日期2024-08-07；2026-10-18讀取現行內容。"
      },
      {
        "expected": "2026-12-01",
        "event": "IPF Japan於12月1日至5日在日本幕張展覽館舉行，涵蓋塑橡膠原料、添加劑、加工及回收設備，可觀察材料升級與循環應用。列為產業觀察窗口，未確認清單內台廠參展。",
        "codes": [],
        "source_url": "https://www.ipfjapan.jp/",
        "source_date": "2024-09-02",
        "source_date_type": "publication",
        "schedule_type": "official_exhibition",
        "source_date_note": "首頁News中2024-09-02公告2026年展期；2026-10-18同頁與開催概要頁再次確認。",
        "additional_source_url": "https://www.ipfjapan.jp/about/"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報集中揭露期，可核對全年獲利品質、庫存、現金流與轉型資本支出。證交法原則規定年結後三個月內申報，實際日期依公司適用規定與公告，部分公司可能較早揭露。",
        "codes": [
          "1301",
          "1303",
          "1326",
          "1312",
          "1313",
          "1307",
          "4306"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
        "source_date": "2024-08-07",
        "source_date_type": "publication",
        "schedule_type": "statutory_disclosure_window",
        "source_date_note": "法規頁顯示修正日期2024-08-07；2026-10-18讀取現行內容。"
      },
      {
        "expected": "2027-04-13",
        "event": "CHINAPLAS國際橡塑展於4月13日至16日在深圳舉行，可觀察高階材料、循環塑料、AI及半導體應用的新產品與供應鏈動向。列為產業觀察窗口，未確認清單內台廠參展。",
        "codes": [],
        "source_url": "https://www.chinaplasonline.com/CPS/press/show-press-release-details/eng/56104",
        "source_date": "2026-09-21",
        "source_date_type": "publication",
        "schedule_type": "official_exhibition"
      }
    ],
    "global_peers": [
      {
        "name": "Dow（陶氏）",
        "ticker": "NYSE:DOW",
        "relation": "聚乙烯與包裝材料可與台塑、台聚對照；用來比較產品價格、銷量及區域成本，屬產品同業對照。",
        "source_url": "https://investors.dow.com/en/news/news-details/2026/Dow-reports-second-quarter-2026-results/default.aspx",
        "source_date": "2026-07-23",
        "source_date_type": "publication",
        "source_refs": [
          "dow",
          "company_1301",
          "company_1304"
        ]
      },
      {
        "name": "LyondellBasell（利安德巴賽爾）",
        "ticker": "NYSE:LYB",
        "relation": "全球聚合物與聚烯烴業者，可與台塑、台聚的基礎樹脂業務對照；區域原料與資產組合不同。",
        "source_url": "https://www.sec.gov/Archives/edgar/data/1489393/000148939326000057/a2026q2ex991_pressrelease.htm",
        "source_date": "2026-07-31",
        "source_date_type": "publication",
        "source_refs": [
          "lyb",
          "company_1301",
          "company_1304"
        ]
      },
      {
        "name": "Shin-Etsu Chemical（信越化學）",
        "ticker": "TSE:4063",
        "relation": "旗下Shintech經營PVC，可與台塑、華夏的PVC業務對照；信越也有半導體材料，集團整體不宜直接等同純PVC廠。",
        "source_url": "https://www.shinetsu.co.jp/en/ir/ir-faq/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          "shinetsu",
          "company_1301",
          "company_1305"
        ]
      },
      {
        "name": "BASF（巴斯夫）",
        "ticker": "Frankfurt:BAS",
        "relation": "與聯成有已公告的低碳足跡產品合作意向書，兼具特用化學同業及價值鏈合作對照；意向書未揭露訂單金額。",
        "source_url": "https://www.basf.com/my/en/media/news-releases/asia-pacific/2026/09/apac-26-99",
        "source_date": "2026-09-14",
        "source_date_type": "publication",
        "source_refs": [
          "recent_3",
          "company_1313"
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "產品對原料的價差",
        "why": "分別追蹤PE、PVC、ABS及可塑劑對主要原料的價差。營收可能因售價上漲而增加，但若成本漲得更快，本業利益仍可能下滑。",
        "interpretation": "依第三季產品售價與成本變化整理。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=a06ede17-5a33-4b4d-808b-d8bea06de4a4",
        "source_date": "2026-10-12",
        "source_date_type": "publication"
      },
      {
        "metric": "各產品稼動率與產銷量",
        "why": "把樹脂、EG與電子材料分開看，追蹤停復車及出貨量，才能判斷營收變化來自價格、數量或產品組合。",
        "interpretation": "依南亞不同產品線的營運差異整理。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=b03231de-e165-4b36-bfba-bc5fcd83bfb7",
        "source_date": "2026-09-02",
        "source_date_type": "publication"
      },
      {
        "metric": "存貨週轉天數與營業現金流",
        "why": "用相同報表期間計算存貨天數，並搭配現金流，觀察備料是否變成積壓及營收成長是否帶來收現；不能只比較存貨金額。",
        "interpretation": "指標定義引自證交所，產業用途為研究判讀。",
        "source_url": "https://mopsfin.twse.com.tw/terms",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "metric": "高階電子材料的出貨與產品組合",
        "why": "追蹤銅箔基板、銅箔、玻纖及相關化學材料的出貨、價格與高階品占比。可辨識電子材料的變化，避免用一般塑膠報價推估全部業務。",
        "interpretation": "依南亞產品與需求結構整理；未公布的占比不自行估計。",
        "source_url": "https://www.npc.com.tw/j2npc/zhtw/company_highlights.jsp",
        "source_date": "2026-07-30",
        "source_date_type": "publication"
      },
      {
        "metric": "營業利益率與業外損益",
        "why": "把本業營業利益和轉投資、匯兌等業外收益分開。台塑、台化第三季出現營業損失但稅後獲利，顯示只看EPS會漏掉樹脂利差壓力。",
        "interpretation": "依2026年第三季自結資料整理，仍待正式季報核對。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=a06ede17-5a33-4b4d-808b-d8bea06de4a4",
        "source_date": "2026-10-12",
        "source_date_type": "publication"
      }
    ],
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.npc.com.tw/j2npc/zhtw/company_highlights.jsp",
      "https://www.fcfc.com.tw/",
      "https://www.fpc.com.tw/fpcw/index.php?op=ppc",
      "https://www.upc.com.tw/zh-TW/Product/products",
      "https://www.gppc.com.tw/gppc/product.asp",
      "https://www.usife.com.tw/en-us/dirProduct/frmProduct1",
      "https://www.ttc.com.tw/",
      "https://www.ycgroup.tw/",
      "https://www.sanfang.com/en/",
      "https://www.cpdc.com.tw/tw/product_list",
      "https://m.moneydj.com/f1a.aspx?a=0a8a1fb9-ee45-41c5-88e9-117cb3fcacfe&c=MB00",
      "https://www.cgpc.com.tw/zh-tw/dirAbout/frmAbout1.aspx",
      "https://www.apc.com.tw/zh-tw/dirProduct/frmProduct1.aspx",
      "https://www.opc.com.tw/",
      "https://www.twse.com.tw/pdf/ch/1341_ch.pdf",
      "https://www.eminent.com/en-uk/pages/history",
      "https://www.yonyu.com.tw/",
      "https://www.tahhsin.com.tw/product-overview/",
      "https://www.hsinli.com.tw/",
      "https://www.shihkuen.com/zh-TW/applications/Construction_Industrial-Applications.html",
      "https://www.twse.com.tw/pdf/ch/1324_ch.pdf",
      "https://www.twse.com.tw/pdf/ch/1337_ch.pdf",
      "https://www.sunvic.com.tw/",
      "https://www.uk.com.tw/",
      "https://www.twse.com.tw/pdf/ch/1340_ch.pdf",
      "https://money.udn.com/money/story/5612/9712984?from=edn_editorrelated_story",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=711693a4-ca9e-4546-af52-a253bef5c957",
      "https://www.basf.com/my/en/media/news-releases/asia-pacific/2026/09/apac-26-99",
      "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=b03231de-e165-4b36-bfba-bc5fcd83bfb7",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=3926c2ee-c63b-49c2-b605-06b61085ae5a",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=30f33b11-dea7-445d-9d7f-cdf2a38a5c05",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=a06ede17-5a33-4b4d-808b-d8bea06de4a4",
      "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
      "https://www.ipfjapan.jp/",
      "https://www.chinaplasonline.com/CPS/press/show-press-release-details/eng/56104",
      "https://www.ipfjapan.jp/about/",
      "https://mopsfin.twse.com.tw/terms",
      "https://www.ttc.com.tw/zh-tw/dirAbout/frmAbout5.aspx",
      "https://investors.dow.com/en/news/news-details/2026/Dow-reports-second-quarter-2026-results/default.aspx",
      "https://www.sec.gov/Archives/edgar/data/1489393/000148939326000057/a2026q2ex991_pressrelease.htm",
      "https://www.shinetsu.co.jp/en/ir/ir-faq/"
    ],
    "overview_source_refs": [
      "revenue_twse",
      "revenue_tpex",
      "company_1303",
      "company_1326",
      "company_1301",
      "recent_8"
    ],
    "data_scope": {
      "input_path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "revenue_unit": "新台幣千元",
      "company_count": 25,
      "total_revenue": 103867979,
      "top3_revenue_share_percent": 79.7563,
      "ranking_basis": "以latest.json中industry等於塑膠工業的當月營收降冪排序。",
      "coverage": "本產業只有25家公司，已全數分類，無第26至30名。",
      "aggregation_note": "公司合併營收加總，含海外及非塑膠業務，且未消除公司間交易；非台灣塑膠產業產值或去重市場規模。",
      "live_crosscheck": "2026-10-18以證交所及櫃買中心月營收API逐筆核對25家公司，當月營收及年增率一致。",
      "source_refs": [
        "revenue_twse",
        "revenue_tpex"
      ]
    },
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        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_snapshot"
      },
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        "month": "2026-09",
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        "yoyPercent": 44.779005503307886,
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        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
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      {
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        "name": "台塑",
        "market": "上市",
        "month": "2026-09",
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        "yoyPercent": 7.138175311609297,
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        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
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      {
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        "code": "1313",
        "name": "聯成",
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        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
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        "name": "台聚",
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      {
        "rank": 8,
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        "name": "炎洲",
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      {
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      {
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        "segment": "終端用品與不織布",
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
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        "source_url": "https://www.shihkuen.com/zh-TW/applications/Construction_Industrial-Applications.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
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        "name": "地球",
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        "source_url": "https://www.twse.com.tw/pdf/ch/1324_ch.pdf",
        "source_date": "2026-10-04",
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        "source_url": "https://www.twse.com.tw/pdf/ch/1337_ch.pdf",
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      },
      {
        "code": "4304",
        "name": "勝昱",
        "products": "電線電纜包材、軟性包裝與複合膠膜",
        "source_url": "https://www.sunvic.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1325",
        "name": "恆大",
        "products": "紡結、熔噴、複合不織布與醫用口罩",
        "source_url": "https://www.uk.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1340",
        "name": "勝悅-KY",
        "products": "高分子複合材料及鞋底材料",
        "source_url": "https://www.twse.com.tw/pdf/ch/1340_ch.pdf",
        "source_date": "2026-10-12",
        "source_date_type": "publication"
      }
    ],
    "methodology": {
      "source_dates": "source_date_type為publication代表發布或文件產製日；data_snapshot代表官方資料出表日；accessed代表原頁未標發布日，日期僅為查閱日，不推定為最新發布。source_details提供完整日期語義。",
      "classification": "六個次產業為依產品與業務的研究分類。每家公司只歸一類；價值鏈允許跨環節重複列名，並非供銷關係清單。",
      "drivers": "需求驅動中的用途傳導關係為依來源做的研究整理，未自行加入市場成長率、訂單金額或股價預測。",
      "peers": "國際代號存於ticker，與台股code欄位分開。除BASF與聯成的已公告合作，其餘僅表示產品重疊，未主張有直接交易。",
      "recent_window": {
        "start": "2026-07-20",
        "end": "2026-10-18",
        "rule": "as_of往回90個曆日，含起訖日；日期採事件日或明示的資訊發布日。"
      },
      "catalyst_window": {
        "start": "2026-10-19",
        "end": "2027-04-18"
      },
      "catalysts": "僅列法定資訊揭露窗口與主辦單位已公告展期；展會codes留空，未把觀察用途當成已確認台廠參展。未確認個別公司未來法說日期。"
    },
    "source_details": [
      {
        "id": "revenue_twse",
        "title": "證交所：上市公司每月營業收入彙總表",
        "url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_snapshot",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "revenue_tpex",
        "title": "櫃買中心：上櫃公司每月營業收入彙總表",
        "url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "data_snapshot",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "company_1303",
        "title": "南亞：產品與業務資料",
        "url": "https://www.npc.com.tw/j2npc/zhtw/company_highlights.jsp",
        "source_date": "2026-07-30",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "company_1326",
        "title": "台化：產品與業務資料",
        "url": "https://www.fcfc.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1301",
        "title": "台塑：產品與業務資料",
        "url": "https://www.fpc.com.tw/fpcw/index.php?op=ppc",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1313",
        "title": "聯成：產品與業務資料",
        "url": "https://www.upc.com.tw/zh-TW/Product/products",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1312",
        "title": "國喬：產品與業務資料",
        "url": "https://www.gppc.com.tw/gppc/product.asp",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1304",
        "title": "台聚：產品與業務資料",
        "url": "https://www.usife.com.tw/en-us/dirProduct/frmProduct1",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1309",
        "title": "台達化：產品與業務資料",
        "url": "https://www.ttc.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_4306",
        "title": "炎洲：產品與業務資料",
        "url": "https://www.ycgroup.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1307",
        "title": "三芳：產品與業務資料",
        "url": "https://www.sanfang.com/en/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1314",
        "title": "中石化：產品與業務資料",
        "url": "https://www.cpdc.com.tw/tw/product_list",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1310",
        "title": "台苯：產品與業務資料",
        "url": "https://m.moneydj.com/f1a.aspx?a=0a8a1fb9-ee45-41c5-88e9-117cb3fcacfe&c=MB00",
        "source_date": "2026-09-23",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "company_1305",
        "title": "華夏：產品與業務資料",
        "url": "https://www.cgpc.com.tw/zh-tw/dirAbout/frmAbout1.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1308",
        "title": "亞聚：產品與業務資料",
        "url": "https://www.apc.com.tw/zh-tw/dirProduct/frmProduct1.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1321",
        "title": "大洋：產品與業務資料",
        "url": "https://www.opc.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1341",
        "title": "富林-KY：產品與業務資料",
        "url": "https://www.twse.com.tw/pdf/ch/1341_ch.pdf",
        "source_date": "2026-10-04",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "company_9950",
        "title": "萬國通：產品與業務資料",
        "url": "https://www.eminent.com/en-uk/pages/history",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1323",
        "title": "永裕：產品與業務資料",
        "url": "https://www.yonyu.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1315",
        "title": "達新：產品與業務資料",
        "url": "https://www.tahhsin.com.tw/product-overview/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_4303",
        "title": "信立：產品與業務資料",
        "url": "https://www.hsinli.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_4305",
        "title": "世坤：產品與業務資料",
        "url": "https://www.shihkuen.com/zh-TW/applications/Construction_Industrial-Applications.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1324",
        "title": "地球：產品與業務資料",
        "url": "https://www.twse.com.tw/pdf/ch/1324_ch.pdf",
        "source_date": "2026-10-04",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "company_1337",
        "title": "再生-KY：產品與業務資料",
        "url": "https://www.twse.com.tw/pdf/ch/1337_ch.pdf",
        "source_date": "2026-10-15",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "company_4304",
        "title": "勝昱：產品與業務資料",
        "url": "https://www.sunvic.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1325",
        "title": "恆大：產品與業務資料",
        "url": "https://www.uk.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "原頁未標示產品資料發布日；source_date為查閱日。"
      },
      {
        "id": "company_1340",
        "title": "勝悅-KY：產品與業務資料",
        "url": "https://www.twse.com.tw/pdf/ch/1340_ch.pdf",
        "source_date": "2026-10-12",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_1",
        "title": "國喬攜手日本工業氣體廠愛沃特　入股宏廣合攻半導體特化",
        "url": "https://money.udn.com/money/story/5612/9712984?from=edn_editorrelated_story",
        "source_date": "2026-08-25",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_2",
        "title": "聯成看9月需求回升，原料成本仍牽動下半年利差",
        "url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=711693a4-ca9e-4546-af52-a253bef5c957",
        "source_date": "2026-08-28",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_3",
        "title": "BASF and UPC deepen strategic partnership to advance LowPCF solutions across the plasticizer value chain",
        "url": "https://www.basf.com/my/en/media/news-releases/asia-pacific/2026/09/apac-26-99",
        "source_date": "2026-09-14",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_4",
        "title": "南亞電子材料續強　EG利差回升/塑膠加工穩健",
        "url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=b03231de-e165-4b36-bfba-bc5fcd83bfb7",
        "source_date": "2026-09-02",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_5",
        "title": "台苯10月停產SM，庫存支撐營收到明年上半年",
        "url": "https://m.moneydj.com/f1a.aspx?a=0a8a1fb9-ee45-41c5-88e9-117cb3fcacfe&c=MB00",
        "source_date": "2026-09-23",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_6",
        "title": "炎洲加碼特化布局，彰濱新廠2028年Q4營運",
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=3926c2ee-c63b-49c2-b605-06b61085ae5a",
        "source_date": "2026-09-24",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_7",
        "title": "台塑麥寮擴AIDC與電子材料，2027起投產",
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=30f33b11-dea7-445d-9d7f-cdf2a38a5c05",
        "source_date": "2026-10-08",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "recent_8",
        "title": "南亞/台塑化超靚，台塑四寶Q3獲利季增近2成",
        "url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=a06ede17-5a33-4b4d-808b-d8bea06de4a4",
        "source_date": "2026-10-12",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "catalyst_1",
        "title": "證券交易法第36條",
        "url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
        "source_date": "2024-08-07",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18",
        "note": "法規頁顯示修正日期2024-08-07；2026-10-18讀取現行內容。"
      },
      {
        "id": "catalyst_2",
        "title": "證券交易法第36條",
        "url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
        "source_date": "2024-08-07",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18",
        "note": "法規頁顯示修正日期2024-08-07；2026-10-18讀取現行內容。"
      },
      {
        "id": "catalyst_3",
        "title": "IPF Japan 2026 官方網站",
        "url": "https://www.ipfjapan.jp/",
        "source_date": "2024-09-02",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18",
        "note": "首頁News中2024-09-02公告2026年展期；2026-10-18同頁與開催概要頁再次確認。"
      },
      {
        "id": "catalyst_4",
        "title": "證券交易法第36條",
        "url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
        "source_date": "2024-08-07",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18",
        "note": "法規頁顯示修正日期2024-08-07；2026-10-18讀取現行內容。"
      },
      {
        "id": "catalyst_5",
        "title": "CHINAPLAS 2027 Drives the Industry-Wide Upgrade",
        "url": "https://www.chinaplasonline.com/CPS/press/show-press-release-details/eng/56104",
        "source_date": "2026-09-21",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "ipf_about",
        "title": "IPF Japan 2026：開催概要",
        "url": "https://www.ipfjapan.jp/about/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "financial_terms",
        "title": "公開資訊觀測站：財務比較指標與公式",
        "url": "https://mopsfin.twse.com.tw/terms",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "chain_basics",
        "title": "台達化：產品用途及石化價值鏈說明",
        "url": "https://www.ttc.com.tw/zh-tw/dirAbout/frmAbout5.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "此頁含較早年度市場數據；僅使用原料與產品間的製程關係，不引用其中產能、市占率或需求預估。"
      },
      {
        "id": "dow",
        "title": "Dow：2026年第二季財報",
        "url": "https://investors.dow.com/en/news/news-details/2026/Dow-reports-second-quarter-2026-results/default.aspx",
        "source_date": "2026-07-23",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "lyb",
        "title": "LyondellBasell：2026年第二季財報（SEC申報附件）",
        "url": "https://www.sec.gov/Archives/edgar/data/1489393/000148939326000057/a2026q2ex991_pressrelease.htm",
        "source_date": "2026-07-31",
        "source_date_type": "publication",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "shinetsu",
        "title": "信越化學：投資人常見問題與上市代號",
        "url": "https://www.shinetsu.co.jp/en/ir/ir-faq/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      }
    ]
  },
  {
    "industry": "油電燃氣業",
    "as_of": "2026-10-18",
    "one_liner": "把油品、電力與天然氣送到用戶端",
    "one_liner_en": "Turning oil and natural gas into Taiwan’s everyday energy.",
    "overview": "台塑化9月營收約869億元，較去年同月增加65.6%。油電燃氣業像生活與工廠的能源補給線，煉油廠供應油品、電廠發電與供蒸汽，天然氣公司把燃氣沿管線送到用戶端。本頁12家公司合計約989億元，年增69.2%；台汽電約59億元、年增1,114%，在月營收達10億元的公司中增幅最高，與台塑化的規模形成不同看點。經營加油站的全國約21億元、年增11.6%，成長較溫和，從供應到零售呈現不同節奏。下一次先看台汽電能否延續59億元的營收規模，再對照全國是否超過11.6%的增幅。",
    "segments": [
      {
        "name": "煉油與石化原料",
        "description": "把原油加工成油品與石化原料，並經營公用流體；營運要分看煉油、烯烴與公用事業。",
        "codes": [
          "6505"
        ],
        "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "發電、汽電共生與能源服務",
        "description": "經營或投資電廠，供應電力及工業蒸汽；台汽電另有電力工程、運維與綠電服務。",
        "codes": [
          "8926",
          "8931"
        ],
        "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "大園汽電能源事業介紹",
            "source_url": "https://www.tycc.com.tw/energy",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "油品零售與車輛補能",
        "description": "透過加油站供售汽柴油，延伸洗車、會員與充電等服務。北基兼營土地及綠能，山隆兼營運輸；分類按主要分工，每家公司只歸一類。",
        "codes": [
          "9937",
          "8927",
          "2616"
        ],
        "source_url": "https://www.npcgas.com.tw/About/Overview",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "北基2025年12月29日法人說明會，第3至7頁",
            "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
            "source_date": "2025-12-29",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "證交所山隆個股基本資料",
            "source_url": "https://wwwc.twse.com.tw/pdf/ch/2616_ch.pdf",
            "source_date": "2026-03-09",
            "source_date_type": "document_date",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "區域天然氣輸配與用戶服務",
        "description": "在核定區域供氣，經營管線、裝表及用戶服務。欣雄、欣高服務高雄；其餘業者分布雙北，工業與民生用戶組合各有不同。",
        "codes": [
          "8908",
          "9908",
          "8917",
          "9926",
          "9931",
          "9918"
        ],
        "source_url": "https://www.shng.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "大台北瓦斯公司概況",
            "source_url": "https://www.taipeigas.com.tw/About/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "observation_period": "2026-08",
            "note": "用戶數資料截至2026年8月底；來源日期為查閱日。"
          },
          {
            "title": "新北市經發局天然氣公司及供氣區域",
            "source_url": "https://port.economic.ntpc.gov.tw/Custom/%E5%A4%A9%E7%84%B6%E6%B0%A3",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "欣高石油氣公司簡介",
            "source_url": "https://www.hkgas.com.tw/introduce.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "海外原油與天然氣供應、採購及運輸，是國內加工與供能的起點。本清單沒有獨立油氣開採公司，因此不配置代號；原料供應與國際運輸仍是全鏈的共同觀察點。",
        "codes": [],
        "source_url": "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=124242",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "title": "台塑化2025年度業績報告，第3、4、7頁",
            "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "publication_month": "2026-03",
            "note": "用於業務結構與指標定義；不當成2026年當期價差或稼動率。"
          }
        ]
      },
      "midstream": {
        "description": "將燃料轉成可銷售的油品、石化原料、電力與蒸汽。台塑化負責加工；台汽電與大汽電經營或投資發電、汽電共生與能源服務。",
        "codes": [
          "6505",
          "8926",
          "8931"
        ],
        "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "台汽電集團企業介紹",
            "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "note": "使用森霸二期個別機組資訊；不採頁首可能未同步更新的集團容量合計。"
          },
          {
            "title": "大園汽電能源事業介紹",
            "source_url": "https://www.tycc.com.tw/energy",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "downstream": {
        "description": "加油站把油品送到車主與企業車隊；區域瓦斯公司把天然氣送到家庭、商業與工業用戶。電力與蒸汽則由發電端接到電網或工業用戶，並非都經過加油站或瓦斯公司。",
        "codes": [
          "9937",
          "8927",
          "2616",
          "8908",
          "9908",
          "8917",
          "9926",
          "9931",
          "9918"
        ],
        "source_url": "https://www.npcgas.com.tw/About/Overview",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "北基2025年12月29日法人說明會，第3至7頁",
            "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
            "source_date": "2025-12-29",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "證交所山隆個股基本資料",
            "source_url": "https://wwwc.twse.com.tw/pdf/ch/2616_ch.pdf",
            "source_date": "2026-03-09",
            "source_date_type": "document_date",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "欣雄天然氣公司介紹及價格公告",
            "source_url": "https://www.shng.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "大台北瓦斯公司概況",
            "source_url": "https://www.taipeigas.com.tw/About/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "observation_period": "2026-08",
            "note": "用戶數資料截至2026年8月底；來源日期為查閱日。"
          },
          {
            "title": "新北市經發局天然氣公司及供氣區域",
            "source_url": "https://port.economic.ntpc.gov.tw/Custom/%E5%A4%A9%E7%84%B6%E6%B0%A3",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "欣高石油氣公司簡介",
            "source_url": "https://www.hkgas.com.tw/introduce.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "大園汽電能源事業介紹",
            "source_url": "https://www.tycc.com.tw/energy",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "AI與半導體帶動用電",
        "explanation": "能源署把半導體擴廠、AI與資料中心納入需求推估，預估2026至2035年用電年均成長約2.5%。這是規劃情境，後續仍要看實際用電與節能成效。",
        "source_url": "https://mnscdn.moea.gov.tw/MNS/Populace/news/News.aspx?kind=1&menu_id=40&news_id=123066",
        "source_date": "2026-06-18",
        "source_date_type": "published"
      },
      {
        "driver": "工廠需要穩定電力與蒸汽",
        "explanation": "汽電共生同時供電、供熱。大汽電服務大園工業區的食品、造紙、化學等業者；研究上應把客戶生產活動與蒸汽需求一起看。",
        "source_url": "https://www.tycc.com.tw/energy",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "區域用戶增加與管線接通",
        "explanation": "天然氣需求來自供氣區內家庭、商業與工業用戶。研究上可追新裝表、用戶數與既有用戶用氣量；欣雄供氣區含工業園區，大台北則揭露區域用戶數。",
        "source_url": "https://www.shng.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "大台北瓦斯公司概況",
            "source_url": "https://www.taipeigas.com.tw/About/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "observation_period": "2026-08",
            "note": "用戶數資料截至2026年8月底；來源日期為查閱日。"
          },
          {
            "title": "新北市經發局天然氣公司及供氣區域",
            "source_url": "https://port.economic.ntpc.gov.tw/Custom/%E5%A4%A9%E7%84%B6%E6%B0%A3",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "車輛加油與沿途服務",
        "explanation": "汽柴油銷售是加油站核心服務，洗車、停車與會員服務延伸同一次到站需求。研究上應追實際發油量與服務收入，分辨營收變動來自價格還是來客。",
        "source_url": "https://www.npcgas.com.tw/About/Overview",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "北基2025年12月29日法人說明會，第3至7頁",
            "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
            "source_date": "2025-12-29",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "綠電與電動車補能需求",
        "explanation": "台汽電已有再生能源購售電業務；全國與北基也布局充電服務。研究上可觀察企業能源轉型與車輛補能帶來的新需求，實際營收仍取決於轉供量、站點使用與案場進度。",
        "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "全國加油站公司簡介與服務項目",
            "source_url": "https://www.npcgas.com.tw/About/Overview",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "北基2025年12月29日法人說明會，第3至7頁",
            "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
            "source_date": "2025-12-29",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "leaders": [
      {
        "code": "6505",
        "name": "台塑化",
        "role": "煉油與石化原料供應",
        "why": "2026年9月營收869.28億元，烯烴三廠定檢後復工帶動產銷，是清單中營收規模最大的公司。",
        "source_url": "https://anuenews.cnyes.com/news/id/6628199",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "title": "台塑化2025年度業績報告，第3、4、7頁",
            "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "publication_month": "2026-03",
            "note": "用於業務結構與指標定義；不當成2026年當期價差或稼動率。"
          }
        ]
      },
      {
        "code": "8926",
        "name": "台汽電",
        "role": "民營電廠投資與能源服務",
        "why": "轉投資森霸電力的二期機組容量1,100MW，官網列示2025年商轉，是觀察新增供電能力的重要公司。",
        "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9937",
        "name": "全國",
        "role": "自營連鎖加油與多元到站服務",
        "why": "官網列有汽柴油、洗車、停車及特急電超充服務，可用來觀察加油站服務組合的變化。",
        "source_url": "https://www.npcgas.com.tw/About/Overview",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8908",
        "name": "欣雄",
        "role": "高雄區域天然氣供應",
        "why": "官網列示供氣範圍涵蓋原高雄縣16個鄉鎮市及工業園區，可觀察民生與工業用氣組合。",
        "source_url": "https://www.shng.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8927",
        "name": "北基",
        "role": "油品通路兼綠能與土地業務",
        "why": "2025年12月法說列有83座加油站，並揭露土地及綠能業務，適合觀察油品通路的多角化。",
        "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
        "source_date": "2025-12-29",
        "source_date_type": "published"
      },
      {
        "code": "2616",
        "name": "山隆",
        "role": "油品通路與運輸服務",
        "why": "證交所列明主要業務包含加油站、貨櫃貨運與倉儲，連結企業車隊的用油及物流需求。",
        "source_url": "https://wwwc.twse.com.tw/pdf/ch/2616_ch.pdf",
        "source_date": "2026-03-09",
        "source_date_type": "document_date"
      },
      {
        "code": "8931",
        "name": "大汽電",
        "role": "工業區汽電共生",
        "why": "官網列示大園工業區蒸汽管線超過10公里、服務60家廠商，是觀察工業熱能需求的代表。",
        "source_url": "https://www.tycc.com.tw/energy",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9908",
        "name": "大台北",
        "role": "都會區天然氣與用戶服務",
        "why": "官網揭露2026年8月底用戶412,516戶，是觀察都會區民生天然氣需求的代表。",
        "source_url": "https://www.taipeigas.com.tw/About/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-09-03",
        "event": "經濟部宣布民生用天然氣及桶裝瓦斯凍漲至年底，以降低國際能源價格上漲對民生的影響。",
        "codes": [],
        "source_url": "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=123866",
        "source_date": "2026-09-03",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-18",
        "event": "電價費率審議會暫不決定是否調整電價，支持優先爭取政府撥補711億元，留待12月第3次審議會再討論。",
        "codes": [],
        "source_url": "https://mnscdn.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=124013",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-21",
        "event": "台汽電董事會同意子公司苗栗風力更新竹南風場既有機組，更新裝置容量12.6MW，預計投資約13.09億元。",
        "codes": [
          "8926"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=dbe53e7e-25b9-42d8-b55e-5d0a75e98605",
        "source_date": "2026-09-21",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-30",
        "event": "中油公告10月電業用戶天然氣價格調漲9.68%；民生與工業用戶價格不調整。",
        "codes": [],
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124113",
        "source_date": "2026-09-30",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-01",
        "event": "行政院宣布關鍵原物料稅負減徵措施延長至2027年3月底，包含汽柴油及液化石油氣貨物稅減徵50%。",
        "codes": [],
        "source_url": "https://www.ey.gov.tw/Page/4EC2394BE4EE9DD0/3723d2ab-446e-444f-88b4-7b4e220d8a0c",
        "source_date": "2026-10-01",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-12",
        "event": "台塑化公布9月營收869.28億元；烯烴三廠完成定檢並於9月恢復運轉，帶動乙烯產量與產品銷量增加。",
        "codes": [
          "6505"
        ],
        "source_url": "https://anuenews.cnyes.com/news/id/6628199",
        "source_date": "2026-10-12",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-14",
        "event": "經濟部說明中油阿拉斯加LNG合作進展，規劃開採後每年採購600萬噸，最快2032年挹注供應；具體條件仍待後續協商與契約程序。",
        "codes": [],
        "source_url": "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=124242",
        "source_date": "2026-10-14",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "追蹤中油、台電穩定物價追加預算審議。行政院希望11月底前完成三讀，屬政府目標，尚非確定通過日程。",
        "codes": [],
        "status": "government_target",
        "source_url": "https://www.ey.gov.tw/Page/4EC2394BE4EE9DD0/3723d2ab-446e-444f-88b4-7b4e220d8a0c",
        "source_date": "2026-10-01",
        "source_date_type": "published"
      },
      {
        "expected": "2026-12",
        "event": "第3次電價費率審議會將併同輸配電費率，再討論電價是否調整；關注預算撥補與燃料成本資料。",
        "codes": [],
        "status": "announced_month",
        "source_url": "https://mnscdn.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=124013",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "expected": "2026-12-31",
        "event": "民生天然氣及桶裝瓦斯凍漲政策期限屆滿，關注是否延長及後續價格公告；屆期不代表一定調漲。",
        "codes": [],
        "status": "announced_policy_expiry",
        "source_url": "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=123866",
        "source_date": "2026-09-03",
        "source_date_type": "published"
      },
      {
        "expected": "2027-03-31",
        "event": "汽柴油及液化石油氣貨物稅減徵措施期限屆滿，關注是否展延及對國內能源售價的影響。",
        "codes": [],
        "status": "announced_policy_expiry",
        "source_url": "https://www.ey.gov.tw/Page/4EC2394BE4EE9DD0/3723d2ab-446e-444f-88b4-7b4e220d8a0c",
        "source_date": "2026-10-01",
        "source_date_type": "published"
      }
    ],
    "global_peers": [
      {
        "name": "Valero Energy",
        "ticker": "NYSE: VLO",
        "relation": "獨立煉油商，可對照台塑化的煉油價差、加工量與低碳燃料布局；此處是營運模式對照。",
        "source_url": "https://www.valero.com/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "台塑化2025年度業績報告，第3、4、7頁",
            "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "publication_month": "2026-03",
            "note": "用於業務結構與指標定義；不當成2026年當期價差或稼動率。"
          }
        ]
      },
      {
        "name": "ENGIE",
        "ticker": "Euronext Paris: ENGI",
        "relation": "經營發電、能源供應與基礎設施，可對照台汽電的發電及能源服務；各地電價與合約制度不同。",
        "source_url": "https://www.engie.com/en/our-activities/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "ENGIE股票資訊與交易代號",
            "source_url": "https://www.engie.com/en/investors/engie-share/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "台汽電集團企業介紹",
            "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "note": "使用森霸二期個別機組資訊；不採頁首可能未同步更新的集團容量合計。"
          }
        ]
      },
      {
        "name": "Tokyo Gas（東京瓦斯）",
        "ticker": "TSE: 9531",
        "relation": "涵蓋天然氣採購、都市燃氣與電力，可對照台灣區域瓦斯公司的售氣量和客戶結構；東京瓦斯的業務整合範圍較廣。",
        "source_url": "https://www.tokyo-gas.co.jp/en/IR/support/qa_j.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "欣雄天然氣公司介紹及價格公告",
            "source_url": "https://www.shng.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "大台北瓦斯公司概況",
            "source_url": "https://www.taipeigas.com.tw/About/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "observation_period": "2026-08",
            "note": "用戶數資料截至2026年8月底；來源日期為查閱日。"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "成品油對原油價差，以及烯烴產品價差",
        "why": "台塑化法說分列煉油與烯烴價差。研究上要看加工後留下多少空間，原油上漲本身不能代表毛利增加。",
        "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "metric": "煉油與烯烴開動率、加工量及定檢天數",
        "why": "設備復工會改變可銷售數量；搭配價差追蹤，才能分辨營收成長來自價格、產量還是定檢基期。",
        "source_url": "https://anuenews.cnyes.com/news/id/6628199",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "title": "台塑化2025年度業績報告，第3、4、7頁",
            "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "publication_month": "2026-03",
            "note": "用於業務結構與指標定義；不當成2026年當期價差或稼動率。"
          }
        ]
      },
      {
        "metric": "電廠可用率、實際發電量與新增商轉容量",
        "why": "容量要能運轉並依合約售電，才會形成持續收入。研究上應分開看機組總容量、持股比例與實際發電，並搭配燃料及維護成本。",
        "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "title": "大園汽電公司簡介",
            "source_url": "https://www.tycc.com.tw/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "metric": "天然氣售氣量、用戶數與不同用戶氣價",
        "why": "民生、工業與電業的調價可不同步。把售氣量、用戶結構和每度售價拆開看，才能判斷營收變動及成本轉嫁情況。",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124113",
        "source_date": "2026-09-30",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "title": "欣雄天然氣公司介紹及價格公告",
            "source_url": "https://www.shng.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "大台北瓦斯公司概況",
            "source_url": "https://www.taipeigas.com.tw/About/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18",
            "observation_period": "2026-08",
            "note": "用戶數資料截至2026年8月底；來源日期為查閱日。"
          }
        ]
      },
      {
        "metric": "加油站發油量、單位毛利與非油服務收入",
        "why": "發油量反映實際需求；油價變化會改變帳面營收。再搭配折扣、人力成本及洗車、充電收入，可觀察站點經營品質。",
        "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
        "source_date": "2025-12-29",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "title": "全國加油站公司簡介與服務項目",
            "source_url": "https://www.npcgas.com.tw/About/Overview",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "overview_sources": [
      {
        "title": "證交所上市公司每月營業收入資料（輸入快照原始來源）",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "input_report_date",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "櫃買中心上櫃公司每月營業收入資料（輸入快照原始來源）",
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "input_report_date",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "台塑化2025年度業績報告，第3、4、7頁",
        "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "publication_month": "2026-03",
        "note": "用於業務結構與指標定義；不當成2026年當期價差或稼動率。"
      },
      {
        "title": "鉅亨：台塑四寶9月營收與台塑化定檢復工",
        "source_url": "https://anuenews.cnyes.com/news/id/6628199",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "中油公布115年10月份國內天然氣價格",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124113",
        "source_date": "2026-09-30",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "經濟部公布114年度全國電力資源供需報告",
        "source_url": "https://mnscdn.moea.gov.tw/MNS/Populace/news/News.aspx?kind=1&menu_id=40&news_id=123066",
        "source_date": "2026-06-18",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "大園汽電能源事業介紹",
        "source_url": "https://www.tycc.com.tw/energy",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      }
    ],
    "data_snapshot": {
      "input_path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "report_date": "2026-10-17",
      "revenue_unit": "新台幣千元",
      "company_count": 12,
      "total_revenue": 98889740,
      "largest_company_share_percent": 87.903997,
      "source_urls": [
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        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
      ],
      "source_date": "2026-10-17",
      "source_date_type": "input_report_date",
      "calculation_note": "營收與年增率逐筆沿用指定latest.json；總額為12家公司營收簡單加總，未消除公司間交易或轉投資重疊，也不是全台能源市場規模。原始API已檢查可回傳，但本次未用API替換或逐筆重新驗證輸入。",
      "ranking": [
        {
          "rank": 1,
          "code": "6505",
          "name": "台塑化",
          "revenue": 86928034,
          "yoyPercent": 65.59234118196173
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        {
          "rank": 2,
          "code": "8926",
          "name": "台汽電",
          "revenue": 5944016,
          "yoyPercent": 1114.0654743911307
        },
        {
          "rank": 3,
          "code": "9937",
          "name": "全國",
          "revenue": 2069561,
          "yoyPercent": 11.628492771196113
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        {
          "rank": 4,
          "code": "8908",
          "name": "欣雄",
          "revenue": 1057830,
          "yoyPercent": 24.924566738507867
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        {
          "rank": 5,
          "code": "8927",
          "name": "北基",
          "revenue": 814511,
          "yoyPercent": -11.147679398539546
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        {
          "rank": 6,
          "code": "2616",
          "name": "山隆",
          "revenue": 798150,
          "yoyPercent": 13.618084371908298
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        {
          "rank": 7,
          "code": "8931",
          "name": "大汽電",
          "revenue": 308701,
          "yoyPercent": 41.324610637538115
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        {
          "rank": 8,
          "code": "9908",
          "name": "大台北",
          "revenue": 264897,
          "yoyPercent": 5.401856589779604
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        {
          "rank": 9,
          "code": "8917",
          "name": "欣泰",
          "revenue": 226049,
          "yoyPercent": -0.6356183652387964
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        {
          "rank": 10,
          "code": "9926",
          "name": "新海",
          "revenue": 188434,
          "yoyPercent": 4.499198651294081
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        {
          "rank": 11,
          "code": "9931",
          "name": "欣高",
          "revenue": 153722,
          "yoyPercent": 33.10070740218022
        },
        {
          "rank": 12,
          "code": "9918",
          "name": "欣天然",
          "revenue": 135835,
          "yoyPercent": 1.148988770738391
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      ]
    },
    "methodology": {
      "recent_window_start": "2026-07-20",
      "recent_window_end": "2026-10-18",
      "catalyst_window_start": "2026-10-19",
      "catalyst_window_end": "2027-04-18",
      "coverage": "指定產業只有12家公司，全部納入排序及次產業分類；沒有第13至30家公司。",
      "date_policy": "published為發布日；document_date為文件所載日期；accessed為未標發布日網頁的本次查閱日；input_report_date為latest.json的reportDate，不冒充原始公告日。",
      "attribution_policy": "description、why、relation及指標理由含基於所列來源的研究整理；未將研究判斷當作公司預測。",
      "code_policy": "政策事件無公告列名的清單公司，codes留空；其他代號均限指定產業。國際對照另用ticker欄位。",
      "structure_policy": "保留要求的所有欄位，另加來源日期類型、補充來源、概述來源、輸入快照與方法，供網站更新和查核。",
      "global_peer_policy": "國際對照表示業務模式可比，不主張已存在供應、持股或合作關係。"
    },
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
      "https://www.cogen.com.tw/tw/TCC-Group",
      "https://www.npcgas.com.tw/About/Overview",
      "https://www.shng.com.tw/",
      "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
      "https://wwwc.twse.com.tw/pdf/ch/2616_ch.pdf",
      "https://www.tycc.com.tw/energy",
      "https://www.tycc.com.tw/about",
      "https://www.taipeigas.com.tw/About/",
      "https://port.economic.ntpc.gov.tw/Custom/%E5%A4%A9%E7%84%B6%E6%B0%A3",
      "https://www.hkgas.com.tw/introduce.aspx",
      "https://mnscdn.moea.gov.tw/MNS/Populace/news/News.aspx?kind=1&menu_id=40&news_id=123066",
      "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=123866",
      "https://mnscdn.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=124013",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=dbe53e7e-25b9-42d8-b55e-5d0a75e98605",
      "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124113",
      "https://www.ey.gov.tw/Page/4EC2394BE4EE9DD0/3723d2ab-446e-444f-88b4-7b4e220d8a0c",
      "https://anuenews.cnyes.com/news/id/6628199",
      "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=124242",
      "https://www.valero.com/about",
      "https://www.engie.com/en/our-activities/",
      "https://www.engie.com/en/investors/engie-share/",
      "https://www.tokyo-gas.co.jp/en/IR/support/qa_j.html"
    ],
    "source_catalog": [
      {
        "title": "證交所上市公司每月營業收入資料（輸入快照原始來源）",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "input_report_date",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "櫃買中心上櫃公司每月營業收入資料（輸入快照原始來源）",
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "input_report_date",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "台塑化2025年度業績報告，第3、4、7頁",
        "source_url": "https://www.fpcc.com.tw/uploads/images/ir/FPCC%2020254Q(CN).pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "publication_month": "2026-03",
        "note": "用於業務結構與指標定義；不當成2026年當期價差或稼動率。"
      },
      {
        "title": "台汽電集團企業介紹",
        "source_url": "https://www.cogen.com.tw/tw/TCC-Group",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "note": "使用森霸二期個別機組資訊；不採頁首可能未同步更新的集團容量合計。"
      },
      {
        "title": "全國加油站公司簡介與服務項目",
        "source_url": "https://www.npcgas.com.tw/About/Overview",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "欣雄天然氣公司介紹及價格公告",
        "source_url": "https://www.shng.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "北基2025年12月29日法人說明會，第3至7頁",
        "source_url": "https://www.nspco.com.tw/wp-content/uploads/2025/12/892712291229.pdf",
        "source_date": "2025-12-29",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "證交所山隆個股基本資料",
        "source_url": "https://wwwc.twse.com.tw/pdf/ch/2616_ch.pdf",
        "source_date": "2026-03-09",
        "source_date_type": "document_date",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "大園汽電能源事業介紹",
        "source_url": "https://www.tycc.com.tw/energy",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "大園汽電公司簡介",
        "source_url": "https://www.tycc.com.tw/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "大台北瓦斯公司概況",
        "source_url": "https://www.taipeigas.com.tw/About/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "observation_period": "2026-08",
        "note": "用戶數資料截至2026年8月底；來源日期為查閱日。"
      },
      {
        "title": "新北市經發局天然氣公司及供氣區域",
        "source_url": "https://port.economic.ntpc.gov.tw/Custom/%E5%A4%A9%E7%84%B6%E6%B0%A3",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "欣高石油氣公司簡介",
        "source_url": "https://www.hkgas.com.tw/introduce.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "經濟部公布114年度全國電力資源供需報告",
        "source_url": "https://mnscdn.moea.gov.tw/MNS/Populace/news/News.aspx?kind=1&menu_id=40&news_id=123066",
        "source_date": "2026-06-18",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "經濟部宣布民生天然氣與瓦斯凍漲至年底",
        "source_url": "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=123866",
        "source_date": "2026-09-03",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "2026年第2次電價費率審議會結果",
        "source_url": "https://mnscdn.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=124013",
        "source_date": "2026-09-18",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "台汽電董事會同意苗栗風力投資案（MOPS公告轉載）",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=dbe53e7e-25b9-42d8-b55e-5d0a75e98605",
        "source_date": "2026-09-21",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "中油公布115年10月份國內天然氣價格",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124113",
        "source_date": "2026-09-30",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "行政院第4023次院會決議，報告事項二、三",
        "source_url": "https://www.ey.gov.tw/Page/4EC2394BE4EE9DD0/3723d2ab-446e-444f-88b4-7b4e220d8a0c",
        "source_date": "2026-10-01",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "鉅亨：台塑四寶9月營收與台塑化定檢復工",
        "source_url": "https://anuenews.cnyes.com/news/id/6628199",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "經濟部說明阿拉斯加液化天然氣計畫進展",
        "source_url": "https://www.moea.gov.tw/Mns/cnc/news/News.aspx?kind=1&menu_id=10186&news_id=124242",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "Valero公司介紹與NYSE代號",
        "source_url": "https://www.valero.com/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "ENGIE業務介紹",
        "source_url": "https://www.engie.com/en/our-activities/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "ENGIE股票資訊與交易代號",
        "source_url": "https://www.engie.com/en/investors/engie-share/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "東京瓦斯投資人常見問答：業務與證券代號",
        "source_url": "https://www.tokyo-gas.co.jp/en/IR/support/qa_j.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      }
    ]
  },
  {
    "industry": "食品工業",
    "as_of": "2026-10-18",
    "one_liner": "從飼料、原料到餐桌，接起每天飲食",
    "one_liner_en": "Taiwan’s everyday food backbone, from feed and ingredients to brands and retail.",
    "overview": "統一9月營收約618億元，年增5.8%，在本頁食品公司中規模最大。食品工業像一條從農場通往餐桌的備餐線，先供應飼料、油脂與麵粉，再做成飲料、鮮食和家庭常備食品。本頁34家公司合計約941億元，年增5.6%；大成約99億元、年增13.2%，佳格約32億元、年增8.7%，兩家增幅都高於統一。供應植物油與豆粉的大統益約24億元、年增32.9%，是月營收達10億元公司中的增幅首位，原料端與綜合食品集團各有節奏。下一次先看大成能否延續13.2%的成長，再與統一的5.8%比較。",
    "segments": [
      {
        "name": "綜合食品與通路",
        "description": "統一跨飼料、麵粉、食品與流通。集團範圍廣，獨立列一類，避免把合併營收當成單一食品品項。",
        "codes": [
          "1216"
        ],
        "classification_date": "2026-10-18",
        "classification_type": "research_grouping",
        "evidence": [
          {
            "source_url": "https://www.uni-president.com.tw/01aboutus/aboutus05-1.asp",
            "title": "統一：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.uni-president.com.tw/04business/departments.asp",
            "title": "統一企業：食品製造、流通、商流貿易與投資事業體系",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "飼料、畜禽與寵物食品",
        "description": "由飼料延伸到契養、屠宰與肉品，也包括寵物食品。大成、卜蜂採垂直整合；福壽另有油脂等事業。",
        "codes": [
          "1210",
          "1215",
          "1219",
          "1235"
        ],
        "classification_date": "2026-10-18",
        "classification_type": "research_grouping",
        "evidence": [
          {
            "source_url": "https://www.dachan.com/concept",
            "title": "大成：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.cptwn.com.tw/",
            "title": "卜蜂：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://esg.fwusow.com.tw/",
            "title": "福壽：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.cnyes.com/twstock/1235/company/profile",
            "title": "興泰：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "油脂、穀粉與烘焙原料",
        "description": "供應植物油、豆粉、麵粉、糖漿及烘焙素材。南僑另做冷凍麵糰；聯華為控股公司，台榮也供應飼料。",
        "codes": [
          "1232",
          "1702",
          "1229",
          "1225",
          "1264",
          "4207",
          "1220"
        ],
        "classification_date": "2026-10-18",
        "classification_type": "research_grouping",
        "evidence": [
          {
            "source_url": "https://www.ttet.com.tw/index.php?id=306&index=1&lang=cht&option=module&task=pageinfo",
            "title": "大統益：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.namchow.com.tw/page/web_01/web_page_03.html",
            "title": "南僑：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.lhicholdings.com/",
            "title": "聯華：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.fopco.com.tw/",
            "title": "福懋油：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tehmag.com.tw/news.php?NO=2&sNO=195",
            "title": "德麥：烘焙原料、半成品及應用服務",
            "source_date": "2025-03-17",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.fructose.com.tw/",
            "title": "環泰：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tairoun.com.tw/organisation.php",
            "title": "台榮：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "乳品、茶飲與飲料原料",
        "description": "從乳品、包裝飲料、茶葉到果汁配方。鮮活偏餐飲原料；金利食安以HPP加工技術供應飲品，泰山另有油品。",
        "codes": [
          "1201",
          "1234",
          "1256",
          "1218",
          "1233",
          "7743",
          "1213"
        ],
        "classification_date": "2026-10-18",
        "classification_type": "research_grouping",
        "evidence": [
          {
            "source_url": "https://www.weichuan.com.tw/tw/product/brand/74cfd0d9-ae05-4d35-96b2-b48a04dbb960",
            "title": "味全：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.heysong.com.tw/fin/",
            "title": "黑松：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.sunjuice.com/",
            "title": "鮮活果汁-KY：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.taisun.com.tw/shop/?lang=en&orderby=date",
            "title": "泰山：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3e1ad2dc-d20a-4f7e-8c9d-d8fd329a2e02",
            "title": "MoneyDJ財經百科：天仁茶葉、茶飲及複合餐飲",
            "source_date": "2025-06-19",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.kfs-foodtech.com/tw/about/3",
            "title": "金利食安：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://applesidra.com.tw/",
            "title": "大飲：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "加工食品、零食與冷凍餐食",
        "description": "涵蓋超商鮮食、罐頭、調味品、零食、冰品與豆製品。靠品牌、加工和保存技術，供應家庭及餐飲通路。",
        "codes": [
          "1231",
          "1217",
          "1203",
          "1236",
          "7791",
          "4205"
        ],
        "classification_date": "2026-10-18",
        "classification_type": "research_grouping",
        "evidence": [
          {
            "source_url": "https://esg.lianhwa.com.tw/2025-governance-integrity/",
            "title": "聯華食：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://agvmall.agv.com.tw/index.php",
            "title": "愛之味：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.vewong.com/",
            "title": "味王：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.hunya.com.tw/",
            "title": "宏亞：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://luckyroyal.com.tw/zh/about/",
            "title": "皇家可口：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.herngyih.com.tw/products/all/1.htm?1=1&sorttype=2",
            "title": "中華食：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "營養保健與生技原料",
        "description": "涵蓋營養品牌、益生菌及機能原料、保健品代工與銷售。佳格另有乳品和食用油，臺鹽也保留食用鹽業務。",
        "codes": [
          "1227",
          "1737",
          "7780",
          "1780",
          "1295",
          "6846",
          "1294",
          "1796",
          "7806"
        ],
        "classification_date": "2026-10-18",
        "classification_type": "research_grouping",
        "evidence": [
          {
            "source_url": "https://www.sfworldwide.com/companystory-page",
            "title": "佳格：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tybio.com.tw/taiyen/tw/product",
            "title": "臺鹽：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.daikenshop.com/aboutus.php",
            "title": "大研生醫*：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.altratene.com/tw",
            "title": "立弘：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.synbiotech.com/Probiotic",
            "title": "生合：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.greenynbio.com/about/introduction/",
            "title": "綠茵：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.1294.com.tw/",
            "title": "漢田生技：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://ic.tpex.org.tw/company_chain.php?stk_code=1796",
            "title": "金穎生技：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=0bb34643-6d03-48ee-864c-f2bec8918f30",
            "title": "MoneyDJ：精華生醫保健食品CDMO業務",
            "source_date": "2026-09-23",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "進口與採購黃豆、玉米、小麥、乳源和水果等，再供應飼料、豆粉、麵粉、油脂、烘焙及機能原料。清單中的業者多兼有採購與加工；代號是參與此環節的公司，不代表全部自行種植。",
        "codes": [
          "1210",
          "1215",
          "1216",
          "1219",
          "1225",
          "1229",
          "1232",
          "1264",
          "1220",
          "4207",
          "1295",
          "1780",
          "6846",
          "1737"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "research_synthesis",
        "evidence": [
          {
            "source_url": "https://www.dachan.com/concept",
            "title": "大成：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.cptwn.com.tw/",
            "title": "卜蜂：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.uni-president.com.tw/01aboutus/aboutus05-1.asp",
            "title": "統一：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://esg.fwusow.com.tw/",
            "title": "福壽：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.fopco.com.tw/",
            "title": "福懋油：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.lhicholdings.com/",
            "title": "聯華：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.ttet.com.tw/index.php?id=306&index=1&lang=cht&option=module&task=pageinfo",
            "title": "大統益：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tehmag.com.tw/news.php?NO=2&sNO=195",
            "title": "德麥：烘焙原料、半成品及應用服務",
            "source_date": "2025-03-17",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tairoun.com.tw/organisation.php",
            "title": "台榮：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.fructose.com.tw/",
            "title": "環泰：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.synbiotech.com/Probiotic",
            "title": "生合：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.altratene.com/tw",
            "title": "立弘：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.greenynbio.com/about/introduction/",
            "title": "綠茵：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tybio.com.tw/taiyen/tw/product",
            "title": "臺鹽：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "midstream": {
        "description": "把原料做成油品、糖漿、果汁配方、乳品、屠宰肉品、冷凍麵糰和保健製劑。加工配方、品管、冷鏈及保存技術，讓產品可穩定供貨給品牌與餐飲客戶。",
        "codes": [
          "1232",
          "1702",
          "1225",
          "1220",
          "4207",
          "1256",
          "1201",
          "1210",
          "1215",
          "1231",
          "7791",
          "4205",
          "7743",
          "1294",
          "7806"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "research_synthesis",
        "evidence": [
          {
            "source_url": "https://www.ttet.com.tw/index.php?id=306&index=1&lang=cht&option=module&task=pageinfo",
            "title": "大統益：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.namchow.com.tw/page/web_01/web_page_03.html",
            "title": "南僑：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.fopco.com.tw/",
            "title": "福懋油：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tairoun.com.tw/organisation.php",
            "title": "台榮：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.fructose.com.tw/",
            "title": "環泰：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.sunjuice.com/",
            "title": "鮮活果汁-KY：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.weichuan.com.tw/tw/product/brand/74cfd0d9-ae05-4d35-96b2-b48a04dbb960",
            "title": "味全：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.dachan.com/concept",
            "title": "大成：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.cptwn.com.tw/",
            "title": "卜蜂：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://esg.lianhwa.com.tw/2025-governance-integrity/",
            "title": "聯華食：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://luckyroyal.com.tw/zh/about/",
            "title": "皇家可口：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.herngyih.com.tw/products/all/1.htm?1=1&sorttype=2",
            "title": "中華食：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.kfs-foodtech.com/tw/about/3",
            "title": "金利食安：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.1294.com.tw/",
            "title": "漢田生技：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=0bb34643-6d03-48ee-864c-f2bec8918f30",
            "title": "MoneyDJ：精華生醫保健食品CDMO業務",
            "source_date": "2026-09-23",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "downstream": {
        "description": "透過超商、超市、量販、餐飲、電商和品牌門市接近消費者。此處列有終端產品、品牌或通路業務的清單公司；不是把食品製造商都視為零售商。跨環節公司可在價值鏈重複出現。",
        "codes": [
          "1216",
          "1201",
          "1227",
          "1231",
          "1234",
          "1217",
          "1218",
          "1203",
          "1233",
          "1236",
          "7791",
          "4205",
          "1737",
          "7780",
          "1213"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "research_synthesis",
        "evidence": [
          {
            "source_url": "https://www.uni-president.com.tw/01aboutus/aboutus05-1.asp",
            "title": "統一：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.weichuan.com.tw/tw/product/brand/74cfd0d9-ae05-4d35-96b2-b48a04dbb960",
            "title": "味全：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.sfworldwide.com/companystory-page",
            "title": "佳格：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://esg.lianhwa.com.tw/2025-governance-integrity/",
            "title": "聯華食：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.heysong.com.tw/fin/",
            "title": "黑松：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://agvmall.agv.com.tw/index.php",
            "title": "愛之味：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.taisun.com.tw/shop/?lang=en&orderby=date",
            "title": "泰山：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.vewong.com/",
            "title": "味王：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3e1ad2dc-d20a-4f7e-8c9d-d8fd329a2e02",
            "title": "MoneyDJ財經百科：天仁茶葉、茶飲及複合餐飲",
            "source_date": "2025-06-19",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.hunya.com.tw/",
            "title": "宏亞：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://luckyroyal.com.tw/zh/about/",
            "title": "皇家可口：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.herngyih.com.tw/products/all/1.htm?1=1&sorttype=2",
            "title": "中華食：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.tybio.com.tw/taiyen/tw/product",
            "title": "臺鹽：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.daikenshop.com/aboutus.php",
            "title": "大研生醫*：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://applesidra.com.tw/",
            "title": "大飲：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.uni-president.com.tw/04business/departments.asp",
            "title": "統一企業：食品製造、流通、商流貿易與投資事業體系",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "小家庭與外食，支撐便利餐食",
        "explanation": "經濟部指出，2025年單人戶占40.5%，小家庭與便利需求推動外食。對食品廠的意義，是即食、冷凍餐食及小份量產品的使用場景增加；個別公司成長仍要看實際接單。",
        "source_url": "https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=122538",
        "source_date": "2026-04-29",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://www.lianhwa.com.tw/info/rte-foods",
            "title": "聯華食品：超商鮮食及冷鏈產品",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ],
        "analysis_date": "2026-10-18"
      },
      {
        "driver": "高齡化與健康意識，擴大營養補充需求",
        "explanation": "2026年9月底，65歲以上人口占20.70%。經濟部也觀察到保健營養食品需求穩定成長。研究上可追成人營養、益生菌及保健代工；人口占比不能直接換算成公司營收。",
        "source_url": "https://www.moi.gov.tw/News_Content.aspx?n=9&s=342353&sms=9009",
        "source_date": "2026-10-08",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=122538",
            "title": "經濟部：保健營養食品需求",
            "source_date": "2026-04-29",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          }
        ],
        "analysis_date": "2026-10-18"
      },
      {
        "driver": "飲料店展店與新品，拉動配方原料",
        "explanation": "2026年8月飲料店營業額年增7.4%；經濟部歸因於暑假、節慶與營運規模擴展。對應觀察果汁、果醬、糖漿及乳品等原料需求，不能把台灣數據直接套用到中國接單。",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://www.sunjuice.com/",
            "title": "鮮活果汁-KY：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ],
        "analysis_date": "2026-10-18"
      },
      {
        "driver": "節慶與送禮，帶動備貨高峰",
        "explanation": "經濟部指出，中元及中秋禮盒採買帶動2026年8月食品、飲料及菸草零售業營業額年增13.1%。這項統計含菸草，僅作消費景氣參考；食品廠應同看禮盒、零食及飲料的節慶出貨。",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "additional_sources": [],
        "analysis_date": "2026-10-18"
      },
      {
        "driver": "缺工促使烘焙店採用半成品",
        "explanation": "德麥在2025年烘焙展報導中，說明以冷凍麵糰協助客戶處理缺工與製作效率。這是業者提出的需求方向，可追冷凍麵糰、預拌粉及餐飲素材的訂單；不是全產業已量化的成長率。",
        "source_url": "https://www.tehmag.com.tw/news.php?NO=2&sNO=195",
        "source_date": "2025-03-17",
        "source_date_type": "updated",
        "additional_sources": [],
        "analysis_date": "2026-10-18"
      },
      {
        "driver": "寵物照護，延伸飼料的消費用途",
        "explanation": "經濟部觀察寵物經濟擴張，消費由飼料用品延伸到多元照護。食品清單中，福壽有寵物食品，統一食糧事業也有寵物品牌；可追產品組合，不能據此推算公司市占。",
        "source_url": "https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menu_id=40&news_id=122538",
        "source_date": "2026-04-29",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://esg.fwusow.com.tw/",
            "title": "福壽：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.uni-president.com.tw/01aboutus/aboutus05-1.asp",
            "title": "統一：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ],
        "analysis_date": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "1216",
        "name": "統一",
        "role": "綜合食品與流通集團",
        "why": "2026年9月營收618.05億元，約占清單加總65.7%，對本類營收走勢影響大。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "report_date",
        "additional_sources": [
          {
            "source_url": "https://www.uni-president.com.tw/01aboutus/aboutus05-1.asp",
            "title": "統一：公司業務或產品介紹",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "1210",
        "name": "大成",
        "role": "飼料到肉品的垂直整合廠",
        "why": "種雞、契約飼養、電宰與加工均有布局，可同時觀察飼料與肉品需求。",
        "source_url": "https://www.dachan.com/concept",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1227",
        "name": "佳格",
        "role": "營養食品與民生品牌集團",
        "why": "旗下有桂格、福樂、天地合補、得意的一天4大品牌，橫跨穀物、乳品、營養與油品。",
        "source_url": "https://www.sfworldwide.com/companystory-page",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1215",
        "name": "卜蜂",
        "role": "畜禽飼料與肉食品供應商",
        "why": "農牧事業涵蓋飼料、種雞和種豬，肉食品事業涵蓋屠宰及加工，串起完整供應流程。",
        "source_url": "https://www.cptwn.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1232",
        "name": "大統益",
        "role": "大豆壓榨與植物油原料廠",
        "why": "公司官網揭露年加工產能150萬噸，產品同時連結食用油與飼料豆粉需求。",
        "source_url": "https://www.ttet.com.tw/index.php?id=306&index=1&lang=cht&option=module&task=pageinfo",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1702",
        "name": "南僑",
        "role": "烘焙油脂與冷凍麵糰供應商",
        "why": "台灣及中國設有食品工廠，供應烘焙油脂與冷凍麵糰，連結烘焙製造及餐飲客戶。",
        "source_url": "https://www.namchow.com.tw/page/web_01/web_page_03.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1201",
        "name": "味全",
        "role": "乳品與冷藏飲品品牌商",
        "why": "林鳳營產品採自有冷藏車隊配送，呈現乳品業對冷鏈與鮮度管理的依賴。",
        "source_url": "https://www.weichuan.com.tw/tw/product/brand/74cfd0d9-ae05-4d35-96b2-b48a04dbb960",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1231",
        "name": "聯華食",
        "role": "超商鮮食與休閒食品製造商",
        "why": "2025年鮮食占營收53%、休閒食品占47%，可同時觀察便利餐食與零食需求。",
        "source_url": "https://esg.lianhwa.com.tw/2025-governance-integrity/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      },
      {
        "code": "1264",
        "name": "德麥",
        "role": "烘焙原料及應用服務商",
        "why": "公司2025年展會報導揭露服務逾1.5萬個客戶，並供應原料、冷凍麵糰及餐飲素材。",
        "source_url": "https://www.tehmag.com.tw/news.php?NO=2&sNO=195",
        "source_date": "2025-03-17",
        "source_date_type": "updated",
        "additional_sources": []
      },
      {
        "code": "1256",
        "name": "鮮活果汁-KY",
        "role": "飲料店與餐飲的果汁原料供應商",
        "why": "供應冷凍果漿、果粒果醬及客製飲品配方，提供觀察餐飲原料端需求的切入點。",
        "source_url": "https://www.sunjuice.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": []
      }
    ],
    "recent": [
      {
        "date": "2026-10-12",
        "event": "統一9月合併營收618.05億元、年增5.8%，累計前9月5,370.53億元、年增4.25%，單月及累計均創同期新高；報導指出食品本業與轉投資共同挹注。",
        "codes": [
          "1216"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202610120270.aspx",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      },
      {
        "date": "2026-09-23",
        "event": "經濟部公布8月餐飲業營業額950億元，年增1.8%；飲料店年增7.4%，外燴及團膳承包業年增11.0%。這是下游需求資料，並非食品製造業營收。",
        "codes": [],
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      },
      {
        "date": "2026-09-22",
        "event": "卜蜂9月21日法說指出玉米、黃豆成本有上升壓力，已調漲部分飼料價格；9月22日報導記載前一日毛雞價每台斤34.8元，可觀察售價與飼料成本的落差。",
        "codes": [
          "1215"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=35cfd293-8b26-4349-b900-ebe003840f3e",
        "source_date": "2026-09-22",
        "source_date_type": "published",
        "date_type": "source_publication_date",
        "event_date": "2026-09-21"
      },
      {
        "date": "2026-09-08",
        "event": "泰山公告就中聯油脂事件向4家公司提起民事訴訟，求償10億元。金額是請求額，並非已獲判賠或確定損失；涉及福壽、福懋油及南僑子公司。",
        "codes": [
          "1218",
          "1219",
          "1225",
          "1702"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=496D2B53-6E2B-4EBC-ACD8-6520A6990E62",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      },
      {
        "date": "2026-09-04",
        "event": "鮮活果汁-KY公布8月營收6.49億元、年增25.55%；公司並表示昆山二期廠已投產、新增年產能2萬噸。此處日期為報導日，未據此認定首日投產日期。",
        "codes": [
          "1256"
        ],
        "source_url": "https://news.cnyes.com/news/id/6597893",
        "source_date": "2026-09-04",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      },
      {
        "date": "2026-08-11",
        "event": "德麥斥資16億元的新廠暨物流中心上樑，規劃2027年第4季竣工、2028年第2季投產；投產後倉儲儲位規劃由1,000個增至4,000個。",
        "codes": [
          "1264"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=f6d294fa-e1e9-43cb-9858-deba6b928a8e",
        "source_date": "2026-08-11",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      },
      {
        "date": "2026-08-07",
        "event": "統一公布上半年歸屬母公司淨利145.50億元，年增36.4%，EPS為2.56元；成長來自食品本業、零售及權益法投資收益等，不能全視為食品製造獲利。",
        "codes": [
          "1216"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b011a2a4-b8f8-4bad-b8df-e49f4378c281",
        "source_date": "2026-08-07",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      },
      {
        "date": "2026-08-06",
        "event": "佳格宣布攜手5家社福夥伴啟動四大營養行動，下半年投入4萬份營養補給品，結合營養教育與遠距課程，擴大樂齡營養服務。",
        "codes": [
          "1227"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=8254fba0-e235-4f13-baf8-5ade175a3d61",
        "source_date": "2026-08-06",
        "source_date_type": "published",
        "date_type": "source_publication_date"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "第3季財報揭露窗口：依證交法，原則上季末後45日內申報。可核對原料價格、食安事件與新品對毛利、存貨及現金流的影響；這是法定窗口，非公司已公告法說日期。",
        "codes": [
          "1210",
          "1215",
          "1227",
          "1231",
          "1264"
        ],
        "source_url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400001",
        "source_date": "2024-08-07",
        "source_accessed": "2026-10-18",
        "source_date_type": "amended",
        "status": "statutory_window_or_effective_date"
      },
      {
        "expected": "2026-11-14",
        "event": "統一等主辦的UniBread烘焙王決賽，官方日程列11月14日；7月23日具日期新聞也確認11月決賽。可觀察烘焙技術與原料應用，活動本身不等於訂單。",
        "codes": [
          "1216"
        ],
        "source_url": "https://www.moneydj.com/z/DJA/News/DJANewsDetail_9B9CAEB4-EA0E-4E25-85E1-BAB7511B5706.djhtm",
        "source_date": "2026-07-23",
        "source_accessed": "2026-10-18",
        "additional_sources": [
          {
            "source_url": "https://unibread.com.tw/info.html",
            "title": "UniBread：11月14日官方決賽日程",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ],
        "source_date_type": "published",
        "status": "announced_event"
      },
      {
        "expected": "2026-12",
        "event": "卜蜂表示桃園分切場已取得使用執照，正申請營業登記，預計年底試營運。這是附條件的公司預期；全面量產估在2027年下半年，超出本次6個月窗口。",
        "codes": [
          "1215"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=657ab70c-b9cd-4677-ba31-6a04e6939623",
        "source_date": "2026-09-21",
        "source_date_type": "published",
        "status": "company_estimate_conditional"
      },
      {
        "expected": "2027-01-01",
        "event": "食品及相關產品輸入查驗規費新版附表生效。進口食品與原料業者可留意查驗費用和通關成本；各公司實際影響尚無量化公告。",
        "codes": [],
        "source_url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=L0040091",
        "source_date": "2026-01-27",
        "source_accessed": "2026-10-18",
        "source_date_type": "amended",
        "status": "statutory_window_or_effective_date"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報揭露窗口：以下公司依一般年度財報規定，原則上於年度終了後3個月內申報。可檢視全年毛利、存貨跌價與食安相關估計負債；實際日期以公司公告為準。",
        "codes": [
          "1210",
          "1215",
          "1227",
          "1231",
          "1264"
        ],
        "source_url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400001",
        "source_date": "2024-08-07",
        "source_accessed": "2026-10-18",
        "source_date_type": "amended",
        "status": "statutory_window_or_effective_date"
      },
      {
        "expected": "2027-03-18",
        "event": "台北國際烘焙暨設備展預定3月18日至21日舉行，展項包含原物料、烘焙食品、冷凍冷藏及包裝設備，可觀察省工與半成品需求；尚不指認個別公司參展。",
        "codes": [],
        "source_url": "https://www.tibs.org.tw/visitor.asp",
        "source_date": "2026-10-18",
        "source_accessed": "2026-10-18",
        "source_date_type": "accessed",
        "status": "announced_event"
      }
    ],
    "global_peers": [
      {
        "name": "Nestlé 雀巢",
        "ticker": "SIX:NESN",
        "relation": "營養、食品與寵物食品的業務對照，可比較統一、佳格及福壽的品牌與產品組合；各地通路結構不同。",
        "source_url": "https://www.nestle.com/sites/default/files/2026-03/nestle-group-restatements-2025.pdf",
        "source_date": "2026-03-23",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://www.nestle.com/investors/shares-adrs",
            "title": "Nestlé：SIX上市及NESN代號",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ],
        "relation_type": "business_model_comparison",
        "analysis_date": "2026-10-18"
      },
      {
        "name": "PepsiCo 百事公司",
        "ticker": "NASDAQ:PEP",
        "relation": "飲料、零食及穀物品牌的業務對照，可比較統一、黑松、聯華食與佳格的產品創新和通路能力。",
        "source_url": "https://www.pepsico.com/en/newsroom/press-releases/2026/pepsico-announces-timing-and-availability-of-third-quarter-2026-financial-results",
        "source_date": "2026-08-25",
        "source_date_type": "published",
        "relation_type": "business_model_comparison",
        "analysis_date": "2026-10-18"
      },
      {
        "name": "Archer-Daniels-Midland（ADM）",
        "ticker": "NYSE:ADM",
        "relation": "油籽壓榨、農糧加工、澱粉糖及營養原料的業務對照，可比較大統益、福懋油、台榮與環泰；不是純品牌食品公司。",
        "source_url": "https://investors.adm.com/news/news-details/2026/ADM-Reports-Second-Quarter-2026-Results/default.aspx",
        "source_date": "2026-08-04",
        "source_date_type": "published",
        "relation_type": "business_model_comparison",
        "analysis_date": "2026-10-18"
      },
      {
        "name": "Tyson Foods 泰森食品",
        "ticker": "NYSE:TSN",
        "relation": "雞、豬及調理食品的業務對照，可比較大成與卜蜂的肉品加工；牛肉比重及美國市場條件會造成差異。",
        "source_url": "https://www.tysonfoods.com/news/news-releases/2026/8/tyson-foods-reports-third-quarter-2026-results",
        "source_date": "2026-08-03",
        "source_date_type": "published",
        "relation_type": "business_model_comparison",
        "analysis_date": "2026-10-18"
      },
      {
        "name": "Charoen Pokphand Foods（CPF）",
        "ticker": "SET:CPF",
        "relation": "飼料、畜牧及加工食品的垂直整合業務對照，可比較卜蜂與大成；須分開看各國養殖與肉價循環。",
        "source_url": "https://www.cpfworldwide.com/en/about/milestones",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.cpfworldwide.com/en/investors/publications/presentation",
            "title": "CPF：投資人簡報與證券代號",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ],
        "relation_type": "business_model_comparison",
        "analysis_date": "2026-10-18"
      }
    ],
    "watch_metrics": [
      {
        "metric": "同口徑營收、銷量與售價",
        "why": "把月營收拆成銷量、調價、產品組合、匯率及併購影響，才能辨識需求。特別留意集團合併範圍；統一與聯華的營收都不只食品製造。",
        "source_url": "https://www.lhicholdings.com/investors/article/revenue/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.nestle.com/sites/default/files/2026-03/nestle-group-restatements-2025.pdf",
            "title": "Nestlé：實質內生成長與定價分拆",
            "source_date": "2026-03-23",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
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        "analysis_date": "2026-10-18"
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        "why": "一起追黃豆、玉米、小麥、油脂、奶油與可可的到岸成本，以及匯率和運費。原料降價未必立即改善獲利，要比對飼料、豆粉、食用油及成品售價的變化。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=35cfd293-8b26-4349-b900-ebe003840f3e",
        "source_date": "2026-09-22",
        "source_date_type": "published",
        "additional_sources": [
          {
            "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=657ab70c-b9cd-4677-ba31-6a04e6939623",
            "title": "卜蜂：大宗原料與運費",
            "source_date": "2026-09-21",
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        "why": "飼料、肉品、飲料和保健品的成本結構不同。毛利率要搭配產品組合與雞豬價格看，區分調價效果、原料壓力及一次性食安成本。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=657ab70c-b9cd-4677-ba31-6a04e6939623",
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        "analysis_date": "2026-10-18"
      },
      {
        "metric": "存貨週轉、報廢與回收損失",
        "why": "原料備貨與銷售有時間差，鮮食又有保存期限。追存貨天數、跌價或回收損失及營業現金流，較能辨識營收成長是否伴隨積貨與品質成本。",
        "source_url": "https://esg.lianhwa.com.tw/2025-governance-integrity/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=657ab70c-b9cd-4677-ba31-6a04e6939623",
            "title": "卜蜂：油品事件庫存損失及通路統計",
            "source_date": "2026-09-21",
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            "accessed_at": "2026-10-18"
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        "analysis_date": "2026-10-18"
      },
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        "why": "用經濟部餐飲與飲料店統計驗證下游景氣，再看公司新廠的認證、試產、稼動率及實際銷售。公告產能是供給能力，不能直接當成新增營收。",
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        "source_date": "2026-09-23",
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            "title": "卜蜂：新廠試營運與認證條件",
            "source_date": "2026-09-21",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
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      "https://www.tehmag.com.tw/news.php?NO=2&sNO=195",
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      "https://www.namchow.com.tw/page/web_01/web_page_03.html",
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      "https://www.heysong.com.tw/fin/",
      "https://esg.fwusow.com.tw/",
      "https://www.fopco.com.tw/",
      "https://www.sunjuice.com/",
      "https://agvmall.agv.com.tw/index.php",
      "https://www.taisun.com.tw/shop/?lang=en&orderby=date",
      "https://www.fructose.com.tw/",
      "https://www.vewong.com/",
      "https://www.tairoun.com.tw/organisation.php",
      "https://www.tybio.com.tw/taiyen/tw/product",
      "https://www.hunya.com.tw/",
      "https://luckyroyal.com.tw/zh/about/",
      "https://www.daikenshop.com/aboutus.php",
      "https://www.herngyih.com.tw/products/all/1.htm?1=1&sorttype=2",
      "https://www.altratene.com/tw",
      "https://www.synbiotech.com/Probiotic",
      "https://www.greenynbio.com/about/introduction/",
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      "https://ic.tpex.org.tw/company_chain.php?stk_code=1796",
      "https://applesidra.com.tw/",
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      "https://www.cpfworldwide.com/en/investors/publications/presentation",
      "https://www.nestle.com/sites/default/files/2026-03/nestle-group-restatements-2025.pdf",
      "https://www.pepsico.com/en/newsroom/press-releases/2026/pepsico-announces-timing-and-availability-of-third-quarter-2026-financial-results",
      "https://investors.adm.com/news/news-details/2026/ADM-Reports-Second-Quarter-2026-Results/default.aspx",
      "https://www.tysonfoods.com/news/news-releases/2026/8/tyson-foods-reports-third-quarter-2026-results",
      "https://www.cpfworldwide.com/en/about/milestones",
      "https://www.lhicholdings.com/investors/article/revenue/"
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        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "櫃買中心：上櫃公司每月營業收入彙總表",
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        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "title": "下游餐飲、飲料店營業額與新廠利用率：判讀依據",
        "source_date": "2026-09-23",
        "source_date_type": "published",
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        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=35cfd293-8b26-4349-b900-ebe003840f3e",
        "title": "進口原料成本與加工價差：判讀依據",
        "source_date": "2026-09-22",
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        "title": "泰山公告就中聯油脂事件向4家公司提起民事訴訟，求償10億元。金額是請求額，並非已獲判賠或確定損失",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://news.cnyes.com/news/id/6597893",
        "title": "鮮活果汁-KY表示，昆山二期智能廠投產，新增年產能2萬噸",
        "source_date": "2026-09-04",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=f6d294fa-e1e9-43cb-9858-deba6b928a8e",
        "title": "德麥斥資16億元的新廠暨物流中心上樑，規劃2027年第4季竣工、2028年第2季投產",
        "source_date": "2026-08-11",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b011a2a4-b8f8-4bad-b8df-e49f4378c281",
        "title": "統一公布上半年歸屬母公司淨利145.50億元，年增36.4%，EPS為2.56元",
        "source_date": "2026-08-07",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=8254fba0-e235-4f13-baf8-5ade175a3d61",
        "title": "佳格宣布攜手5家社福夥伴啟動四大營養行動，下半年投入4萬份營養補給品，結合營養教育與遠距課程，擴大樂齡營養服務。",
        "source_date": "2026-08-06",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400001",
        "title": "2026年度財報揭露窗口：以下公司依一般年度財報規定，原則上於年度終了後3個月內申報",
        "source_date": "2024-08-07",
        "source_date_type": "amended",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://unibread.com.tw/info.html",
        "title": "UniBread：11月14日官方決賽日程",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/z/DJA/News/DJANewsDetail_9B9CAEB4-EA0E-4E25-85E1-BAB7511B5706.djhtm",
        "title": "統一等主辦的UniBread烘焙王決賽，官方日程列11月14日；7月23日具日期新聞也確認11月決賽",
        "source_date": "2026-07-23",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=L0040091",
        "title": "食品及相關產品輸入查驗規費新版附表生效",
        "source_date": "2026-01-27",
        "source_date_type": "amended",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.tibs.org.tw/visitor.asp",
        "title": "台北國際烘焙暨設備展預定3月18日至21日舉行，展項包含原物料、烘焙食品、冷凍冷藏及包裝設備，可觀察省工與半成品需求；尚不指認個別公司參展",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=657ab70c-b9cd-4677-ba31-6a04e6939623",
        "title": "分部毛利率與肉品售價：判讀依據",
        "source_date": "2026-09-21",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.nestle.com/investors/shares-adrs",
        "title": "Nestlé：SIX上市及NESN代號",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.cpfworldwide.com/en/investors/publications/presentation",
        "title": "CPF：投資人簡報與證券代號",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.nestle.com/sites/default/files/2026-03/nestle-group-restatements-2025.pdf",
        "title": "Nestlé：實質內生成長與定價分拆",
        "source_date": "2026-03-23",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.pepsico.com/en/newsroom/press-releases/2026/pepsico-announces-timing-and-availability-of-third-quarter-2026-financial-results",
        "title": "PepsiCo 百事公司：業務及投資人資料",
        "source_date": "2026-08-25",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://investors.adm.com/news/news-details/2026/ADM-Reports-Second-Quarter-2026-Results/default.aspx",
        "title": "Archer-Daniels-Midland（ADM）：業務及投資人資料",
        "source_date": "2026-08-04",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.tysonfoods.com/news/news-releases/2026/8/tyson-foods-reports-third-quarter-2026-results",
        "title": "Tyson Foods 泰森食品：業務及投資人資料",
        "source_date": "2026-08-03",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.cpfworldwide.com/en/about/milestones",
        "title": "Charoen Pokphand Foods（CPF）：業務及投資人資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "source_url": "https://www.lhicholdings.com/investors/article/revenue/",
        "title": "同口徑營收、銷量與售價：判讀依據",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      }
    ]
  },
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    "industry": "鋼鐵工業",
    "as_of": "2026-10-18",
    "one_liner": "把鋼材做成建築、工廠與設備的骨架",
    "one_liner_en": "Taiwan’s steel supply chain supports construction, manufacturing and aerospace.",
    "overview": "中鋼9月營收約310億元，比去年同月增加27.1%。鋼鐵業像替建築與製造業準備骨架的工坊，煉鋼、軋成板捲，再裁切、鍍面或製成鋼筋、管件與鋼構。本頁48家公司合計約886億元，年增19.4%；大成鋼約124億元、年增41.1%，東和鋼鐵約54億元、年增13.8%，金屬通路與長條鋼材公司的增幅各異。參與鋼構與風電工程的世紀鋼約20億元、年增83.3%，在月營收達10億元公司中成長最快。下一次月營收先看中鋼是否延續27.1%的增幅，再比東和鋼鐵能否高於本月13.8%。",
    "segments": [
      {
        "name": "碳鋼板捲與基礎供料",
        "description": "中鋼從煉鋼到板捲供料；中鴻以熱軋、冷軋與鋼管銜接下游。",
        "codes": [
          "2002",
          "2014"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
            "source_date": "2026-03-31",
            "source_date_type": "published"
          }
        ]
      },
      {
        "name": "鍍面鋼材與裁剪加工",
        "description": "將板捲鍍鋅、烤漆，或裁切成客戶需要的尺寸，服務建材與製造業。",
        "codes": [
          "2023",
          "2010",
          "2031",
          "2029"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.yiehphui.com.tw/?lang=EN",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.hkssteel.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "name": "長條鋼材與鋼筋加工",
        "description": "供應鋼筋、型鋼與線材盤元，包含電爐煉軋及後段鋼筋加工。",
        "codes": [
          "2006",
          "2015",
          "2022",
          "2028",
          "6248",
          "2038",
          "2007"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
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            "source_url": "https://www.tunghosteel.com/about/intro",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.fenghsin.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.tmpco.com.tw/process/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "name": "不銹鋼製品與金屬通路",
        "description": "涵蓋不銹鋼板捲、製管、線材與管件；大成鋼另有美國鋁材及金屬通路業務。",
        "codes": [
          "2027",
          "5014",
          "2034",
          "2030",
          "2069",
          "5013",
          "2035"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.tachen.com.tw/aboutus.asp",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.newbest.com.tw/about-intro.html",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "name": "鋼構與風電工程",
        "description": "把鋼材製成建築、廠房及風電構件。營收隨專案製作、施工與認列進度變化。",
        "codes": [
          "9958",
          "2013",
          "2211"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
        "source_date": "2026-07-23",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "name": "特殊鋼與扣件",
        "description": "從特殊合金鋼到螺絲螺帽、航太扣件及扣件通路，觀察材料規格與終端用途。",
        "codes": [
          "8415",
          "5538",
          "8349",
          "5009",
          "2012",
          "5007",
          "3004"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e3c77051-272f-4e99-84b6-701a194436ca",
            "source_date": "2026-07-31",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d7a6584a-0ab3-46aa-af0c-4994bc47e293",
            "source_date": "2026-06-17",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.nafco.com.tw/home/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "原料包括鐵礦砂、冶金煤、廢鋼及合金金屬。高爐或電爐將原料煉成鋼胚，再交給軋延加工；所列公司是煉鋼及鋼胚環節。",
        "codes": [
          "2002",
          "2006",
          "2015",
          "2028",
          "2035",
          "5009"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
            "source_date": "2026-03-31",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.tunghosteel.com/about/intro",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      "midstream": {
        "description": "將鋼胚或板捲軋成板材、鋼筋、型鋼與線材，再做鍍面、裁剪、製管及鋼筋加工。整合鋼廠也會跨入這一段。",
        "codes": [
          "2002",
          "2014",
          "2006",
          "2015",
          "2022",
          "2028",
          "2038",
          "2007",
          "2023",
          "2029",
          "2010",
          "2031",
          "5014",
          "2034",
          "2030",
          "2069",
          "2035",
          "5013",
          "6248"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.yiehphui.com.tw/?lang=EN",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.newbest.com.tw/about-intro.html",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.tmpco.com.tw/process/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      "downstream": {
        "description": "供應建築與風電鋼構、汽車及航太扣件，也透過金屬通路交付客戶。需求來自營建、機械、運輸與能源設備；公司可同時跨越多個環節。",
        "codes": [
          "9958",
          "2013",
          "2211",
          "2012",
          "5007",
          "5538",
          "8349",
          "3004",
          "8415",
          "2027"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
            "source_date": "2026-07-23",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d7a6584a-0ab3-46aa-af0c-4994bc47e293",
            "source_date": "2026-06-17",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.nafco.com.tw/home/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          },
          {
            "source_url": "https://www.tachen.com.tw/aboutus.asp",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "科技廠房、商辦與公共工程",
        "explanation": "中鋼3月法說指出，商辦、半導體廠房及公共工程支撐國內鋼構需求。這些建設帶動鋼筋、型鋼、厚板及加工供料；住宅需求仍受信用管制影響。",
        "source_url": "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
        "source_date": "2026-03-31",
        "source_date_type": "published"
      },
      {
        "driver": "美國資料中心與工業用金屬需求",
        "explanation": "大成鋼表示，美國工業用鋁需求及當地供給缺口仍在；AI基建亦帶動不銹鋼、鋁材與扣件需求。通路出貨要同時觀察終端拉貨及在地供應變化。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=7181e948-3699-480d-ac02-aad8404a206a",
        "source_date": "2026-08-21",
        "source_date_type": "published"
      },
      {
        "driver": "離岸風電專案製作與交付",
        "explanation": "世紀鋼7月表示，風電訂單能見度達2029年，海盛與海廣為重點專案。長期訂單提供需求基礎，實際營收仍取決於構件製作、驗收及工程進度。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
        "source_date": "2026-07-23",
        "source_date_type": "published"
      },
      {
        "driver": "航太供應鏈與電力設備",
        "explanation": "榮剛7月底指出，飛機製造商積壓訂單與供應鏈拉貨支撐航太需求；能源安全及電力基建也增加高性能材料需求。特殊鋼的需求節奏因此與一般建築鋼材不同。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e3c77051-272f-4e99-84b6-701a194436ca",
        "source_date": "2026-07-31",
        "source_date_type": "published"
      },
      {
        "driver": "高規格車用扣件",
        "explanation": "恒耀指出，電動車與自駕車提高扣件精密度、耐疲勞及輕量化要求，可增加單件產品價值；車體整合也可能減少扣件數量，須把規格提升與用量變化一起看。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d7a6584a-0ab3-46aa-af0c-4994bc47e293",
        "source_date": "2026-06-17",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "2002",
        "name": "中鋼",
        "role": "一貫鋼廠與碳鋼供料核心",
        "why": "2026年3月法說列示集團粗鋼年產能近1,600萬噸，是台灣鋼材供應的重要基礎。",
        "source_url": "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
        "source_date": "2026-03-31",
        "source_date_type": "published"
      },
      {
        "code": "2027",
        "name": "大成鋼",
        "role": "不銹鋼、鋁材製造與美國通路",
        "why": "2026年第二季不銹鋼品出貨近5萬噸，兼具金屬製造與終端通路的觀察價值。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ee62cac4-8ca2-42a1-be83-efbef0a974ba",
        "source_date": "2026-08-17",
        "source_date_type": "published"
      },
      {
        "code": "2006",
        "name": "東和鋼鐵",
        "role": "電爐鋼筋、H型鋼與鋼板",
        "why": "桃園廠生產鋼筋、苗栗廠生產H型鋼與鋼板，高雄廠兼有鋼筋與H型鋼，涵蓋主要建築鋼材。",
        "source_url": "https://www.tunghosteel.com/about/intro",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      },
      {
        "code": "2023",
        "name": "燁輝",
        "role": "鍍鋅與烤漆鋼材",
        "why": "官網產品同時涵蓋鍍鋅／烤漆鋼捲及鋼構工程，可觀察板捲到建材的加工需求。",
        "source_url": "https://www.yiehphui.com.tw/?lang=EN",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      },
      {
        "code": "2015",
        "name": "豐興",
        "role": "電爐長材與內需鋼材",
        "why": "官網列有鋼筋、條線及型鋼三種工廠，可連結營建鋼材與機械用料需求。",
        "source_url": "https://www.fenghsin.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      },
      {
        "code": "2031",
        "name": "新光鋼",
        "role": "鋼材裁剪、加工與物流供料",
        "why": "官網列有板捲裁剪、客製化鋼板切割及BOX、BH鋼構服務，連結鋼廠與工程用戶。",
        "source_url": "https://www.hkssteel.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      },
      {
        "code": "9958",
        "name": "世紀鋼",
        "role": "建築鋼構與離岸風電構件",
        "why": "公司2026年7月表示，風電訂單能見度達2029年、鋼構排程達2027年，可觀察長約專案執行。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
        "source_date": "2026-07-23",
        "source_date_type": "published"
      },
      {
        "code": "2034",
        "name": "允強",
        "role": "不銹鋼板材、型鋼與製管",
        "why": "櫃買中心產業鏈同時列入不銹鋼板捲、型鋼、裁剪及製管，涵蓋多種不銹鋼加工環節。",
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      },
      {
        "code": "5009",
        "name": "榮剛",
        "role": "航太與能源用特殊鋼",
        "why": "2026年上半年營收60.91億元、毛利率24.07%，產品需求連結航太及能源設備。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e3c77051-272f-4e99-84b6-701a194436ca",
        "source_date": "2026-07-31",
        "source_date_type": "published"
      },
      {
        "code": "3004",
        "name": "豐達科",
        "role": "航太與高階工業扣件",
        "why": "官網列為航太引擎扣件合格供應商，產品具航太認證與高階工業應用門檻。",
        "source_url": "https://www.nafco.com.tw/home/",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      }
    ],
    "recent": [
      {
        "date": "2026-07-23",
        "event": "世紀鋼表示，離岸風電訂單能見度已達2029年，鋼構排程達2027年；海盛、海廣是後續重點專案。",
        "codes": [
          "9958"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
        "source_date": "2026-07-23",
        "source_date_type": "published"
      },
      {
        "date": "2026-07-31",
        "event": "榮剛公布第二季營收32.14億元、年增5.5%，毛利率23.81%；公司指出航太接單維持良好，持續推進設備與新產能。",
        "codes": [
          "5009"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e3c77051-272f-4e99-84b6-701a194436ca",
        "source_date": "2026-07-31",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-03",
        "event": "東和鋼鐵公告資訊顯示，桃園加工中心擴建案追加0.85億元，總預算增至14.23億元；此次追加主要用於員工宿舍。",
        "codes": [
          "2006"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=ad34f9c8-8cb6-40f1-b782-51ce5960a4c6",
        "source_date": "2026-08-03",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-17",
        "event": "大成鋼第二季不銹鋼品出貨近5萬噸、季增10.9%；報導指出德州鋁廠熱軋線已於4月試產，後續規劃提高月產能。",
        "codes": [
          "2027"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ee62cac4-8ca2-42a1-be83-efbef0a974ba",
        "source_date": "2026-08-17",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-28",
        "event": "豐興在8月28日法說會表示，第三季維持量縮價穩，國際鋼價與原料出現低檔反彈，並對第四季傳統旺季看法正向。",
        "codes": [
          "2015"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5627ffbe-b722-475e-9baa-a25f7e29f612",
        "source_date": "2026-08-31",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-04",
        "event": "中鋼公布10月月盤每噸調漲500至600元，第四季季盤採平高盤；部分月盤產品自第四季改採季盤報價。",
        "codes": [
          "2002"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=1e4608c8-0057-4e56-8ef8-7376b0cda140",
        "source_date": "2026-09-04",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-15",
        "event": "中鴻公布10月內銷熱軋、冷軋每噸調漲600元，鍍鋅調漲800元；11月外銷依產品及地區調整。",
        "codes": [
          "2014"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=839c10ea-1614-4712-9dcc-5d08f74b43bb&c=MB10",
        "source_date": "2026-09-15",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-15",
        "event": "財政部對韓國及中國大陸進口非方向性電磁鋼品作成傾銷最後認定，並調整臨時反傾銷稅。該公告指出，後續尚須完成產業損害調查及是否正式課稅的審議；申請人為中鋼。",
        "codes": [
          "2002"
        ],
        "source_url": "https://www.mof.gov.tw/singlehtml/384fb3077bb349ea973e7fc6f13b6974?cntId=c895eebeb9474fd792570a578f3293b4",
        "source_date": "2026-09-15",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-05",
        "event": "中鋼公布11月月盤，熱軋、冷軋及建材鍍鋅等五類產品每噸調漲900元；公司表示反映國際行情與煉鋼成本。",
        "codes": [
          "2002"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=16b085f3-4b36-4758-871b-370677effe21",
        "source_date": "2026-10-05",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-12",
        "event": "中鋼公布9月營收310.01億元，年增27.13%；報導指出，產品價量、遞延出貨及旺季前拉貨共同影響當月表現。",
        "codes": [
          "2002"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c0fd722a-402a-4fef-ac16-17a35f7b65bd&c=MB00",
        "source_date": "2026-10-13",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "中鋼已公告的11月月盤每噸上調900元開始適用，後續觀察成交量及成本轉嫁情形。",
        "codes": [
          "2002"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=16b085f3-4b36-4758-871b-370677effe21",
        "source_date": "2026-10-05",
        "source_date_type": "published"
      },
      {
        "expected": "2026-11",
        "event": "第三季財報揭露窗口，可檢查毛利率、庫存及現金流。證券交易法原則要求季末45日內申報；此為法定節點，各公司實際公告日依後續公告。",
        "codes": [
          "2002",
          "2027",
          "2006",
          "2023",
          "8415",
          "2015",
          "9958",
          "2014",
          "5009"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "law_amended"
      },
      {
        "expected": "2026-12",
        "event": "世紀鋼7月預估，海廣風場在2026年12月或2027年第一季開始貢獻；追蹤最新製作與營收認列進度。",
        "codes": [
          "9958"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
        "source_date": "2026-07-23",
        "source_date_type": "published"
      },
      {
        "expected": "2027-01-04",
        "event": "歐盟預定公布2026年第四季CBAM憑證價格，作為該季進口所含排放的碳成本依據；可用於檢查銷歐鋼品的碳成本變化。",
        "codes": [],
        "source_url": "https://taxation-customs.ec.europa.eu/news/first-cbam-certificate-price-be-published-7-april-2026-03-06_en?prefLang=el",
        "source_date": "2026-03-06",
        "source_date_type": "published"
      },
      {
        "expected": "2027-02",
        "event": "歐盟CBAM憑證自2027年2月開始購買，用於履行2026年進口的相關義務。追蹤歐洲進口商向鋼鐵供應商索取排放資料與轉嫁成本的進度；付款義務主體是歐盟進口商。",
        "codes": [],
        "source_url": "https://taxation-customs.ec.europa.eu/news/first-cbam-certificate-price-be-published-7-april-2026-03-06_en?prefLang=el",
        "source_date": "2026-03-06",
        "source_date_type": "published"
      },
      {
        "expected": "2027-04-06",
        "event": "Fastener Fair Global預定4月6日至8日在德國斯圖加特舉行，可觀察扣件需求與產品方向；本清單公司的參展名單尚未確認。",
        "codes": [],
        "source_url": "https://www.fastenerfair.com/global/en-gb/visit.html",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      }
    ],
    "global_peers": [
      {
        "name": "日本製鐵 Nippon Steel",
        "ticker": "TSE:5401",
        "relation": "產品與中鋼的板捲、棒線及高階鋼材相近，可對照亞洲鋼價與產品升級。",
        "related_codes": [
          "2002",
          "2014"
        ],
        "relation_type": "business_comparison",
        "source_url": "https://www.nipponsteel.com/en/ir/faq/",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.nipponsteel.com/en/ir/",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "name": "Nucor",
        "ticker": "NYSE:NUE",
        "relation": "以廢鋼循環煉鋼並供應鋼筋、型鋼及板材，可對照東和鋼鐵、豐興的電爐成本與產品組合。",
        "related_codes": [
          "2006",
          "2015"
        ],
        "relation_type": "business_comparison",
        "source_url": "https://investors.nucor.com/news/news-details/2026/Nucor-Reports-Results-for-the-Fourth-Quarter-of-2025/default.aspx",
        "source_date": "2026-01-26",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://investors.nucor.com/overview/default.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "name": "Outokumpu",
        "ticker": "Nasdaq Helsinki:OUT1V",
        "relation": "不銹鋼板材供應商，可對照唐榮、允強的產品價格、原料轉嫁與低碳材料需求。",
        "related_codes": [
          "2035",
          "2034"
        ],
        "relation_type": "business_comparison",
        "source_url": "https://www.outokumpu.com/en/investors/outokumpu-share",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved"
      },
      {
        "name": "Fastenal",
        "ticker": "Nasdaq:FAST",
        "relation": "經營工業用品與扣件通路，可對照大國鋼的美國客戶採購與庫存服務模式。",
        "related_codes": [
          "8415"
        ],
        "relation_type": "business_comparison",
        "source_url": "https://investor.fastenal.com/news/news-details/2026/Fastenal-Company-Announces-Cash-Dividend-and-Share-Repurchase-Activity/default.aspx",
        "source_date": "2026-04-10",
        "source_date_type": "published"
      },
      {
        "name": "Carpenter Technology",
        "ticker": "NYSE:CRS",
        "relation": "供應特殊合金及高溫材料，可對照榮剛的高性能材料產品與應用結構。",
        "related_codes": [
          "5009"
        ],
        "relation_type": "business_comparison",
        "source_url": "https://ir.carpentertechnology.com/financials/quarterly-results/default.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "supporting_sources": [
          {
            "source_url": "https://www.carpentertechnology.com/products",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "鋼品報價與原料價差",
        "why": "板捲看中鋼盤價與鐵礦、冶金煤；電爐看鋼筋與廢鋼；不銹鋼另看合金金屬。比較售價與成本變動，才知道漲價是否改善利差。",
        "interpretation_type": "research_framework",
        "source_url": "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
        "source_date": "2026-03-31",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://ic.tpex.org.tw/introduce.php?ic=Q000",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "metric": "鋼材出貨量與產能利用率",
        "why": "營收同時受價格與數量影響。把月出貨、粗鋼產量及稼動率一起看，可判斷補庫存有沒有轉成實際生產與交貨。",
        "interpretation_type": "research_framework",
        "source_url": "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
        "source_date": "2026-03-31",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://investors.nucor.com/news/news-details/2026/Nucor-Reports-Results-for-the-Fourth-Quarter-of-2025/default.aspx",
            "source_date": "2026-01-26",
            "source_date_type": "published"
          }
        ]
      },
      {
        "metric": "存貨天數、跌價損失與營業現金流",
        "why": "鋼價變動會改變庫存價值與備料資金需求。通路和加工廠尤其要把存貨變化、成本認列及現金回收一起看。",
        "interpretation_type": "research_framework",
        "source_url": "https://investors.nucor.com/news/news-details/2026/Nucor-Reports-Results-for-the-Fourth-Quarter-of-2025/default.aspx",
        "source_date": "2026-01-26",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.tachen.com.tw/aboutus.asp",
            "source_date": "2026-10-18",
            "source_date_type": "retrieved"
          }
        ]
      },
      {
        "metric": "鋼構及風電在手訂單、交付與認列",
        "why": "長期訂單提供需求線索，但製作、交付與營收認列分屬不同進度。追蹤排程與完工量，可判斷專案收入的實現速度。",
        "interpretation_type": "research_framework",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4baa3049-3a03-4842-b2af-37d23cc0f51d",
        "source_date": "2026-07-23",
        "source_date_type": "published"
      },
      {
        "metric": "高階鋼材與扣件出貨占比",
        "why": "航太、能源、資料中心與車用產品規格不同。分開追蹤高階品出貨占比及毛利率，可判斷成長來自規格提升或一般行情變動。",
        "interpretation_type": "research_framework",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e3c77051-272f-4e99-84b6-701a194436ca",
        "source_date": "2026-07-31",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ee62cac4-8ca2-42a1-be83-efbef0a974ba",
            "source_date": "2026-08-17",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d7a6584a-0ab3-46aa-af0c-4994bc47e293",
            "source_date": "2026-06-17",
            "source_date_type": "published"
          }
        ]
      }
    ],
    "sources": [
      "https://ic.tpex.org.tw/introduce.php?ic=Q000",
      "https://www.csc.com.tw/csc/ss/pst/pdf/2026Mar31.pdf",
      "https://www.tunghosteel.com/about/intro",
      "https://www.yiehphui.com.tw/?lang=EN",
      "https://www.fenghsin.com.tw/",
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      "value_chain_scope": "同一家公司可跨上中下游，故價值鏈代號允許重複。只列輸入鋼鐵工業公司。",
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      "schema_extensions": "保留使用者指定欄位；額外增加來源日期、日期類型、補充來源及輸入快照，讓無來源欄位的事實亦可追溯。"
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        "note": "網頁無發布日；日期為查核日。次產業為本研究依產品與營運角色歸納，並非交易所另設的分類。原站已直接讀取成功。"
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        "title": "大成鋼旗下美國大成：不銹鋼與鋁材通路",
        "source_date": "2026-10-18",
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        "note": "頁面未標更新日，僅用於產品與通路角色，不沿用其據點數或市占率。"
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        "title": "MoneyDJ：大成鋼AI基建延續／德州廠放量",
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        "title": "MoneyDJ：恒耀積極布局智能車",
        "source_date": "2026-06-17",
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        "title": "MoneyDJ：榮剛上半年EPS 1元，新產能助未來營運成長",
        "source_date": "2026-07-31",
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        "title": "MoneyDJ：世紀鋼訂單能見度與海廣時程",
        "source_date": "2026-07-23",
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        "title": "證交所：上市公司每月營業收入彙總表",
        "source_date": "2026-10-17",
        "source_date_type": "input_report_date",
        "retrieved_at": "2026-10-18",
        "note": "此為輸入latest.json記載的來源與出表日期；營收統計鎖定本次輸入快照。API內容會隨時間更新。"
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        "url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "櫃買中心：上櫃公司每月營業收入彙總表",
        "source_date": "2026-10-17",
        "source_date_type": "input_report_date",
        "retrieved_at": "2026-10-18",
        "note": "同上；不是將日後API的最新內容當成2026年9月原始快照。"
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        "title": "近期事件／催化來源：東和鋼鐵公告資訊顯示，桃園加工中心擴建案追加0.85億元，總預算增至",
        "source_date": "2026-08-03",
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        "note": "web.open 成功。原文為MOPS重大訊息；追加0.85億元、總額14.23億元，原因為員工宿舍，非產線擴產。事件日期採MoneyDJ刊載日，非自行推算董事會日期。"
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        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5627ffbe-b722-475e-9baa-a25f7e29f612",
        "title": "近期事件／催化來源：豐興在8月28日法說會表示，第三季維持量縮價穩，國際鋼價與原料出現低",
        "source_date": "2026-08-31",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功。內文指出8月28日法說；Q3量縮價穩及第四季旺季均為公司當時說法，非已實現結果。"
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        "url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=1e4608c8-0057-4e56-8ef8-7376b0cda140",
        "title": "近期事件／催化來源：中鋼公布10月月盤每噸調漲500至600元，第四季季盤採平高盤；部分",
        "source_date": "2026-09-04",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功。10月月盤上調每噸500–600元、Q4季盤平高；部分產品Q4改採季盤。可同時支持產業報價與補庫存驅動，但宏觀數字未沿用。"
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        "url": "https://m.moneydj.com/f1a.aspx?a=839c10ea-1614-4712-9dcc-5d08f74b43bb&c=MB10",
        "title": "近期事件／催化來源：中鴻公布10月內銷熱軋、冷軋每噸調漲600元，鍍鋅調漲800元；11",
        "source_date": "2026-09-15",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功。中鴻10月內銷熱軋、冷軋每噸+600元、鍍鋅+800元；11月外銷按產品和地區調整，沒有單一報價。"
      },
      {
        "url": "https://www.mof.gov.tw/singlehtml/384fb3077bb349ea973e7fc6f13b6974?cntId=c895eebeb9474fd792570a578f3293b4",
        "title": "近期事件／催化來源：財政部對韓國及中國大陸進口非方向性電磁鋼品作成傾銷最後認定，並調整臨",
        "source_date": "2026-09-15",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功。傾銷調查最後認定與正式課稅不同；內文明確說產業損害調查待完成、臨時稅最終未課可退。不可寫成正式課五年反傾銷稅。"
      },
      {
        "url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=16b085f3-4b36-4758-871b-370677effe21",
        "title": "近期事件／催化來源：中鋼公布11月月盤，熱軋、冷軋及建材鍍鋅等五類產品每噸調漲900元；",
        "source_date": "2026-10-05",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web搜尋有完整內文；web.open多次快取失敗，改以urllib.request直接讀原站HTTP 200、61364 bytes，確認標題、日期與全文。五類月盤每噸+900元；不是所有中鋼產品都漲900元。"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c0fd722a-402a-4fef-ac16-17a35f7b65bd&c=MB00",
        "title": "近期事件／催化來源：中鋼公布9月營收310.01億元，年增27.13%；報導指出，產品價",
        "source_date": "2026-10-13",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web搜尋有完整內文；web.open快取失敗，改以urllib.request直接讀原站HTTP 200並讀全文。內文寫昨12日公布，故事件日期為10月12日、來源刊登日為10月13日。9月營收310.01億元、年增27.13%，與latest.json相符。"
      },
      {
        "url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "title": "近期事件／催化來源：第三季財報揭露窗口，可檢查毛利率、庫存及現金流。證券交易法原則要求季",
        "source_date": "2024-08-07",
        "source_date_type": "law_amended",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功。第36條原則年度終了3個月、第一至第三季45日、每月10日前申報上月營運；條文亦保留特殊規定。採2026-11月份節點，不斷言未確認的個別公司法說日或遇假日後截止日。"
      },
      {
        "url": "https://taxation-customs.ec.europa.eu/news/first-cbam-certificate-price-be-published-7-april-2026-03-06_en?prefLang=el",
        "title": "近期事件／催化來源：歐盟預定公布2026年第四季CBAM憑證價格，作為該季進口所含排放的",
        "source_date": "2026-03-06",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功，歐盟執委會稅務與關務主管機關。明確公告憑證2027年2月開始購買，以及Q4/2026價格於2027-01-04公布。勿把憑證銷售日當成首次年度申報/繳交日；後者2027-09-30不在本次未來6月範圍。"
      },
      {
        "url": "https://www.fastenerfair.com/global/en-gb/visit.html",
        "title": "近期事件／催化來源：Fastener Fair Global預定4月6日至8日在德國斯圖",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18",
        "note": "web.open 成功；RX公司主辦官網明載2027-04-06至04-08。頁面沒有發布日，日期是查核日。與外貿協會2025-07-14文章交叉一致：https://info.taiwantrade.com/biznews/taiwantrade-2945943.html 。不使用泛網舊版3月展期。"
      },
      {
        "url": "https://www.nipponsteel.com/en/ir/faq/",
        "title": "日本製鐵：投資人問答與證券代號",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://www.nipponsteel.com/en/ir/",
        "title": "日本製鐵：投資人資訊與事業內容",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://investors.nucor.com/news/news-details/2026/Nucor-Reports-Results-for-the-Fourth-Quarter-of-2025/default.aspx",
        "title": "Nucor：2025年第四季業績、產品與NYSE代號",
        "source_date": "2026-01-26",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://investors.nucor.com/overview/default.aspx",
        "title": "Nucor：廢鋼循環煉鋼與鋼鐵業務",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://www.outokumpu.com/en/investors/outokumpu-share",
        "title": "Outokumpu：股票代號與不銹鋼產品",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://investor.fastenal.com/news/news-details/2026/Fastenal-Company-Announces-Cash-Dividend-and-Share-Repurchase-Activity/default.aspx",
        "title": "Fastenal：公司公告、工業通路與Nasdaq代號",
        "source_date": "2026-04-10",
        "source_date_type": "published",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://ir.carpentertechnology.com/financials/quarterly-results/default.aspx",
        "title": "Carpenter Technology：季度業績與NYSE代號",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18"
      },
      {
        "url": "https://www.carpentertechnology.com/products",
        "title": "Carpenter Technology：特殊合金產品",
        "source_date": "2026-10-18",
        "source_date_type": "retrieved",
        "retrieved_at": "2026-10-18"
      }
    ]
  },
  {
    "industry": "建材營造",
    "as_of": "2026-10-18",
    "one_liner": "從混凝土、施工到交屋，接起一棟房子",
    "one_liner_en": "Builders and materials suppliers behind Taiwan’s homes, factories and infrastructure.",
    "overview": "興富發9月營收約61億元，年增104%，是本頁營收規模最大的公司。建材營造像一場蓋房接力賽，材料廠備料、營造商施工，建商把完成的房屋交到客戶手中。本頁88家公司合計約673億元，年增59.5%；遠雄約50億元、年增262%，欣陸約43億元、年增89.3%，住宅開發與工程集團都有增長。下一次先看興富發能否延續61億元的規模，再對照遠雄是否維持262%的年增幅。",
    "segments": [
      {
        "name": "建材與預拌混凝土",
        "description": "供應工地使用的混凝土等材料；前30大中以國產代表此分工。",
        "codes": [
          "2504"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "科技廠辦營造與預鑄",
        "description": "承攬科技廠房與廠辦土建；潤弘另以預鑄工法參與施工。公司也有其他工程，這裡依本輪需求主軸歸類。",
        "codes": [
          "2597",
          "2535",
          "2546"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0f799d8b-affd-4da7-bb29-ec286c316d56",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "name": "綜合營造與公共工程",
        "description": "承攬土木、建築及公共工程。欣陸以集團綜合工程歸類，旗下也有建設與環工業務。",
        "codes": [
          "3703",
          "2515",
          "2543",
          "5521",
          "5511",
          "5515"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "住宅與商辦開發",
        "description": "以土地開發、規劃及房屋銷售為主要觀察分工；部分公司兼有營造、都更或資產營運。",
        "codes": [
          "2542",
          "5522",
          "2505",
          "5529",
          "2520",
          "4113",
          "5206",
          "2548",
          "5455",
          "1808",
          "2511",
          "2501",
          "2547",
          "1439",
          "6177",
          "6171",
          "2545",
          "1316",
          "5512"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "建設與代銷整合",
        "description": "愛山林同時經營自建案及代銷；公司2026年6月說明將以建設為主、代銷為輔。",
        "codes": [
          "2540"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6e2cffbc-4d4c-42c1-9cbe-123c978dbb52",
        "source_date": "2026-06-30",
        "source_date_type": "published"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "供應混凝土、板材與預鑄構件，並提供基礎、結構及機電等施工投入。此處只列清單內的材料與預鑄業者。",
        "codes": [
          "2504",
          "2597",
          "8424",
          "5543"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "midstream": {
        "description": "建設公司取得土地、規劃並發包；營造公司承攬住宅、商辦、科技廠房與公共工程。欣陸另有環工事業，企業可能跨多個環節。",
        "codes": [
          "2542",
          "5522",
          "3703",
          "2505",
          "2540",
          "2597",
          "2515",
          "2520",
          "2535",
          "2546",
          "2543",
          "5521",
          "5511",
          "5515"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "downstream": {
        "description": "完工後由住戶、企業及政府使用，延伸出室內裝修、出租與物業管理。清單內以潤弘的裝修、太子及鼎固-KY的物業管理作為對照；與中上游可重複。",
        "codes": [
          "2597",
          "2511",
          "2923"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    },
    "drivers": [
      {
        "driver": "房貸條件與授信供給",
        "explanation": "買方能貸多少、銀行核貸速度，影響購屋負擔與成交節奏。央行表示，自2020年12月以來已九度調整不動產選擇性信用管制，後續仍將檢視執行成效。",
        "source_url": "https://www.cbc.gov.tw/tw/cp-1054-50564-FDFFB-1.html",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "driver": "都更、危老與住宅更新",
        "explanation": "老屋更新支撐土地整合、重建與修繕需求。內政部指出，截至2026年7月底，全國都更與危老重建累計核准6,421件；7月16日已將都更條例修正草案送立法院審議。",
        "source_url": "https://www.moi.gov.tw/News_Content.aspx?n=4&s=341051",
        "source_date": "2026-09-19",
        "source_date_type": "published"
      },
      {
        "driver": "公共工程與區域建設",
        "explanation": "軌道、道路、治水等投資，提供住宅市場以外的工程需求。行政院2027年度總預算案規劃公共建設7,288億元，較2026年度增加585億元；目前應視為送審草案，實際需求仍看審議與發包。",
        "source_url": "https://www.ey.gov.tw/Page/9277F759E41CCD91/c9b62b00-c255-4c12-9eda-85409410beac",
        "source_date": "2026-08-20",
        "source_date_type": "published"
      },
      {
        "driver": "科技廠房投資",
        "explanation": "科技業擴廠，帶動廠房、預鑄構件與混凝土需求。MoneyDJ於2026年9月18日報導，達欣工科技廠房工程比重約75%，根基與潤弘也累積大額未完工合約。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0f799d8b-affd-4da7-bb29-ec286c316d56",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "driver": "低碳與節能建材升級",
        "explanation": "公共建築規格提升，增加低碳材料與節能工法需求。國土署要求其公有代辦新建建築，建築能效至少1級，並取得低碳建築標示證書；此處不延伸為所有民間新案的強制規定。",
        "source_url": "https://www.moi.gov.tw/News_Content.aspx?Create=1&n=4&s=339872",
        "source_date": "2026-07-29",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "2542",
        "name": "興富發",
        "role": "住宅與商辦開發",
        "why": "2026年9月營收61.23億元，年增103.73%，公司說明來自青山440等新案認列。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4a9ec538-9c30-42e6-ab1b-5741899df0e6",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "code": "5522",
        "name": "遠雄",
        "role": "住宅開發與交屋",
        "why": "2026年9月營收49.95億元，年增262.47%，公司說明主要來自完工可交屋量增加。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=283b5b4d-ce37-49c3-9236-38e1af93d37a",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "code": "3703",
        "name": "欣陸",
        "role": "營造、建設與環工整合",
        "why": "截至2026年6月底，旗下大陸工程未實現合約餘額1,194億元，具大型工程接案規模。",
        "source_url": "https://www.continental-holdings.com/en/about/media-center/continental-holdings-corporation-twse-3703-reported-solid-profit-performance-in-the-first-half-of-2026-and-eps-of-nt0-57/",
        "source_date": "2026-08-07",
        "source_date_type": "published"
      },
      {
        "code": "2540",
        "name": "愛山林",
        "role": "建設與代銷整合",
        "why": "公司2026年6月表示，當年營收結構估為自建案7成、代銷3成，可觀察業務轉型。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6e2cffbc-4d4c-42c1-9cbe-123c978dbb52",
        "source_date": "2026-06-30",
        "source_date_type": "published"
      },
      {
        "code": "2597",
        "name": "潤弘",
        "role": "科技廠辦與預鑄施工",
        "why": "2026年9月報導指未交工程約600億元，預鑄工法對應科技廠快速施工需求。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0f799d8b-affd-4da7-bb29-ec286c316d56",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "code": "2535",
        "name": "達欣工",
        "role": "科技廠房營造",
        "why": "2026年8月法說揭露未完工工程餘額393億元，其中廠房工程272億元，約占七成。",
        "source_url": "https://money.udn.com/money/story/5612/9701906",
        "source_date": "2026-08-19",
        "source_date_type": "published"
      },
      {
        "code": "2546",
        "name": "根基",
        "role": "科技廠房營造",
        "why": "2026年9月報導指未交工程逾400億元，科技建廠約占在手案量一半。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0f799d8b-affd-4da7-bb29-ec286c316d56",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "code": "2504",
        "name": "國產",
        "role": "預拌混凝土與低碳建材",
        "why": "2026年前三季營收155.25億元，低碳混凝土供應科技廠辦，連結建材與建廠需求。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5c5823d6-4da5-4b1e-af5a-398bedd62413",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      }
    ],
    "recent": [
      {
        "date": "2026-10-16",
        "event": "遠雄公布2027年規劃推出5案、總銷約914億元，桃園為重點；屬推案計畫，尚未等同成交或營收。",
        "codes": [
          "5522"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d41db69d-2471-458e-b1d6-70adbc415a86",
        "source_date": "2026-10-16",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-08",
        "event": "國產公布9月營收18.81億元，月增14.49%、年減2.29%；公司說明低碳高端產品持續供應科技建廠。",
        "codes": [
          "2504"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5c5823d6-4da5-4b1e-af5a-398bedd62413",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-23",
        "event": "國揚公告土城忠義段廠辦建築工程發包，含稅契約約34.89億元，委由駿傑營造承攬。",
        "codes": [
          "2505"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59ad7185-a850-4da8-98f9-ff2e2c858629",
        "source_date": "2026-09-23",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-17",
        "event": "興富發申請內湖文德路都更案事業計畫報核，預估投入42.1億元；仍須完成後續審議程序。",
        "codes": [
          "2542"
        ],
        "source_url": "https://money.udn.com/money/story/5710/9761609",
        "source_date": "2026-09-17",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-08",
        "event": "皇昌董事會通過投資1.275億元、持股51%設立皇昌福榮建設，執行北安段公辦都更案。",
        "codes": [
          "2543"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5e9855e1-5564-4325-ad20-bcc8178a8105",
        "source_date": "2026-09-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-04",
        "event": "欣陸旗下欣達環工公告投資6億元設立客雅水務，持股100%，擴展水務事業。",
        "codes": [
          "3703"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e78cd490-98c5-44b5-a42f-f5093224e7ee",
        "source_date": "2026-09-04",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-19",
        "event": "達欣工法說揭露未完工工程餘額393億元，其中廠房工程約占七成，並說明將擴大科技廠房工程。",
        "codes": [
          "2535"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9701906",
        "source_date": "2026-08-19",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-07",
        "event": "欣陸公布上半年營收137.86億元、淨利4.72億元；大陸工程及欣達環工未實現合約分別為1,194億元及894億元。",
        "codes": [
          "3703"
        ],
        "source_url": "https://www.continental-holdings.com/en/about/media-center/continental-holdings-corporation-twse-3703-reported-solid-profit-performance-in-the-first-half-of-2026-and-eps-of-nt0-57/",
        "source_date": "2026-08-07",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "第三季財報揭露。依一般規定，季底後45日內申報；觀察住宅交屋認列、營造毛利與合約負債，屬法定揭露窗口，個別公司實際公告日未定。",
        "codes": [],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "law_amended"
      },
      {
        "expected": "2026-12-10",
        "event": "台北國際建築建材暨產品展預定12月10日至13日在南港展覽館1館舉行，觀察節能、低碳與智慧建材的新規格；尚未逐家公司確認參展。",
        "codes": [],
        "source_url": "https://www.taipeibex.com.tw/zh-tw/menu/488C8C39DC418F03D0636733C6861689/info.html",
        "source_date": "2026-10-15",
        "source_date_type": "page_updated"
      },
      {
        "expected": "2026-12-17",
        "event": "央行預定召開第四季理監事會並舉行記者會，觀察利率與不動產授信政策訊號；未預設將降息或鬆綁。",
        "codes": [],
        "source_url": "https://www.cbc.gov.tw/tw/cp-357-189514-82841-1.html",
        "source_date": "2025-12-18",
        "source_date_type": "published"
      },
      {
        "expected": "2027-03",
        "event": "曆年制公司的2026年度財報揭露窗口。一般規定為年度結束後3個月內，觀察全年完工交屋、現金流與存貨；個別公司實際公告日未定。",
        "codes": [],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "law_amended"
      },
      {
        "expected": "2027-03",
        "event": "遠雄規劃在2027年第一季推出中壢體育園區、棒球場周邊近百億元住宅案；本欄以季末月份表示預計窗口，確切開案日未公布，仍須追蹤實際推案與銷售。",
        "codes": [
          "5522"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d41db69d-2471-458e-b1d6-70adbc415a86",
        "source_date": "2026-10-16",
        "source_date_type": "published",
        "expected_start": "2027-01-01",
        "expected_end": "2027-03-31",
        "timing_basis": "公司規劃的第一季窗口，非2027年3月確定舉行。"
      }
    ],
    "global_peers": [
      {
        "name": "D.R. Horton",
        "ticker": "NYSE: DHI",
        "relation": "美國住宅開發商，可對照興富發、遠雄的土地取得、住宅銷售與交屋週期；市場制度不同，僅屬商業模式對照。",
        "source_url": "https://investor.drhorton.com/news-and-events/press-releases/2026/07-21-2026-113055285",
        "source_date": "2026-07-21",
        "source_date_type": "published"
      },
      {
        "name": "VINCI",
        "ticker": "Euronext Paris: DG",
        "relation": "法國工程與特許經營集團，可對照欣陸的工程承攬及基礎設施營運布局；僅屬業務結構對照。",
        "source_url": "https://www.vinci.com/sites/default/files/medias/communiques/file/2026-07/CP%20VINCI%20H1%202026%20EN.pdf",
        "source_date": "2026-07-30",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.vinci.com/en/finance/share/stock-data",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "note": "核對交易代號。"
          }
        ]
      },
      {
        "name": "CRH",
        "ticker": "NYSE: CRH",
        "relation": "國際骨材與預拌混凝土等建材供應商，可對照國產、力泰的出貨量、售價與原料成本；僅屬產品和營運模式對照。",
        "source_url": "https://www.crh.com/media/press-releases/2026/crh-reports-second-quarter-2026-results/",
        "source_date": "2026-07-30",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.crh.com/what-we-do/roads/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "note": "核對產品分工。"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "房貸條件與預售成交量",
        "why": "一起追貸款成數、資金取得與預售登錄件數，較能判斷看屋意願是否轉為成交；政策鬆綁不等於銷量已回升。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d41db69d-2471-458e-b1d6-70adbc415a86",
        "source_date": "2026-10-16",
        "source_date_type": "published"
      },
      {
        "metric": "完工使照與交屋進度",
        "why": "把使照、可交屋戶數和實際交屋放在一起看，判斷建商收入認列節奏；遠雄9月營收變化就與可交屋量有關。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=283b5b4d-ce37-49c3-9236-38e1af93d37a",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "metric": "營造未完工合約餘額與新接案",
        "why": "觀察還有多少工程尚未認列，並核對新案能否補上施工消耗；跨公司比較要先對齊統計口徑。",
        "source_url": "https://www.continental-holdings.com/en/about/media-center/continental-holdings-corporation-twse-3703-reported-solid-profit-performance-in-the-first-half-of-2026-and-eps-of-nt0-57/",
        "source_date": "2026-08-07",
        "source_date_type": "published"
      },
      {
        "metric": "工程成本、毛利率與建材出貨結構",
        "why": "追工資、工程物價及低碳材料比重，再對照毛利率；出貨成長與產品組合改善，對獲利的影響不同。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5c5823d6-4da5-4b1e-af5a-398bedd62413",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "metric": "營業現金流、存貨與淨負債",
        "why": "把交屋後收款、土地與在建案投入放在一起看，檢視營收成長能否轉成現金，以及資金占用是否下降。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d51f7d56-033f-489f-b845-a35282c311da",
        "source_date": "2026-07-29",
        "source_date_type": "published"
      }
    ],
    "sources": [
      "https://ic.tpex.org.tw/introduce.php?ic=S000",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0f799d8b-affd-4da7-bb29-ec286c316d56",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6e2cffbc-4d4c-42c1-9cbe-123c978dbb52",
      "https://www.cbc.gov.tw/tw/cp-1054-50564-FDFFB-1.html",
      "https://www.moi.gov.tw/News_Content.aspx?n=4&s=341051",
      "https://www.ey.gov.tw/Page/9277F759E41CCD91/c9b62b00-c255-4c12-9eda-85409410beac",
      "https://www.moi.gov.tw/News_Content.aspx?Create=1&n=4&s=339872",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4a9ec538-9c30-42e6-ab1b-5741899df0e6",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=283b5b4d-ce37-49c3-9236-38e1af93d37a",
      "https://www.continental-holdings.com/en/about/media-center/continental-holdings-corporation-twse-3703-reported-solid-profit-performance-in-the-first-half-of-2026-and-eps-of-nt0-57/",
      "https://money.udn.com/money/story/5612/9701906",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5c5823d6-4da5-4b1e-af5a-398bedd62413",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d41db69d-2471-458e-b1d6-70adbc415a86",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59ad7185-a850-4da8-98f9-ff2e2c858629",
      "https://money.udn.com/money/story/5710/9761609",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5e9855e1-5564-4325-ad20-bcc8178a8105",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e78cd490-98c5-44b5-a42f-f5093224e7ee",
      "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
      "https://www.taipeibex.com.tw/zh-tw/menu/488C8C39DC418F03D0636733C6861689/info.html",
      "https://www.cbc.gov.tw/tw/cp-357-189514-82841-1.html",
      "https://investor.drhorton.com/news-and-events/press-releases/2026/07-21-2026-113055285",
      "https://www.vinci.com/sites/default/files/medias/communiques/file/2026-07/CP%20VINCI%20H1%202026%20EN.pdf",
      "https://www.vinci.com/en/finance/share/stock-data",
      "https://www.crh.com/media/press-releases/2026/crh-reports-second-quarter-2026-results/",
      "https://www.crh.com/what-we-do/roads/",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d51f7d56-033f-489f-b845-a35282c311da",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
    ],
    "data_basis": {
      "source_file": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "source_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "source_date": "2026-10-17",
      "source_date_type": "input_reportDate",
      "revenue_month": "2026-09",
      "revenue_unit": "新台幣千元",
      "company_count": 88,
      "revenue_sum_thousand": 67347638,
      "top15_revenue_share_percent": 64.87,
      "source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
      ],
      "aggregation_note": "按輸入檔 industry 等於建材營造篩選，依單月 revenue 排序。為各公司合併營收的樣本加總，可能含母子公司重複計入，非全台產業產值或市占。yoyPercent 為 null 者保留缺值。",
      "segment_method": "依本次研究分工，前30大各歸一類；屬分析分類，不表示公司只經營單一業務。價值鏈可跨段重複列示。"
    },
    "overview_sources": [
      {
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "input_reportDate",
        "note": "公司家數、營收加總及前15大占比皆由指定輸入快照計算；本網址為該檔標示的上游來源之一。"
      },
      {
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "input_reportDate",
        "note": "指定輸入快照標示的另一上游來源；即時API可能隨申報更新。"
      },
      {
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=S000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "產業結構與價值鏈；頁面未標發布日，日期為本次查閱日。"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0f799d8b-affd-4da7-bb29-ec286c316d56",
        "source_date": "2026-09-18",
        "source_date_type": "published",
        "note": "科技廠房工程需求。"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d41db69d-2471-458e-b1d6-70adbc415a86",
        "source_date": "2026-10-16",
        "source_date_type": "published",
        "note": "住宅端貸款條件與來客觀察。"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=283b5b4d-ce37-49c3-9236-38e1af93d37a",
        "source_date": "2026-10-08",
        "source_date_type": "published",
        "note": "建商交屋與營收節奏。"
      }
    ],
    "research_notes": {
      "date_convention": "source_date_type=published為發布日；law_amended為法規修正日；page_updated為網頁更新日；accessed為查閱日，該網頁未標發布日；input_reportDate為指定輸入檔的報表日期。均非以搜尋引擎抓取日代替發布日。",
      "recent_window": {
        "start": "2026-07-20",
        "end": "2026-10-18"
      },
      "catalyst_window": {
        "start": "2026-10-19",
        "end": "2027-04-18"
      },
      "interpretation": "分工、國際同業的可比關係、需求傳導及追蹤指標的重要性為依所附來源所作研究判讀；同業對照不代表已證實有交易或合作關係。",
      "expectation_status": "公司推案與預定展會仍可變動；預算及修法草案保留送審狀態。揭露月份是法定窗口，不代表特定公司的確定法說日期。"
    }
  },
  {
    "industry": "汽車工業",
    "as_of": "2026-10-18",
    "one_liner": "從整車到零件，陪一輛車上路",
    "one_liner_en": "Taiwan combines domestic vehicle sales with an export-oriented auto-parts supply chain.",
    "overview": "和泰車9月營收約268億元，年增26.2%，在本頁汽車公司中規模最大。汽車業像替車輛準備整套裝備的團隊，從整車組裝、品牌銷售，到車燈、車身、底盤與電子零件，接好一輛車上路前後的需求。本頁44家公司合計約649億元，年增13.6%；裕隆約60億元、年增2.4%，三陽工業約49億元、年減3.1%，整車公司的表現各有方向。鴻華先進-創約11億元、年增341%，是月營收達10億元公司中的增幅首位。下一次先看三陽工業的年減幅是否縮小，再把和泰車的26.2%當作通路端的比較基準。",
    "segments": [
      {
        "name": "整車製造與電動車開發",
        "description": "生產汽車與機車，或提供整車平台、委託設計及製造服務；看品牌需求與量產交付。",
        "codes": [
          "2201",
          "2206",
          "2204",
          "2258"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/introduce.php?ic=3000",
          "https://www.sanyang.com.tw/financial/system/investor/earningscall/2026/SYM_20260429_CN.pdf",
          "https://www.mitsubishi-motors.com.tw/news_page.php?id=2052",
          "https://www.honhai.com/zh-tw/press-center/events/industry-events/2020",
          "https://www.yulon-motor.com.tw/company.aspx",
          "https://www.yulon-motor.com.tw/products_car.aspx"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_note": "依產品與營運角色歸入單一主要分工，逐家公司依據見classification_evidence。"
      },
      {
        "name": "品牌代理與銷售通路",
        "description": "連接國際品牌、經銷據點與車主，提供新車銷售及售後服務；看新車供給與到港交車。",
        "codes": [
          "2207",
          "2247",
          "2227"
        ],
        "source_urls": [
          "https://www.hotaimotor.com.tw/About/Company",
          "https://www.pgum.com.tw/company/",
          "https://ic.tpex.org.tw/introduce.php?ic=3000",
          "https://new.nissan.com.tw/nissan/brand/about-us"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_note": "依產品與營運角色歸入單一主要分工，逐家公司依據見classification_evidence。"
      },
      {
        "name": "車燈與照明模組",
        "description": "涵蓋車燈總成、LED模組及車內氛圍燈，同時連到新車原廠與售後維修需求。",
        "codes": [
          "1522",
          "6605",
          "3717",
          "3346",
          "1521",
          "2248"
        ],
        "source_urls": [
          "https://www2.tyc.com.tw/about",
          "https://www.depo.com.tw/company_tw_1.php",
          "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=aff6f075-4598-44b4-9a7c-e4e94bc77d44",
          "https://ic.tpex.org.tw/introduce.php?ic=3000",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a5726e75-4002-47c7-afb6-ae37c3bcc501",
          "https://www.lastertech.com/zh-tw/a1/%E9%97%9C%E6%96%BC%E9%BA%97%E6%B8%85.html"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_note": "依產品與營運角色歸入單一主要分工，逐家公司依據見classification_evidence。"
      },
      {
        "name": "車體、塑膠件與模具",
        "description": "供應車身結構、保險桿、內外飾與塑膠模組，也包含新車量產前使用的模具。",
        "codes": [
          "1319",
          "2239",
          "1338",
          "2250",
          "2243"
        ],
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1aa516fa-f5cd-4b0b-b9fe-33ed75a85478",
          "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=490512d1-4a36-400b-94b6-9fd9d691c36a",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=90dafa7b-a52c-4f69-8a70-03e77c442713",
          "https://www.ikka.com.tw/proimages/pdf/2024/113%E5%B9%B4%E8%82%A1%E6%9D%B1%E6%9C%83%E5%B9%B4%E5%A0%B1.pdf",
          "https://www.twse.com.tw/staticFiles/news/event/ff8080818262fb8a01830cafc008024e.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_note": "依產品與營運角色歸入單一主要分工，逐家公司依據見classification_evidence。"
      },
      {
        "name": "動力底盤與精密製造",
        "description": "涵蓋傳動、煞車、安全件、輪圈、氣門嘴與精密加工。百達另有設備及硬碟零件業務。",
        "codes": [
          "2236",
          "1563",
          "4551",
          "2228",
          "2115",
          "1536",
          "4557",
          "2233"
        ],
        "source_urls": [
          "https://www.moneydj.com/KMDJ/Wiki/wikiViewer.aspx?keyid=ae6c47cc-17b9-453d-b5f9-57ffd1125276",
          "https://www.superalloy.tw/services/",
          "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=dd7bf135-be25-43c1-8886-2d1fdf2cd493",
          "https://www.moneydj.com/z/DJA/News/DJANewsDetail_B043FDC3-0763-4E3D-B124-27DB90049E24.djhtm",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=389f8184-1dd7-402f-ae0b-a3fcec5d8156",
          "https://ic.tpex.org.tw/introduce.php?ic=3000",
          "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=a1d46017-e21d-45e0-bcd9-a3902cefce0b"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_note": "依產品與營運角色歸入單一主要分工，逐家公司依據見classification_evidence。"
      },
      {
        "name": "車用電子與資通訊",
        "description": "涵蓋車隊管理、座艙顯示、胎壓偵測與電控。神數另有智慧零售等非車用業務。",
        "codes": [
          "7821",
          "2497",
          "1533",
          "2231"
        ],
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=26fd2b4a-3e79-4148-8c2a-b2b7f87bfeb1",
          "https://www.moneydj.com/z/DJA/News/DJANewsDetail_6B0ECB36-AD0A-42FB-8EF0-6ACB8D20DC68.djhtm",
          "https://ic.tpex.org.tw/introduce.php?ic=3000",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=209c44e2-9071-4884-b137-0e110febbba5"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_note": "依產品與營運角色歸入單一主要分工，逐家公司依據見classification_evidence。"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "鋼、鋁、塑膠、橡膠與電子元件投入後，製成模具、車燈、車體、傳動、安全件及車電。此處代號僅列清單內的零件與模具公司；新車供應與售後維修各有通路。",
        "codes": [
          "1522",
          "6605",
          "3717",
          "3346",
          "1521",
          "2248",
          "1319",
          "2239",
          "1338",
          "2250",
          "2243",
          "2236",
          "1563",
          "4551",
          "2228",
          "2115",
          "1536",
          "4557",
          "2233",
          "7821",
          "2497",
          "1533",
          "2231"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=3000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.lastertech.com/zh-tw/a1/%E9%97%9C%E6%96%BC%E9%BA%97%E6%B8%85.html"
        ]
      },
      "midstream": {
        "description": "整車開發、系統驗證、車體焊接塗裝與組裝，把零件整合為可交付車輛。裕隆、中華及三陽代表整車端，鴻華先進以CDMS提供電動車委託設計製造。",
        "codes": [
          "2201",
          "2204",
          "2206",
          "2258"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=3000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.honhai.com/zh-tw/press-center/events/industry-events/2020",
          "https://www.yulon-motor.com.tw/company.aspx",
          "https://www.yulon-motor.com.tw/products_car.aspx"
        ]
      },
      "downstream": {
        "description": "品牌代理與經銷、進出口、新車交付及售後維修，直接面向車主。整車廠也可能兼做銷售，因此此處與中游可重疊。",
        "codes": [
          "2207",
          "2247",
          "2227",
          "2204",
          "2206"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=3000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.hotaimotor.com.tw/About/Company",
          "https://www.pgum.com.tw/company/",
          "https://new.nissan.com.tw/nissan/brand/about-us"
        ]
      }
    },
    "drivers": [
      {
        "driver": "換車退稅降低購車負擔",
        "explanation": "財政部說明，符合條件的舊車汰換最高退5萬元；新購2,000cc以下非純電小客車，符合條件另可最高退5萬元，兩項可合併。研究判讀：有助換車需求，實際效果仍看領牌量與適用條件。",
        "source_url": "https://www.mof.gov.tw/singlehtml/384fb3077bb349ea973e7fc6f13b6974?cntId=330974cb5da7473aa35410476b1b4a88",
        "source_date": "2026-08-28",
        "source_date_type": "published"
      },
      {
        "driver": "售後維修與副廠零件採購",
        "explanation": "東陽9月AM營收14.97億元、年增8%，美國客戶下單及拉貨回溫。研究判讀：維修件另有需求循環，要與新車生產訂單分開看。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1aa516fa-f5cd-4b0b-b9fe-33ed75a85478",
        "source_date": "2026-10-15",
        "source_date_type": "published"
      },
      {
        "driver": "電動化帶動整車平台與零件需求",
        "explanation": "鉅亨引述IEA於2026年5月的預估，全年電動車銷量可達2,300萬輛。這是預估值；研究判讀：台廠機會在整車設計製造、傳動與車電，仍須逐案確認接單及量產。",
        "source_url": "https://m.cnyes.com/news/id/6480475",
        "source_date": "2026-06-02",
        "source_date_type": "published"
      },
      {
        "driver": "車輛安全配備升級",
        "explanation": "劍麟說明，氣囊、氣簾與安全帶精密導管已供應國際一級客戶，安全規格提升帶動產品導入。研究判讀：除了新車台數，也要看每車搭載的安全件數量與規格。",
        "source_url": "https://www.moneydj.com/z/DJA/News/DJANewsDetail_B043FDC3-0763-4E3D-B124-27DB90049E24.djhtm",
        "source_date": "2026-04-10",
        "source_date_type": "published"
      },
      {
        "driver": "車隊數位化與座艙電子增加",
        "explanation": "神數2025年智慧車載資通訊營收占27%，主要為車隊管理；怡利電也持續布局抬頭顯示器。研究判讀：軟硬整合與顯示功能升級，可增加每車電子產品的需求。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=26fd2b4a-3e79-4148-8c2a-b2b7f87bfeb1",
        "source_date": "2026-04-20",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://www.moneydj.com/z/DJA/News/DJANewsDetail_6B0ECB36-AD0A-42FB-8EF0-6ACB8D20DC68.djhtm"
        ]
      }
    ],
    "leaders": [
      {
        "code": "2207",
        "name": "和泰車",
        "role": "品牌代理與銷售服務",
        "why": "代理TOYOTA、Lexus與HINO，2026年9月營收267.59億元，是清單內營收最大的公司。",
        "source_url": "https://m.cnyes.com/news/id/6628374",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://www.hotaimotor.com.tw/About/Company"
        ]
      },
      {
        "code": "2201",
        "name": "裕隆",
        "role": "國內整車製造與開發",
        "why": "是台灣整車組裝廠之一，提供NISSAN國產車的生產製造。",
        "source_url": "https://www.yulon-motor.com.tw/company.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.yulon-motor.com.tw/products_car.aspx"
        ]
      },
      {
        "code": "2206",
        "name": "三陽工業",
        "role": "SYM機車與汽車製造銷售",
        "why": "2025年機車內外銷合計70.35萬台，同時連結台灣與海外二輪車需求。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=2adbf76a-9847-4aef-9816-41f3f6ab1f1d",
        "source_date": "2026-07-22",
        "source_date_type": "published"
      },
      {
        "code": "2247",
        "name": "汎德永業",
        "role": "豪華車經銷與售後服務",
        "why": "經營BMW、MINI與Porsche三個品牌的經銷及維修，是觀察豪華車消費的代表。",
        "source_url": "https://www.pgum.com.tw/company/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "2204",
        "name": "中華",
        "role": "整車、商用車與品牌銷售",
        "why": "2026年9月導入日本原裝OUTLANDER，透過全台102間展示中心擴充三菱SUV產品線。",
        "source_url": "https://www.mitsubishi-motors.com.tw/news_page.php?id=2052",
        "source_date": "2026-09-22",
        "source_date_type": "published"
      },
      {
        "code": "1319",
        "name": "東陽",
        "role": "汽車外觀件與AM售後維修供應",
        "why": "2026年9月AM與OEM營收分別為14.97億及6.01億元，可同時觀察維修件與新車零件需求。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1aa516fa-f5cd-4b0b-b9fe-33ed75a85478",
        "source_date": "2026-10-15",
        "source_date_type": "published"
      },
      {
        "code": "1522",
        "name": "堤維西",
        "role": "車燈設計與製造",
        "why": "1992年起承接Ford南非原廠車燈業務，官網列有Ford、GM及多家商用車、機車品牌合作客戶。",
        "source_url": "https://www2.tyc.com.tw/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6605",
        "name": "帝寶",
        "role": "DEPO品牌車燈供應",
        "why": "官網揭露服務超過100個國家的客戶，是台灣車燈外銷品牌的代表。",
        "source_url": "https://www.depo.com.tw/company_tw_1.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "2258",
        "name": "鴻華先進-創",
        "role": "電動車委託設計製造CDMS",
        "why": "三菱2026年8月公告，ASX VR-e由鴻華提供OEM供應，將台灣電動車平台連到海外品牌。",
        "source_url": "https://www.mitsubishi-motors.com/en/newsroom/newsrelease/2026/20260817_2.html",
        "source_date": "2026-08-17",
        "source_date_type": "published"
      },
      {
        "code": "1563",
        "name": "巧新",
        "role": "鍛造鋁輪圈與懸吊零件",
        "why": "服務涵蓋鍛造輪圈、懸吊系統及再生鋁，可觀察汽車輕量化與材料應用。",
        "source_url": "https://www.superalloy.tw/services/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-08-10",
        "event": "汎德永業公布上半年財報，合併營收206.2億元、年減26.2%；公司說明新車上市較少與到港量減少影響銷售，下半年將由BMW、MINI及Porsche新車接棒。",
        "codes": [
          "2247"
        ],
        "source_url": "https://www.pgum.com.tw/press-detail/20__32/",
        "source_date": "2026-08-10",
        "source_title": "汎德永業2026年第二季財報暨7月營收報告",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-17",
        "event": "三菱汽車正式宣布，2026年將在澳洲與紐西蘭推出ASX VR-e純電休旅車，由鴻華先進提供OEM供應，讓台灣電動車平台切入海外品牌銷售網。",
        "codes": [
          "2258"
        ],
        "source_url": "https://www.mitsubishi-motors.com/en/newsroom/newsrelease/2026/20260817_2.html",
        "source_date": "2026-08-17",
        "source_title": "Mitsubishi Motors to Launch the All-New ASX VR-e Battery EV in Australia and New Zealand This Year",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-20",
        "event": "和泰車法說確認，轉投資國瑞汽車規劃10月生產Noah、Voxy回銷日本；公司當時仍未提供回銷台數及營收貢獻估計，後續應以實際出貨追蹤。",
        "codes": [
          "2207"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9704671",
        "source_date": "2026-08-21",
        "source_title": "國瑞整車回銷日本 10月啟航",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-22",
        "event": "中華汽車發表日本原裝進口ALL NEW OUTLANDER，導入1.5T與48V輕油電動力，並在全台102間展示中心開放賞車，擴充三菱SUV產品線。",
        "codes": [
          "2204"
        ],
        "source_url": "https://www.mitsubishi-motors.com.tw/news_page.php?id=2052",
        "source_date": "2026-09-22",
        "source_title": "日本原裝進口 ALL NEW OUTLANDER 正式登台 旗艦質感 × S-AWC 駕馭科技 × 智慧安全全面進化",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-01",
        "event": "9月台灣新車掛牌37,054輛、年增15%，前9月累計307,210輛、年增3.7%；進口車大量到港交車帶動回升，和泰旗下Toyota及Lexus前9月合計市占37.6%。",
        "codes": [
          "2207"
        ],
        "source_url": "https://money.udn.com/money/amp/story/5612/9788388",
        "source_date": "2026-10-01",
        "source_title": "9月新車掛牌3.7萬輛進口車到港帶動 10月估維持買氣",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-15",
        "event": "MoneyDJ報導東陽美國客戶下單與拉貨回溫，公司為第4季旺季備貨並調整產能；9月AM與OEM事業營收分別年增8%與12%，兩端出貨同步改善。",
        "codes": [
          "1319"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1aa516fa-f5cd-4b0b-b9fe-33ed75a85478",
        "source_date": "2026-10-15",
        "source_title": "東陽美國訂單回溫，Q4旺季出貨看增",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11-03",
        "event": "AAPEX汽車售後市場展預定11月3日至5日在拉斯維加斯舉行，可追蹤北美售後零件買主的採購與產品需求；個別台股公司的參展情形仍須另查。",
        "codes": [],
        "source_url": "https://www.aapexshow.com/press-release/aapex-2026-registration/",
        "source_date": "2026-05-04",
        "source_title": "AAPEX 2026: Registration Opens for Automotive Aftermarket Products Expo",
        "source_date_type": "published"
      },
      {
        "expected": "2026-12",
        "event": "Mitsubishi Motors New Zealand已公告ASX VR-e四款車型將於12月進入紐西蘭全國經銷通路；可追蹤鴻華先進海外OEM專案的交付與市場接受度。",
        "codes": [
          "2258"
        ],
        "source_url": "https://www.mmnz.co.nz/our-brand/newsroom/all-electric-mitsubishi-asx-vr-e-brings-more-to-the-ev-market",
        "source_date": "2026-09-24",
        "source_title": "All-electric Mitsubishi ASX VR-e brings more to the EV market",
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      "published代表來源發布日；accessed代表無明確發布日的常設頁在本次查閱的日期，不當成發布日。個別來源日期見source_details。",
      "分工、價值鏈的取捨及觀察指標是依來源整理的研究判讀；各公司兼營業務可能跨分工。",
      "分類依據包含歷史年報與產品資料，只用來確認業務性質，不以舊數據代表2026年市占或營收結構。",
      "神數、百達等公司有顯著非車用業務，不能將整家公司營收都解讀為汽車需求。",
      "未取得確定日期的法說、關稅生效日及未公告新車計畫，不列入催化。",
      "國瑞Noah、Voxy回銷日本在8月20日為計畫確認。未取得截至10月18日的正式下線或裝船一手證據，不將8月公告改寫為已完成出口，也不把本月未定日事項放入未來催化。",
      "MMNZ 9月24日官網已將ASX VR-e紐西蘭上市時間明確到12月，優先於8月僅稱第4季的舊資訊。該款車的鴻華OEM供應關係另由三菱母公司8月17日公告證實。",
      "AAPEX與Taipei AMPA的日期已由主辦方公告。codes留空代表產業共同觀察事件，不代表名單內任何公司已確認參展或將接獲訂單。",
      "聯嘉墨西哥新廠的『年底量產』仍是管理層規畫，expected以12月承接年底語意，不應視為投產保證。",
      "未推估各公司未公告的法說日期；亦未把6個月以外的量產或產品計畫移入催化清單。"
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        "title": "Mitsubishi Motors to Launch the All-New ASX VR-e Battery EV in Australia and New Zealand This Year",
        "source_date": "2026-08-17",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://money.udn.com/money/story/5612/9704671",
        "title": "國瑞整車回銷日本 10月啟航",
        "source_date": "2026-08-21",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://money.udn.com/money/amp/story/5612/9788388",
        "title": "9月新車掛牌3.7萬輛進口車到港帶動 10月估維持買氣",
        "source_date": "2026-10-01",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.aapexshow.com/press-release/aapex-2026-registration/",
        "title": "AAPEX 2026: Registration Opens for Automotive Aftermarket Products Expo",
        "source_date": "2026-05-04",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.mmnz.co.nz/our-brand/newsroom/all-electric-mitsubishi-asx-vr-e-brings-more-to-the-ev-market",
        "title": "All-electric Mitsubishi ASX VR-e brings more to the EV market",
        "source_date": "2026-09-24",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=dfcea8f1-e9bd-47b0-b301-1aa1c4b5f6e1",
        "title": "聯嘉投控:AI光通訊拚Q4送樣，看好非車燈發展潛力",
        "source_date": "2026-09-29",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.taipeiampa.com.tw/zh-tw/news/FF2D422C50EFBBF4/list-info.html",
        "title": "2027 Taipei AMPA、E-Mobility Taiwan全球徵展啟動 以360° MOBILITY平台整合售後零件與智慧移動",
        "source_date": "2026-09-14",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.lastertech.com/zh-tw/a1/%E9%97%9C%E6%96%BC%E9%BA%97%E6%B8%85.html",
        "title": "麗清科技：關於麗清，LED汽車照明光學模組與產品",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.yulon-motor.com.tw/company.aspx",
        "title": "裕隆汽車：公司簡介，製造與日產品牌分工",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://www.yulon-motor.com.tw/products_car.aspx",
        "title": "裕隆汽車：專業製造與服務，傳統動力車輛",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "url": "https://new.nissan.com.tw/nissan/brand/about-us",
        "title": "裕隆日產：企業簡介，品牌銷售、設計研發與服務",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      }
    ]
  },
  {
    "industry": "運動休閒",
    "as_of": "2026-10-18",
    "one_liner": "從運動鞋到健身房，接起活動日常",
    "one_liner_en": "Taiwan makes sports gear for global brands and runs fitness and leisure businesses.",
    "overview": "寶成9月營收約214億元，較去年同月增加10.4%。運動休閒業像替運動行程打點裝備的團隊，從腳上的鞋、自行車與球具，到健身器材和場館服務，都有台灣公司參與。本頁27家公司合計約570億元，年增6.0%；豐泰約64億元、年減4.8%，喬山約56億元、年增17.1%，鞋類代工與健身器材公司的表現不同。鈺齊-KY約16億元、年增72.0%，在月營收達10億元公司中增幅最高，也與豐泰呈現不同方向。下一次先看豐泰的年減幅能否縮小，再對照喬山是否延續17.1%的成長。",
    "segments": [
      {
        "name": "鞋類設計與代工",
        "description": "替國際品牌開發、製造運動鞋、休閒鞋與戶外功能鞋。寶成另有運動用品零售業務，本頁依製鞋主業歸類。",
        "codes": [
          "9904",
          "9910",
          "6890",
          "6768",
          "6965",
          "9802"
        ],
        "source_urls": [
          "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
          "https://www.fengtay.com/tw",
          "https://www.laiyih.com/",
          "https://wwwc.twse.com.tw/pdf/ch/6768_ch.pdf",
          "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69517ec0c0195465bd3fd00de",
          "https://www.fulgentsun.com/"
        ]
      },
      {
        "name": "自行車與傳動零組件",
        "description": "巨大、美利達經營整車與品牌；愛地雅、明係提供整車或車架製造；桂盟供應鏈條與傳動零件。",
        "codes": [
          "9921",
          "9914",
          "5306",
          "8933",
          "6804"
        ],
        "source_urls": [
          "https://www.giantgroup-cycling.com/",
          "https://custombike.merida.com.tw/",
          "https://www.kmcchain.com/tw/",
          "https://www.idealbike.com.tw/index_tw.php",
          "https://zh-tw.axman.com.tw/"
        ]
      },
      {
        "name": "健身器材與關鍵零組件",
        "description": "喬山、岱宇提供家用及商用健身器材；祺驊供應磁控、發電機、儀錶與控制零組件。",
        "codes": [
          "1736",
          "1598",
          "1593"
        ],
        "source_urls": [
          "https://www.johnsonfitness.com.tw/mod/about/index.php",
          "https://www.dyaco.com.tw/zh-cn/",
          "https://chihua.com.tw/about/"
        ]
      },
      {
        "name": "球具、複材與防護用品",
        "description": "復盛應用、明安、大田、鉅明製造高爾夫球具；拓凱、波力延伸至碳纖球拍等用品；民盛製造功能鞋靴與護具。跨業公司以此處為主要研究分類。",
        "codes": [
          "6670",
          "8938",
          "4536",
          "8924",
          "7811",
          "8467",
          "8928"
        ],
        "source_urls": [
          "https://www.fusheng-precision.com/",
          "https://www.adgroup.com.tw/",
          "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
          "https://www.o-ta.com.tw/about/",
          "https://www.minson.com.tw/demo/about/index/2",
          "https://www.twse.com.tw/staticFiles/news/event/ff8080818ec6c811018ee0a5fb9c0044.pdf",
          "https://www.dynamic.com.tw/"
        ]
      },
      {
        "name": "健身休閒服務與運動通路",
        "description": "世界健身、柏文經營健身服務；大魯閣經營運動休閒場館；邁達康經營高球商品通路；正能量智能經營運動商品及社群，兼營GPS穿戴與通訊產品。",
        "codes": [
          "2762",
          "8462",
          "1432",
          "9960",
          "5348"
        ],
        "source_urls": [
          "https://investor.worldgymtaiwan.com/news-post/202609revenue",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
          "https://www.taroko.com.tw/",
          "https://www.golfshop.com.tw/aboutus/aboutus_2024.asp",
          "https://www.emtgroup.com.tw/wp-content/uploads/2025/12/EMT%E6%B3%95%E8%AA%AA%E6%9C%83%E7%B0%A1%E5%A0%B1-1141218.pdf"
        ]
      },
      {
        "name": "遊艇製造與品牌",
        "description": "東哥以Ocean Alexander品牌，提供遊艇製造、銷售與售後服務。",
        "codes": [
          "8478"
        ],
        "source_urls": [
          "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "材料與關鍵零件端，提供預浸碳布、樹脂配方、金屬製程、鏈條及健身磁控零件。這份清單只列有材料或零件業務的公司，並非完整的原料供應商名單。",
        "codes": [
          "8938",
          "4536",
          "6670",
          "5306",
          "1593"
        ],
        "source_urls": [
          "https://www.adgroup.com.tw/",
          "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
          "https://www.fusheng-precision.com/",
          "https://www.kmcchain.com/tw/",
          "https://chihua.com.tw/about/"
        ]
      },
      "midstream": {
        "description": "把材料與零件做成鞋類、整車、健身器材、球具、護具及遊艇。台廠提供代工、共同開發或自有品牌製造；各產品形成平行供應鏈，不是全部接在同一條產線。",
        "codes": [
          "9904",
          "9910",
          "1736",
          "9921",
          "6890",
          "6670",
          "6768",
          "9914",
          "6965",
          "9802",
          "8938",
          "4536",
          "1598",
          "5306",
          "8924",
          "7811",
          "8467",
          "8478",
          "8933",
          "8928",
          "1593",
          "6804"
        ],
        "source_urls": [
          "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
          "https://www.fengtay.com/tw",
          "https://www.johnsonfitness.com.tw/mod/about/index.php",
          "https://www.giantgroup-cycling.com/",
          "https://www.laiyih.com/",
          "https://www.fusheng-precision.com/",
          "https://wwwc.twse.com.tw/pdf/ch/6768_ch.pdf",
          "https://custombike.merida.com.tw/",
          "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69517ec0c0195465bd3fd00de",
          "https://www.fulgentsun.com/",
          "https://www.adgroup.com.tw/",
          "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
          "https://www.dyaco.com.tw/zh-cn/",
          "https://www.kmcchain.com/tw/",
          "https://www.o-ta.com.tw/about/",
          "https://www.minson.com.tw/demo/about/index/2",
          "https://www.twse.com.tw/staticFiles/news/event/ff8080818ec6c811018ee0a5fb9c0044.pdf",
          "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
          "https://www.idealbike.com.tw/index_tw.php",
          "https://www.dynamic.com.tw/",
          "https://chihua.com.tw/about/",
          "https://zh-tw.axman.com.tw/"
        ]
      },
      "downstream": {
        "description": "透過自有品牌、經銷與零售通路銷售商品，或由健身與休閒場館提供服務。寶成、巨大、喬山等同時跨製造與品牌通路，因此可在不同階段重複出現。",
        "codes": [
          "9904",
          "9921",
          "9914",
          "1736",
          "1598",
          "8467",
          "8478",
          "2762",
          "8462",
          "1432",
          "9960",
          "5348"
        ],
        "source_urls": [
          "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
          "https://www.giantgroup-cycling.com/",
          "https://custombike.merida.com.tw/",
          "https://www.johnsonfitness.com.tw/mod/about/index.php",
          "https://www.dyaco.com.tw/zh-cn/",
          "https://www.twse.com.tw/staticFiles/news/event/ff8080818ec6c811018ee0a5fb9c0044.pdf",
          "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
          "https://investor.worldgymtaiwan.com/news-post/202609revenue",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
          "https://www.taroko.com.tw/",
          "https://www.golfshop.com.tw/aboutus/aboutus_2024.asp",
          "https://www.emtgroup.com.tw/wp-content/uploads/2025/12/EMT%E6%B3%95%E8%AA%AA%E6%9C%83%E7%B0%A1%E5%A0%B1-1141218.pdf"
        ]
      }
    },
    "drivers": [
      {
        "driver": "國際運動品牌的產品熱度與補單",
        "explanation": "adidas公告2026年第二季匯率中立營收年增14%，但仍謹慎管理生活休閒鞋的通路出貨。對台灣鞋廠而言，品牌銷售與補貨節奏都值得追蹤，不能直接把品牌成長率當成台廠訂單成長率。",
        "source_url": "https://www.adidas-group.com/en/media/press-releases/adidas-grows-top-line-14percent-and-achieves-record-sales-in-q2",
        "source_date": "2026-07-30",
        "source_date_type": "published"
      },
      {
        "driver": "自行車庫存調整後的需求回流",
        "explanation": "巨大2026年第二季營收年增5.8%，並指出歐洲市場逐步復甦。這是供需改善的觀察點；後續仍須搭配通路庫存、折扣與毛利率確認復甦品質。",
        "source_url": "https://www.giantgroup-cycling.com/news/61e8f2ae-b11b-42de-80c1-5a3f2d7cc60b",
        "source_date": "2026-08-07",
        "source_date_type": "published"
      },
      {
        "driver": "運動習慣普及與健身據點增加",
        "explanation": "MoneyDJ引述財政部資料，2026年前七月全國健身中心銷售額年增12.58%；世界健身與柏文持續展店。研究上可同時觀察會籍需求與新館帶來的器材採購機會。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
        "source_date": "2026-10-12",
        "source_date_type": "published"
      },
      {
        "driver": "高爾夫參與人口擴大",
        "explanation": "美國國家高爾夫基金會2026年3月指出，2025年有超過4,800萬名美國人參與場內或場外高球活動。參與人口提供用品需求基礎，但不等於每年都會換新球桿。",
        "source_url": "https://www.ngf.org/short-game/golfs-growth-era-the-road-to-50-million-golfers/",
        "source_date": "2026-03-06",
        "source_date_type": "published"
      },
      {
        "driver": "高球新品週期與備貨時點",
        "explanation": "MoneyDJ於2026年4月報導，部分主要品牌嘗試把新品週期拉長到兩年，且不同品牌上市時間錯開。台廠出貨取決於客戶產品年，傳統旺季的強弱可能改變。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cf32cce4-5a42-4476-a772-93162e1e75cc",
        "source_date": "2026-04-27",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "9904",
        "name": "寶成",
        "role": "製鞋與運動用品通路",
        "why": "2025年前九月製鞋與零售收入占比為69.9%及29.7%，同時連結製造與消費端。",
        "source_url": "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
        "source_date": "2025-11",
        "source_date_type": "document_month"
      },
      {
        "code": "9910",
        "name": "豐泰",
        "role": "國際品牌運動鞋代工",
        "why": "主要客戶為Nike，官網列有中國、越南、印尼與印度生產布局。",
        "source_url": "https://www.fengtay.com/tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1736",
        "name": "喬山",
        "role": "健身器材品牌與製造",
        "why": "官網列Matrix、Vision、BowFlex及Horizon等品牌，產品涵蓋商用與家用健身。",
        "source_url": "https://www.johnsonfitness.com.tw/mod/about/index.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9921",
        "name": "巨大",
        "role": "自行車製造與自有品牌",
        "why": "旗下有GIANT、Liv、momentum與CADEX品牌，整合產品開發、製造與銷售。",
        "source_url": "https://www.giantgroup-cycling.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6890",
        "name": "來億-KY",
        "role": "運動鞋與休閒鞋代工",
        "why": "官網列有adidas、Converse及HOKA等合作品牌，連結多種鞋款需求。",
        "source_url": "https://www.laiyih.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6670",
        "name": "復盛應用",
        "role": "高爾夫球具與精密製造",
        "why": "業務從高球延伸至碳纖、運動裝備與航太，並將民盛列為集團子公司。",
        "source_url": "https://www.fusheng-precision.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9802",
        "name": "鈺齊-KY",
        "role": "戶外功能鞋代工",
        "why": "產品涵蓋戶外、防水及GORE-TEX鞋，提供具機能需求的鞋款。",
        "source_url": "https://www.fulgentsun.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "2762",
        "name": "世界健身-KY",
        "role": "健身會館與國際品牌經營",
        "why": "2026年10月8日公告在台142個據點，9月營收首次突破10億元。",
        "source_url": "https://investor.worldgymtaiwan.com/news-post/202609revenue",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "code": "4536",
        "name": "拓凱",
        "role": "碳纖維材料與用品製造",
        "why": "產品跨碳纖車架、球拍、安全帽及航醫零件，提供材料至組裝服務。",
        "source_url": "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8478",
        "name": "東哥遊艇",
        "role": "遊艇品牌與製造",
        "why": "以Ocean Alexander自有品牌，涵蓋遊艇製造、銷售與售後服務。",
        "source_url": "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-10-15",
        "event": "MoneyDJ報導寶成美系品牌客戶的庫存與訂單調整接近尾聲；9月合併營收年增10.4%，但前9月仍年減0.5%。",
        "codes": [
          "9904"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=717151a3-6e14-4d53-8442-0051fbf6152f",
        "source_date": "2026-10-15",
        "date_note": "報導日期；庫存改善屬報導中的營運描述，非第三方實測。"
      },
      {
        "date": "2026-10-12",
        "event": "來億-KY公布9月營收28.87億元、年增13.95%；前9月營收仍年減8.39%，顯示單月改善與累計表現有落差。",
        "codes": [
          "6890"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=52c3b70a-04fc-4e7b-8bd6-7ff4f1e09521",
        "source_date": "2026-10-12"
      },
      {
        "date": "2026-10-08",
        "event": "世界健身-KY公告9月營收10.01億元、年增3.49%，首次突破10億元；公司當時在台有142個據點。",
        "codes": [
          "2762"
        ],
        "source_url": "https://investor.worldgymtaiwan.com/news-post/202609revenue",
        "source_date": "2026-10-08"
      },
      {
        "date": "2026-10-08",
        "event": "豐泰公告9月自結合併營業利益4.25億元；前9月歸屬母公司淨利26.90億元，每股盈餘2.72元。",
        "codes": [
          "9910"
        ],
        "source_url": "https://www.fengtay.com/tw/investor/detail/%E5%85%AC%E5%91%8A%E6%9C%AC%E5%85%AC%E5%8F%B8_2026_%E5%B9%B4_9_%E6%9C%88%E8%87%AA%E7%B5%90%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%B3%87%E8%A8%8A",
        "source_date": "2026-10-08",
        "date_note": "公司自結數字，非已核閱第三季財報。"
      },
      {
        "date": "2026-09-21",
        "event": "柏文旗下健身工廠與全聯合作的台中干城廠投入營運，持續擴充國內據點。",
        "codes": [
          "8462"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
        "source_date": "2026-10-12",
        "date_note": "事件日為9月21日；引用10月12日報導回述。"
      },
      {
        "date": "2026-09-08",
        "event": "岱宇法說表示，上半年商用營收年增20%，第三季商用客戶數年增一倍；公司預期商用通路拓展效益於下半年顯現。",
        "codes": [
          "1598"
        ],
        "source_url": "https://news.cnyes.com/news/id/6600432",
        "source_date": "2026-09-08",
        "date_note": "營運與展望為公司在法說會中的說法。"
      },
      {
        "date": "2026-08-07",
        "event": "巨大董事會通過上半年財報：營收291.9億元、每股盈餘1.11元；第二季營收年增5.8%，毛利率回升至24.2%。",
        "codes": [
          "9921"
        ],
        "source_url": "https://www.giantgroup-cycling.com/news/61e8f2ae-b11b-42de-80c1-5a3f2d7cc60b",
        "source_date": "2026-08-07"
      },
      {
        "date": "2026-08-07",
        "event": "巨大董事會決議擬投入人民幣5.97億元收購鼎鎂非控制權益，持股預計由60.3938%提高至96.63%；交割仍須取得投審許可。",
        "codes": [
          "9921"
        ],
        "source_url": "https://www.giantgroup-cycling.com/news/baf3c3ea-b478-49fd-b264-de3f4f396776",
        "source_date": "2026-08-21",
        "date_note": "公司8月21日說明8月7日董事會決議；不能寫成收購已完成。"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-28",
        "event": "東哥遊艇旗下Ocean Alexander公告將於10月28日至11月1日參加Fort Lauderdale International Boat Show，展示旗下系列，可追蹤展會新品與接單訊息。",
        "codes": [
          "8478"
        ],
        "source_url": "https://oceanalexander.com/events/2026-flibs/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "note": "官方活動單頁已開啟，明列Oct 28 2026 - Nov 01 2026及Bahia Mar Marina。頁面沒有發布日期；10月18日為查閱日。可證參展，不能預寫接單結果。"
      },
      {
        "expected": "2026-12",
        "event": "世界健身-KY預計年底開出泰國曼谷首家全方位服務會館，將是首間海外直營店；追蹤開幕與初期會員招募。",
        "codes": [
          "2762"
        ],
        "source_url": "https://investor.worldgymtaiwan.com/news-post/202609revenue",
        "source_date": "2026-10-08",
        "timing_note": "公司原文為年底，月份以2026-12表示預計時間，非已公告確切開幕日。"
      },
      {
        "expected": "2026-12",
        "event": "柏文規劃第四季在台中、高雄、桃園、台南及台北增加新館；追蹤實際開館與會員成長，全年據點目標突破90家。",
        "codes": [
          "8462"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
        "source_date": "2026-10-12",
        "timing_note": "公司原文為第四季，月份以季末2026-12作追蹤節點，非所有門市都在12月開幕。"
      },
      {
        "expected": "2027-01-26",
        "event": "PGA Show預定1月26日至29日在美國奧蘭多舉行，可觀察國際高爾夫品牌新品與採購方向；未確認台廠參展名單。",
        "codes": [],
        "source_url": "https://www.pgashow.com/en-us/Media/Press-Releases/2027-pga-show-to-help-drive-golf-forward-with-new-event-enhancements-jan-26-29-in-orlando.html",
        "source_date": "2026-09-09",
        "timing_note": "官方新聞稿已公告展期；催化意義為研究判斷，非台廠接單保證。"
      },
      {
        "expected": "2027-03-24",
        "event": "台北國際自行車展預定3月24日至27日舉行，展品涵蓋整車、零組件、電輔車及智慧移動，可觀察新車與供應鏈合作。",
        "codes": [],
        "source_url": "https://www.taipeicycle.com.tw/en/news/6E00DE01C220F3C4/info.html?cid=news&lt=table",
        "source_date": "2026-07-21",
        "timing_note": "該新聞頁更新日期另標2026-08-24；展期另由官方Fact Sheet核實（2026-07-22更新）。"
      }
    ],
    "global_peers": [
      {
        "name": "NIKE",
        "ticker": "NYSE:NKE",
        "relation": "寶成及豐泰的品牌客戶；追蹤其運動鞋銷售、批發出貨與庫存，可觀察台廠下游客戶需求。",
        "source_urls": [
          "https://investors.nike.com/sec-filings/all-sec-filings/content/0000320187-26-000076/q4fy26exhibit991er.htm",
          "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
          "https://www.fengtay.com/tw"
        ]
      },
      {
        "name": "adidas",
        "ticker": "XETRA:ADS",
        "relation": "寶成與來億的合作品牌；品牌銷售、鞋款組合與補貨方向，是台灣製鞋供應鏈的需求對照。",
        "source_urls": [
          "https://www.adidas-group.com/en/faq",
          "https://www.adidas-group.com/en/media/press-releases/adidas-grows-top-line-14percent-and-achieves-record-sales-in-q2",
          "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
          "https://www.laiyih.com/"
        ]
      },
      {
        "name": "Deckers Brands",
        "ticker": "NYSE:DECK",
        "relation": "旗下HOKA為來億官網列出的合作品牌，可對照專業跑鞋需求及通路庫存。",
        "source_urls": [
          "https://ir.deckers.com/news-events/press-releases/detail/661/deckers-brands-reports-first-quarter-fiscal-year-2027-financial-results",
          "https://www.laiyih.com/"
        ]
      },
      {
        "name": "Shimano",
        "ticker": "TSE:7309",
        "relation": "自行車零組件國際同業；研究上可與巨大、美利達及桂盟對照自行車供應鏈景氣，未據此認定個別採購合約。",
        "source_urls": [
          "https://www.shimano.com/en/company/profile.html",
          "https://www.shimano.com/en/cms/news/japan/20241119_Notice%20of%20Organizational%20and%20Personnel%20Changes.pdf",
          "https://www.giantgroup-cycling.com/",
          "https://custombike.merida.com.tw/",
          "https://www.kmcchain.com/tw/"
        ]
      },
      {
        "name": "Technogym",
        "ticker": "EURONEXT MILAN:TGYM",
        "relation": "高階健身器材與數位服務同業；研究上作為喬山、岱宇在商用設備與品牌經營的競爭對照。",
        "source_urls": [
          "https://corporate.technogym.com/en/about-us",
          "https://corporate.technogym.com/~/media/Files/T/Technogym-Corporate/investor-relations/shareholder-meetings/2025/technogym-h1-2025-eng.pdf",
          "https://www.johnsonfitness.com.tw/mod/about/index.php",
          "https://www.dyaco.com.tw/zh-cn/"
        ]
      },
      {
        "name": "Acushnet Holdings",
        "ticker": "NYSE:GOLF",
        "relation": "旗下Titleist品牌提供高球需求與新品週期的下游對照；本資料不把它與特定台廠的供應關係列為已證實。",
        "source_urls": [
          "https://www.sec.gov/Archives/edgar/data/1672013/000167201326000157/ex991-q22026.htm"
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "品牌批發營收、庫存與促銷幅度",
        "why": "研究判讀：把下游銷售與庫存一起看，判斷台廠接到的是持續補貨，還是短期備貨；各品牌的會計年度與匯率口徑須先對齊。",
        "source_urls": [
          "https://www.adidas-group.com/en/media/press-releases/adidas-grows-top-line-14percent-and-achieves-record-sales-in-q2",
          "https://investors.nike.com/sec-filings/all-sec-filings/content/0000320187-26-000076/q4fy26exhibit991er.htm",
          "https://ir.deckers.com/news-events/press-releases/detail/661/deckers-brands-reports-first-quarter-fiscal-year-2027-financial-results"
        ]
      },
      {
        "metric": "出貨量、平均售價與產能利用率",
        "why": "研究判讀：製鞋與器材廠可拆開數量、價格及產品組合，觀察營收成長來源；產能利用率須以公司實際揭露為準。",
        "source_urls": [
          "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
          "https://chihua.com.tw/about/"
        ]
      },
      {
        "metric": "存貨週轉天數與毛利率",
        "why": "研究判讀：自行車與球具可交叉觀察去庫存進度及折扣壓力；存貨減少若伴隨毛利改善，才較能支持營運品質改善的判讀。",
        "source_urls": [
          "https://www.giantgroup-cycling.com/news/61e8f2ae-b11b-42de-80c1-5a3f2d7cc60b",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cf32cce4-5a42-4476-a772-93162e1e75cc"
        ]
      },
      {
        "metric": "有效會員、同店營收與新館成熟度",
        "why": "研究判讀：健身服務須拆開舊館成長及新增據點貢獻，再看會員留存與教練服務收入；沒有公開的留存數據就不推估。",
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
          "https://investor.worldgymtaiwan.com/news-post/202609revenue"
        ]
      },
      {
        "metric": "遊艇在手訂單、交艇進度與預收款",
        "why": "研究判讀：用公司實際揭露的接單、交艇與現金收款交叉核對展會成果，並搭配財報的收入認列政策；未揭露的訂單金額不自行填值。",
        "source_urls": [
          "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
          "https://oceanalexander.com/events/2026-flibs/"
        ]
      }
    ],
    "overview_source_urls": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.fusheng-precision.com/",
      "https://www.giantgroup-cycling.com/news/61e8f2ae-b11b-42de-80c1-5a3f2d7cc60b",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cf32cce4-5a42-4476-a772-93162e1e75cc"
    ],
    "company_evidence": [
      {
        "code": "9904",
        "name": "寶成",
        "source_url": "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
        "source_date": "2025-11",
        "source_date_type": "document_month"
      },
      {
        "code": "9910",
        "name": "豐泰",
        "source_url": "https://www.fengtay.com/tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1736",
        "name": "喬山",
        "source_url": "https://www.johnsonfitness.com.tw/mod/about/index.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9921",
        "name": "巨大",
        "source_url": "https://www.giantgroup-cycling.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6890",
        "name": "來億-KY",
        "source_url": "https://www.laiyih.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6670",
        "name": "復盛應用",
        "source_url": "https://www.fusheng-precision.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6768",
        "name": "志強-KY",
        "source_url": "https://wwwc.twse.com.tw/pdf/ch/6768_ch.pdf",
        "source_date": "2026-09-22",
        "source_date_type": "document_date"
      },
      {
        "code": "9914",
        "name": "美利達",
        "source_url": "https://custombike.merida.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6965",
        "name": "中傑-KY",
        "source_url": "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69517ec0c0195465bd3fd00de",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9802",
        "name": "鈺齊-KY",
        "source_url": "https://www.fulgentsun.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "2762",
        "name": "世界健身-KY",
        "source_url": "https://investor.worldgymtaiwan.com/news-post/202609revenue",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "code": "8938",
        "name": "明安",
        "source_url": "https://www.adgroup.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4536",
        "name": "拓凱",
        "source_url": "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8462",
        "name": "柏文",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
        "source_date": "2026-10-12",
        "source_date_type": "published"
      },
      {
        "code": "1598",
        "name": "岱宇",
        "source_url": "https://www.dyaco.com.tw/zh-cn/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "5306",
        "name": "桂盟",
        "source_url": "https://www.kmcchain.com/tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8924",
        "name": "大田",
        "source_url": "https://www.o-ta.com.tw/about/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "7811",
        "name": "民盛",
        "source_url": "https://www.minson.com.tw/demo/about/index/2",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8467",
        "name": "波力-KY",
        "source_url": "https://www.twse.com.tw/staticFiles/news/event/ff8080818ec6c811018ee0a5fb9c0044.pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8478",
        "name": "東哥遊艇",
        "source_url": "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8933",
        "name": "愛地雅",
        "source_url": "https://www.idealbike.com.tw/index_tw.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8928",
        "name": "鉅明",
        "source_url": "https://www.dynamic.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1593",
        "name": "祺驊",
        "source_url": "https://chihua.com.tw/about/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6804",
        "name": "明係",
        "source_url": "https://zh-tw.axman.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1432",
        "name": "大魯閣",
        "source_url": "https://www.taroko.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "9960",
        "name": "邁達康",
        "source_url": "https://www.golfshop.com.tw/aboutus/aboutus_2024.asp",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "5348",
        "name": "正能量智能",
        "source_url": "https://www.emtgroup.com.tw/wp-content/uploads/2025/12/EMT%E6%B3%95%E8%AA%AA%E6%9C%83%E7%B0%A1%E5%A0%B1-1141218.pdf",
        "source_date": "2025-12-18",
        "source_date_type": "presentation_date_from_official_filename"
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    ],
    "methodology": {
      "input_file": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "input_report_date": "2026-10-17",
      "company_count": 27,
      "revenue_unit": "新台幣千元",
      "summed_revenue": 57003738,
      "scope_note": "依指定latest.json篩選，27家全數納入，並非另外重建交易所即時名單。營收採輸入檔合併數簡單加總，含海外業務、非運動業務及母子公司重複；不得視為台灣運動休閒終端市場規模。復盛應用與民盛的母子公司關係依復盛官網。",
      "segmentation_note": "次產業是依主要產品與業務作出的研究分類，每家公司只歸一類；價值鏈可跨階段重複。跨產品平行分工不表示所列公司彼此有直接交易。正能量智能依2025年法說揭露的零售主業歸類，未把轉型願景當成現成收入。",
      "date_note": "source_details逐網址列日期與類型。published為明示發布日；document_date、document_month及檔名日期保留原證據精度；accessed是2026-10-18查閱日，不冒稱發布日。靜態未標發布日資料僅用於產品分工，不用於判定90天事件。",
      "recent_window": [
        "2026-07-20",
        "2026-10-18"
      ],
      "catalyst_window": [
        "2026-10-19",
        "2027-04-18"
      ],
      "catalyst_note": "公司計畫保留預計語氣；季末月份是追蹤節點，不是確定開幕日。展會codes為空表示未確認台廠參展名單，不暗示接單。",
      "analysis_note": "價值鏈整理、國際對照選取與觀察指標含研究判讀；來源支持產品、關係或指標背景，不代表來源給出相同投資結論。"
    },
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
      "https://www.fengtay.com/tw",
      "https://www.laiyih.com/",
      "https://wwwc.twse.com.tw/pdf/ch/6768_ch.pdf",
      "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69517ec0c0195465bd3fd00de",
      "https://www.fulgentsun.com/",
      "https://www.giantgroup-cycling.com/",
      "https://www.kmcchain.com/tw/",
      "https://www.idealbike.com.tw/index_tw.php",
      "https://zh-tw.axman.com.tw/",
      "https://chihua.com.tw/about/",
      "https://www.dyaco.com.tw/zh-cn/",
      "https://www.fusheng-precision.com/",
      "https://www.adgroup.com.tw/",
      "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
      "https://www.dynamic.com.tw/",
      "https://www.twse.com.tw/staticFiles/news/event/ff8080818ec6c811018ee0a5fb9c0044.pdf",
      "https://www.minson.com.tw/demo/about/index/2",
      "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
      "https://www.taroko.com.tw/",
      "https://www.golfshop.com.tw/aboutus/aboutus_2024.asp",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
      "https://www.adidas-group.com/en/media/press-releases/adidas-grows-top-line-14percent-and-achieves-record-sales-in-q2",
      "https://www.ngf.org/short-game/golfs-growth-era-the-road-to-50-million-golfers/",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cf32cce4-5a42-4476-a772-93162e1e75cc",
      "https://investors.nike.com/sec-filings/all-sec-filings/content/0000320187-26-000076/q4fy26exhibit991er.htm",
      "https://www.adidas-group.com/en/faq",
      "https://ir.deckers.com/news-events/press-releases/detail/661/deckers-brands-reports-first-quarter-fiscal-year-2027-financial-results",
      "https://corporate.technogym.com/en/about-us",
      "https://corporate.technogym.com/~/media/Files/T/Technogym-Corporate/investor-relations/shareholder-meetings/2025/technogym-h1-2025-eng.pdf",
      "https://www.sec.gov/Archives/edgar/data/1672013/000167201326000157/ex991-q22026.htm",
      "https://custombike.merida.com.tw/",
      "https://www.johnsonfitness.com.tw/mod/about/index.php",
      "https://www.emtgroup.com.tw/wp-content/uploads/2025/12/EMT%E6%B3%95%E8%AA%AA%E6%9C%83%E7%B0%A1%E5%A0%B1-1141218.pdf",
      "https://www.o-ta.com.tw/about/",
      "https://www.shimano.com/en/company/profile.html",
      "https://www.shimano.com/en/cms/news/japan/20241119_Notice%20of%20Organizational%20and%20Personnel%20Changes.pdf",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=717151a3-6e14-4d53-8442-0051fbf6152f",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=52c3b70a-04fc-4e7b-8bd6-7ff4f1e09521",
      "https://investor.worldgymtaiwan.com/news-post/202609revenue",
      "https://www.fengtay.com/tw/investor/detail/%E5%85%AC%E5%91%8A%E6%9C%AC%E5%85%AC%E5%8F%B8_2026_%E5%B9%B4_9_%E6%9C%88%E8%87%AA%E7%B5%90%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%B3%87%E8%A8%8A",
      "https://news.cnyes.com/news/id/6600432",
      "https://www.giantgroup-cycling.com/news/61e8f2ae-b11b-42de-80c1-5a3f2d7cc60b",
      "https://www.giantgroup-cycling.com/news/baf3c3ea-b478-49fd-b264-de3f4f396776",
      "https://www.pgashow.com/en-us/Media/Press-Releases/2027-pga-show-to-help-drive-golf-forward-with-new-event-enhancements-jan-26-29-in-orlando.html",
      "https://www.taipeicycle.com.tw/en/news/6E00DE01C220F3C4/info.html?cid=news&lt=table",
      "https://oceanalexander.com/events/2026-flibs/"
    ],
    "source_details": [
      {
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "title": "證交所：上市公司每月營業收入資料",
        "source_date": "2026-10-17",
        "source_date_type": "input_snapshot_report_date",
        "accessed_date": "2026-10-18",
        "note": "網址來自指定latest.json的來源欄；統計取自本機2026-09快照，未用目前API內容覆寫。"
      },
      {
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "櫃買中心：上櫃公司每月營業收入資料",
        "source_date": "2026-10-17",
        "source_date_type": "input_snapshot_report_date",
        "accessed_date": "2026-10-18",
        "note": "網址來自指定latest.json的來源欄；報表日期依輸入檔，不冒稱API發布日期。"
      },
      {
        "source_url": "https://www.pouchen.com/download/corp-governance/2511%20PCC%20Presentation-CH%20Nov.%202025.pdf",
        "title": "寶成2025年11月法人簡報",
        "source_date": "2025-11",
        "source_date_type": "document_month",
        "accessed_date": "2026-10-18",
        "note": "第3、4、7、11頁；保留文件原有月份精度。"
      },
      {
        "source_url": "https://www.fengtay.com/tw",
        "title": "豐泰官網：公司及海外各區簡介",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.laiyih.com/",
        "title": "來億官網：公司簡介與合作品牌",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://wwwc.twse.com.tw/pdf/ch/6768_ch.pdf",
        "title": "證交所：志強-KY公司資料",
        "source_date": "2026-09-22",
        "source_date_type": "document_date",
        "accessed_date": "2026-10-18",
        "note": "第1頁主要業務與產製日期；動態檔案日後可能更新。"
      },
      {
        "source_url": "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69517ec0c0195465bd3fd00de",
        "title": "證交所觀點：新上市公司中傑-KY",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.fulgentsun.com/",
        "title": "鈺齊官網：產品類型",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.giantgroup-cycling.com/",
        "title": "巨大官網：品牌與整合製造簡介",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.kmcchain.com/tw/",
        "title": "桂盟官網：鏈條與傳動零組件",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.idealbike.com.tw/index_tw.php",
        "title": "愛地雅官網：自行車OEM／ODM",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://zh-tw.axman.com.tw/",
        "title": "明係官網：自行車與碳纖維車架",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://chihua.com.tw/about/",
        "title": "祺驊官網：磁控、發電機及控制零組件",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.dyaco.com.tw/zh-cn/",
        "title": "岱宇官網：家用與商用健身器材",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.fusheng-precision.com/",
        "title": "復盛應用官網：產業應用、製程與民盛子公司",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.adgroup.com.tw/",
        "title": "明安官網：高球、預浸料與複材應用",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.bas.org.tw/%E7%94%A2%E5%93%81%E8%B3%87%E8%A8%8A/member-information/component/topkey-corporation",
        "title": "中華自行車永續聯盟協會：拓凱會員與產品資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.dynamic.com.tw/",
        "title": "鉅明官網：高爾夫球頭製造",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.twse.com.tw/staticFiles/news/event/ff8080818ec6c811018ee0a5fb9c0044.pdf",
        "title": "證交所存檔：波力-KY 113Q1法人簡報",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18",
        "note": "原文件為2024年第一季簡報，只用於產品分工；已以HTTP取得PDF，未把搜尋引擎的爬取日當文件發布日。"
      },
      {
        "source_url": "https://www.minson.com.tw/demo/about/index/2",
        "title": "民盛官網：功能鞋靴與護具",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://oceanalexander.com.tw/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/",
        "title": "東哥官網：Ocean Alexander品牌及業務範圍",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.taroko.com.tw/",
        "title": "大魯閣官網：運動與休閒事業",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.golfshop.com.tw/aboutus/aboutus_2024.asp",
        "title": "邁達康官網：高爾夫商品通路",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1ca45f01-3671-47b2-872e-a17e1e6a650a",
        "title": "MoneyDJ：市場續擴張，世界健身、柏文展店添動能",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.adidas-group.com/en/media/press-releases/adidas-grows-top-line-14percent-and-achieves-record-sales-in-q2",
        "title": "adidas：2026年第二季營運成果",
        "source_date": "2026-07-30",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.ngf.org/short-game/golfs-growth-era-the-road-to-50-million-golfers/",
        "title": "National Golf Foundation：Golf’s Growth Era",
        "source_date": "2026-03-06",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cf32cce4-5a42-4476-a772-93162e1e75cc",
        "title": "MoneyDJ：高球品牌拉長新品周期，供應鏈節奏重塑",
        "source_date": "2026-04-27",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://investors.nike.com/sec-filings/all-sec-filings/content/0000320187-26-000076/q4fy26exhibit991er.htm",
        "title": "NIKE官方申報：2026財年第四季與全年成果",
        "source_date": "2026-06-30",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.adidas-group.com/en/faq",
        "title": "adidas官方FAQ：上市與股票代號",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://ir.deckers.com/news-events/press-releases/detail/661/deckers-brands-reports-first-quarter-fiscal-year-2027-financial-results",
        "title": "Deckers官方：2027財年第一季成果與HOKA品牌",
        "source_date": "2026-07-23",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://corporate.technogym.com/en/about-us",
        "title": "Technogym官方：高階運動器材與數位服務",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://corporate.technogym.com/~/media/Files/T/Technogym-Corporate/investor-relations/shareholder-meetings/2025/technogym-h1-2025-eng.pdf",
        "title": "Technogym：2025上半年成果，明列TGYM代號",
        "source_date": "2025-07-31",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.sec.gov/Archives/edgar/data/1672013/000167201326000157/ex991-q22026.htm",
        "title": "Acushnet：2026年第二季成果，明列GOLF及Titleist",
        "source_date": "2026-08-06",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://custombike.merida.com.tw/",
        "title": "美利達官方業務資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18",
        "note": "頁面未標發布日期。該頁可證產品與品牌銷售，不能單靠這頁證明OEM占比。美利達主站https://www.merida-bikes.com/zh-tw/及舊站https://www.merida.tw/在web工具讀取失敗。"
      },
      {
        "source_url": "https://www.johnsonfitness.com.tw/mod/about/index.php",
        "title": "喬山官方業務資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18",
        "note": "頁面未標發布日期。未採用官網自稱全球第一的排名宣稱。"
      },
      {
        "source_url": "https://www.emtgroup.com.tw/wp-content/uploads/2025/12/EMT%E6%B3%95%E8%AA%AA%E6%9C%83%E7%B0%A1%E5%A0%B1-1141218.pdf",
        "title": "正能量智能官方業務資料",
        "source_date": "2025-12-18",
        "source_date_type": "presentation_date_from_official_filename",
        "accessed_date": "2026-10-18",
        "note": "文件名為1141218；PDF封面僅標114年度法人說明會，未見獨立發布日。營收結構為2025Q3口徑，不能改寫成2026現值。運動事業整合平台是持續轉型方向，不能當成全部已實現業務。"
      },
      {
        "source_url": "https://www.o-ta.com.tw/about/",
        "title": "大田官方業務資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18",
        "note": "頁面未標發布日期。"
      },
      {
        "source_url": "https://www.shimano.com/en/company/profile.html",
        "title": "Shimano官方公司簡介：自行車零組件",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.shimano.com/en/cms/news/japan/20241119_Notice%20of%20Organizational%20and%20Personnel%20Changes.pdf",
        "title": "Shimano官方公告：東京證交所代號7309",
        "source_date": "2024-11-19",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=717151a3-6e14-4d53-8442-0051fbf6152f",
        "title": "MoneyDJ報導寶成美系品牌客戶的庫存與訂單調整接近尾聲",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=52c3b70a-04fc-4e7b-8bd6-7ff4f1e09521",
        "title": "來億-KY公布9月營收28.87億元、年增13.95%",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://investor.worldgymtaiwan.com/news-post/202609revenue",
        "title": "世界健身-KY公告9月營收10.01億元、年增3.49%，首次突破10億元",
        "source_date": "2026-10-08",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.fengtay.com/tw/investor/detail/%E5%85%AC%E5%91%8A%E6%9C%AC%E5%85%AC%E5%8F%B8_2026_%E5%B9%B4_9_%E6%9C%88%E8%87%AA%E7%B5%90%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%B3%87%E8%A8%8A",
        "title": "豐泰公告9月自結合併營業利益4.25億元",
        "source_date": "2026-10-08",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://news.cnyes.com/news/id/6600432",
        "title": "鉅亨：岱宇法說商用營運及通路展望",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.giantgroup-cycling.com/news/61e8f2ae-b11b-42de-80c1-5a3f2d7cc60b",
        "title": "巨大董事會通過上半年財報：營收291.9億元、每股盈餘1.11元",
        "source_date": "2026-08-07",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.giantgroup-cycling.com/news/baf3c3ea-b478-49fd-b264-de3f4f396776",
        "title": "巨大董事會決議擬投入人民幣5.97億元收購鼎鎂非控制權益，持股預計由60.3938%提高至96.63%",
        "source_date": "2026-08-21",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.pgashow.com/en-us/Media/Press-Releases/2027-pga-show-to-help-drive-golf-forward-with-new-event-enhancements-jan-26-29-in-orlando.html",
        "title": "PGA Show預定1月26日至29日在美國奧蘭多舉行",
        "source_date": "2026-09-09",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.taipeicycle.com.tw/en/news/6E00DE01C220F3C4/info.html?cid=news&lt=table",
        "title": "台北國際自行車展預定3月24日至27日舉行",
        "source_date": "2026-07-21",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://oceanalexander.com/events/2026-flibs/",
        "title": "Ocean Alexander：2026 FLIBS官方參展活動",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18",
        "note": "未標發布日；已公告展期及參展內容。"
      }
    ]
  },
  {
    "industry": "電機機械",
    "as_of": "2026-10-18",
    "one_liner": "讓工廠的機器動起來、電力送進去",
    "one_liner_en": "Taiwan’s equipment makers power grids, factories and automation.",
    "overview": "東元9月營收約59億元，年增13.7%，在本頁電機機械公司中規模最大。這個產業像工廠的肌肉與關節，馬達帶動設備、滑軌與氣動零件控制動作，工具機把材料加工成需要的形狀。本頁101家公司合計約561億元，年增18.7%；亞德客-KY約38億元、年增26.6%，大同約37億元、年減13.3%，規模接近的公司也有不同步調。大量約13億元、年增172%，是月營收達10億元公司中增幅最高者。下一次先看大同的年減幅能否縮小，再比亞德客-KY是否維持26.6%的成長。",
    "segments": [
      {
        "name": "電力設備、機電與環保工程",
        "description": "製造變壓器、開關、馬達與配電設備，並承作能源、環保及廠房機電工程。整合設備製造與工程服務觀察，並非全為重電製造商。",
        "codes": [
          "1504",
          "2371",
          "1503",
          "1513",
          "1519",
          "1514",
          "1535",
          "6122"
        ],
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f3e96457-9519-4b7d-bdf9-306f13e0712e",
          "https://www.tatung.com/tw/info/about-product",
          "https://chs.seec.com.tw/Content/Goods/GCont.aspx?CatId=2015120316211340323&MSID=655575456531211553&MmmID=655575436061073254&SiteID=10",
          "https://www.chem.com.tw/",
          "https://esg.fortune.com.tw/governance/24",
          "https://www.allis.com.tw/zh-tw/download/file/42078",
          "https://www.ecotek.com.tw/?prog=about_intro",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=9b72fdfe-ed3b-4ce3-afaa-bd5657c668c4"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "依業務與用途的研究分組；非交易所官方次產業。"
      },
      {
        "name": "傳動、氣動與控制",
        "description": "提供機械的移動、夾持與控制功能。包含滑軌、螺桿、氣動元件、CNC與伺服控制，也納入品牌通路與技術整合服務。",
        "codes": [
          "1590",
          "2049",
          "7750",
          "8374"
        ],
        "source_urls": [
          "https://as-cn.airtac.com/upload/2026032411251593210.PDF",
          "https://esg.hiwin.tw/ch3/ch3_1.aspx",
          "https://www.syntecclub.com/Invest/Shareholder/EarningsCall/20260522_2026年第一季法人說明會.pdf",
          "https://www.acepillar.com/About"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "依業務與用途的研究分組；非交易所官方次產業。"
      },
      {
        "name": "工具機、電子製程設備與耗材",
        "description": "包含切削、沖壓與PCB加工設備，以及半導體量測與製程耗材。中砂以耗材角色納入，不視為整機廠。",
        "codes": [
          "3167",
          "1560",
          "4526",
          "4533"
        ],
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6027297f-a2a4-4238-8868-4ca465e48404",
          "https://www.kinik.com.tw/zh-tw/Products/ReclaimedWafer.html",
          "https://www.tongtaimachinetool.com/en/",
          "https://www.seyi.com/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "依業務與用途的研究分組；非交易所官方次產業。"
      },
      {
        "name": "金屬鑄造與精密加工",
        "description": "把金屬加工成車用、醫療、能源及機械設備零件。涵蓋鑄造、鍛造、鋁件與精密切削加工。",
        "codes": [
          "1532",
          "3162",
          "5288",
          "4566",
          "1589"
        ],
        "source_urls": [
          "https://cmp.com.tw/cht/business/manufacturing",
          "https://www.al-alloy.com.tw/",
          "https://www.eurocharm.com.tw/",
          "https://www.globaltekww.com/tw/",
          "https://www.ygget.com/index/tw.aspx"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "依業務與用途的研究分組；非交易所官方次產業。"
      },
      {
        "name": "熱管理、電源與車用功能件",
        "description": "依終端功能合併觀察熱交換、壓縮機、蓄電池、車用功率半導體與內飾件。各產品的客戶與景氣不同。",
        "codes": [
          "8996",
          "4532",
          "8255",
          "1537",
          "9951"
        ],
        "source_urls": [
          "https://www.kaori.com.tw/tw/modules/nc_product/product/view/116-K390",
          "https://www.rechi.com/Product/catalog",
          "https://www.actron.com.tw/tw",
          "https://www.klb.com.tw/about/profile/",
          "https://www.macauto-group.com/zh-hant/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "依業務與用途的研究分組；非交易所官方次產業。"
      },
      {
        "name": "專用機械與建築設備",
        "description": "面向縫紉、烘焙、健身及建築垂直運輸需求，提供整機、安裝或維保服務。",
        "codes": [
          "1558",
          "4506",
          "1515",
          "1580"
        ],
        "source_urls": [
          "https://www.zenghsing.com.tw/about-us-tw/intoduce/?lang=zh-hant",
          "https://www.gfc.com.tw/productCategories",
          "https://www.rexon.net/product.php?act=list&cid=2",
          "https://www.sinmag.com.tw/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "依業務與用途的研究分組；非交易所官方次產業。"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "材料與精密加工：將金屬材料製成鑄件、鍛件與精密加工件，供應機械、能源及車用設備的後續製造。",
        "codes": [
          "1532",
          "1589",
          "3162",
          "5288",
          "4566"
        ],
        "source_urls": [
          "https://cmp.com.tw/cht/business/manufacturing",
          "https://www.ygget.com/index/tw.aspx",
          "https://www.al-alloy.com.tw/",
          "https://www.eurocharm.com.tw/",
          "https://www.globaltekww.com/tw/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "按本頁設備供應鏈劃分；不表示各公司之間已查證直接交易。"
      },
      "midstream": {
        "description": "關鍵零件、耗材與控制模組：提供傳動、氣動、伺服、熱交換、壓縮、電源及車用功能件，也包含半導體製程使用的再生晶圓；通路商負責選型與整合。",
        "codes": [
          "1590",
          "2049",
          "7750",
          "8996",
          "4532",
          "8255",
          "1537",
          "9951",
          "8374",
          "1560"
        ],
        "source_urls": [
          "https://as-cn.airtac.com/upload/2026032411251593210.PDF",
          "https://esg.hiwin.tw/ch3/ch3_1.aspx",
          "https://www.syntecclub.com/Invest/Shareholder/EarningsCall/20260522_2026年第一季法人說明會.pdf",
          "https://www.kaori.com.tw/tw/modules/nc_product/product/view/116-K390",
          "https://www.rechi.com/Product/catalog",
          "https://www.actron.com.tw/tw",
          "https://www.klb.com.tw/about/profile/",
          "https://www.macauto-group.com/zh-hant/",
          "https://www.acepillar.com/About",
          "https://www.kinik.com.tw/zh-tw/Products/ReclaimedWafer.html"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "按本頁設備供應鏈劃分；不表示各公司之間已查證直接交易。"
      },
      "downstream": {
        "description": "整機與現場整合：將零件組成工具機、專用機械或電力設備，再安裝於工廠、電網及建築。終端使用者包括製造業、公用事業與建築業。",
        "codes": [
          "1504",
          "2371",
          "1503",
          "1513",
          "1519",
          "1514",
          "1535",
          "6122",
          "3167",
          "4526",
          "4533",
          "1558",
          "4506",
          "1515",
          "1580"
        ],
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f3e96457-9519-4b7d-bdf9-306f13e0712e",
          "https://www.tatung.com/tw/info/about-product",
          "https://chs.seec.com.tw/Content/Goods/GCont.aspx?CatId=2015120316211340323&MSID=655575456531211553&MmmID=655575436061073254&SiteID=10",
          "https://www.chem.com.tw/",
          "https://esg.fortune.com.tw/governance/24",
          "https://www.allis.com.tw/zh-tw/download/file/42078",
          "https://www.ecotek.com.tw/?prog=about_intro",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=9b72fdfe-ed3b-4ce3-afaa-bd5657c668c4",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6027297f-a2a4-4238-8868-4ca465e48404",
          "https://www.tongtaimachinetool.com/en/",
          "https://www.seyi.com/",
          "https://www.zenghsing.com.tw/about-us-tw/intoduce/?lang=zh-hant",
          "https://www.gfc.com.tw/productCategories",
          "https://www.rexon.net/product.php?act=list&cid=2",
          "https://www.sinmag.com.tw/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "classification_basis": "按本頁設備供應鏈劃分；不表示各公司之間已查證直接交易。"
      }
    },
    "drivers": [
      {
        "driver": "國內電網汰舊與韌性建設",
        "explanation": "台電列出約5,645億元的電網韌性建設計畫，涵蓋分散、強固與防衛。這是變壓器、開關及系統工程的需求背景；計畫總額不是台廠已取得的訂單。",
        "source_url": "https://service.taipower.com.tw/csr/esg/sustainable/68a7db629ef5f",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "AI資料中心增加電力與液冷建置",
        "explanation": "東元2026年10月擴產報導指向東南亞資料中心與電力建設；高力則規劃擴增液冷及燃料電池產能。兩者對應供配電與熱管理需求。擴產計畫仍須追蹤實際投產與交貨。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f3e96457-9519-4b7d-bdf9-306f13e0712e",
        "source_date": "2026-10-05",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7caffd49-101d-4dc8-8d99-935deda075dc",
            "source_date": "2026-06-03"
          }
        ]
      },
      {
        "driver": "工廠自動化與機器人導入",
        "explanation": "IFR於2026年9月公布，2025年全球工業機器人年安裝量超過60萬台、年增11%。本頁據此觀察氣動、傳動與控制系統機會；全球安裝成長不等於每家台廠訂單同步成長。",
        "source_url": "https://ifr.org/ifr-press-releases/five-million-robots-now-operate-in-factories-globally",
        "source_date": "2026-09-24"
      },
      {
        "driver": "半導體先進製程與封裝投資",
        "explanation": "SEMI於2026年7月預估，當年全球半導體製造設備銷售年增23.2%，動能包括AI、先進邏輯與記憶體。這是設備與耗材需求背景，仍須驗證台廠產品認證與出貨；數字是公會預測。",
        "source_url": "https://www.semi.org/en/semi-press-release/global-semiconductor-equipment-sales-forecast-to-reach-a-record-229-billion-dollars-in-2028-semi-reports",
        "source_date": "2026-07-14"
      },
      {
        "driver": "新興製造市場的設備需求",
        "explanation": "工具機公會9月速報指出，印度、越南與馬來西亞等市場出口表現較佳。可追蹤供應鏈移轉與當地製造投資；前三季整機出口仍年減1.9%，尚不能視為全球同步復甦。",
        "source_url": "https://www.tmba.org.tw/zh-TW/news/traditionandbusiness/2536",
        "source_date": "2026-10-12"
      }
    ],
    "leaders": [
      {
        "code": "1504",
        "name": "東元",
        "role": "馬達、電力設備與資料中心工程",
        "why": "2026年10月報導的東南亞投資包含馬來西亞廠房及印尼變壓器廠，連結設備製造與機電工程。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f3e96457-9519-4b7d-bdf9-306f13e0712e",
        "source_date": "2026-10-05",
        "source_date_type": "published"
      },
      {
        "code": "1590",
        "name": "亞德客-KY",
        "role": "氣動元件與線性滑軌",
        "why": "產品同時涵蓋氣動執行、控制、氣源處理與線性滑軌，可觀察自動化零件需求。",
        "source_url": "https://as-cn.airtac.com/upload/2026032411251593210.PDF",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "2049",
        "name": "上銀",
        "role": "精密傳動與機器人",
        "why": "產品包含滾珠螺桿、線性滑軌及晶圓機器人，連結工具機與半導體自動化。",
        "source_url": "https://esg.hiwin.tw/ch3/ch3_1.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "7750",
        "name": "新代",
        "role": "CNC與伺服電控",
        "why": "2026年第一季法說列出控制器、驅動器、伺服電機及機器人方案，涵蓋設備大腦與驅動端。",
        "source_url": "https://www.syntecclub.com/Invest/Shareholder/EarningsCall/20260522_2026年第一季法人說明會.pdf",
        "source_date": "2026-05-22",
        "source_date_type": "published"
      },
      {
        "code": "1532",
        "name": "勤美",
        "role": "鑄造與精密金屬部件",
        "why": "金屬成型事業供應汽車、工程及農機的發動機、傳動、剎車與油壓系統部件。",
        "source_url": "https://cmp.com.tw/cht/business/manufacturing",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1519",
        "name": "華城",
        "role": "變壓器與輸配電系統",
        "why": "產品涵蓋變壓器、開關及配電盤，客戶類型包括公用事業、工程承包商與工廠。",
        "source_url": "https://esg.fortune.com.tw/governance/24",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8996",
        "name": "高力",
        "role": "熱交換與資料中心液冷",
        "why": "K390板式熱交換器明列資料中心液冷與In-Row CDU應用，提供散熱零件觀察窗口。",
        "source_url": "https://www.kaori.com.tw/tw/modules/nc_product/product/view/116-K390",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "3167",
        "name": "大量",
        "role": "PCB加工與半導體量測設備",
        "why": "2026年3月報導列出鑽孔、分板及先進封裝量測機台，橫跨PCB與半導體設備。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6027297f-a2a4-4238-8868-4ca465e48404",
        "source_date": "2026-03-13",
        "source_date_type": "published"
      },
      {
        "code": "1558",
        "name": "伸興",
        "role": "家用縫紉機整機",
        "why": "產品涵蓋機械式、電子式、電腦式、刺繡及拷克機，可補足消費型專用機械觀察。",
        "source_url": "https://www.zenghsing.com.tw/about-us-tw/intoduce/?lang=zh-hant",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4506",
        "name": "崇友",
        "role": "電梯安裝與維保",
        "why": "服務同時包括新梯、維保與舊梯更新，可分開觀察新建案設備及既有設備維護需求。",
        "source_url": "https://www.gfc.com.tw/productCategories",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-10-15",
        "event": "MoneyDJ報導，中興電在手訂單達431億元，能見度延伸至2030年；半導體客戶的設備預計第四季開始拉貨。這是重電訂單與交貨進度的觀察點。",
        "codes": [
          "1513"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=23cabb3d-b4e3-448e-9a49-670916eca1aa",
        "source_date": "2026-10-15",
        "date_basis": "報導日期，非新訂單簽約日"
      },
      {
        "date": "2026-10-12",
        "event": "工具機公會發布9月出口速報：前三季工具機出口14.92億美元，年減1.9%；關鍵零組件出口12.64億美元，年增13.1%。整機與零組件需求呈現分化。",
        "codes": [],
        "source_url": "https://www.tmba.org.tw/zh-TW/news/traditionandbusiness/2536",
        "source_date": "2026-10-12",
        "date_basis": "公會公布統計日期，統計期間為2026年1至9月"
      },
      {
        "date": "2026-10-07",
        "event": "高力公告，第五次無擔保轉換公司債已收足25.375億元債款，並匯入存儲專戶。籌資已從申報階段推進至款項到位。",
        "codes": [
          "8996"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=55BAD098-4905-4CBE-A247-95D37175436B",
        "source_date": "2026-10-07",
        "date_basis": "重大訊息事實發生日"
      },
      {
        "date": "2026-10-05",
        "event": "MoneyDJ報導，東元董事會通過東南亞擴產：馬來西亞廠房預算不超過5.03億元，另規劃不超過12.71億元成立新加坡合資公司及設立印尼變壓器廠，承接資料中心與電力建設需求。",
        "codes": [
          "1504"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f3e96457-9519-4b7d-bdf9-306f13e0712e",
        "source_date": "2026-10-05",
        "date_basis": "報導日期，文章僅稱日前董事會通過，未指明決議日"
      },
      {
        "date": "2026-09-17",
        "event": "上銀官網轉載工商時報報導，上銀與全球傳動赴美國IMTS展拓展市場。上銀北美接單年增逾40%，滾珠螺桿已開始接2027年第二季出貨訂單；全球傳動訂單能見度到2027年第二季初。",
        "codes": [
          "2049",
          "4540"
        ],
        "source_url": "https://www.hiwin.tw/news_content.aspx?newsID=25606",
        "source_date": "2026-09-17",
        "date_basis": "官網標示報導日期，非訂單簽約日"
      },
      {
        "date": "2026-09-07",
        "event": "新代宣布與韓國SMEC簽署策略合作備忘錄，針對CNC、運動控制、智慧工具機與Physical AI自主製造展開技術交流及合作評估。合作仍處於備忘錄階段。",
        "codes": [
          "7750"
        ],
        "source_url": "https://www.syntecclub.com/new.aspx?NewsID=961",
        "source_date": "2026-09-07",
        "date_basis": "公司新聞稿日期"
      },
      {
        "date": "2026-08-19",
        "event": "TAIROS與台北自動化展開展，上銀集團以超過750平方公尺展區展示人形機器人、智慧製造、半導體設備與精密運動控制技術，呈現傳動零件朝系統整合延伸的方向。",
        "codes": [
          "2049"
        ],
        "source_url": "https://www.hiwin.tw/news_content.aspx?newsID=25598",
        "source_date": "2026-08-20",
        "date_basis": "文中展期首日8月19日，官網報導日期8月20日"
      },
      {
        "date": "2026-07-28",
        "event": "亞德客在法說會二度上修全年展望，預期以人民幣計價的營收年增逾20%，第三季產能利用率預計維持100%。這是公司當時展望，仍須後續財報驗證。",
        "codes": [
          "1590"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b1ca75fd-d482-4e69-bfe4-72683555caaf",
        "source_date": "2026-07-29",
        "date_basis": "報導明載昨28日法說會"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-26",
        "event": "JIMTOF 2026於10月26日至31日在東京Big Sight舉行，展出工具機、傳動、油氣壓及控制軟體。可觀察國際新品與設備投資需求。",
        "codes": [],
        "source_url": "https://www.bigsight.jp/visitor/company/newsrelease/2025/biffrj00000001eq-att/JIMTOF2026_News_Release250729_jp.pdf",
        "source_date": "2025-07-29",
        "corroborating_url": "https://jimtof.org/en/outline.html",
        "participation_note": "產業展會；codes留空，尚未逐一查證個別公司參展。"
      },
      {
        "expected": "2026-11-04",
        "event": "亞德客預定09:00參加香港Bernstein China Conference 2026法說會，公告主題為2026年第二季營運狀況；可追蹤公司對訂單及產能的更新。",
        "codes": [
          "1590"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=134e6b8a-b5b0-49c3-a473-683e99916648",
        "source_date": "2026-10-15"
      },
      {
        "expected": "2026-11-13",
        "event": "新代預定14:00參加國泰證券法說會，說明2026年第三季營運概況。可追蹤CNC、伺服與機器人業務的最新進度。",
        "codes": [
          "7750"
        ],
        "source_url": "https://www.syntecclub.com/new.aspx?NewsID=970",
        "source_date": "2026-10-16",
        "source_date_url": "https://www.syntecclub.com/news.aspx",
        "corroborating_url": "https://m.moneydj.com/f1a.aspx?a=d4fb3b2a-d7ee-4f5a-8c9f-b5d8139404a0&c=MB06"
      },
      {
        "expected": "2027-03-02",
        "event": "TIMTOS 2027預定3月2日至6日在南港展覽館1、2館舉行，主題涵蓋工業AI、機器人及智慧製造，可觀察工具機新品與接單意向。",
        "codes": [],
        "source_url": "https://www.timtos.com.tw/zh-tw/news/F4E3388860B58742/list-info.html",
        "source_date": "2026-10-11",
        "source_updated": "2026-10-13",
        "corroborating_url": "https://www.tami.org.tw/news/exhibition-detail/4",
        "participation_note": "產業展會；codes留空，尚未逐一查證個別公司參展。"
      }
    ],
    "global_peers": [
      {
        "name": "ABB",
        "ticker": "ABBN（SIX瑞士）",
        "relation": "產品與市場對照：馬達、驅動與電氣化業務可對照東元及士電；此處為業務相近的研究比較。",
        "source_url": "https://www.abb.com/global/en/company/about",
        "source_urls": [
          "https://www.abb.com/global/en/company/about",
          "https://global.abb/group/en/investors/investor-and-shareholder-resources/share-listing"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      },
      {
        "name": "Siemens Energy",
        "ticker": "ENR（德國法蘭克福）",
        "relation": "產品與市場對照：電網、變壓器與高壓設備可對照華城、中興電及士電。",
        "source_url": "https://www.siemens-energy.com/global/en/home/products-services/solutions-usecase/grid-resilience.html",
        "source_urls": [
          "https://www.siemens-energy.com/global/en/home/products-services/solutions-usecase/grid-resilience.html",
          "https://assets.siemens-energy.com/dam/f7f92157-3d19-453e-82b8-b0290183d945/2020-08-28-Siemens-Energys-debut-on-the-stock-market2-pdf_Original%20file.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      },
      {
        "name": "SMC",
        "ticker": "6273（東京）",
        "relation": "產品與市場對照：氣動與自動控制元件可對照亞德客；本頁不推定雙方有供貨關係。",
        "source_url": "https://contents.xj-storage.jp/xcontents/AS00674b/dfb14406/427a/48e4/aa87/6d5bcf49fcff/20250828152839265s.pdf",
        "source_urls": [
          "https://contents.xj-storage.jp/xcontents/AS00674b/dfb14406/427a/48e4/aa87/6d5bcf49fcff/20250828152839265s.pdf",
          "https://contents.xj-storage.jp/xcontents/AS00674b/e2a4f297/57ba/4a73/9049/a2b4c7cf9942/140120260806513096.pdf",
          "https://www.smcworld.com/ir/en-jp/financial-results.html"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      },
      {
        "name": "THK",
        "ticker": "6481（東京）",
        "relation": "產品與市場對照：線性滑軌及滾珠螺桿可對照上銀。",
        "source_url": "https://tech.thk.com/",
        "source_urls": [
          "https://tech.thk.com/",
          "https://www.thk.com/jp/ja/ir/stock/memo/"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      },
      {
        "name": "FANUC",
        "ticker": "6954（東京）",
        "relation": "產品與市場對照：CNC與工廠自動化可對照新代，產品定位與市場組合仍有差異。",
        "source_url": "https://www.fanuc.co.jp/ja/product/cnc/",
        "source_urls": [
          "https://www.fanuc.co.jp/ja/product/cnc/",
          "https://www.fanuc.co.jp/ja/ir/announce/pdf/2025/financialresult202509.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      },
      {
        "name": "DMG MORI",
        "ticker": "6141（東京）",
        "relation": "產品與市場對照：車床、加工中心及五軸加工設備可對照東台的工具機業務。",
        "source_url": "https://www.dmgmori.co.jp/products/",
        "source_urls": [
          "https://www.dmgmori.co.jp/products/",
          "https://www.dmgmori.co.jp/corporate/ir/ir_library/pdf/fy2025_1shihanki_kessan.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      },
      {
        "name": "Alfa Laval",
        "ticker": "ALFA（Nasdaq Stockholm）",
        "relation": "產品與市場對照：板式熱交換器可對照高力，集團其他業務不宜直接類比。",
        "source_url": "https://www.alfalaval.com/products/heat-transfer/plate-heat-exchangers/plate-heat-exchangers/",
        "source_urls": [
          "https://www.alfalaval.com/products/heat-transfer/plate-heat-exchangers/plate-heat-exchangers/",
          "https://www.alfalaval.com/globalassets/documents/investors/english/annual-reports/2024/alfa-laval-annual-report-2024.pdf",
          "https://www.nasdaq.com/european-market-activity/shares/alfa?id=TX364"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "產品與市場對照；非已查證合作關係"
      }
    ],
    "watch_metrics": [
      {
        "metric": "各次產業月營收與三個月趨勢",
        "why": "以相同公司樣本比較年增與三個月合計，分開追蹤重電、控制、整機與耗材；工程入帳及出貨月份可能讓單月波動放大。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "source_date_type": "data_snapshot",
        "basis": "研究追蹤框架；來源提供相關統計或營運財務資料，why為研究判讀。"
      },
      {
        "metric": "工具機與關鍵零組件出口",
        "why": "同看整機、零組件及主要出口地的年增率，辨識成長來自哪些產品與市場；不能只看整體機械出口。",
        "source_url": "https://www.tmba.org.tw/zh-TW/news/traditionandbusiness/2536",
        "source_date": "2026-10-12",
        "source_date_type": "published",
        "basis": "研究追蹤框架；來源提供相關統計或營運財務資料，why為研究判讀。"
      },
      {
        "metric": "新增接單、在手訂單與交貨進度",
        "why": "訂單總額要搭配新增接單、取消或遞延及驗收時程，才能判讀收入能見度；年限拉長不等於當期營收立即增加。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=23cabb3d-b4e3-448e-9a49-670916eca1aa",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "basis": "研究追蹤框架；來源提供相關統計或營運財務資料，why為研究判讀。"
      },
      {
        "metric": "產能利用率與擴產進度",
        "why": "比較利用率、新產線投產與新增接單。利用率升高若伴隨交期拉長，須再確認是否有供應瓶頸；新產能也須等待客戶認證及出貨。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b1ca75fd-d482-4e69-bfe4-72683555caaf",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "basis": "研究追蹤框架；來源提供相關統計或營運財務資料，why為研究判讀。"
      },
      {
        "metric": "存貨週轉天數",
        "why": "用平均存貨除以同期銷貨成本，再乘期間天數，並與接單、營收及現金流交叉比對。存貨增加要區分備料、擴產及去化放緩，避免只看營收成長。",
        "source_url": "https://www.syntecclub.com/Invest/Shareholder/EarningsCall/20260522_2026年第一季法人說明會.pdf",
        "source_date": "2026-05-22",
        "source_date_type": "published",
        "basis": "研究追蹤框架；來源提供相關統計或營運財務資料，why為研究判讀。"
      }
    ],
    "sources": [
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f3e96457-9519-4b7d-bdf9-306f13e0712e",
      "https://as-cn.airtac.com/upload/2026032411251593210.PDF",
      "https://www.tatung.com/tw/info/about-product",
      "https://chs.seec.com.tw/Content/Goods/GCont.aspx?CatId=2015120316211340323&MSID=655575456531211553&MmmID=655575436061073254&SiteID=10",
      "https://esg.hiwin.tw/ch3/ch3_1.aspx",
      "https://www.syntecclub.com/Invest/Shareholder/EarningsCall/20260522_2026年第一季法人說明會.pdf",
      "https://www.chem.com.tw/",
      "https://cmp.com.tw/cht/business/manufacturing",
      "https://esg.fortune.com.tw/governance/24",
      "https://www.kaori.com.tw/tw/modules/nc_product/product/view/116-K390",
      "https://www.rechi.com/Product/catalog",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6027297f-a2a4-4238-8868-4ca465e48404",
      "https://www.al-alloy.com.tw/",
      "https://www.allis.com.tw/zh-tw/download/file/42078",
      "https://www.zenghsing.com.tw/about-us-tw/intoduce/?lang=zh-hant",
      "https://www.kinik.com.tw/zh-tw/Products/ReclaimedWafer.html",
      "https://www.eurocharm.com.tw/",
      "https://www.ecotek.com.tw/?prog=about_intro",
      "https://www.tongtaimachinetool.com/en/",
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      "value_chain": "以設備生產為相對上下游；用途不同的企業可以處於不同鏈條，不表示已查證直接供貨。",
      "scale": "合計為樣本公司合併營收，涵蓋海外及非機械業務，也可能含供應鏈重複計價，不等於台灣產值或市場規模。",
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      {
        "url": "https://www.alfalaval.com/globalassets/documents/investors/english/annual-reports/2024/alfa-laval-annual-report-2024.pdf",
        "title": "Alfa Laval官方產品與投資人資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18",
        "date_note": "2024年度年報；未確認確切發布日。source_date為查閱日。"
      },
      {
        "url": "https://www.nasdaq.com/european-market-activity/shares/alfa?id=TX364",
        "title": "Nasdaq交易所Alfa Laval（ALFA）證券資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18",
        "date_note": "source_date僅記查閱日；未採用發布日期，不作發布日宣稱。"
      }
    ]
  },
  {
    "industry": "紡織纖維",
    "as_of": "2026-10-18",
    "one_liner": "從一根紗到一件衣，接上全球品牌",
    "one_liner_en": "Taiwan supplies functional fabrics and apparel to global brands.",
    "overview": "遠東新2026年9月營收約237億元，比去年同期增加6.7%。這條產業鏈像一間分工細密的裁縫店，先把原料做成纖維和紗，再織布、染色，最後替品牌製成衣服，也供應漁網與產業用網。機能布料連結服飾與戶外裝備，染整進一步整理顏色與功能。清單52家公司當月合計約523億元，年增4.8%。前三大中的儒鴻年增8.3%，新纖增加11.7%，都高於整體；如興營收約15億元，增加34.7%，是月營收達10億元公司中增幅最高者。成長分布在原料與成衣不同環節。下一次看如興年增率能否延續34.7%，並對照整體的4.8%。",
    "segments": [
      {
        "name": "化纖原料與纖維",
        "description": "把石化或回收原料做成聚酯、尼龍等材料與纖維；遠東新另跨石化、紡織及其他事業。",
        "codes": [
          "1402",
          "1409",
          "1447",
          "1455",
          "1444",
          "1413",
          "1466"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://2025csr.fenc.com/csr_news_detail.aspx?id=92657&lang=zh",
            "source_date": "2026-10-01",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.libolon.com/products",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "name": "紡紗與加工絲",
        "description": "將纖維紡成紗，或加工成具觸感、彈性與機能的紗線；部分公司也有化纖業務。",
        "codes": [
          "1440",
          "4401",
          "1457"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.tainanspin.com.tw/index.php?id=13&index=1&lang=cht&option=module&task=showlist",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "name": "機能布料與染整",
        "description": "從布料設計、織造到染色與機能整理，供應服飾、戶外裝備及家飾；含竣邦等布料設計開發業者。",
        "codes": [
          "1434",
          "1464",
          "4439",
          "1460",
          "1419",
          "1449",
          "4442",
          "1474",
          "4433",
          "4426"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://rdproduction.ftc.com.tw/zh-tw/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=eb158855-fc78-4b1f-9ef0-d8fb1ffcc9e2",
            "source_date": "2026-08-19",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.jb-group.com.tw/_files/ugd/13a8fe_32828e0d7cbe45e3aea3a811027a5c52.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "name": "成衣與整合代工",
        "description": "依品牌需求開發並製造成衣；儒鴻同時做布料，年興也有牛仔布等上游製程。",
        "codes": [
          "1476",
          "1477",
          "4438",
          "4414",
          "4441",
          "1451",
          "1467",
          "1473"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.cna.com.tw/news/afe/202610060121.aspx",
            "source_date": "2026-10-06",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=a915d574-d7a9-40c0-8b4d-191510ded1d3",
            "source_date": "2026-10-08",
            "source_date_type": "published"
          }
        ]
      },
      {
        "name": "產業用紡織與塗佈材料",
        "description": "金洲生產漁網、養殖及產業用網；双邦供應塗佈貼合、TPU膜與樹脂，需求不只來自服飾。",
        "codes": [
          "4417",
          "6506"
        ],
        "source_url": "https://www.king-net.com.tw/tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.shuang-bang.com/zh_TW",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "天然纖維與石化原料是起點，包括棉花、PTA、EG與尼龍用CPL；本清單在石化原料段的代表是遠東新。",
        "codes": [
          "1402"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "midstream": {
        "description": "把原料做成纖維、紗線與布；布料可再經染整和塗佈提升機能，部分公司跨多道製程。",
        "codes": [
          "1402",
          "1409",
          "1447",
          "1455",
          "1444",
          "1413",
          "1466",
          "1440",
          "4401",
          "1457",
          "1434",
          "1464",
          "4439",
          "1460",
          "1419",
          "1449",
          "4442",
          "1474",
          "4426"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=eb158855-fc78-4b1f-9ef0-d8fb1ffcc9e2",
            "source_date": "2026-08-19",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.jb-group.com.tw/_files/ugd/13a8fe_32828e0d7cbe45e3aea3a811027a5c52.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      "downstream": {
        "description": "染整與後加工後，做成服裝、家飾或產業用品，再交給品牌與通路；金洲的網具、双邦的貼合與膜材也在這裡銜接終端應用。",
        "codes": [
          "1434",
          "1464",
          "1460",
          "1419",
          "1449",
          "4433",
          "1476",
          "1477",
          "4438",
          "4414",
          "4441",
          "1451",
          "1467",
          "1473",
          "4417",
          "6506"
        ],
        "source_url": "https://ic.tpex.org.tw/introduce.php?ic=O000",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.king-net.com.tw/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.shuang-bang.com/zh_TW",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "運動與機能服飾開發",
        "explanation": "儒鴻10月表示，新客戶成長可彌補部分大客戶放緩。研究上應把品牌別、新款開發與材料機能一起看，需求並非各品牌同步增加。",
        "source_url": "https://www.cna.com.tw/news/afe/202610060121.aspx",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "driver": "衣到衣回收材料採購",
        "explanation": "adidas設定2030年聚酯用量有10%來自紡織廢料的目標。這讓回收來源、材料相容性與可追溯能力成為供應商開發重點；採購目標不代表台廠已拿到訂單。",
        "source_url": "https://www.adidas-group.com/en/sustainability/planet/circularity",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "品牌銷售與補庫節奏",
        "explanation": "NIKE截至2026年8月底的庫存年減3%，同季營收仍年減4%。兩項要交叉看，才能分辨品牌去庫存、補貨與終端銷售是否同步改善。",
        "source_url": "https://investors.nike.com/news-events/press-releases/detail/575/nike-inc-reports-fiscal-2027-first-quarter-results",
        "source_date": "2026-10-01",
        "source_date_type": "published"
      },
      {
        "driver": "品牌分散生產與交貨風險",
        "explanation": "聚陽3月表示，部分原規劃在中東生產的訂單轉向東南亞。多產地調度是承接訂單的條件；這類轉單仍受地緣局勢與物流影響。",
        "source_url": "https://keid.nat.gov.tw/branding-taiwan/news/news_more?id=f45be1f4bd944cf3823a3e436c7207bc",
        "source_date": "2026-03-13",
        "source_date_type": "published"
      },
      {
        "driver": "服飾以外的產業應用",
        "explanation": "福懋輪胎簾布用在自行車、汽機車與飛機輪胎，金洲網具則用於捕撈與養殖。這些用途提供不同於服飾的需求來源，追蹤時應分開看終端景氣。",
        "source_url": "https://www.ftc.com.tw/newftc/product_view.php?id=80",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://www.king-net.com.tw/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      }
    ],
    "leaders": [
      {
        "code": "1402",
        "name": "遠東新",
        "role": "聚酯、循環材料與紡織整合業者",
        "why": "2026年10月展示100%聚酯合成皮革與廢織物再製鞋材，能同時觀察原料、回收技術與終端材料開發。",
        "source_url": "https://2025csr.fenc.com/csr_news_detail.aspx?id=92657&lang=zh",
        "source_date": "2026-10-01",
        "source_date_type": "published"
      },
      {
        "code": "1476",
        "name": "儒鴻",
        "role": "機能布料與成衣整合代工",
        "why": "2026年10月表示接單可見2027年第2季，新客戶成長是觀察品牌訂單分化的窗口。",
        "source_url": "https://www.cna.com.tw/news/afe/202610060121.aspx",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "code": "1409",
        "name": "新纖",
        "role": "聚酯與差異化纖維供應商",
        "why": "2026年10月報導指出NEOLAST已量產、首階段年產能600噸，提供可回收彈性材料的觀察案例。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=09e49bb0-0584-4dab-9bb1-b70fdfaa1133",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "code": "1477",
        "name": "聚陽",
        "role": "成衣開發與全球生產代工",
        "why": "前9月營收265.47億元、年增0.17%，可觀察大型成衣廠接單與出貨復甦的速度。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=571922ef-b83f-4f83-ac4c-defae3750f0c",
        "source_date": "2026-10-02",
        "source_date_type": "published"
      },
      {
        "code": "4438",
        "name": "廣越",
        "role": "高階戶外服飾與羽絨衣代工",
        "why": "2026年第3季營收74.32億元、創歷史次高，是觀察戶外機能服飾需求的代表。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=a915d574-d7a9-40c0-8b4d-191510ded1d3",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "code": "1434",
        "name": "福懋",
        "role": "機能織物與輪胎補強材料供應商",
        "why": "輪胎簾布涵蓋自行車至飛機輪胎，可同時觀察服飾布料及產業用紡織兩種需求。",
        "source_url": "https://www.ftc.com.tw/newftc/product_view.php?id=80",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_sources": [
          {
            "source_url": "https://rdproduction.ftc.com.tw/zh-tw/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "code": "1447",
        "name": "力鵬",
        "role": "尼龍原料、纖維與布料整合業者",
        "why": "具備尼龍聚合、紡絲、織布與染整製程，是觀察尼龍材料及成本傳導的代表。",
        "source_url": "https://www.lealeagroup.com.tw/libolon-detail/LIPENGE/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4439",
        "name": "冠星-KY",
        "role": "短纖布料供應商",
        "why": "2026年第2季營收23.3億元、創單季新高，越南投產效益提供布料供應鏈擴產的觀察案例。",
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=eb158855-fc78-4b1f-9ef0-d8fb1ffcc9e2",
        "source_date": "2026-08-19",
        "source_date_type": "published"
      },
      {
        "code": "4417",
        "name": "金洲",
        "role": "漁網、養殖與產業用網製造商",
        "why": "以KING NET自有品牌及OEM、ODM供貨，呈現紡織技術在捕撈、養殖與安全網的用途。",
        "source_url": "https://www.king-net.com.tw/tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-08-25",
        "event": "儒鴻印尼三期新廠進入環評與自動化設備廠商遴選階段，規劃新增每月約200萬件成衣產能；投產目標為2027年第4季。",
        "codes": [
          "1476"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=8a56f3c9-19f9-4cd7-a0be-4f4b24476fdb&c=MB06",
        "source_date": "2026-08-25",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-08",
        "event": "遠東新宣布與產業夥伴以廢聚酯織物高值化技術獲2026年R&D 100 Awards；rTPEE材料可用於鞋材、彈性纖維與防水透氣膜。",
        "codes": [
          "1402"
        ],
        "source_url": "https://www.feg.com.tw/tw/news/news_detail.aspx?id=13439",
        "source_date": "2026-09-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-02",
        "event": "聚陽公布9月營收29.3億元、年增24.05%；前9月累計營收265.47億元、年增0.17%，累計年增率轉正。",
        "codes": [
          "1477"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=571922ef-b83f-4f83-ac4c-defae3750f0c",
        "source_date": "2026-10-02",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-06",
        "event": "儒鴻在台北紡織展表示接單能見度已到2027年第2季；新客戶訂單成長，彌補部分既有大客戶成長放緩。",
        "codes": [
          "1476"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202610060121.aspx",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-06",
        "event": "經濟部在TITAS展示六法人研發成果，包括串聯遠東新的循環運動鞋技術，以及與力鵬合作的全尼龍複合材料。",
        "codes": [
          "1402",
          "1447"
        ],
        "source_url": "https://www.moea.gov.tw/Mns/doit/news/News.aspx?kind=1&menu_id=13419&news_id=124173",
        "source_date": "2026-10-06",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-08",
        "event": "廣越公布9月營收25.73億元、年增3.13%，第3季營收74.32億元、年增2.21%；兩項均為歷史次高。",
        "codes": [
          "4438"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=a915d574-d7a9-40c0-8b4d-191510ded1d3",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-08",
        "event": "MoneyDJ報導指出，新纖NEOLAST彈性纖維已量產，首階段年產能600噸；材料設計以改善含彈性織物的回收條件為方向。",
        "codes": [
          "1409"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=09e49bb0-0584-4dab-9bb1-b70fdfaa1133",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-08",
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      {
        "source_url": "https://www.adidas-group.com/en/sustainability/planet/circularity",
        "title": "adidas：衣到衣循環材料採購目標",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.adidas-group.com/en/investors/share/share-details",
        "title": "adidas：上市市場與股票識別碼",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.toray.com.tw/products/fibers/",
        "title": "東麗：尼龍、聚酯與環保纖維",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.toray.com/ir/stocks/sto_007.html",
        "title": "東麗：股票代號3402",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.shenzhouintl.com/",
        "title": "申洲國際：布料與成衣整合業務、港股2313",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://investors.nike.com/news-events/press-releases/detail/575/nike-inc-reports-fiscal-2027-first-quarter-results",
        "title": "NIKE：2027會計年度第1季財報",
        "source_date": "2026-10-01",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://keid.nat.gov.tw/branding-taiwan/news/news_more?id=f45be1f4bd944cf3823a3e436c7207bc",
        "title": "產發署轉載經濟日報：成衣產地配置與轉單",
        "source_date": "2026-03-13",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b1ea6ecf-1d0e-4c6c-b5d1-0ac010546520",
        "title": "MoneyDJ：化纖稼動與集盛尼龍66產線",
        "source_date": "2026-10-08",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=F11444BA-31E2-4C89-B397-B93C6320DF98",
        "title": "MoneyDJ：振大產品組合、效率與匯率",
        "source_date": "2026-08-04",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://m.moneydj.com/f1a.aspx?a=8a56f3c9-19f9-4cd7-a0be-4f4b24476fdb&c=MB06",
        "title": "儒鴻印尼三期新廠進入環評與自動化設備廠商遴選階段，規劃新增每月約200萬件成衣產能；投產目標為2027年第4季。",
        "source_date": "2026-08-25",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.feg.com.tw/tw/news/news_detail.aspx?id=13439",
        "title": "遠東新宣布與產業夥伴以廢聚酯織物高值化技術獲2026年R&D 100 Awards；rTPEE材料可用於鞋材、彈性纖維與防水透氣膜。",
        "source_date": "2026-09-08",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.moea.gov.tw/Mns/doit/news/News.aspx?kind=1&menu_id=13419&news_id=124173",
        "title": "經濟部：六法人跨域參展與材料技術合作",
        "source_date": "2026-10-06",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.eclat.com.tw/zh-tw/newsroom/functional-fabric-fair-2026-oct-28-29-portland/",
        "title": "Functional Fabric Fair波特蘭秋季展於10月27至28日舉行，儒鴻已公告參展，將展示素材技術。",
        "source_date": "2026-08-03",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.textiles.org.tw/ttf/main/news/News.aspx?kind=2&menu_id=129&news_id=21391",
        "title": "高階紡織品跨產業技術發表會預計在台北舉行，紡織所、紡拓會等五法人將發表7項材料、製程及應用技術。",
        "source_date": "2026-10-13",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "source_url": "https://www.textiles.org.tw/ttf/main/news/News.aspx?kind=2&menu_id=129&news_id=21188",
        "title": "Texworld New York City冬季展預計於1月19至21日在紐約舉行，紡拓會已徵集台灣館，供應商可與北美品牌及零售商接洽。",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "accessed_on": "2026-10-18"
      }
    ]
  },
  {
    "industry": "貿易百貨",
    "as_of": "2026-10-18",
    "one_liner": "從巷口超商到商場，接住日常採買",
    "one_liner_en": "Taiwan's bridge between everyday shoppers, brands and global sourcing.",
    "overview": "統一超2026年9月營收約314億元，比去年同期增加7.8%。貿易百貨像一張採買地圖，把巷口超商、社區超市、百貨專櫃與居家用品串起來，也替海外客戶找商品。居家貿易也包含商品開發，串接零售與電商通路。清單18家公司合計約442億元，年減19.1%，各家公司差異很大。前三大中的特力年增14.5%，三商則年減81.2%，三商的降幅主要來自合併範圍改變。三商家購營收約17億元，年增34.3%，在月營收達10億元公司中增幅最高。下一次先對照統一超的7.8%與三商家購的34.3%，追蹤民生通路收入變化。",
    "segments": [
      {
        "name": "高頻民生通路",
        "description": "以超商、社區超市提供食品與日用品，靠鄰近生活圈、鮮食、會員及便利服務帶動回購。三商家購另有OK超商業務。",
        "codes": [
          "2912",
          "2945"
        ],
        "evidence": [
          {
            "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
            "source_date": "2026-10-12"
          },
          {
            "source_url": "https://money.udn.com/money/amp/story/5710/9702047",
            "source_date": "2026-08-19"
          }
        ]
      },
      {
        "name": "百貨、購物中心與商場",
        "description": "整合品牌專櫃、餐飲、影城及租賃空間。遠百以台灣百貨與量販等通路為主；大洋以中國商場為主；統領與欣欣偏區域型商場。",
        "codes": [
          "2903",
          "5907",
          "2910",
          "2901"
        ],
        "evidence": [
          {
            "source_url": "https://money.udn.com/money/story/10871/9528258?from=edn_search_tag_result",
            "source_date": "2026-05-27"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=05438c65-601b-46f4-86df-4ff706c403f7",
            "source_date": "2025-08-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=bf73af94-04c5-43a5-b2d7-eba9d050650a",
            "source_date": "2025-07-30"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3d4b1a6a-cd5e-45c0-bc9e-18527429e3ff",
            "source_date": "2025-07-30"
          }
        ]
      },
      {
        "name": "居家用品採購與商品開發",
        "description": "特力連結海外採購、品牌與居家零售；永邑開發生活應用商品，供應電視購物、零售及電商通路。需求也來自海外市場。",
        "codes": [
          "2908",
          "2939"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=34762ef5-d934-4058-8cdb-ae3393fa8624",
            "source_date": "2026-01-22"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9796073",
            "source_date": "2026-10-05"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=91617e6e-7d9d-4ace-93f8-ad10661d37b1",
            "source_date": "2025-08-06"
          }
        ]
      },
      {
        "name": "服飾、鞋類與珠寶",
        "description": "涵蓋嬰童服飾、運動休閒服飾、鞋類與珠寶。品牌商經營設計、代理及銷售；日成偏珠寶設計製造，獲利驅動與服飾門市不同。",
        "codes": [
          "4807",
          "2929",
          "2911",
          "5906",
          "8443",
          "8429"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=dd96531a-58d7-4dac-b088-c4d45ef701af",
            "source_date": "2026-09-29"
          },
          {
            "source_url": "https://www.moneydj.com/kmdJ/wiki/wikiviewer.aspx?keyid=21d8be29-be5e-4366-a26b-d12417872e77",
            "source_date": "2026-10-07"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/wikiviewer.aspx?keyid=adf24abd-b306-4b4d-b1d9-7bae6ea8eec2",
            "source_date": "2026-10-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=a62b2ee3-c44a-4271-83ed-1efc5c828b26",
            "source_date": "2026-10-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=d7a84258-d9f8-433d-8be3-546480c55249",
            "source_date": "2026-10-13"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=e00f9553-db6a-434b-a7c5-6fb985f3e682",
            "source_date": "2026-10-13"
          }
        ]
      },
      {
        "name": "多角化控股與跨業服務",
        "description": "三商為投資控股架構；高林橫跨貿易、服飾、醫療與餐飲；潤泰全保留紡織及零售業務，獲利亦受金融與不動產投資影響。不能只用店面買氣解讀。",
        "codes": [
          "2905",
          "2906",
          "2915"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a778893c-f802-47a2-907f-6acc5a995e64&c=MB06",
            "source_date": "2026-10-12"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=8e27ba49-6841-4e3f-9481-b8380fe55e45",
            "source_date": "2026-08-26"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cfda7785-0631-49b8-b22b-e8d68854288e",
            "source_date": "2026-06-11"
          },
          {
            "source_url": "https://m.moneydj.com/f1a.aspx?a=df2af685-b995-4109-a431-08b4b714118a&c=MB06",
            "source_date": "2026-05-26"
          }
        ]
      },
      {
        "name": "茶業、休閒與土地營運",
        "description": "農林結合茶樹種植、製茶、茶品銷售與觀光休閒，另有土地開發。茶業營運及資產開發須分開追蹤。",
        "codes": [
          "2913"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=07c26d40-e37a-4226-bf5b-8f8d3129f5ba",
            "source_date": "2025-08-06"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "提供可銷售的商品：農林種茶與製茶，潤泰全經營紡織，日成設計及製造珠寶。食品、日用品與其他原料供應商多在本清單之外。",
        "codes": [
          "2913",
          "2915",
          "4807"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=07c26d40-e37a-4226-bf5b-8f8d3129f5ba",
            "source_date": "2025-08-06"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cfda7785-0631-49b8-b22b-e8d68854288e",
            "source_date": "2026-06-11"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=dd96531a-58d7-4dac-b088-c4d45ef701af",
            "source_date": "2026-09-29"
          }
        ]
      },
      "midstream": {
        "description": "把商品接上通路，工作包括商品企劃、採購、品牌代理、進出口與批發。特力、高林、永邑連結海外供應及通路；台南-KY參與運動服飾代理與批發。",
        "codes": [
          "2908",
          "2906",
          "2939",
          "5906"
        ],
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=34762ef5-d934-4058-8cdb-ae3393fa8624",
            "source_date": "2026-01-22"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=8e27ba49-6841-4e3f-9481-b8380fe55e45",
            "source_date": "2026-08-26"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=91617e6e-7d9d-4ace-93f8-ad10661d37b1",
            "source_date": "2025-08-06"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=a62b2ee3-c44a-4271-83ed-1efc5c828b26",
            "source_date": "2026-10-07"
          }
        ]
      },
      "downstream": {
        "description": "透過超商、超市、百貨、商場、品牌門市、經銷與網購接觸消費者，賺取商品毛利、專櫃抽成、租金或服務收入。不同模式的營收認列與毛利率不宜直接橫比。",
        "codes": [
          "2912",
          "2945",
          "2903",
          "5907",
          "2910",
          "2901",
          "2911",
          "5906",
          "8443",
          "2929",
          "8429",
          "2908"
        ],
        "evidence": [
          {
            "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
            "source_date": "2026-10-12"
          },
          {
            "source_url": "https://money.udn.com/money/amp/story/5710/9702047",
            "source_date": "2026-08-19"
          },
          {
            "source_url": "https://money.udn.com/money/story/10871/9528258?from=edn_search_tag_result",
            "source_date": "2026-05-27"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=05438c65-601b-46f4-86df-4ff706c403f7",
            "source_date": "2025-08-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=bf73af94-04c5-43a5-b2d7-eba9d050650a",
            "source_date": "2025-07-30"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3d4b1a6a-cd5e-45c0-bc9e-18527429e3ff",
            "source_date": "2025-07-30"
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/wikiviewer.aspx?keyid=adf24abd-b306-4b4d-b1d9-7bae6ea8eec2",
            "source_date": "2026-10-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=a62b2ee3-c44a-4271-83ed-1efc5c828b26",
            "source_date": "2026-10-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=d7a84258-d9f8-433d-8be3-546480c55249",
            "source_date": "2026-10-13"
          },
          {
            "source_url": "https://www.moneydj.com/kmdJ/wiki/wikiviewer.aspx?keyid=21d8be29-be5e-4366-a26b-d12417872e77",
            "source_date": "2026-10-07"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=e00f9553-db6a-434b-a7c5-6fb985f3e682",
            "source_date": "2026-10-13"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9796073",
            "source_date": "2026-10-05"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "就近採買與即食需求",
        "explanation": "統一超以鮮食、咖啡、茶飲和熱食擴大生活採買場景，2026年9月CITY系列飲品業績成長1成。研究判斷：生活頻次與商品更新，是民生通路回購的重要觀察點。",
        "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
        "source_date": "2026-10-12"
      },
      {
        "driver": "節慶採買與新商場",
        "explanation": "經濟部指出，2026年8月中元、中秋採買及新商場、新品牌帶動零售；百貨公司營業額年增8.4%、超級市場年增8.7%。節慶落點與新據點會影響各月比較。",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "source_date": "2026-09-23"
      },
      {
        "driver": "居家修繕與到府服務",
        "explanation": "特力屋2026年10月說明，小宅、獨居與高齡化增加收納、局部裝修及無障礙改造需求，選品也轉向可搭配安裝的商品。研究判斷：服務能否帶來重複交易，比單次促銷更值得追蹤。",
        "source_url": "https://money.udn.com/money/story/5612/9796073",
        "source_date": "2026-10-05"
      },
      {
        "driver": "會員、支付與生活服務串聯",
        "explanation": "統一超2026年10月揭露uniopen會員突破2,000萬，並以APP、點數與支付串聯消費；OPENPOINT APP另導入i住家生活服務。研究判斷：跨場景導流提供成長機會，仍須由交易與回購數據驗證。",
        "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
        "source_date": "2026-10-12"
      },
      {
        "driver": "海外居家用品採購與供應鏈調整",
        "explanation": "特力2026年1月說明，面對關稅與全球供應鏈重整，持續調整採購來源，並從採購代理擴展服務。研究判斷：貿易分工的需求，要同時看海外零售補貨、採購地與交期，不能只看台灣內需。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=34762ef5-d934-4058-8cdb-ae3393fa8624",
        "source_date": "2026-01-22"
      }
    ],
    "leaders": [
      {
        "code": "2912",
        "name": "統一超",
        "role": "民生零售與會員生活服務平台",
        "why": "2026年9月營收314.49億元、年增7.82%，台灣實體門市與智FUN機等多元據點合計8,324處，代表高頻通路的規模。",
        "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
        "source_date": "2026-10-12"
      },
      {
        "code": "2905",
        "name": "三商",
        "role": "多角化投資控股",
        "why": "2026年9月營收31.54億元，公告明列三商壽自9月1日退出合併範圍，是辨識產業營收可比性的代表案例。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a778893c-f802-47a2-907f-6acc5a995e64&c=MB06",
        "source_date": "2026-10-12"
      },
      {
        "code": "2908",
        "name": "特力",
        "role": "居家採購、品牌及零售服務",
        "why": "旗下特力屋2026年10月有29家大型店、39家社區店及1家商場，自有品牌約占營收25%，連結商品與修繕服務。",
        "source_url": "https://money.udn.com/money/story/5612/9796073",
        "source_date": "2026-10-05",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=34762ef5-d934-4058-8cdb-ae3393fa8624",
            "source_date": "2026-01-22"
          }
        ]
      },
      {
        "code": "2903",
        "name": "遠百",
        "role": "百貨與複合零售通路",
        "why": "2026年9月營收26.34億元、年增4.04%，為本清單營收第四大，兼具百貨與複合商場布局。",
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17",
        "supporting_sources": [
          {
            "source_url": "https://money.udn.com/money/story/10871/9528258?from=edn_search_tag_result",
            "source_date": "2026-05-27"
          }
        ]
      },
      {
        "code": "2945",
        "name": "三商家購",
        "role": "社區超市與便利商店雙品牌",
        "why": "2026年8月法說資料揭露美廉社813家、OK超商約370家，雙品牌整合讓採購與門市改裝進度成為觀察重點。",
        "source_url": "https://money.udn.com/money/amp/story/5710/9702047",
        "source_date": "2026-08-19"
      },
      {
        "code": "2906",
        "name": "高林",
        "role": "貿易與多角化服務整合",
        "why": "2026年7月取得和億生活82.8%股權，交易約1.5億元，把添好運台灣代理業務納入集團，呈現貿易商跨入服務的路徑。",
        "source_url": "https://money.udn.com/money/story/10871/9662850",
        "source_date": "2026-07-31",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=8e27ba49-6841-4e3f-9481-b8380fe55e45",
            "source_date": "2026-08-26"
          }
        ]
      },
      {
        "code": "4807",
        "name": "日成-KY",
        "role": "珠寶設計、製造與加工供應商",
        "why": "2025年珠寶首飾設計、製造及銷售約占營收87%，電鍍加工約13%，代表本分類中偏製造與海外品牌供應的一端。",
        "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=dd96531a-58d7-4dac-b088-c4d45ef701af",
        "source_date": "2026-09-29"
      },
      {
        "code": "2915",
        "name": "潤泰全",
        "role": "紡織、零售與投資控股",
        "why": "2026年5月股東會揭露南山人壽綜合持股率26.62%，金融投資對獲利影響大，不能以月營收代表整體營運。",
        "source_url": "https://m.moneydj.com/f1a.aspx?a=df2af685-b995-4109-a431-08b4b714118a&c=MB06",
        "source_date": "2026-05-26",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cfda7785-0631-49b8-b22b-e8d68854288e",
            "source_date": "2026-06-11"
          }
        ]
      }
    ],
    "recent": [
      {
        "date": "2026-07-29",
        "event": "統一超公布上半年財報：合併營收1,807.03億元、年增5.05%，歸屬母公司淨利62.65億元；台灣門市與智FUN機等多元據點合計8,293處。",
        "codes": [
          "2912"
        ],
        "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=202",
        "source_date": "2026-07-29"
      },
      {
        "date": "2026-07-31",
        "event": "高林以約1.5億元取得和億生活82.8%股權，將添好運台灣代理業務及其16家門市納入集團，擴大餐飲布局。",
        "codes": [
          "2906"
        ],
        "source_url": "https://money.udn.com/money/story/10871/9662850",
        "source_date": "2026-07-31"
      },
      {
        "date": "2026-08-19",
        "event": "三商家購提出美廉社與OK超商雙品牌整合方向；公司揭露美廉社813家、OK超商約370家，並規劃第4季改裝門市及導入電子價卡。",
        "codes": [
          "2945"
        ],
        "source_url": "https://money.udn.com/money/amp/story/5710/9702047",
        "source_date": "2026-08-19"
      },
      {
        "date": "2026-09-22",
        "event": "三商家購董事會通過零售通路分割案，擬將相關營業移轉至全資子公司富達零售，本體轉型投資控股公司；分割營業價值暫估2.5億元。",
        "codes": [
          "2945"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=82af1bf5-1422-4d93-b927-3f0fef18acc4",
        "source_date": "2026-09-22"
      },
      {
        "date": "2026-10-06",
        "event": "特力旗下特力屋舉行上市前業績發表會，持續改裝門市並擴大自有品牌；自有品牌商品占比約25%，居家修繕服務成為發展重點。",
        "codes": [
          "2908"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=8653cdf7-f098-4095-94ee-f55d50edd27f",
        "source_date": "2026-10-06",
        "supporting_source_url": "https://money.udn.com/money/story/5612/9796073"
      },
      {
        "date": "2026-10-12",
        "event": "統一超9月營收314.49億元、年增7.82%；公司同時揭露OPENPOINT APP導入「i住家」，整合12大生活服務，深化會員服務場景。",
        "codes": [
          "2912"
        ],
        "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
        "source_date": "2026-10-12"
      },
      {
        "date": "2026-10-12",
        "event": "三商公告9月營收31.54億元、年減81.25%，主因三商美邦人壽自9月1日起不再為集團子公司；年增率須搭配合併範圍變動解讀。",
        "codes": [
          "2905"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a778893c-f802-47a2-907f-6acc5a995e64&c=MB06",
        "source_date": "2026-10-12"
      },
      {
        "date": "2026-10-15",
        "event": "遠百信義A13週年慶開跑，優惠檔期至11月1日，涵蓋精品、服飾、美妝與家電，進入百貨秋季促銷重點檔期。",
        "codes": [
          "2903"
        ],
        "source_url": "https://origin.feds.com.tw/tw/55/Event/Detail/33269?EntryPoint=activity_list_web&Source=Website",
        "source_date": null,
        "source_date_note": "官方活動頁期間2026-10-03至2026-11-15；內文明定週年慶優惠2026-10-15至2026-11-01，無獨立發布日期。",
        "source_accessed": "2026-10-18"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-29",
        "event": "特力旗下特力屋預定上市。證交所競價拍賣日程列10月29日為撥券及上市日期，可觀察子公司資本市場布局進度。",
        "codes": [
          "2908"
        ],
        "source_url": "https://www.twse.com.tw/announcement/auction?response=html&yy=2026",
        "source_date": null,
        "source_date_note": "動態官方日程，查閱日為2026-10-18，特力屋投標期間為2026-10-13至2026-10-15；上市日期屬已公布預定時程。",
        "source_accessed": "2026-10-18",
        "supporting_source_url": "https://money.udn.com/money/story/5612/9795947",
        "status": "announced_schedule",
        "condition": "依證交所已公布競拍日程預定；尚未到上市日，仍以後續正式公告與實際掛牌為準。"
      },
      {
        "expected": "2026-10-29",
        "event": "遠百嘉義週年慶預定10月29日至11月15日舉行，可追蹤各店接力促銷的來客與銷售表現。",
        "codes": [
          "2903"
        ],
        "source_url": "https://cdn.feds.com.tw/tw/37/Edm/Detail/3975",
        "source_date": null,
        "source_date_note": "官方DM明定活動期間2026-10-29至2026-11-15，無獨立發布日期。",
        "source_accessed": "2026-10-18",
        "status": "announced_schedule",
        "condition": "官方DM已公告；促銷辦法與活動調整以官網為準。"
      },
      {
        "expected": "2026-11-18",
        "event": "三商家購預定召開股東臨時會，討論轉型投資控股公司、更名與零售通路分割案；須以會議決議確認後續進度。",
        "codes": [
          "2945"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a5dc61c8-3024-4fca-8e4e-f98521959f6c",
        "source_date": "2026-09-23",
        "source_event_date": "2026-09-22",
        "status": "announced_schedule",
        "condition": "股東臨時會已由董事會決議召開；議案尚未經股東臨時會通過。"
      },
      {
        "expected": "2027-01-01",
        "event": "三商家購零售通路分割案暫定以2027年1月1日為基準日，將相關營業移轉予富達零售；仍須股東會通過，基準日亦可能調整。",
        "codes": [
          "2945"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=82af1bf5-1422-4d93-b927-3f0fef18acc4",
        "source_date": "2026-09-22",
        "status": "provisional",
        "condition": "待股東會通過；公告授權必要時調整分割基準日。"
      }
    ],
    "global_peers": [
      {
        "name": "Seven & i Holdings",
        "ticker": "TSE:3382",
        "relation": "以7-Eleven便利零售為核心，可對照統一超的鮮食、門市效率與數位服務；此處比較營運模式。",
        "relation_type": "營運模式對照（研究判斷）",
        "source_url": "https://www.7andi.com/ir/file/library/kt/pdf/2026_0409kt.pdf",
        "source_date": "2026-04-09"
      },
      {
        "name": "Isetan Mitsukoshi Holdings（三越伊勢丹）",
        "ticker": "TSE:3099",
        "relation": "以百貨為核心，推進會員與個客經營，可對照遠百、大洋的專櫃組合、顧客經營及商場效率。",
        "relation_type": "營運模式對照（研究判斷）",
        "source_url": "https://www.imhds.co.jp/corporate/ir/finance/review.html",
        "source_date": "2026-08-13",
        "supporting_sources": [
          {
            "source_url": "https://www.imhds.co.jp/content/dam/imhds/corporate/pdf/2026_convocation.pdf",
            "source_date": "2026-06-01"
          }
        ]
      },
      {
        "name": "The Home Depot",
        "ticker": "NYSE:HD",
        "relation": "居家修繕零售可對照特力的居家通路、專業服務與全通路布局，觀察商品、安裝及維修需求的連動。",
        "relation_type": "營運模式對照（研究判斷）",
        "source_url": "https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/2026/thd-annualreport-2025.pdf",
        "source_date": "2026-03-18",
        "supporting_sources": [
          {
            "source_url": "https://www.sec.gov/Archives/edgar/data/354950/000162828026019436/0001628280-26-019436-index.html",
            "source_date": "2026-03-18"
          }
        ]
      },
      {
        "name": "Fast Retailing（迅銷）",
        "ticker": "TSE:9983",
        "relation": "UNIQLO、GU等品牌的商品規劃與庫存管理，可對照麗嬰房、台南-KY、阿瘦等品牌零售；品牌代理、嬰童及鞋類定位各有差異。",
        "relation_type": "品牌營運方法對照（研究判斷）",
        "source_url": "https://www.fastretailing.com/eng/ir/news/pdf/fr_ir_e_n20261008_4q_summary.pdf",
        "source_date": "2026-10-08",
        "supporting_sources": [
          {
            "source_url": "https://www.fastretailing.com/eng/ir/news/pdf/ir_202610081530-DividendEstimate_eng.pdf",
            "source_date": "2026-10-08"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "同店營收、來客數與客單價",
        "why": "研究判斷：先排除展店與併購，再看既有店是否成長；搭配客數和客單價，分辨人流、漲價與商品組合的貢獻。未揭露同店數據時，不以總營收年增率替代。",
        "source_url": "https://www.fastretailing.com/eng/ir/news/pdf/fr_ir_e_n20261008_4q_summary.pdf",
        "source_date": "2026-10-08"
      },
      {
        "metric": "淨增店數、單店營收與商場坪效",
        "why": "研究判斷：展店要能轉成有效銷售；追蹤開關店、改裝及成熟店效率。實體店、販賣機與商場分開計算，避免把統一超多元據點數當成同規格門市。",
        "source_url": "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
        "source_date": "2026-10-12",
        "supporting_sources": [
          {
            "source_url": "https://money.udn.com/money/story/5612/9796073",
            "source_date": "2026-10-05"
          }
        ]
      },
      {
        "metric": "毛利率、營業利益率與費用率",
        "why": "研究判斷：促銷與自有品牌改變商品毛利，租金、人事、物流及匯率影響成本；同一家公司跨期比較，才能確認營收成長有否留下獲利。百貨抽成與商品買賣須分開看。",
        "source_url": "https://money.udn.com/money/story/5612/9796073",
        "source_date": "2026-10-05",
        "supporting_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=05438c65-601b-46f4-86df-4ff706c403f7",
            "source_date": "2025-08-07"
          },
          {
            "source_url": "https://www.fastretailing.com/eng/ir/news/pdf/fr_ir_e_n20261008_4q_summary.pdf",
            "source_date": "2026-10-08"
          }
        ]
      },
      {
        "metric": "存貨週轉天數與營業現金流",
        "why": "研究判斷：服飾、珠寶與居家用品若賣得慢，會占用資金並增加折扣壓力；以期初期末平均存貨搭配銷貨成本計算週轉，並核對現金流。租賃型商場不宜套用同一標準。",
        "source_url": "https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/2026/thd-annualreport-2025.pdf",
        "source_date": "2026-03-18",
        "supporting_sources": [
          {
            "source_url": "https://www.fastretailing.com/eng/ir/news/pdf/fr_ir_e_n20261008_4q_summary.pdf",
            "source_date": "2026-10-08"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=dd96531a-58d7-4dac-b088-c4d45ef701af",
            "source_date": "2026-09-29"
          }
        ]
      },
      {
        "metric": "合併範圍與投資損益占比",
        "why": "研究判斷：將本業營業利益、權益法投資、處分及匯兌分開看；三商子公司退出合併、潤泰全金融投資占比，都會讓營收、EPS與零售買氣出現落差。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=a778893c-f802-47a2-907f-6acc5a995e64&c=MB06",
        "source_date": "2026-10-12",
        "supporting_sources": [
          {
            "source_url": "https://m.moneydj.com/f1a.aspx?a=df2af685-b995-4109-a431-08b4b714118a&c=MB06",
            "source_date": "2026-05-26"
          }
        ]
      }
    ],
    "sources": [
      "https://ir.7-11.com.tw/tw/news-inner.php?id=207",
      "https://money.udn.com/money/amp/story/5710/9702047",
      "https://money.udn.com/money/story/10871/9528258?from=edn_search_tag_result",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=05438c65-601b-46f4-86df-4ff706c403f7",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=bf73af94-04c5-43a5-b2d7-eba9d050650a",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3d4b1a6a-cd5e-45c0-bc9e-18527429e3ff",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=34762ef5-d934-4058-8cdb-ae3393fa8624",
      "https://money.udn.com/money/story/5612/9796073",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=91617e6e-7d9d-4ace-93f8-ad10661d37b1",
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      "https://money.udn.com/money/story/5612/9795947",
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      "https://www.sec.gov/Archives/edgar/data/354950/000162828026019436/0001628280-26-019436-index.html",
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      "https://www.fastretailing.com/eng/ir/news/pdf/ir_202610081530-DividendEstimate_eng.pdf"
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    "scope": {
      "universe": "僅納入指定latest.json中industry完全等於貿易百貨的18家公司；不足30家，18家全部各歸一個主要分工。",
      "revenue_month": "2026-09",
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        "date_note": "動態官方日程，查閱日為2026-10-18，特力屋投標期間為2026-10-13至2026-10-15；上市日期屬已公布預定時程。",
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        "source_urls": [
          "https://ic.tpex.org.tw/company_chain.php?stk_code=6491",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=6782",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4771",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=5312",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=3218",
          "https://www.pegavision.com/tw/brand1.php",
          "https://www.uvb.com.tw/about/",
          "https://www.formosa-optical.com.tw/include/download/pdf/esg/Sustainability_Report_for_formosa_2023.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "醫藥通路與醫療後勤",
        "description": "把藥品、試劑、設備與耗材送到藥局、醫院或消費者，並提供醫療設備代理與後勤服務。",
        "codes": [
          "6469",
          "4104",
          "4175",
          "4164",
          "8403",
          "1788",
          "4745"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/company_chain.php?stk_code=6469",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4104",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4175",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4164",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=8403",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=1788",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4745",
          "https://www.greattree.com.tw/article-page/brand"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "保健美容與生物應用",
        "description": "葡萄王、大江經營保健食品及相關製造；麗豐經營美容保養與加盟體系；全宇經營生化肥料等農業生技業務。",
        "codes": [
          "1707",
          "8436",
          "4137",
          "4148"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/company_chain.php?stk_code=1707",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=8436",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4137",
          "https://www.tci-bio.com/",
          "https://allcosmos.com/zh-tw/",
          "https://www.twse.com.tw/staticFiles/product/publication/0001067028.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "提供藥物與材料研發、有效成分及配方：台耀供應原料藥，藥華藥開發生物藥；醫材則從設計、材料與製程技術起步。這是跨分工的功能圖，同一公司可跨階段。",
        "codes": [
          "4746",
          "6446",
          "6491",
          "4129"
        ],
        "source_urls": [
          "https://www.formosalab.com/tw/about-us",
          "https://us.pharmaessentia.com/fda-approves-pharmaessentias-besremi-ropeginterferon-alfa-2b-njft-for-adults-with-essential-thrombocythemia-a-rare-blood-cancer/",
          "https://www.pegavision.com/tw/brand1.php",
          "https://us.unitedorthopedic.com/about-us",
          "https://ic.tpex.org.tw/introduce.php?ic=C100&stk_code=6945",
          "https://ic.tpex.org.tw/introduce.php?ic=C200&stk_code=7799"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "midstream": {
        "description": "把研發轉為可量產產品，包括藥品製劑與委託製造、隱形眼鏡、人工關節、檢測器材及保健食品製造。藥品與醫材依各市場要求取得許可與品質認證。",
        "codes": [
          "1795",
          "6446",
          "6472",
          "4105",
          "4114",
          "1720",
          "3716",
          "3705",
          "6491",
          "6782",
          "4771",
          "4129",
          "4736",
          "4121",
          "1707",
          "8436"
        ],
        "source_urls": [
          "https://ic.tpex.org.tw/introduce.php?ic=C100&stk_code=6945",
          "https://ic.tpex.org.tw/introduce.php?ic=C200&stk_code=7799",
          "https://ic.tpex.org.tw/introduce.php?ic=C300",
          "https://bora-corp.com/?lang=zh-hant",
          "https://www.pegavision.com/tw/brand1.php",
          "https://www.taidoc.com/tw/",
          "https://www.tci-bio.com/",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4114",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=1720",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=3716",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=3705",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=6782",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4771",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4121",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=1707"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "downstream": {
        "description": "透過醫藥代理商、醫院與診所合作體系、藥局及眼鏡店接觸患者和消費者，提供處方調劑、設備耗材供應及眼健康服務。這些是功能位置，並非已證實的公司間交易關係。",
        "codes": [
          "6469",
          "4104",
          "4175",
          "4164",
          "4120",
          "8403",
          "1788",
          "4745",
          "5312",
          "3218"
        ],
        "source_urls": [
          "https://www.greattree.com.tw/article-page/brand",
          "https://www.uvb.com.tw/about/",
          "https://www.formosa-optical.com.tw/include/download/pdf/esg/Sustainability_Report_for_formosa_2023.pdf",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4104",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4175",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4164",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4120",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=8403",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=1788",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4745",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=5312"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    },
    "drivers": [
      {
        "driver": "醫療支出支持用藥與照護",
        "explanation": "健保署公布115年健保總額為1兆82億元，114與115年總額預算成長率均為5.5%。持續的醫療支出提供藥品、檢測及耗材使用基礎；個別公司收入仍取決於給付與採購。",
        "source_url": "https://www.nhi.gov.tw/ch/cp-20266-d9e24-3255-1.html",
        "source_date": "2026-07-15",
        "source_date_type": "published"
      },
      {
        "driver": "平價治療與生物相似藥需求",
        "explanation": "FDA把生物相似藥定位為增加治療選擇、可能降低費用的途徑。對美時、台康等業者，可觀察產品授權及上市進度；是否形成收入仍要看取證、給付與競爭。",
        "source_url": "https://www.fda.gov/drugs/biosimilars/industry-information-and-guidance",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.lotuspharm.com/",
          "https://www.eirgenix.com/milestone"
        ]
      },
      {
        "driver": "關鍵藥物與醫材供應在地化",
        "explanation": "行政院核定2026至2029年國家藥物韌性整備計畫，預估總經費240億元，推動關鍵原料藥、製劑與醫材國產化。可追蹤相關補助、採購與產能進展，不能直接視為公司已取得訂單。",
        "source_url": "https://www.ey.gov.tw/Page/5A8A0CB5B41DA11E/853d99a3-9b0a-4ca3-9ca0-6cbe4b6fd306",
        "source_date": "2025-12-16",
        "source_date_type": "published"
      },
      {
        "driver": "日拋與矽水膠帶動隱眼產品升級",
        "explanation": "CooperCompanies於2026第三季10-Q指出，全球隱眼市場持續往日拋移動，日拋矽水膠是業務重點。這提供台廠觀察產品組合的方向；晶碩、視陽與望隼的受益程度須各別驗證。",
        "source_url": "https://investor.coopercos.com/static-files/f7fecfbd-3fd6-498d-98a1-727900250d9b",
        "source_date": "2026-09-09",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://www.pegavision.com/tw/brand1.php",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=6782",
          "https://ic.tpex.org.tw/company_chain.php?stk_code=4771"
        ]
      },
      {
        "driver": "新增適應症擴大可服務患者",
        "explanation": "藥華藥公告BESREMi於8月31日獲美國FDA核准成人ET適應症，由原有PV用途再擴大。新的適應症提供產品需求擴張空間；後續要看醫師採用、處方及給付，尚不能用核准直接推算銷售。",
        "source_url": "https://us.pharmaessentia.com/fda-approves-pharmaessentias-besremi-ropeginterferon-alfa-2b-njft-for-adults-with-essential-thrombocythemia-a-rare-blood-cancer/",
        "source_date": "2026-08-31",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "1795",
        "name": "美時",
        "role": "利基學名藥與跨國商業化",
        "why": "官網列出產品涵蓋90多個市場、250多項商業產品，提供觀察台廠海外藥品銷售的窗口。",
        "source_url": "https://www.lotuspharm.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6446",
        "name": "藥華藥",
        "role": "自有生物新藥開發與銷售",
        "why": "BESREMi於2026年8月31日新增美國成人ET適應症，是台廠把自有藥品推向國際市場的案例。",
        "source_url": "https://us.pharmaessentia.com/fda-approves-pharmaessentias-besremi-ropeginterferon-alfa-2b-njft-for-adults-with-essential-thrombocythemia-a-rare-blood-cancer/",
        "source_date": "2026-08-31",
        "source_date_type": "published"
      },
      {
        "code": "6472",
        "name": "保瑞",
        "role": "製藥CDMO與專科藥",
        "why": "同時經營委託開發製造與罕病、專科藥銷售，橫跨生產服務及產品商業化兩端。",
        "source_url": "https://bora-corp.com/?lang=zh-hant",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6469",
        "name": "大樹",
        "role": "社區藥局與健康零售",
        "why": "門市提供處方領藥、營養保健與醫療器材，直接連接患者及家庭健康消費。",
        "source_url": "https://www.greattree.com.tw/article-page/brand",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4105",
        "name": "東洋",
        "role": "癌症用藥與特殊劑型",
        "why": "中壢廠設有獨立癌症針劑製造配置，提供觀察高門檻癌症製劑與海外代工的案例。",
        "source_url": "https://ch.tty.com.tw/ec99/rwd1181/category.asp?category_id=65",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6491",
        "name": "晶碩",
        "role": "隱形眼鏡研發製造",
        "why": "自主開發製程與生產設備，軟式隱眼產品取得台灣、美國、日本與歐盟等市場認證。",
        "source_url": "https://www.pegavision.com/tw/brand1.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4746",
        "name": "台耀",
        "role": "原料藥與高階製造",
        "why": "製造能力涵蓋一般及高效價原料藥、抗體藥物複合體與針劑，串接藥品製造多個環節。",
        "source_url": "https://www.formosalab.com/tw/about-us",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4129",
        "name": "聯合",
        "role": "人工髖膝關節",
        "why": "以設計與製造垂直整合模式供應髖膝關節產品，官網列有超過40國的市場服務經驗。",
        "source_url": "https://us.unitedorthopedic.com/about-us",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4736",
        "name": "泰博",
        "role": "居家量測與檢測器材",
        "why": "產品涵蓋血糖、血壓與糖化血色素等量測，連結居家照護、醫療院所與檢測應用。",
        "source_url": "https://www.taidoc.com/tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "8436",
        "name": "大江",
        "role": "保健食品與美容產品代工",
        "why": "提供保健食品與美容產品從開發到製造的CDMO服務，是觀察品牌委外需求的台廠案例。",
        "source_url": "https://www.tci-bio.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-10-14",
        "event": "健喬與日本Nxera Pharma簽署失眠藥QUVIVIQ的授權、供應與商業化協議，取得東南亞、澳洲及紐西蘭共8個市場的獨家權利；後續仍須取得各地法規核准。",
        "codes": [
          "4114"
        ],
        "source_url": "https://www.synmosa.com.tw/tw/NewsGallery/ugC_NewsGallery_Detail.asp?hidNewsGalleryCatID=1&hidNewsGalleryID=253",
        "source_date": "2026-10-14"
      },
      {
        "date": "2026-10-13",
        "event": "泰博與企業工會發布和解聲明。雙方表示，經勞動部不當勞動行為裁決委員會勸諭後達成和解，將共同改善勞資關係與工作環境。",
        "codes": [
          "4736"
        ],
        "source_url": "https://www.taidoc.com/tw/%E5%92%8C%E8%A7%A3%E8%81%B2%E6%98%8E/",
        "source_date": "2026-10-13"
      },
      {
        "date": "2026-10-07",
        "event": "美時完成UroVaxom在韓國的產品權利收購。子公司Alvogen Korea取得韓國藥證，擴充泌尿科與感染症預防產品線。",
        "codes": [
          "1795"
        ],
        "source_url": "https://www.lotuspharm.com/zh-TW/newsroom/news-page/342",
        "source_date": "2026-10-07"
      },
      {
        "date": "2026-09-25",
        "event": "高端腸病毒71型疫苗開始在越南接種，透過當地VNVC接種體系推廣；越南業務從首批出口進入實際施打。",
        "codes": [
          "6547"
        ],
        "source_url": "https://money.udn.com/money/story/11074/9781978?from=edn_hottestlist_rank",
        "source_date": "2026-09-29"
      },
      {
        "date": "2026-09-24",
        "event": "美時宣布，子公司Alvogen的diazoxide choline緩釋錠學名藥申請獲FDA受理。公司認為自己是唯一首家Paragraph IV申請者；受理仍不等於核准上市。",
        "codes": [
          "1795"
        ],
        "source_url": "https://www.lotuspharm.com/en/newsroom/news-page/341",
        "source_date": "2026-09-24"
      },
      {
        "date": "2026-09-04",
        "event": "聯合公告，可成旗下5家子公司合計持股達33.55%，超過三分之一。公告所載買進日為8月27日，聯合於9月3日收到通知。",
        "codes": [
          "4129"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e016027f-a199-48d9-9efd-94e73e62be4c",
        "source_date": "2026-09-04"
      },
      {
        "date": "2026-08-31",
        "event": "藥華藥宣布，BESREMi獲美國FDA核准用於成人原發性血小板過多症（ET），由既有真性紅血球增多症（PV）擴大適應症。",
        "codes": [
          "6446"
        ],
        "source_url": "https://us.pharmaessentia.com/fda-approves-pharmaessentias-besremi-ropeginterferon-alfa-2b-njft-for-adults-with-essential-thrombocythemia-a-rare-blood-cancer/",
        "source_date": "2026-08-31"
      },
      {
        "date": "2026-08-21",
        "event": "美時與Alvotech簽署兩項生物相似藥候選產品的授權與商業化協議，涵蓋美國及亞洲8個市場；美國為半獨家、亞洲指定市場為獨家。",
        "codes": [
          "1795"
        ],
        "source_url": "https://www.lotuspharm.com/en/newsroom/news-page/337",
        "source_date": "2026-08-21"
      },
      {
        "date": "2026-08-20",
        "event": "保瑞美國子公司Upsher-Smith宣布推出glatiramer acetate注射劑，規格為20 mg/mL與40 mg/mL，擴充複雜學名藥產品組合。",
        "codes": [
          "6472"
        ],
        "source_url": "https://www.upsher-smith.com/news/upsher-smith-expands-portfolio-with-launch-of-glatiramer-acetate-injection/",
        "source_date": "2026-08-20"
      },
      {
        "date": "2026-07-23",
        "event": "保瑞與韓國Onconic簽訂JAQBO藥品製造協議，由美國Maple Grove廠支援預定美國第3期試驗的臨床用藥生產、包裝及相關品質資料。",
        "codes": [
          "6472"
        ],
        "source_url": "https://bora-corp.com/for-bora-the-partnership-builds-on-the-companys-global-cdmo-momentum-and-its-continued-focus-on-helping-pharmaceutical-and-biotech-partners-optimize-product-development-accelerate-launches-and-scale-s/",
        "source_date": "2026-07-23"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "保瑞預計於2026年11月第二週發布2026年第3季業績。可檢視CDMO訂單轉換、廠區整合與專科藥品銷售；公司僅公布預計週次，確切日期仍待後續公告。",
        "codes": [
          "6472"
        ],
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      "https://ic.tpex.org.tw/introduce.php?ic=C300",
      "https://www.ey.gov.tw/Page/5A8A0CB5B41DA11E/853d99a3-9b0a-4ca3-9ca0-6cbe4b6fd306",
      "https://www.nhi.gov.tw/ch/cp-20266-d9e24-3255-1.html",
      "https://www.fda.gov/drugs/biosimilars/industry-information-and-guidance",
      "https://investor.coopercos.com/static-files/f7fecfbd-3fd6-498d-98a1-727900250d9b",
      "https://www.lonza.com/news/2026-03-06-18-05",
      "https://www.lonza.com/investor-relations/agenda-and-events",
      "https://www.lotuspharm.com/en/newsroom/news-page/337",
      "https://www.eirgenix.com/milestone",
      "https://investor.zimmerbiomet.com/news-and-events/news/2026/08-05-2026-113057327",
      "https://www.abbottinvestor.com/static-files/0a0ae355-efb5-4023-bd8f-fc4e43f98877",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=1795",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=6446",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4105",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4114",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=1720",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=3716",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=3705",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4120",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=6472",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4746",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4129",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4116",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4736",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4121",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=6491",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=6782",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4771",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=5312",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=3218",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=6469",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4104",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4175",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4164",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=8403",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=1788",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4745",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=1707",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=8436",
      "https://ic.tpex.org.tw/company_chain.php?stk_code=4137",
      "https://www.synmosa.com.tw/tw/NewsGallery/ugC_NewsGallery_Detail.asp?hidNewsGalleryCatID=1&hidNewsGalleryID=253",
      "https://www.taidoc.com/tw/%E5%92%8C%E8%A7%A3%E8%81%B2%E6%98%8E/",
      "https://www.lotuspharm.com/zh-TW/newsroom/news-page/342",
      "https://money.udn.com/money/story/11074/9781978?from=edn_hottestlist_rank",
      "https://www.lotuspharm.com/en/newsroom/news-page/341",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e016027f-a199-48d9-9efd-94e73e62be4c",
      "https://www.upsher-smith.com/news/upsher-smith-expands-portfolio-with-launch-of-glatiramer-acetate-injection/",
      "https://bora-corp.com/for-bora-the-partnership-builds-on-the-companys-global-cdmo-momentum-and-its-continued-focus-on-helping-pharmaceutical-and-biotech-partners-optimize-product-development-accelerate-launches-and-scale-s/",
      "https://bora-corp.com/investors/reports-and-presentations/",
      "https://drive.google.com/file/d/19IPvNP5gXmT_H0_Z6KzlRoOOWAKT1cPk/view?usp=drive_link",
      "https://www.medica.de/de/Ausstellen/Informationen/Daten_Fakten",
      "https://expo.taiwan-healthcare.org/zh/",
      "https://www.worldhealthexpo.com/events/healthcare/dubai/"
    ],
    "source_details": [
      {
        "url": "https://www.lotuspharm.com/",
        "title": "美時公司官網：公司與產品概況",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://bora-corp.com/?lang=zh-hant",
        "title": "保瑞官網：CDMO與專科藥雙引擎",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://us.pharmaessentia.com/fda-approves-pharmaessentias-besremi-ropeginterferon-alfa-2b-njft-for-adults-with-essential-thrombocythemia-a-rare-blood-cancer/",
        "title": "藥華藥宣布，BESREMi獲美國FDA核准用於成人原發性血小板過多症（ET），由既有真性紅血球增多症（PV）擴大適應症。",
        "published_date": "2026-08-31",
        "accessed_date": "2026-10-18",
        "note": "第24-25行記載8/31公告、FDA核准成人ET及原有PV用途；未寫美國ET市占率或銷售預測。"
      },
      {
        "url": "https://www.greattree.com.tw/article-page/brand",
        "title": "大樹：品牌與服務介紹",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://ch.tty.com.tw/ec99/rwd1181/category.asp?category_id=65",
        "title": "東洋：中壢癌症製藥廠",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.pegavision.com/tw/brand1.php",
        "title": "晶碩：公司簡介與產品認證",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.formosalab.com/tw/about-us",
        "title": "台耀：公司與製造能力介紹",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://us.unitedorthopedic.com/about-us",
        "title": "聯合骨科：垂直整合與髖膝產品",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.taidoc.com/tw/",
        "title": "泰博：居家醫療與檢測產品",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.tci-bio.com/",
        "title": "大江：保健食品與美容產品CDMO服務",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://allcosmos.com/zh-tw/",
        "title": "全宇：生化肥料與生技應用",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.uvb.com.tw/about/",
        "title": "大學光：眼科合作診所與眼鏡通路",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.formosa-optical.com.tw/include/download/pdf/esg/Sustainability_Report_for_formosa_2023.pdf",
        "title": "寶島科2023永續報告",
        "published_date": "2024-09",
        "accessed_date": "2026-10-18",
        "note": "報告第4頁載明2024年9月發行；僅使用業務性質，未援引舊年度店數。"
      },
      {
        "url": "https://www.twse.com.tw/staticFiles/product/publication/0001067028.pdf",
        "title": "證交所：麗豐業務介紹",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "歷史業務介紹，僅用於確認美容保養與加盟模式，未使用舊店數。"
      },
      {
        "url": "https://ic.tpex.org.tw/introduce.php?ic=C100&stk_code=6945",
        "title": "證交所與櫃買中心：製藥產業價值鏈",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://ic.tpex.org.tw/introduce.php?ic=C200&stk_code=7799",
        "title": "證交所與櫃買中心：醫療器材產業價值鏈",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://ic.tpex.org.tw/introduce.php?ic=C300",
        "title": "證交所與櫃買中心：食品生技產業價值鏈",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.ey.gov.tw/Page/5A8A0CB5B41DA11E/853d99a3-9b0a-4ca3-9ca0-6cbe4b6fd306",
        "title": "行政院：國家藥物韌性整備計畫",
        "published_date": "2025-12-16",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.nhi.gov.tw/ch/cp-20266-d9e24-3255-1.html",
        "title": "健保署：醫院財報與健保總額投入",
        "published_date": "2026-07-15",
        "accessed_date": "2026-10-18",
        "note": "頁面更新日期2026-08-06；採正文的115年健保總額資料。"
      },
      {
        "url": "https://www.fda.gov/drugs/biosimilars/industry-information-and-guidance",
        "title": "FDA：生物相似藥競爭與可負擔性",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://investor.coopercos.com/static-files/f7fecfbd-3fd6-498d-98a1-727900250d9b",
        "title": "CooperCompanies FY2026第三季10-Q",
        "published_date": "2026-09-09",
        "accessed_date": "2026-10-18",
        "note": "封面確認Nasdaq: COO；第20頁討論日拋矽水膠及近視管理。"
      },
      {
        "url": "https://www.lonza.com/news/2026-03-06-18-05",
        "title": "Lonza：聚焦CDMO的策略公告",
        "published_date": "2026-03-06",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lonza.com/investor-relations/agenda-and-events",
        "title": "Lonza投資人行事曆與SIX股票代號",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lotuspharm.com/en/newsroom/news-page/337",
        "title": "美時與Alvotech簽署兩項生物相似藥候選產品的授權與商業化協議，涵蓋美國及亞洲8個市場；美國為半獨家、亞洲指定市場為獨家。",
        "published_date": "2026-08-21",
        "accessed_date": "2026-10-18",
        "note": "第9、12、14-15行載明AVT34與AVT87兩候選藥、美國半獨家、亞洲8市場獨家；它們仍是候選產品，未宣稱取得上市許可。"
      },
      {
        "url": "https://www.eirgenix.com/milestone",
        "title": "台康：2019年Sandoz EG12014授權里程碑",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://investor.zimmerbiomet.com/news-and-events/news/2026/08-05-2026-113057327",
        "title": "Zimmer Biomet 2026第二季業績公告",
        "published_date": "2026-08-05",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.abbottinvestor.com/static-files/0a0ae355-efb5-4023-bd8f-fc4e43f98877",
        "title": "Abbott 2025年報",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "使用2025年報業務與ABT代號；確切發布日查無，另列查閱日。"
      },
      {
        "url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "title": "指定latest.json所列月營收上游API",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "營收數字以使用者指定的2026-10-17檔案快照計算；此API為動態資料，不能取代該歷史快照。"
      },
      {
        "url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "指定latest.json所列月營收上游API",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "營收數字以使用者指定的2026-10-17檔案快照計算；此API為動態資料，不能取代該歷史快照。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=1795",
        "title": "產業價值鏈平台：1795 美時所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=6446",
        "title": "產業價值鏈平台：6446 藥華藥所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4105",
        "title": "產業價值鏈平台：4105 東洋所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4114",
        "title": "產業價值鏈平台：4114 健喬所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=1720",
        "title": "產業價值鏈平台：1720 生達所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=3716",
        "title": "產業價值鏈平台：3716 中化控股所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=3705",
        "title": "產業價值鏈平台：3705 永信所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4120",
        "title": "產業價值鏈平台：4120 友華所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=6472",
        "title": "產業價值鏈平台：6472 保瑞所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4746",
        "title": "產業價值鏈平台：4746 台耀所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4129",
        "title": "產業價值鏈平台：4129 聯合所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4116",
        "title": "產業價值鏈平台：4116 明基醫所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4736",
        "title": "產業價值鏈平台：4736 泰博所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4121",
        "title": "產業價值鏈平台：4121 優盛所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=6491",
        "title": "產業價值鏈平台：6491 晶碩所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=6782",
        "title": "產業價值鏈平台：6782 視陽所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4771",
        "title": "產業價值鏈平台：4771 望隼所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=5312",
        "title": "產業價值鏈平台：5312 寶島科所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=3218",
        "title": "產業價值鏈平台：3218 大學光所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=6469",
        "title": "產業價值鏈平台：6469 大樹所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4104",
        "title": "產業價值鏈平台：4104 佳醫所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4175",
        "title": "產業價值鏈平台：4175 杏一所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4164",
        "title": "產業價值鏈平台：4164 承業醫所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=8403",
        "title": "產業價值鏈平台：8403 盛弘所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=1788",
        "title": "產業價值鏈平台：1788 杏昌所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4745",
        "title": "產業價值鏈平台：4745 合富-KY所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=1707",
        "title": "產業價值鏈平台：1707 葡萄王所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=8436",
        "title": "產業價值鏈平台：8436 大江所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://ic.tpex.org.tw/company_chain.php?stk_code=4137",
        "title": "產業價值鏈平台：4137 麗豐-KY所屬分工",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "未標發布日；查閱日期為2026-10-18。分類是本研究依業務作的單一歸類。"
      },
      {
        "url": "https://www.synmosa.com.tw/tw/NewsGallery/ugC_NewsGallery_Detail.asp?hidNewsGalleryCatID=1&hidNewsGalleryID=253",
        "title": "健喬與日本Nxera Pharma簽署失眠藥QUVIVIQ的授權、供應與商業化協議，取得東南亞、澳洲及紐西蘭共8個市場的獨家權利；後續仍須取得各地法規核准。",
        "published_date": "2026-10-14",
        "accessed_date": "2026-10-18",
        "note": "詳細頁正文第74行標示2026.10.14；第68、74-77行列8國及法規核准條件。首頁索引是10/15，採正文事件日期。"
      },
      {
        "url": "https://www.taidoc.com/tw/%E5%92%8C%E8%A7%A3%E8%81%B2%E6%98%8E/",
        "title": "泰博與企業工會發布和解聲明。雙方表示，經勞動部不當勞動行為裁決委員會勸諭後達成和解，將共同改善勞資關係與工作環境。",
        "published_date": "2026-10-13",
        "accessed_date": "2026-10-18",
        "note": "第24-30行明載10/13日期與和解；不推論已恢復多少出貨、工時或營收，聲明沒有相關數字。"
      },
      {
        "url": "https://www.lotuspharm.com/zh-TW/newsroom/news-page/342",
        "title": "美時完成UroVaxom在韓國的產品權利收購。子公司Alvogen Korea取得韓國藥證，擴充泌尿科與感染症預防產品線。",
        "published_date": "2026-10-07",
        "accessed_date": "2026-10-18",
        "note": "第2、6-11行載明10/7完成收購、韓國藥證移轉、治療領域。不要把7/1接手經銷當成10/7才開始。"
      },
      {
        "url": "https://money.udn.com/money/story/11074/9781978?from=edn_hottestlist_rank",
        "title": "高端腸病毒71型疫苗開始在越南接種，透過當地VNVC接種體系推廣；越南業務從首批出口進入實際施打。",
        "published_date": "2026-09-29",
        "accessed_date": "2026-10-18",
        "note": "9/29報導正文明載9/25正式開始接種。實際事件日為9/25，與報導日分列；未採用首日登記人數或公共體系唯一性宣稱。"
      },
      {
        "url": "https://www.lotuspharm.com/en/newsroom/news-page/341",
        "title": "美時宣布，子公司Alvogen的diazoxide choline緩釋錠學名藥申請獲FDA受理。公司認為自己是唯一首家Paragraph IV申請者；受理仍不等於核准上市。",
        "published_date": "2026-09-24",
        "accessed_date": "2026-10-18",
        "note": "第9、12-13行記載ANDA受理；首家申請與180天專屬期均屬公司判斷並附核准條件，不當作已取得專屬期。"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e016027f-a199-48d9-9efd-94e73e62be4c",
        "title": "聯合公告，可成旗下5家子公司合計持股達33.55%，超過三分之一。公告所載買進日為8月27日，聯合於9月3日收到通知。",
        "published_date": "2026-09-04",
        "accessed_date": "2026-10-18",
        "note": "第23-31行：公告9/4、收到通知9/3、買進8/27、5家子公司、持股33.55%。recent日期採公告日且文中明列交易日，沒有推論控制權已移轉。"
      },
      {
        "url": "https://www.upsher-smith.com/news/upsher-smith-expands-portfolio-with-launch-of-glatiramer-acetate-injection/",
        "title": "保瑞美國子公司Upsher-Smith宣布推出glatiramer acetate注射劑，規格為20 mg/mL與40 mg/mL，擴充複雜學名藥產品組合。",
        "published_date": "2026-08-20",
        "accessed_date": "2026-10-18",
        "note": "第4、7-8行載明8/20公告、為保瑞子公司、兩個劑量規格與對照品牌COPAXONE。此日期為上市公告日，正文僅稱recent launch，未宣稱首賣日恰為8/20。"
      },
      {
        "url": "https://bora-corp.com/for-bora-the-partnership-builds-on-the-companys-global-cdmo-momentum-and-its-continued-focus-on-helping-pharmaceutical-and-biotech-partners-optimize-product-development-accelerate-launches-and-scale-s/",
        "title": "保瑞與韓國Onconic簽訂JAQBO藥品製造協議，由美國Maple Grove廠支援預定美國第3期試驗的臨床用藥生產、包裝及相關品質資料。",
        "published_date": "2026-07-23",
        "accessed_date": "2026-10-18",
        "note": "第52-56行記載7/23公告、Onconic、Maple Grove口服固體劑型廠及預定美國三期臨床資料；未把臨床準備寫成試驗已啟動或商業供貨。"
      },
      {
        "url": "https://bora-corp.com/investors/reports-and-presentations/",
        "title": "保瑞官方業績報告索引",
        "published_date": null,
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://drive.google.com/file/d/19IPvNP5gXmT_H0_Z6KzlRoOOWAKT1cPk/view?usp=drive_link",
        "title": "保瑞預計於2027年3月第二週發布2026年第4季暨全年業績。可檢視CDMO訂單轉換、廠區整合與專科藥品銷售；公司僅公布預計週次，確切日期仍待後續公告。",
        "published_date": "2026-08-13",
        "accessed_date": "2026-10-18",
        "note": "官方Reports頁第117行2026 Q2 Press Release所連公開PDF，第1頁正文日期2026-08-13，第5頁Bora 2026 Earnings Schedule明載Q3 2026預計Nov 2026第二週；Q4 2026預計Mar 2027第二週。只稱預計業績報告，未推定法說日期。"
      },
      {
        "url": "https://www.medica.de/de/Ausstellen/Informationen/Daten_Fakten",
        "title": "MEDICA於11月16日至19日在德國杜塞道夫舉行，可觀察醫材、診斷與數位醫療新品及通路合作。僅列產業展會時程，未確認個別台廠參展。",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "第122-128行載明2026/11/16-19，第215-222行主辦公司名稱。"
      },
      {
        "url": "https://expo.taiwan-healthcare.org/zh/",
        "title": "第10屆台灣醫療科技展於12月3日至6日在南港展覽館一館舉行，可觀察醫療院所、醫材與科技業合作及新產品。未將任何台廠列為已確認參展。",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "第24-32行載明2026/12/3-6、南港展覽館一館；第58行主辦單位版權。官方PDF明載第10屆（https://expo.taiwan-healthcare.org/data/tmp/20260206/20260206v6s824.pdf）。"
      },
      {
        "url": "https://www.worldhealthexpo.com/events/healthcare/dubai/",
        "title": "World Health Expo Dubai於1月25日至28日舉行，涵蓋醫材、診斷與製藥生技，可觀察國際採購及中東通路合作。未確認個別台廠參展。",
        "published_date": null,
        "accessed_date": "2026-10-18",
        "note": "第123-140及585-591行載明2027/1/25-28；第74-83行列醫材、Pharma & Biotech等領域；第0-6行及613-615行官方主辦公司資訊。"
      }
    ]
  },
  {
    "industry": "化學工業",
    "as_of": "2026-10-18",
    "one_liner": "從清潔配方到晶片材料的供應站",
    "one_liner_en": "Taiwan's behind-the-scenes suppliers, from everyday chemicals to chipmaking materials.",
    "overview": "長興2026年9月營收約44億元，比去年同期增加29.4%。化學工業像各行各業的材料廚房，調配樹脂、膠材與塗料，也供應清潔用品原料、作物營養及電子製程所需材料。相關供應另含特氣與純淨輸送設備。清單42家公司當月合計約330億元，年增30.4%。前三大中的和桐增加57.4%，中纖增加32.1%，長興增幅則略低於整體。東聯營收約30億元，年增74.0%，是月營收達10億元公司中的增幅首位。從基礎原料到功能材料，收入成長幅度各有不同。下一次對照東聯的74.0%與整體30.4%，看成長是否擴散到更多公司。",
    "segments": [
      {
        "name": "基礎化學、功能纖維與原料通路",
        "description": "製造乙二醇、界面活性劑原料、醋酸纖維，或負責化工原料代理配送。產品多連結紡織、清潔與材料加工。",
        "codes": [
          "1714",
          "1718",
          "1710",
          "4763",
          "1709",
          "1725"
        ],
        "evidence": [
          {
            "codes": [
              "1714"
            ],
            "claim": "正烷屬烴、直鏈烷基苯及界面活性劑，供清潔用品配方使用。",
            "source_url": "https://www.htgroup.com.tw/service",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1718"
            ],
            "claim": "乙二醇、環氧乙烷及聚酯纖維，串接石化原料與人纖應用。",
            "source_url": "https://www.cmfc.com.tw/about_tw_1.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1710"
            ],
            "claim": "乙二醇及環氧乙烷衍生物，延伸至醇醚、胺類與精細化學。",
            "source_url": "https://www.oucc.com.tw/storage/system/investor/PDF/investor_conference_information/20240613.pdf",
            "source_date": "2024-06-13",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4763"
            ],
            "claim": "醋酸纖維絲束、醋酸纖維素與醋酸酐，應用於過濾及材料加工。",
            "source_url": "https://www.acetekgroup.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1709"
            ],
            "claim": "烷基苯、烷基酚與氫化石油樹脂，供清潔、工業及膠材用途。",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=e7a7e01d-00aa-46fd-aacd-01b19b76bb0f",
            "source_date": "2026-07-27",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1725"
            ],
            "claim": "化學品、溶劑、塑膠與油品的代理、倉儲及配送通路。",
            "source_url": "https://www.yuanjen.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "樹脂、膠材、塗料與功能添加劑",
        "description": "以聚合、配方及功能改質服務鞋材、建築、印刷與工業客戶。長興、永光等也跨電子材料；此處依既有產品組合單一歸類。",
        "codes": [
          "1717",
          "4766",
          "1726",
          "1711",
          "6509",
          "4720",
          "4722",
          "4764",
          "4714",
          "1735",
          "3430",
          "1721"
        ],
        "evidence": [
          {
            "codes": [
              "1717"
            ],
            "claim": "合成樹脂、光固化材料與乾膜光阻；跨電子材料業務。",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=00492bbb-44d4-47b3-834d-1760d82a6727",
            "source_date": "2026-07-28",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4766"
            ],
            "claim": "鞋用膠、工業接著劑、熱熔膠與塗料，也布局光電半導體用膠。",
            "source_url": "https://www.nanpao.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1726"
            ],
            "claim": "虹牌建築、防水、防火與重防蝕塗料。",
            "source_url": "https://www.rainbowpaint.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1711"
            ],
            "claim": "色料、添加劑、碳粉、電子與醫藥化學品；本頁歸入多元特化。",
            "source_url": "https://www.ecic.com/product/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "6509"
            ],
            "claim": "造紙、水處理、電鍍等功能化學品與生物緩衝劑；另有文具業務。",
            "source_url": "https://www.hopax.com/en",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4720"
            ],
            "claim": "熱熔膠、瞬間膠、水性感壓膠與其他特用接著材料。",
            "source_url": "https://www.texyear.com/zh-tw",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4722"
            ],
            "claim": "聚酯樹脂、光固化材料、電工材料與高頻PCB用低介電耗損樹脂。",
            "source_url": "https://www.qualipoly.com/zh-tw/product.html",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4764"
            ],
            "claim": "高分子添加劑、光固化材料、數位印花墨水及電子化學品。",
            "source_url": "https://www.dbc.com.tw/tw/products_list.php?pid=106&sid=711",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4714"
            ],
            "claim": "PU樹脂、水性樹脂與濕氣反應型熱熔膠等功能膠材。",
            "source_url": "https://u-best-inno.com/product/1",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1735"
            ],
            "claim": "PU樹脂、聚酯多元醇、鞋材及光固化材料。",
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=020b4f59-e16d-4f72-a7f0-724c61af3d8d",
            "source_date": "2026-07-29",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "3430"
            ],
            "claim": "紫外線穩定劑、抗氧化劑、光引發劑及阻燃劑。",
            "source_url": "https://www.chitec.com.tw/about.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1721"
            ],
            "claim": "聚氨酯、熱塑性彈性體、抗氧化劑等材料，另跨電子與農化。",
            "source_url": "https://www.sunko.com.tw/web_en/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "電子化學、特氣與潔淨設備",
        "description": "提供電子級溶劑、濕式化學品、半導體特氣及純淨輸送設備。勝一亦有工業溶劑；上品供應設備與氟材加工。",
        "codes": [
          "1773",
          "4770",
          "4755",
          "4772",
          "1727"
        ],
        "evidence": [
          {
            "codes": [
              "1773"
            ],
            "claim": "工業級與電子級溶劑，服務樹脂、塗料及電子製程。",
            "source_url": "https://www.shinychem.com.tw/zh-tw/html/product?pc1_guid=69532cd3dc420",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4770"
            ],
            "claim": "氟素樹脂加工、內襯及高純度化學品供應設備，屬潔淨設備分工。",
            "source_url": "https://www.alliedsupreme.com/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4755"
            ],
            "claim": "顯影液、蝕刻液、光阻剝離劑與顯影劑廢液回收；另有食品原料。",
            "source_url": "https://www.sfchem.com.tw/zh-hant",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4772"
            ],
            "claim": "矽乙烷、矽丙烷與無水氟化氫等半導體特氣及材料。",
            "source_url": "https://www.tscs.com.tw/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1727"
            ],
            "claim": "電子級硫酸、顯影劑與蝕刻液；亦生產基礎與特用化學品。",
            "source_url": "https://www.chciworld.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "農化與肥料",
        "description": "供應植物保護與作物營養產品。興農也有超市、家用品等事業；台肥與東鹼亦跨化工用途。",
        "codes": [
          "1712",
          "1722",
          "1708"
        ],
        "evidence": [
          {
            "codes": [
              "1712"
            ],
            "claim": "植物保護為核心之一，另有家庭用品與流通等跨業事業。",
            "source_url": "https://www.sinon.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1722"
            ],
            "claim": "硫酸銨、尿素、磷肥與複合肥等作物營養產品。",
            "source_url": "https://www.taifer.com.tw/Products/Products/ProductList.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1708"
            ],
            "claim": "硫酸鉀肥料與鹽酸等副產品。",
            "source_url": "https://www.sesoda.com.tw/products",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "電池金屬與碳材料",
        "description": "將鈷、鎳或煤化學原料加工成觸媒、電池材料及碳材。公司仍可能有非電池業務，不能直接當成電動車收入。",
        "codes": [
          "4739",
          "1723",
          "4721"
        ],
        "evidence": [
          {
            "codes": [
              "4739"
            ],
            "claim": "氧化觸媒、硫酸鎳與硫酸鈷等動力電池材料；另有肥料業務。",
            "source_url": "https://www.coremaxcorp.com/zh-tw/product-services",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1723"
            ],
            "claim": "煤焦油、輕油等煤化學產品與精碳材料。",
            "source_url": "https://www.cscc.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4721"
            ],
            "claim": "鈷、鎳化合物、電池材料、氧化觸媒及回收技術。",
            "source_url": "https://www.mechema.com/products",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "居家清潔與芳香用品",
        "description": "把化學配方做成面向消費者的芳香、除濕與清潔商品，重點包括品牌與通路。",
        "codes": [
          "1730"
        ],
        "evidence": [
          {
            "codes": [
              "1730"
            ],
            "claim": "居家芳香、除濕與清潔等日用化學消費品。",
            "source_url": "https://www.farcent.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "原料端包括石油衍生原料、煤焦油、木漿與金屬原料。名單內的東聯、中纖、和桐、和益供應化學中間原料；中碳處理煤化學原料，材料*-KY串接醋酸纖維，元禎負責原料通路。這是分工示意，不代表公司彼此有已證實的交易。",
        "codes": [
          "1710",
          "1718",
          "1714",
          "1709",
          "1723",
          "4763",
          "1725"
        ],
        "evidence": [
          {
            "codes": [
              "1710"
            ],
            "claim": "乙二醇及環氧乙烷衍生物，延伸至醇醚、胺類與精細化學。",
            "source_url": "https://www.oucc.com.tw/storage/system/investor/PDF/investor_conference_information/20240613.pdf",
            "source_date": "2024-06-13",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1718"
            ],
            "claim": "乙二醇、環氧乙烷及聚酯纖維，串接石化原料與人纖應用。",
            "source_url": "https://www.cmfc.com.tw/about_tw_1.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1714"
            ],
            "claim": "正烷屬烴、直鏈烷基苯及界面活性劑，供清潔用品配方使用。",
            "source_url": "https://www.htgroup.com.tw/service",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1709"
            ],
            "claim": "烷基苯、烷基酚與氫化石油樹脂，供清潔、工業及膠材用途。",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=e7a7e01d-00aa-46fd-aacd-01b19b76bb0f",
            "source_date": "2026-07-27",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1723"
            ],
            "claim": "煤焦油、輕油等煤化學產品與精碳材料。",
            "source_url": "https://www.cscc.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4763"
            ],
            "claim": "醋酸纖維絲束、醋酸纖維素與醋酸酐，應用於過濾及材料加工。",
            "source_url": "https://www.acetekgroup.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1725"
            ],
            "claim": "化學品、溶劑、塑膠與油品的代理、倉儲及配送通路。",
            "source_url": "https://www.yuanjen.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "midstream": {
        "description": "經合成、聚合、精製、配方及回收，做成樹脂、添加劑、電子級溶劑、濕式化學品、特氣和電池金屬材料。上品提供潔淨輸送與耐蝕設備，支援高純度製程。",
        "codes": [
          "1717",
          "1711",
          "6509",
          "4722",
          "4764",
          "4714",
          "1735",
          "3430",
          "1721",
          "1773",
          "4755",
          "4772",
          "1727",
          "4739",
          "4721",
          "4770"
        ],
        "evidence": [
          {
            "codes": [
              "1717"
            ],
            "claim": "合成樹脂、光固化材料與乾膜光阻；跨電子材料業務。",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=00492bbb-44d4-47b3-834d-1760d82a6727",
            "source_date": "2026-07-28",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1711"
            ],
            "claim": "色料、添加劑、碳粉、電子與醫藥化學品；本頁歸入多元特化。",
            "source_url": "https://www.ecic.com/product/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "6509"
            ],
            "claim": "造紙、水處理、電鍍等功能化學品與生物緩衝劑；另有文具業務。",
            "source_url": "https://www.hopax.com/en",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4722"
            ],
            "claim": "聚酯樹脂、光固化材料、電工材料與高頻PCB用低介電耗損樹脂。",
            "source_url": "https://www.qualipoly.com/zh-tw/product.html",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4764"
            ],
            "claim": "高分子添加劑、光固化材料、數位印花墨水及電子化學品。",
            "source_url": "https://www.dbc.com.tw/tw/products_list.php?pid=106&sid=711",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4714"
            ],
            "claim": "PU樹脂、水性樹脂與濕氣反應型熱熔膠等功能膠材。",
            "source_url": "https://u-best-inno.com/product/1",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1735"
            ],
            "claim": "PU樹脂、聚酯多元醇、鞋材及光固化材料。",
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=020b4f59-e16d-4f72-a7f0-724c61af3d8d",
            "source_date": "2026-07-29",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "3430"
            ],
            "claim": "紫外線穩定劑、抗氧化劑、光引發劑及阻燃劑。",
            "source_url": "https://www.chitec.com.tw/about.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1721"
            ],
            "claim": "聚氨酯、熱塑性彈性體、抗氧化劑等材料，另跨電子與農化。",
            "source_url": "https://www.sunko.com.tw/web_en/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1773"
            ],
            "claim": "工業級與電子級溶劑，服務樹脂、塗料及電子製程。",
            "source_url": "https://www.shinychem.com.tw/zh-tw/html/product?pc1_guid=69532cd3dc420",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4755"
            ],
            "claim": "顯影液、蝕刻液、光阻剝離劑與顯影劑廢液回收；另有食品原料。",
            "source_url": "https://www.sfchem.com.tw/zh-hant",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4772"
            ],
            "claim": "矽乙烷、矽丙烷與無水氟化氫等半導體特氣及材料。",
            "source_url": "https://www.tscs.com.tw/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1727"
            ],
            "claim": "電子級硫酸、顯影劑與蝕刻液；亦生產基礎與特用化學品。",
            "source_url": "https://www.chciworld.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4739"
            ],
            "claim": "氧化觸媒、硫酸鎳與硫酸鈷等動力電池材料；另有肥料業務。",
            "source_url": "https://www.coremaxcorp.com/zh-tw/product-services",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4721"
            ],
            "claim": "鈷、鎳化合物、電池材料、氧化觸媒及回收技術。",
            "source_url": "https://www.mechema.com/products",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4770"
            ],
            "claim": "氟素樹脂加工、內襯及高純度化學品供應設備，屬潔淨設備分工。",
            "source_url": "https://www.alliedsupreme.com/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "downstream": {
        "description": "下游應用是晶圓與電路板製造、鞋材、建築塗裝、農業及家庭清潔。此處列名單內供應應用配方與成品的公司：南寶、德淵供膠材，永記供塗料，興農、台肥、東鹼供農化肥料，花仙子供居家用品。電子終端客戶不在本產業名單，因此不列其代號。",
        "codes": [
          "4766",
          "4720",
          "1726",
          "1712",
          "1722",
          "1708",
          "1730"
        ],
        "evidence": [
          {
            "codes": [
              "4766"
            ],
            "claim": "鞋用膠、工業接著劑、熱熔膠與塗料，也布局光電半導體用膠。",
            "source_url": "https://www.nanpao.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "4720"
            ],
            "claim": "熱熔膠、瞬間膠、水性感壓膠與其他特用接著材料。",
            "source_url": "https://www.texyear.com/zh-tw",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1726"
            ],
            "claim": "虹牌建築、防水、防火與重防蝕塗料。",
            "source_url": "https://www.rainbowpaint.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1712"
            ],
            "claim": "植物保護為核心之一，另有家庭用品與流通等跨業事業。",
            "source_url": "https://www.sinon.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1722"
            ],
            "claim": "硫酸銨、尿素、磷肥與複合肥等作物營養產品。",
            "source_url": "https://www.taifer.com.tw/Products/Products/ProductList.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1708"
            ],
            "claim": "硫酸鉀肥料與鹽酸等副產品。",
            "source_url": "https://www.sesoda.com.tw/products",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "codes": [
              "1730"
            ],
            "claim": "居家芳香、除濕與清潔等日用化學消費品。",
            "source_url": "https://www.farcent.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "先進封裝增加材料需求",
        "explanation": "長興的WMCM液態封裝材料進入量產，三福化CoWoS剝離劑新產線通過驗證。需求來自實際製程用料，仍要逐案確認認證與出貨。",
        "source_url": "https://money.udn.com/money/story/5612/9778102",
        "source_date": "2026-09-26",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "經濟日報：先進封裝熱 化工業搶商機"
      },
      {
        "driver": "鞋材與工業膠需求，延伸電子應用",
        "explanation": "南寶產品涵蓋鞋膠、工業接著劑及塗料；2026年10月報導指出，半導體膠與折疊螢幕光學透明膠已小量出貨，提供不同於傳統鞋材的需求來源。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
        "source_date": "2026-10-08",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "MoneyDJ：南寶9月營收及材料進展",
        "additional_sources": [
          {
            "source_url": "https://www.nanpao.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "洗衣、個人護理與居家清潔用量",
        "explanation": "和桐的LAB、LAS及AES分別連結洗衣與個人護理配方。觀察下游客戶補貨和產品組合，能了解民生用料需求；不能僅以售價上漲判定用量增加。",
        "source_url": "https://www.htgroup.com.tw/service",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "作物營養與精緻農業",
        "explanation": "東鹼的硫酸鉀用於低氯需求作物及精緻栽培，台肥提供單質與複合肥。需求觀察重點是耕作、施肥與作物別，不宜只跟隨電子業循環。",
        "source_url": "https://www.sesoda.com.tw/products",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "additional_sources": [
          {
            "source_url": "https://www.taifer.com.tw/Products/Products/ProductList.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "電池材料認證與訂單轉換",
        "explanation": "康普越南電池原料廠已出貨，仍有大客戶進行認證。新產能能否轉成持續訂單，是比電動車題材更具體的需求訊號。",
        "source_url": "https://money.udn.com/money/story/5612/9744673",
        "source_date": "2026-09-09",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "中央社／經濟日報：康普法說會"
      },
      {
        "driver": "回收再製與低溶劑材料替代",
        "explanation": "三福化提供TMAH顯影劑回收再純化；日勝化、永捷提供水性或其他功能樹脂。回收與材料替代是應用方向，實際需求仍需確認客戶採用與出貨。",
        "source_url": "https://www.sfchem.com.tw/zh-hant/page/csr-economy",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "title": "三福化：循環經濟與TMAH回收",
        "additional_sources": [
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=020b4f59-e16d-4f72-a7f0-724c61af3d8d",
            "source_date": "2026-07-29",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://u-best-inno.com/product/1",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "leaders": [
      {
        "code": "1717",
        "name": "長興",
        "role": "樹脂、光固化與電子材料的跨域代表",
        "why": "2025年營收中合成樹脂占48%、電子材料占26%，能同時觀察傳統應用與電子材料。",
        "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=00492bbb-44d4-47b3-834d-1760d82a6727",
        "source_date": "2026-07-28",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "1714",
        "name": "和桐",
        "role": "民生清潔上游原料",
        "why": "產品從正烷屬烴、LAB延伸至多種界面活性劑，串接洗衣與個人護理配方。",
        "source_url": "https://www.htgroup.com.tw/service",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "1710",
        "name": "東聯",
        "role": "基礎原料轉向精細化學的代表",
        "why": "產品含乙二醇、醇醚、乙醇胺與聚醚胺，橫跨聚酯、清潔及樹脂用途。",
        "source_url": "https://www.oucc.com.tw/storage/system/investor/PDF/investor_conference_information/20240613.pdf",
        "source_date": "2024-06-13",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "4766",
        "name": "南寶",
        "role": "鞋膠與工業接著材料",
        "why": "除鞋膠與工業膠外，半導體膠及折疊螢幕光學透明膠已開始小量出貨。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
        "source_date": "2026-10-08",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "MoneyDJ：南寶9月營收及材料進展"
      },
      {
        "code": "1773",
        "name": "勝一",
        "role": "電子級與工業級溶劑",
        "why": "子公司鴻勝規劃再建兩套電子級IPA產線，新增投資12.3億元，顯示高純度溶劑布局。",
        "source_url": "https://money.udn.com/money/story/5710/9652116?from=edn_editorrelated_story",
        "source_date": "2026-07-26",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "1722",
        "name": "台肥",
        "role": "肥料與作物營養",
        "why": "產品涵蓋硫酸銨、尿素及多款複合肥，可觀察農業營養需求。",
        "source_url": "https://www.taifer.com.tw/Products/Products/ProductList.htm",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "4739",
        "name": "康普",
        "role": "電池金屬材料與氧化觸媒",
        "why": "越南電池原料廠已出貨，部分大客戶仍在認證，提供新產能轉訂單的觀察案例。",
        "source_url": "https://money.udn.com/money/story/5612/9744673",
        "source_date": "2026-09-09",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "中央社／經濟日報：康普法說會"
      },
      {
        "code": "4763",
        "name": "材料*-KY",
        "role": "醋酸纖維與過濾材料",
        "why": "2026年9月簽約擬以約3.68億美元取得Cerdia全部股權，交易仍待交割條件完成。",
        "source_url": "https://m.moneydj.com/f1a.aspx?a=184ecc2a-8112-457f-af6b-191e9bcc9ae1&c=MB06",
        "source_date": "2026-09-21",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "4755",
        "name": "三福化",
        "role": "濕式電子化學品與回收",
        "why": "CoWoS用光阻剝離劑新產線通過驗證，先進封裝材料出貨持續增加。",
        "source_url": "https://money.udn.com/money/story/5612/9778102",
        "source_date": "2026-09-26",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "經濟日報：先進封裝熱 化工業搶商機"
      },
      {
        "code": "4772",
        "name": "台特化",
        "role": "半導體特氣",
        "why": "官網列出矽乙烷、矽丙烷與無水氟化氫，對應薄膜沉積與製程材料分工。",
        "source_url": "https://www.tscs.com.tw/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-10-13",
        "event": "中碳因應10月歲修，事先備貨銜接出貨。9月受產品售價與出貨量增加帶動，營收8.12億元、年增約62%；後續仍需追蹤歲修後的正常出貨量。",
        "codes": [
          "1723"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8439638-6c53-4a3c-924a-0b2618b38407",
        "source_date": "2026-10-13",
        "date_basis": "報導日；歲修只公告10月，未補造確切停機日。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-12",
        "event": "三福化表示，因散熱產業客戶需求增強，越南廠已啟動擴產，採客戶廠中廠模式；公司預計新增產能於2027年第1季底至第2季初投產。",
        "codes": [
          "4755"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5e7536c3-b84d-4e44-bf27-fb246236e088&c=MB06",
        "source_date": "2026-10-12",
        "date_basis": "報導日；擴產投產屬公司預期，非已完成。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-10-08",
        "event": "南寶公布半導體用膠與折疊螢幕光學透明膠已開始小量出貨。9月合併營收23.08億元，年增16.5%，創歷年同期新高。",
        "codes": [
          "4766"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
        "source_date": "2026-10-08",
        "date_basis": "公司公布營收與營運近況日。",
        "alternate_readable_url": "https://5850web.moneydj.com/z/zf/zufzVIP_59D10AD6-C445-40BF-95E2-3181573A76E7_E_.djhtm",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-26",
        "event": "長興的晶圓級液態封裝材料已進入WMCM量產；三福化用於CoWoS封裝的剝離劑新產線通過驗證，出貨持續增加。",
        "codes": [
          "1717",
          "4755"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9778102",
        "source_date": "2026-09-26",
        "date_basis": "報導日；未將報導日寫成材料首次量產或產線驗證完成的確切日期。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-21",
        "event": "材料*-KY董事會通過簽署協議，以約3.68億美元收購Cerdia 100%股權，規劃以現金及增發股票支付。交易仍待主管機關核准及交割條件完成，尚不能視為已併購完成。",
        "codes": [
          "4763"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=184ecc2a-8112-457f-af6b-191e9bcc9ae1&c=MB06",
        "source_date": "2026-09-21",
        "date_basis": "公開資訊觀測站轉載公告事實發生日及董事會通過日。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-09",
        "event": "康普法說會說明越南電池原料廠已出貨，仍有大客戶進行認證；公司同時持續布局電子級硫酸及半導體廢酸回收再利用。",
        "codes": [
          "4739"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9744673",
        "source_date": "2026-09-09",
        "date_basis": "實際法說會日。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-03",
        "event": "台肥與臺大生農學院簽署合作備忘錄，首階段聚焦複合型液態緩釋肥，並合作推動精準肥培管理、農業減碳及資源循環。",
        "codes": [
          "1722"
        ],
        "source_url": "https://www.taifer.com.tw/ActivitiesDetailC002100.aspx?Cond=632e187f-3c69-469b-b9df-805552135ddf",
        "source_date": "2026-09-04",
        "date_basis": "官網9月4日新聞稿明寫昨（3）日簽署。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-09-03",
        "event": "台特化說明矽乙烷與無水氟化氫擴產規劃，並將於第4季增加氣體鋼瓶採購；子公司弘潔也推進清洗與精密鍍膜產能布局。",
        "codes": [
          "4772"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9731959",
        "source_date": "2026-09-03",
        "date_basis": "報導日；擴產為規劃，非已完工。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "date": "2026-07-26",
        "event": "勝一公告子公司鴻勝擬再投入12.3億元，在彰濱續建兩套電子級IPA產線；加計先前興建中的兩套，規劃擴產合計四套。",
        "codes": [
          "1773"
        ],
        "source_url": "https://money.udn.com/money/story/5710/9652116?from=edn_editorrelated_story",
        "source_date": "2026-07-26",
        "date_basis": "報導日；原報導稱近日代子公司公告，不能當成MOPS實際公告日。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-20",
        "event": "德淵預定參加10月20日至22日的TPCA Show，展示AI及PCBA用散熱、三防漆與無氟塗層材料。可觀察產品應用與客戶導入進度。",
        "codes": [
          "4720"
        ],
        "source_url": "https://www.texyear.com/zh-tw/news.php?act=view&id=199",
        "source_date": "2026-10-13",
        "certainty": "公司官網已公告參展，展覽日期明確。內文有「下個月」筆誤，採頁面展覽資訊明列2026年10月20日至22日。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "expected": "2026-11-30",
        "event": "國際肥料業者Nutrien預定11月30日舉辦Investor Day，更新營運展望、策略與資本配置。可作為台肥、東鹼等農肥公司的國際需求及供給觀察點；不代表台廠參與活動，也不直接推論台廠接單。",
        "codes": [
          "1722",
          "1708"
        ],
        "source_url": "https://www.nutrien.com/news/press-releases/nutrien-to-host-investor-day-on-november-30-1755",
        "source_date": "2026-09-23",
        "certainty": "官網明列2026年11月30日13:00美東時間，地點多倫多。非2020年同名活動。台廠關聯為產業對照推論。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "expected": "2026-12",
        "event": "長興公司預期，WMCM晶圓級液態封裝材料產能至年底逐季放大。可追蹤量產爬坡與客戶需求，不能視為已保證的營收。",
        "codes": [
          "1717"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9778102",
        "source_date": "2026-09-26",
        "certainty": "年底進度追蹤月份；來源未提供某日完工或固定產量目標。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      },
      {
        "expected": "2027-03",
        "event": "台特化子公司弘潔預計2027年第1季展開新竹新廠產線測試；台特化亦預計同季啟動無水氟化氫擴產規劃設計。3月代表第1季進度檢查，並非指定實施日。",
        "codes": [
          "4772"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9731959",
        "source_date": "2026-09-03",
        "certainty": "公司預計第1季，未給確切月份；expected以季末月份標示。",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18"
      }
    ],
    "global_peers": [
      {
        "name": "BASF",
        "ticker": "XETRA: BAS",
        "relation": "樹脂、分散體、添加劑與電子化學品可對照長興、國精化、奇鈦科；是產品與競爭分工比較。",
        "comparison_type": "產品與分工對照",
        "source_url": "https://www.basf.com/global/en/investors/calendar-and-publications/factbook/segments/industrial-solutions/dispersions-and-resins",
        "source_date": "2026-05-28",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "ticker_evidence": {
          "source_url": "https://www.basf.com/dam/jcr%3A45da02da-3a48-4134-bda5-56067e694e17/basf/www/us/documents/en/general-business-topics/dispersions/IndustrialCoatings/2025-Industrial-Coatings-Brochure.pdf",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_at": "2026-10-18"
        }
      },
      {
        "name": "Henkel",
        "ticker": "XETRA: HEN3",
        "relation": "接著、密封、塗層與家庭清潔業務，可對照南寶、德淵與花仙子的應用組合；未據此推定供貨關係。",
        "comparison_type": "產品與分工對照",
        "source_url": "https://www.henkel.com/our-businesses",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "ticker_evidence": {
          "source_url": "https://www.henkel.com/investors-and-analysts/shares",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_at": "2026-10-18"
        }
      },
      {
        "name": "Shin-Etsu Chemical（信越化學）",
        "ticker": "TSE: 4063",
        "relation": "光阻、半導體封裝與功能材料，可對照永光、長興的電子材料分工；產品等級與客戶認證須另查。",
        "comparison_type": "產品與分工對照",
        "source_url": "https://www.shinetsu.co.jp/en/company/profile/",
        "source_date": "2026-03-31",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "ticker_evidence": {
          "source_url": "https://www.shinetsu.co.jp/jp/ir/stock-info/",
          "source_date": "2026-03-31",
          "source_date_type": "published_or_updated",
          "accessed_at": "2026-10-18"
        }
      },
      {
        "name": "Eastman Chemical",
        "ticker": "NYSE: EMN",
        "relation": "醋酸纖維絲束用於過濾材料，可與材料*-KY比較產品用途與供需。",
        "comparison_type": "產品與分工對照",
        "source_url": "https://www.eastman.com/en/products/brands/estron",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "ticker_evidence": {
          "source_url": "https://www.eastman.com/en/media-center/news-stories/2026/2026-annual-meeting-stockholder-vote-results",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_at": "2026-10-18"
        }
      },
      {
        "name": "Nutrien",
        "ticker": "NYSE / TSX: NTR",
        "relation": "國際肥料與鉀肥供需對照。可搭配台肥、東鹼觀察；東鹼的硫酸鉀與氯化鉀等級用途不同，不能直接套用售價。",
        "comparison_type": "產品與分工對照",
        "source_url": "https://www.nutrien.com/about/our-business/potash",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "ticker_evidence": {
          "source_url": "https://www.nutrien.com/investors",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_at": "2026-10-18"
        }
      },
      {
        "name": "Umicore",
        "ticker": "Euronext Brussels: UMI",
        "relation": "鈷鎳化合物、電池正極與回收材料，可對照康普、美琪瑪的材料及認證週期。",
        "comparison_type": "產品與分工對照",
        "source_url": "https://www.umicore.com/en/markets-products/energy-and-batteries/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18",
        "ticker_evidence": {
          "source_url": "https://www.umicore.com/en/investor-relations/",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_at": "2026-10-18"
        }
      }
    ],
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      {
        "metric": "產品售價與原料成本的價差",
        "why": "分別追乙二醇／乙烯、LAB／苯與正烷屬烴，以及肥料／鉀原料；必須使用同規格、同期間與同幣別。價差比營收單獨增加更接近加工收益，仍須對照毛利率與能源成本。",
        "interpretation": true,
        "evidence": [
          {
            "source_url": "https://www.oucc.com.tw/storage/system/investor/PDF/annual_report/2024.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.htgroup.com.tw/service",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://www.sesoda.com.tw/products",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
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      {
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        "interpretation": true,
        "evidence": [
          {
            "source_url": "https://money.udn.com/money/story/5612/9778102",
            "source_date": "2026-09-26",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18",
            "title": "經濟日報：先進封裝熱 化工業搶商機"
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
            "source_date": "2026-10-08",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18",
            "title": "MoneyDJ：南寶9月營收及材料進展"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9744673",
            "source_date": "2026-09-09",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18",
            "title": "中央社／經濟日報：康普法說會"
          }
        ]
      },
      {
        "metric": "新產能利用率、出貨量與歲修天數",
        "why": "同時看實際產量、銷量及停機，才能分辨需求成長、備貨與低基期。未揭露利用率時寫未揭露，不從單月營收倒推。",
        "interpretation": true,
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8439638-6c53-4a3c-924a-0b2618b38407",
            "source_date": "2026-10-13",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9744673",
            "source_date": "2026-09-09",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18",
            "title": "中央社／經濟日報：康普法說會"
          }
        ]
      },
      {
        "metric": "庫存天數、應收帳款與營業現金流",
        "why": "季報以平均存貨／銷貨成本乘期間天數，搭配帳齡和現金流，檢查備料是否已轉成出貨與收款。金屬或化學品價格變動時，金額變化要和實際數量分開。",
        "interpretation": true,
        "evidence": [
          {
            "source_url": "https://www.chciworld.com.tw/wp-content/uploads/2026/04/中華化114Q4個別財報千元上傳用_20260305.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "metric": "各次產業月營收年增率、量價與匯率拆解",
        "why": "用固定公司集合追蹤三個月趨勢，另看鞋材、清潔、肥料及電池出貨。合併範圍、產品價格與匯率都可能影響台幣營收；未揭露量價時不把營收年增直接稱為需求年增。",
        "interpretation": true,
        "evidence": [
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
            "source_date": "2026-10-08",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18",
            "title": "MoneyDJ：南寶9月營收及材料進展"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9744673",
            "source_date": "2026-09-09",
            "source_date_type": "published_or_updated",
            "accessed_at": "2026-10-18",
            "title": "中央社／經濟日報：康普法說會"
          },
          {
            "source_url": "https://www.htgroup.com.tw/service",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
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      "https://www.htgroup.com.tw/service",
      "https://www.cmfc.com.tw/about_tw_1.php",
      "https://www.oucc.com.tw/storage/system/investor/PDF/investor_conference_information/20240613.pdf",
      "https://www.acetekgroup.com/",
      "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=e7a7e01d-00aa-46fd-aacd-01b19b76bb0f",
      "https://www.yuanjen.com/",
      "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=00492bbb-44d4-47b3-834d-1760d82a6727",
      "https://www.nanpao.com.tw/",
      "https://www.rainbowpaint.com.tw/",
      "https://www.ecic.com/product/",
      "https://www.hopax.com/en",
      "https://www.texyear.com/zh-tw",
      "https://www.qualipoly.com/zh-tw/product.html",
      "https://www.dbc.com.tw/tw/products_list.php?pid=106&sid=711",
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      "https://www.chitec.com.tw/about.htm",
      "https://www.sunko.com.tw/web_en/",
      "https://www.shinychem.com.tw/zh-tw/html/product?pc1_guid=69532cd3dc420",
      "https://www.alliedsupreme.com/tw/",
      "https://www.sfchem.com.tw/zh-hant",
      "https://www.tscs.com.tw/about",
      "https://www.chciworld.com.tw/",
      "https://www.sinon.com.tw/",
      "https://www.taifer.com.tw/Products/Products/ProductList.htm",
      "https://www.sesoda.com.tw/products",
      "https://www.coremaxcorp.com/zh-tw/product-services",
      "https://www.cscc.com.tw/",
      "https://www.mechema.com/products",
      "https://www.farcent.com.tw/",
      "https://money.udn.com/money/story/5612/9778102",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
      "https://money.udn.com/money/story/5612/9744673",
      "https://www.sfchem.com.tw/zh-hant/page/csr-economy",
      "https://money.udn.com/money/story/5710/9652116?from=edn_editorrelated_story",
      "https://m.moneydj.com/f1a.aspx?a=184ecc2a-8112-457f-af6b-191e9bcc9ae1&c=MB06",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8439638-6c53-4a3c-924a-0b2618b38407",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5e7536c3-b84d-4e44-bf27-fb246236e088&c=MB06",
      "https://5850web.moneydj.com/z/zf/zufzVIP_59D10AD6-C445-40BF-95E2-3181573A76E7_E_.djhtm",
      "https://www.taifer.com.tw/ActivitiesDetailC002100.aspx?Cond=632e187f-3c69-469b-b9df-805552135ddf",
      "https://money.udn.com/money/story/5612/9731959",
      "https://www.texyear.com/zh-tw/news.php?act=view&id=199",
      "https://www.nutrien.com/news/press-releases/nutrien-to-host-investor-day-on-november-30-1755",
      "https://www.basf.com/global/en/investors/calendar-and-publications/factbook/segments/industrial-solutions/dispersions-and-resins",
      "https://www.basf.com/dam/jcr%3A45da02da-3a48-4134-bda5-56067e694e17/basf/www/us/documents/en/general-business-topics/dispersions/IndustrialCoatings/2025-Industrial-Coatings-Brochure.pdf",
      "https://www.henkel.com/our-businesses",
      "https://www.henkel.com/investors-and-analysts/shares",
      "https://www.shinetsu.co.jp/en/company/profile/",
      "https://www.shinetsu.co.jp/jp/ir/stock-info/",
      "https://www.eastman.com/en/products/brands/estron",
      "https://www.eastman.com/en/media-center/news-stories/2026/2026-annual-meeting-stockholder-vote-results",
      "https://www.nutrien.com/about/our-business/potash",
      "https://www.nutrien.com/investors",
      "https://www.umicore.com/en/markets-products/energy-and-batteries/",
      "https://www.umicore.com/en/investor-relations/",
      "https://www.oucc.com.tw/storage/system/investor/PDF/annual_report/2024.pdf",
      "https://www.chciworld.com.tw/wp-content/uploads/2026/04/中華化114Q4個別財報千元上傳用_20260305.pdf",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
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      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
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      "revenue_unit": "新台幣千元",
      "total_revenue": 33000236,
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      "top15_share_percent": 82.5142,
      "source_urls": [
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      ],
      "source_date": "2026-10-17",
      "source_date_type": "input_snapshot_report_date",
      "accessed_at": "2026-10-18",
      "note": "規模與排名依使用者指定latest.json計算；官方API網址是該檔記錄的資料來源，不主張今日API內容就是這份歷史快照。合併營收含海外與跨業收入，亦未消除公司間交易。",
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          "name": "長興",
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          "rank": 5,
          "code": "4766",
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          "code": "4763",
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          "rank": 11,
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        "source_url": "https://money.udn.com/money/story/5612/9778102",
        "source_date": "2026-09-26",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "經濟日報：先進封裝熱 化工業搶商機"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=59d10ad6-c445-40bf-95e2-3181573a76e7",
        "source_date": "2026-10-08",
        "source_date_type": "published_or_updated",
        "accessed_at": "2026-10-18",
        "title": "MoneyDJ：南寶9月營收及材料進展"
      },
      {
        "source_url": "https://www.htgroup.com.tw/service",
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      {
        "source_url": "https://www.oucc.com.tw/storage/system/investor/PDF/investor_conference_information/20240613.pdf",
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        "accessed_at": "2026-10-18"
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        "source_url": "https://www.taifer.com.tw/Products/Products/ProductList.htm",
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      },
      {
        "source_url": "https://www.coremaxcorp.com/zh-tw/product-services",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
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    ],
    "methodology": {
      "segment_scope": "segments完整覆蓋2026年9月營收前30大，每家公司只歸入一類；其餘12家未逐家分類。跨業公司的分類是網站導覽用研究判斷，不等於官方產業別或營收全數來自該分工。",
      "value_chain_scope": "value_chain以產品分工呈現多條應用鏈，不表示所有化學公司接成同一條供應鏈；各層可與segments分類不同。",
      "date_policy": "source_date_type=accessed表示官網未標發表日，source_date僅是本次查閱日；不以版權年份、搜尋抓取日補造發表日。recent.date採可查證的事件日或公開披露日，詳各筆date_basis。",
      "catalyst_policy": "公司預計的產能時程不是已完成或保證；若來源僅給季度，expected採季末的追蹤月份，另附原始時間區間。",
      "peer_policy": "國際對照以產品用途和產業分工比較；未有來源時，不宣稱採購、供貨或策略合作關係。",
      "watch_policy": "watch_metrics為本研究的追蹤框架，why中的判讀與公式是研究方法，不冒稱公司預測。",
      "publication_status": "僅交付研究檔案，未登入、對外發佈或修改網站。"
    }
  },
  {
    "industry": "電器電纜",
    "as_of": "2026-10-18",
    "one_liner": "把電送進工廠，也送進每個家",
    "one_liner_en": "Powering Taiwan, from the grid to home appliances.",
    "overview": "華新2026年9月營收約159億元，比去年同期增加10.3%。電器電纜像用電生活的血管與器官，線纜把電送到建築和設備，漆包線用在馬達及線圈，家電與照明再接上日常需求。照明品牌還同時服務住宅、商用與公共空間。清單17家公司當月合計約270億元，年增12.4%。前三大中的大亞年增30.3%，華榮增加18.6%，增幅都高於華新；大亞營收約36億元，也是月營收達10億元公司中的成長首位。華新的公司營收另含不銹鋼與資源業務。下一次拿大亞的36億元與30.3%作基準，對照整體營收年增12.4%的變化。",
    "overview_source_urls": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.walsin.com/",
      "https://service.taipower.com.tw/csr/esg/sustainable/68a7db629ef5f",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=2290356b-09e7-4198-9075-83a37cfe4976",
      "https://service.moea.gov.tw/EE514/tw/geipc/155-7439.html",
      "https://m.moneydj.com/f1a.aspx?a=6e1fec44-71e7-4433-bc4a-f76f51c17430&c=MB06",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1076f6ce-4ce5-4c2d-a470-b760e206280d"
    ],
    "segments": [
      {
        "name": "電力與通訊電纜",
        "description": "將銅、鋁導體加上絕緣及被覆，製成輸配電、建築、設備或通訊用線纜；部分公司兼做銅材、施工或能源事業。",
        "codes": [
          "1605",
          "1609",
          "1608",
          "1615",
          "1612",
          "1623",
          "1603",
          "1616",
          "1618"
        ],
        "source_urls": [
          "https://www.walsin.com/",
          "https://www.taya.com.tw/",
          "https://www.hegroup.com.tw/",
          "https://www.dahsan.com.tw/",
          "https://www.hong-tai.com.tw/tc/",
          "https://tewc.com.tw/",
          "https://www.cwco.com.tw/",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?title=%E5%84%84%E6%B3%B0%E9%9B%BB%E7%B7%9A%E9%9B%BB%E7%BA%9C%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8",
          "https://www.hold-key.com.tw/index_tw.php",
          "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf"
        ]
      },
      {
        "name": "漆包線與絕緣電磁線",
        "description": "供應馬達、電感及線圈使用的漆包線與特殊絕緣線，重點在耐熱、絕緣及加工特性。",
        "codes": [
          "1617",
          "2061"
        ],
        "source_urls": [
          "https://www.jswire.com.tw/",
          "https://www.fcm.com.tw/index.html",
          "https://www.taya.com.tw/"
        ]
      },
      {
        "name": "家電製造與品牌",
        "description": "製造或銷售空調、冰箱、洗衣機、顯示器、風扇及廚房小家電，涵蓋自有品牌與設計製造。",
        "codes": [
          "1604",
          "5283",
          "4930",
          "1626",
          "1614"
        ],
        "source_urls": [
          "https://www.sampo.com.tw/about.aspx",
          "https://www.heran.com.tw/",
          "https://www.starcomgistic.com/",
          "https://www.airmate-china.com/gsjj/index_30.aspx",
          "https://www.sanyo.com.tw/about-sanlux"
        ]
      },
      {
        "name": "照明產品與品牌",
        "description": "以東亞照明品牌及照明產品連結住宅、商用與公共照明需求。",
        "codes": [
          "1611"
        ],
        "source_urls": [
          "https://www.chinaelectric.com.tw/"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "原料包括銅、鋁，以及XLPE、PVC、橡膠等絕緣與被覆材料。清單中的華新、大亞、華榮供應銅線材；此處只列本清單內公司。",
        "codes": [
          "1605",
          "1609",
          "1608"
        ],
        "source_urls": [
          "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
          "https://www.walsin.com/",
          "https://www.taya.com.tw/",
          "https://www.hegroup.com.tw/"
        ]
      },
      "midstream": {
        "description": "把導體抽線、絞合，再包覆絕緣與外層，製成電力、通訊線纜；另一支線生產供馬達與線圈使用的漆包線及特殊絕緣線。",
        "codes": [
          "1605",
          "1609",
          "1608",
          "1615",
          "1612",
          "1623",
          "1603",
          "1616",
          "1618",
          "1617",
          "2061"
        ],
        "source_urls": [
          "https://www.walsin.com/",
          "https://www.taya.com.tw/",
          "https://www.hegroup.com.tw/",
          "https://www.dahsan.com.tw/",
          "https://www.hong-tai.com.tw/tc/",
          "https://tewc.com.tw/",
          "https://www.cwco.com.tw/",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?title=%E5%84%84%E6%B3%B0%E9%9B%BB%E7%B7%9A%E9%9B%BB%E7%BA%9C%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8",
          "https://www.hold-key.com.tw/index_tw.php",
          "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
          "https://www.jswire.com.tw/",
          "https://www.fcm.com.tw/index.html"
        ]
      },
      "downstream": {
        "description": "電纜終端包括台電、發電業者、建築與工業設備。清單內的家電與照明廠位於終端產品端；大亞另延伸太陽能、儲能及能源管理。代號僅表示業務位置，不代表已證實彼此採購。",
        "codes": [
          "1604",
          "5283",
          "4930",
          "1626",
          "1614",
          "1611",
          "1609"
        ],
        "source_urls": [
          "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
          "https://www.taya.com.tw/",
          "https://www.chinaelectric.com.tw/",
          "https://www.sampo.com.tw/about.aspx",
          "https://www.heran.com.tw/",
          "https://www.starcomgistic.com/",
          "https://www.airmate-china.com/gsjj/index_30.aspx",
          "https://www.sanyo.com.tw/about-sanlux"
        ]
      }
    },
    "drivers": [
      {
        "driver": "電網更新與供電韌性",
        "explanation": "台電強化電網韌性建設計畫總規模約5645億元，涵蓋分散電網、強固電網與系統防衛；工程持續推進，支撐線路更新需求。這是整體計畫金額，並非電纜廠可全數取得的訂單。",
        "source_url": "https://service.taipower.com.tw/csr/esg/sustainable/68a7db629ef5f",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "AI基礎設施帶動用電建設",
        "explanation": "華新於2026年10月表示，電線電纜事業受電網計畫及AI基礎建設需求支撐，在手訂單維持高檔；應追蹤需求是否轉為實際出貨。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=2290356b-09e7-4198-9075-83a37cfe4976",
        "source_date": "2026-10-08",
        "source_date_type": "published"
      },
      {
        "driver": "離岸風電與海纜在地供應",
        "explanation": "華新與NKT合資的高雄海纜廠已於2025年12月揭幕，產品鎖定台灣離岸風電的中高壓交流海纜；商業生產原規劃2027年開始，仍須完成型式試驗及資格認證。",
        "source_url": "https://www.nkt.com/news-press-releases/nkt-joint-venture-inaugurates-offshore-power-cable-factory-in-taiwan",
        "source_date": "2025-12-06",
        "source_date_type": "published"
      },
      {
        "driver": "電動車與高效率設備的線材升級",
        "explanation": "電動車、工業及精密電子設備提高漆包線的耐熱、絕緣與可靠度要求，帶動特殊線材開發。這是產品升級方向，尚不能直接換算為各廠營收增幅。",
        "source_url": "https://www.taya.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "節能家電汰舊換新",
        "explanation": "現行補助對符合條件的一級冷氣、冰箱每台補助3000元，購買發票期限至2026年底，有助降低家戶換購負擔；個別機種仍須符合補助條件。",
        "source_url": "https://service.moea.gov.tw/EE514/tw/geipc/155-7439.html",
        "source_date": "2026-03-26",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "1605",
        "name": "華新",
        "role": "電纜、銅材與多角化金屬集團",
        "why": "同時經營電線電纜、不銹鋼與資源事業，解讀族群合併營收時須拆開事業觀察。",
        "source_url": "https://www.walsin.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1609",
        "name": "大亞",
        "role": "超高壓電纜與能源鏈整合",
        "why": "產品涵蓋600V至345kV，並延伸漆包線、太陽能及儲能，可觀察從電纜到能源服務的整合。",
        "source_url": "https://www.taya.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1608",
        "name": "華榮",
        "role": "銅材、電纜與工程整合",
        "why": "從無氧銅棒、電力電纜到超高壓及海纜統包工程都有布局，連結材料、製造與施工。",
        "source_url": "https://www.hegroup.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1615",
        "name": "大山",
        "role": "電力與通訊線纜",
        "why": "同時生產電力電纜、通訊電纜、電子線及裸銅線，可觀察一般配線與通訊需求。",
        "source_url": "https://www.dahsan.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1623",
        "name": "大東電",
        "role": "高壓電纜與安裝工程",
        "why": "產品涵蓋69kV、161kV及345kV電力電纜，具備製造與安裝工程能力。",
        "source_url": "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1604",
        "name": "聲寶",
        "role": "自有品牌家電與資產活化",
        "why": "家電正隨新品及機型切換調價，物流園區B區另有2027年第一季使照與交屋規劃。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=40dcdd51-e2ff-40ed-82ac-a40b8749622b",
        "source_date": "2026-09-18",
        "source_date_type": "published"
      },
      {
        "code": "5283",
        "name": "禾聯碩",
        "role": "國產品牌家電",
        "why": "以HERAN品牌供應空調、液晶顯示器、冰箱及洗衣機，是觀察家電換購需求的代表。",
        "source_url": "https://www.heran.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1617",
        "name": "榮星",
        "role": "漆包線與特殊電磁線",
        "why": "產品應用涵蓋車用元件、電感及精密馬達，呈現電纜以外的線圈材料需求。",
        "source_url": "https://www.jswire.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1611",
        "name": "中電",
        "role": "照明品牌與產品",
        "why": "以東亞照明品牌服務台灣市場，代表清單中的照明分工。",
        "source_url": "https://www.chinaelectric.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-08-03",
        "event": "華榮公布上半年財報，EPS為7.04元；主要增益來自金融資產評價，不能直接當作電纜本業成長。公司並揭露超高壓電纜待製合約77.01億元，擴充高芯數WTR光纜產能。",
        "codes": [
          "1608"
        ],
        "source_url": "https://money.udn.com/money/story/5607/9669614?from=edn_newest_index",
        "source_date": "2026-08-04"
      },
      {
        "date": "2026-08-26",
        "event": "大亞於法說會表示電線電纜在手訂單超過百億元，受惠電網建設及科技業建廠；綠能與儲能投資則採更嚴謹策略。",
        "codes": [
          "1609"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=6e1fec44-71e7-4433-bc4a-f76f51c17430&c=MB06",
        "source_date": "2026-08-27"
      },
      {
        "date": "2026-09-11",
        "event": "大東電表示，台電部分交期延後，影響8月中高壓電纜出貨；公司說明訂單未取消，在手訂單仍超過百億元。",
        "codes": [
          "1623"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1076f6ce-4ce5-4c2d-a470-b760e206280d",
        "source_date": "2026-09-11"
      },
      {
        "date": "2026-09-18",
        "event": "聲寶說明銅、塑膠粒與零組件成本上升，將隨新品上市及機型切換調整售價；同時推進龜山物流園區等資產活化。",
        "codes": [
          "1604"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=40dcdd51-e2ff-40ed-82ac-a40b8749622b",
        "source_date": "2026-09-18"
      },
      {
        "date": "2026-09-29",
        "event": "華新公布不銹鋼事業10月盤價：304含銅與快削系列每公噸調漲1000元，316調漲2000元；304、200及400系維持平盤。這是不銹鋼事業報價。",
        "codes": [
          "1605"
        ],
        "source_url": "https://money.udn.com/money/amp/story/5612/9784063",
        "source_date": "2026-09-29"
      },
      {
        "date": "2026-09-30",
        "event": "大亞說明未來兩年擬在民營電廠、太陽光電與新興事業合計投資55億元；因E-dReg供需失衡，放緩新增儲能投資並關注表後儲能。",
        "codes": [
          "1609"
        ],
        "source_url": "https://www.taya.com.tw/media-coverage-page2289",
        "source_date": "2026-09-30"
      },
      {
        "date": "2026-10-02",
        "event": "大亞子公司心忠電業董事會通過向關係人取得太陽光電發電系統工程，容量9999kWp，含稅總額約6億元，供營業使用。",
        "codes": [
          "1609"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=1B6FC753-AA5D-43F0-BCA4-F1569A51E7C0",
        "source_date": "2026-10-02"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "第三季財報揭露期。一般上市櫃公司季底45日內公告，觀察電纜毛利率、存貨與營運現金流，區分原料漲價和實際出貨貢獻。",
        "codes": [
          "1605",
          "1609",
          "1608",
          "1615",
          "1604",
          "5283",
          "1612",
          "4930",
          "1623",
          "1603",
          "1616",
          "1626",
          "1614",
          "1617",
          "1618",
          "2061",
          "1611"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "timing_basis": "依現行法定期限推算的揭露月份，非公司已公告的法說或董事會日期。"
      },
      {
        "expected": "2026-12-10",
        "event": "台北國際建築建材暨產品展12月10日至13日登場，含照明、節能及控制系統，可觀察建築更新需求與照明新品方向；未確認個別上市公司參展。",
        "codes": [],
        "source_url": "https://www.lighting.org.tw/Tw/Publish/Edm/5/6214",
        "source_date": "2026-02-03",
        "timing_basis": "已公告展期；產業觀察事件，未確認個別公司參展。"
      },
      {
        "expected": "2026-12-31",
        "event": "現行住宅家電汰舊換新補助的購買發票期限為12月31日，申請至2027年1月31日；符合條件的一級冷氣、冰箱每台補助3000元，觀察期限前後換購節奏。",
        "codes": [
          "1604",
          "5283",
          "1614"
        ],
        "source_url": "https://service.moea.gov.tw/EE514/tw/geipc/155-7439.html",
        "source_date": "2026-03-26",
        "timing_basis": "主管機關已公告的購買期限與申請期限。"
      },
      {
        "expected": "2027-03",
        "event": "聲寶預計龜山物流園區第一期B區於2027年第一季取得使用執照並交屋，追蹤實際完成進度；公司規劃租金貢獻自第二季開始。",
        "codes": [
          "1604"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=40dcdd51-e2ff-40ed-82ac-a40b8749622b",
        "source_date": "2026-09-18",
        "timing_basis": "公司預期2027年第一季；expected月份為季末追蹤窗口，並非確定3月交屋。"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報揭露期，核對全年獲利、現金流與資本支出。一般規定為年後3個月內；實收資本額達100億元的上市櫃公司適用75日規定，實際依各公司公告。",
        "codes": [
          "1605",
          "1609",
          "1608",
          "1615",
          "1604",
          "5283",
          "1612",
          "4930",
          "1623",
          "1603",
          "1616",
          "1626",
          "1614",
          "1617",
          "1618",
          "2061",
          "1611"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "timing_basis": "依現行法定期限推算的揭露月份，非公司已公告的法說或董事會日期。",
        "additional_source_urls": [
          "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593"
        ]
      }
    ],
    "global_peers": [
      {
        "name": "NKT",
        "ticker": "NKT（Nasdaq Copenhagen）",
        "relation": "華新的海纜合資及技術合作夥伴，可對照高壓海纜技術與專案進度。",
        "source_urls": [
          "https://www.nkt.com/news-press-releases/nkt-joint-venture-inaugurates-offshore-power-cable-factory-in-taiwan",
          "https://investors.nkt.com/share-information/"
        ]
      },
      {
        "name": "Prysmian",
        "ticker": "PRY（米蘭證交所）",
        "relation": "業務橫跨輸電、配電與數位線纜，可與台灣綜合電纜廠比較產品組合及海外布局。此為產品同業對照。",
        "source_urls": [
          "https://www.prysmian.com/en",
          "https://na.prysmian.com/resources/press-releases/prysmian-completes-acquisition-of-general-cable"
        ]
      },
      {
        "name": "Nexans",
        "ticker": "NEX（Euronext Paris）",
        "relation": "涵蓋發電、輸電、配電到用電端的電纜系統，可與大亞、華榮等比較電網及能源建設需求。此為產品同業對照。",
        "source_urls": [
          "https://www.nexans.com/finance/",
          "https://www.nexans.com/finance/nexans-share/"
        ]
      },
      {
        "name": "Daikin Industries（大金工業）",
        "ticker": "6367（東京證交所）",
        "relation": "以空調與冷凍相關設備作為對照，可比較聲寶、禾聯碩、三洋電的空調產品及節能需求。此為產品同業對照。",
        "source_urls": [
          "https://www.daikin.com/faq"
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "LME銅價、匯率與線纜加工價差",
        "why": "把原料金額變動與真正的加工收益分開看。銅價上漲可能推高營收，仍要核對毛利率及採購、報價的時間差。",
        "source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=2290356b-09e7-4198-9075-83a37cfe4976",
          "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf"
        ]
      },
      {
        "metric": "台電標案、在手訂單與實際交貨",
        "why": "訂單須隨工程進度交付。同步看新得標、待製金額、交期與月營收，才能判斷成長是接單增加，還是遞延訂單回補。",
        "source_urls": [
          "https://money.udn.com/money/story/5607/9669614?from=edn_newest_index",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1076f6ce-4ce5-4c2d-a470-b760e206280d"
        ]
      },
      {
        "metric": "高壓產品占比與本業營業利益率",
        "why": "69kV、161kV及345kV產品的組合不同，不能只看營收。另把投資評價收益與電纜本業拆開，檢查本業獲利是否同步改善。",
        "source_urls": [
          "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
          "https://money.udn.com/money/story/5607/9669614?from=edn_newest_index"
        ]
      },
      {
        "metric": "存貨週轉天數與營運現金流",
        "why": "搭配銅價及交貨進度，觀察備料、在製品與應收款是否占用資金。若營收成長但現金流未跟上，須再核對存貨與收款。",
        "source_urls": [
          "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
          "https://www.daikin.com/faq"
        ],
        "interpretation": "研究整理的追蹤方法；不是宣稱各公司已出現異常。"
      },
      {
        "metric": "家電終端銷售、庫存與一級能效產品比重",
        "why": "對照汰舊換新補助期限、產品調價及季節性，檢查通路出貨是否轉為終端換購，並留意毛利是否足以吸收成本變動。",
        "source_urls": [
          "https://service.moea.gov.tw/EE514/tw/geipc/155-7439.html",
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=40dcdd51-e2ff-40ed-82ac-a40b8749622b"
        ],
        "interpretation": "研究整理的追蹤方法；未取得全產業終端銷售量或通路庫存統計。"
      }
    ],
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.walsin.com/",
      "https://www.taya.com.tw/",
      "https://www.hegroup.com.tw/",
      "https://www.dahsan.com.tw/",
      "https://www.hong-tai.com.tw/tc/",
      "https://www.cwco.com.tw/",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?title=%E5%84%84%E6%B3%B0%E9%9B%BB%E7%B7%9A%E9%9B%BB%E7%BA%9C%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8",
      "https://www.hold-key.com.tw/index_tw.php",
      "https://tewc.com.tw/",
      "https://www.jswire.com.tw/",
      "https://www.fcm.com.tw/index.html",
      "https://www.sampo.com.tw/about.aspx",
      "https://www.heran.com.tw/",
      "https://www.starcomgistic.com/",
      "https://www.airmate-china.com/gsjj/index_30.aspx",
      "https://www.sanyo.com.tw/about-sanlux",
      "https://www.chinaelectric.com.tw/",
      "https://service.taipower.com.tw/csr/esg/sustainable/68a7db629ef5f",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=2290356b-09e7-4198-9075-83a37cfe4976",
      "https://www.nkt.com/news-press-releases/nkt-joint-venture-inaugurates-offshore-power-cable-factory-in-taiwan",
      "https://service.moea.gov.tw/EE514/tw/geipc/155-7439.html",
      "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
      "https://investors.nkt.com/share-information/",
      "https://www.prysmian.com/en",
      "https://na.prysmian.com/resources/press-releases/prysmian-completes-acquisition-of-general-cable",
      "https://www.nexans.com/finance/",
      "https://www.nexans.com/finance/nexans-share/",
      "https://www.daikin.com/faq",
      "https://money.udn.com/money/story/5607/9669614?from=edn_newest_index",
      "https://m.moneydj.com/f1a.aspx?a=6e1fec44-71e7-4433-bc4a-f76f51c17430&c=MB06",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1076f6ce-4ce5-4c2d-a470-b760e206280d",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=40dcdd51-e2ff-40ed-82ac-a40b8749622b",
      "https://money.udn.com/money/amp/story/5612/9784063",
      "https://www.taya.com.tw/media-coverage-page2289",
      "https://m.moneydj.com/f1a.aspx?a=1B6FC753-AA5D-43F0-BCA4-F1569A51E7C0",
      "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
      "https://www.lighting.org.tw/Tw/Publish/Edm/5/6214",
      "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593"
    ],
    "source_details": [
      {
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "title": "證交所上市公司月營業收入彙總表",
        "source_date": "2026-10-17",
        "date_type": "data_statement",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "櫃買中心上櫃公司月營業收入彙總表",
        "source_date": "2026-10-17",
        "date_type": "data_statement",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.walsin.com/",
        "title": "華新麗華公司概述與事業介紹",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.taya.com.tw/",
        "title": "大亞產品服務：電力電纜、裸銅線、漆包線與能源管理",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.hegroup.com.tw/",
        "title": "華榮產品：無氧銅棒、電力電纜、通訊光纜與統包工程",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.dahsan.com.tw/",
        "title": "大山公司與產品介紹",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.hong-tai.com.tw/tc/",
        "title": "宏泰電工事業與產品",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.cwco.com.tw/",
        "title": "華電電力電纜產品",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?title=%E5%84%84%E6%B3%B0%E9%9B%BB%E7%B7%9A%E9%9B%BB%E7%BA%9C%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8",
        "title": "MoneyDJ財經百科：億泰產品與應用",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.hold-key.com.tw/index_tw.php",
        "title": "合機產品：電力線、光纜與網路線",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://tewc.com.tw/",
        "title": "大東電產品：銅線、XLPE、PVC與橡膠電纜",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.jswire.com.tw/",
        "title": "榮星漆包線及車用、電感、精密馬達應用",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.fcm.com.tw/index.html",
        "title": "風青新能源絕緣線、漆包線與產品目錄",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.sampo.com.tw/about.aspx",
        "title": "聲寶產品：空調、冰箱、洗衣機與小家電",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.heran.com.tw/",
        "title": "禾聯家電產品：空調、液晶、冰箱、洗衣機與小家電",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.starcomgistic.com/",
        "title": "燦星網通公司介紹與智能廚房小家電定位",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.airmate-china.com/gsjj/index_30.aspx",
        "title": "艾美特公司介紹：風扇、電暖器與空氣品質家電",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.sanyo.com.tw/about-sanlux",
        "title": "台灣三洋公司簡介與家電製品",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.chinaelectric.com.tw/",
        "title": "中國電器與東亞照明品牌",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://service.taipower.com.tw/csr/esg/sustainable/68a7db629ef5f",
        "title": "台電永續專區：建構韌性電力",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=2290356b-09e7-4198-9075-83a37cfe4976",
        "title": "華新9月營收年月雙增，Q3年增12%",
        "source_date": "2026-10-08",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.nkt.com/news-press-releases/nkt-joint-venture-inaugurates-offshore-power-cable-factory-in-taiwan",
        "title": "NKT與華新合資海纜廠揭幕",
        "source_date": "2025-12-06",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://service.moea.gov.tw/EE514/tw/geipc/155-7439.html",
        "title": "經濟部：選擇1級能效冷氣、冰箱汰舊換新節能補助",
        "source_date": "2026-03-26",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.tpex.org.tw/storage/emerging_register/2024/05/1716453763_19984_CH_1623.pdf",
        "title": "櫃買中心2024年大東電登錄資料：電力電纜上下游結構",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://investors.nkt.com/share-information/",
        "title": "NKT股東資訊與Nasdaq Copenhagen掛牌",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.prysmian.com/en",
        "title": "Prysmian電力、輸電與數位線纜業務",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://na.prysmian.com/resources/press-releases/prysmian-completes-acquisition-of-general-cable",
        "title": "Prysmian官方公告所列交易代號PRY",
        "source_date": "2018-06-06",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.nexans.com/finance/",
        "title": "Nexans投資人資訊與電氣化產業鏈",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.nexans.com/finance/nexans-share/",
        "title": "Nexans股票代號NEX與Euronext Paris掛牌",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.daikin.com/faq",
        "title": "Daikin空調業務與東京證交所代號6367",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://money.udn.com/money/story/5607/9669614?from=edn_newest_index",
        "title": "華榮跳空漲停 率電纜股走強 有什麼利多？",
        "source_date": "2026-08-04",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://m.moneydj.com/f1a.aspx?a=6e1fec44-71e7-4433-bc4a-f76f51c17430&c=MB06",
        "title": "大亞看Q3營運審慎樂觀；續布局綠能/儲能等領域",
        "source_date": "2026-08-27",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1076f6ce-4ce5-4c2d-a470-b760e206280d",
        "title": "大東電8月營收受台電出貨遞延；在手訂單仍逾百億",
        "source_date": "2026-09-11",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=40dcdd51-e2ff-40ed-82ac-a40b8749622b",
        "title": "聲寶Q4營運看審慎樂觀，家電醞釀漲價",
        "source_date": "2026-09-18",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://money.udn.com/money/amp/story/5612/9784063",
        "title": "AI基建需求擴張推升金屬原料價格高漲 華新10月盤價適度調漲",
        "source_date": "2026-09-29",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.taya.com.tw/media-coverage-page2289",
        "title": "大亞發展主軸 瞄準Double E",
        "source_date": "2026-09-30",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://m.moneydj.com/f1a.aspx?a=1B6FC753-AA5D-43F0-BCA4-F1569A51E7C0",
        "title": "大亞：心忠電業向聚恆-創取得太陽光電發電系統工程建置，計約6億元",
        "source_date": "2026-10-02",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "title": "證券交易法第36條及特殊適用範圍辦法",
        "source_date": "2024-08-07",
        "date_type": "law_amended",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://www.lighting.org.tw/Tw/Publish/Edm/5/6214",
        "title": "台灣區照明燈具輸出業同業公會：2026年台北國際建築建材暨產品展",
        "source_date": "2026-02-03",
        "date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593",
        "title": "金管會：證券交易法第三十六條特殊適用範圍辦法",
        "source_date": "2025-07-01",
        "date_type": "law_amended",
        "accessed_date": "2026-10-18"
      }
    ],
    "methodology": {
      "universe": "依指定latest.json篩選industry完全等於電器電纜，共17家；不足30家，已全數分組。",
      "classification": "每家公司只歸入一個主要產品分工；這是研究整理，非證交所新增分類，也非以同業市占率排名。華新與大亞等多角化公司仍保留事業差異說明。",
      "value_chain": "價值鏈可以跨節點；只放指定產業清單內代號。公司同處價值鏈不代表互為供應商或客戶。",
      "recent_window": {
        "start": "2026-07-20",
        "end": "2026-10-18",
        "date_basis": "有可核實事實日者採事實日，其餘採報導日；原來源發布日另列source_date。"
      },
      "catalyst_window": {
        "start": "2026-10-19",
        "end": "2027-04-18",
        "note": "expected為公告時程、公司預期或法定揭露窗口，依timing_basis區分；不是已實現成果。"
      },
      "source_dates": "source_details以URL對應來源日期。published為發布日、law_amended為修法日、data_statement為出表日、document為文件日期；accessed僅為查閱日，原網頁未標發布日，不冒充發布日。",
      "revenue_scope": "以下合計為這17家公司全球合併月營收，含非電纜業務，並可能含集團間交易；不是台灣內需產值或產業市場規模。",
      "metrics": "watch_metrics的理由為根據所附來源整理的觀察框架，不是另有未揭露的產業統計。"
    },
    "revenue_snapshot": {
      "month": "2026-09",
      "report_date": "2026-10-17",
      "unit": "新台幣千元",
      "company_count": 17,
      "total_revenue": 27047941,
      "top5_share_percent": 81.272,
      "input_path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
      ],
      "source_check": "2026-10-18讀取證交所與櫃買中心API，17家當月營收、月份及年增率均與指定快照一致。report_date為出表日期，並非各公司營收公告日。"
    }
  },
  {
    "industry": "資訊服務業",
    "as_of": "2026-10-18",
    "one_liner": "替企業接好軟體、雲端與資安",
    "one_liner_en": "Digital service teams connecting global technology with Taiwan's businesses.",
    "overview": "精誠2026年9月營收約84億元，比去年同期增加55.7%。資訊服務像企業的數位水電班，先把機房、網路與軟體接好，再維護系統、引進雲端及資安工具，讓交易和日常工作順利運轉。企業軟體也把產業知識接進工作流程。清單45家公司合計約256億元，年增39.5%。前三大中的零壹增加38.6%，邁達特增加6.9%，精誠增幅高於兩者；大綜營收約18億元，年增288%，在月營收達10億元公司中成長最快。設備銷售、專案與後續服務共同構成收入。下一次對照大綜的18億元及邁達特的6.9%，看看公司間的成長差距。",
    "segments": [
      {
        "name": "平台代理與雲端加值服務",
        "description": "引進國際軟硬體、雲端與資安產品，提供通路、技術支援及代管。部分公司也有自有軟體、列印等業務，不能視為純雲端公司。",
        "codes": [
          "3029",
          "6112",
          "6123",
          "6874"
        ],
        "classification_basis": "依公開業務定位的研究分組；前30大各歸一類，不表示全部營收只來自該類。",
        "company_sources": [
          {
            "code": "3029",
            "source_url": "https://www.zerone.com.tw/about/zerone",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6112",
            "source_url": "https://www.metaage.com.tw/news/latest/895",
            "source_date": "2026-01-05",
            "source_date_kind": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6123",
            "source_url": "https://www.grandtech.com/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6874",
            "source_url": "https://www.mpinfo.com.tw/tw/mpinfo",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "系統整合、基礎建設與維運",
        "description": "替客戶規劃機房、網路、資安與應用系統，再負責建置、維護或設備維修。大型專案交付與後續服務並存。",
        "codes": [
          "6214",
          "3147",
          "2480",
          "6163",
          "2453",
          "8099",
          "6221",
          "5410",
          "2468",
          "6140",
          "6751",
          "7767",
          "2427",
          "6884"
        ],
        "classification_basis": "依公開業務定位的研究分組；前30大各歸一類，不表示全部營收只來自該類。",
        "company_sources": [
          {
            "code": "6214",
            "source_url": "https://event.systex.com/zh-hant/manufacturing/global-it-services-solutions",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3147",
            "source_url": "https://www.jetwell.com.tw/support.php",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2480",
            "source_url": "https://www.sti.com.tw/web/official/about-us",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6163",
            "source_url": "https://www.hwacom.com/web/bbs/board.php?bo_table=article&wr_id=1",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2453",
            "source_url": "https://www.syscom.com.tw/SYS_Intro.aspx",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8099",
            "source_url": "https://www.etatung.com/Home/ShowProductionInfoIdea?ID=6b23fb46-d8ed-42d2-be9e-209f973a1952",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6221",
            "source_url": "https://www.genesis.com.tw/tw/about/index.aspx?kind=5",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5410",
            "source_url": "https://www.leosys.com/index.php/aboutleo",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2468",
            "source_url": "https://fis.com.tw/about/introduction/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6140",
            "source_url": "https://dimension.d-plus.com.tw/about_us.php",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6751",
            "source_url": "https://www.acer-ast.com/wp-content/uploads/Acer-ast-ESGReport2024.pdf",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "7767",
            "source_url": "https://www.hpicorp.com.tw/index.aspx",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "2427",
            "source_url": "https://www.mds.com.tw/tc/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6884",
            "source_url": "https://www.hsnservice.com/tw",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "企業應用軟體與委外",
        "description": "提供企業管理軟體、ERP顧問、客製開發、軟體工程與流程委外，將產業知識接進客戶日常營運。",
        "codes": [
          "4953",
          "6752",
          "6697"
        ],
        "classification_basis": "依公開業務定位的研究分組；前30大各歸一類，不表示全部營收只來自該類。",
        "company_sources": [
          {
            "code": "4953",
            "source_url": "https://www.wits.com/tw/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6752",
            "source_url": "https://www.gss.com.tw/about/introduction",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6697",
            "source_url": "https://www.itts.com.tw/zh-tw/company-profile",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "金融、貿易與公共資料應用",
        "description": "服務金融交易、通關資料交換、電子支付、政府及圖書教育等特定場景；專案、平台與資訊服務模式並存。",
        "codes": [
          "8284",
          "6183",
          "5403",
          "5212",
          "3158"
        ],
        "classification_basis": "依公開業務定位的研究分組；前30大各歸一類，不表示全部營收只來自該類。",
        "company_sources": [
          {
            "code": "8284",
            "source_url": "https://www.mitake.com.tw/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "6183",
            "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=4756496b-fcea-48d5-a3b8-b49e18bd51fc",
            "source_date": "2025-07-17",
            "source_date_kind": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5403",
            "source_url": "https://www.ddsc.com.tw/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5212",
            "source_url": "https://www.hyweb.com.tw/about-hyweb/intro",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "3158",
            "source_url": "https://www.sysjust.com.tw/About/CompanyProfile.aspx",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "工程設計與製造軟體",
        "description": "代理或整合CAD、CAE、BIM與產品資料管理工具，搭配顧問、導入與教育訓練，服務製造及營建流程。",
        "codes": [
          "3570",
          "8416"
        ],
        "classification_basis": "依公開業務定位的研究分組；前30大各歸一類，不表示全部營收只來自該類。",
        "company_sources": [
          {
            "code": "3570",
            "source_url": "https://www.oitc.com.tw/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "8416",
            "source_url": "https://www.swtc.com/zh-tw/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "自有軟體與韌體授權",
        "description": "以自研產品提供授權或訂閱；系微服務PC、伺服器等平台韌體，訊連服務影音創作等應用，需求來源各異。",
        "codes": [
          "6231",
          "5203"
        ],
        "classification_basis": "依公開業務定位的研究分組；前30大各歸一類，不表示全部營收只來自該類。",
        "company_sources": [
          {
            "code": "6231",
            "source_url": "https://www.insyde.com/zh-hant/home/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "code": "5203",
            "source_url": "https://tw.cyberlink.com/",
            "source_date": "2026-10-18",
            "source_date_kind": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "技術與授權供給：國際原廠提供運算、雲端、資安及設計工具；台灣代理商把產品帶進通路，自研韌體與軟體商也供應可授權的技術。此處列的是名單內的供給端代表。",
        "codes": [
          "3029",
          "6112",
          "6123",
          "6231",
          "5203"
        ],
        "source_urls": [
          "https://www.zerone.com.tw/about/zerone",
          "https://www.metaage.com.tw/news/latest/895",
          "https://www.grandtech.com/",
          "https://www.insyde.com/zh-hant/home/",
          "https://tw.cyberlink.com/"
        ],
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "basis": "研究者依公開業務整理，並非固定的單向供應鏈。"
      },
      "midstream": {
        "description": "方案交付：整合多家原廠產品，完成架構設計、資料串接、客製開發、部署與維運。企業軟體及工程設計顧問把技術轉成可用流程。",
        "codes": [
          "6214",
          "3147",
          "2480",
          "6163",
          "2453",
          "8099",
          "6221",
          "4953",
          "6752",
          "6697",
          "3570",
          "8416"
        ],
        "source_urls": [
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          "https://www.jetwell.com.tw/support.php",
          "https://www.sti.com.tw/web/official/about-us",
          "https://www.hwacom.com/web/bbs/board.php?bo_table=article&wr_id=1",
          "https://www.syscom.com.tw/SYS_Intro.aspx",
          "https://www.etatung.com/Home/ShowProductionInfoIdea?ID=6b23fb46-d8ed-42d2-be9e-209f973a1952",
          "https://www.genesis.com.tw/tw/about/index.aspx?kind=5",
          "https://www.wits.com/tw/",
          "https://www.gss.com.tw/about/introduction",
          "https://www.itts.com.tw/zh-tw/company-profile",
          "https://www.oitc.com.tw/",
          "https://www.swtc.com/zh-tw/"
        ],
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "basis": "研究者依公開業務整理；同一家公司可能跨上下游。"
      },
      "downstream": {
        "description": "使用與營運：需求來自金融、政府、製造、醫療、營建與創作者。名單內的三竹、關貿、嘉實、凌網營運面向終端場景的平台；海柏特提供設備售後服務。所列代號是服務端，不是客戶公司清單。",
        "codes": [
          "8284",
          "6183",
          "3158",
          "5212",
          "6884"
        ],
        "source_urls": [
          "https://www.mitake.com.tw/",
          "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=4756496b-fcea-48d5-a3b8-b49e18bd51fc",
          "https://www.sysjust.com.tw/About/CompanyProfile.aspx",
          "https://www.hyweb.com.tw/about-hyweb/intro",
          "https://www.hsnservice.com/tw"
        ],
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "basis": "終端客戶產業以文字說明；僅列本次清單內的應用及售後服務代表。"
      }
    },
    "drivers": [
      {
        "driver": "企業AI從試用走進正式流程",
        "explanation": "數產署指出，2026年第二季代理式AI逐步導入企業系統，帶動軟體開發、雲端導入、資料治理及專業服務；需求重點是能否接進既有流程。",
        "source_url": "https://moda.gov.tw/ADI/news/latest-news/20506",
        "source_date": "2026-08-31",
        "source_date_kind": "published"
      },
      {
        "driver": "雲端在地化與混合雲整合",
        "explanation": "AWS亞太台北區域已啟用，可在台灣執行工作負載與儲存資料。研究上可追蹤企業遷移、備援及雲地整合需求，公告投資不等於台廠已取得訂單。",
        "source_url": "https://aws.amazon.com/tw/events/taiwan/news/taipei-region/",
        "source_date": "2025-06-06",
        "source_date_kind": "published"
      },
      {
        "driver": "資安、防詐與AI治理",
        "explanation": "數產署指出，企業與政府擴大零信任、資安監控、資料外洩防護及AI模型檢測需求；系統上線後仍需持續監控與維護。",
        "source_url": "https://moda.gov.tw/ADI/news/latest-news/19806",
        "source_date": "2026-05-29",
        "source_date_kind": "published"
      },
      {
        "driver": "台商海外布局帶出跨國IT服務",
        "explanation": "精誠提供跨國專案管理與台灣後援團隊，處理海外IT交付。研究上可追蹤台商設廠後的網路、系統與維運建置，但仍須以個別接單公告確認。",
        "source_url": "https://event.systex.com/zh-hant/manufacturing/global-it-services-solutions",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed"
      },
      {
        "driver": "製造與企業流程持續數位化",
        "explanation": "東捷資訊提供SAP ERP、AI商業應用、智慧工廠與資訊委外。企業把既有流程整合、自動化，形成顧問、開發、導入與維運的服務需求。",
        "source_url": "https://www.itts.com.tw/zh-tw/company-profile",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed"
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    "leaders": [
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        "name": "精誠",
        "role": "大型系統整合與跨國IT服務",
        "why": "配置50多位跨國專案管理顧問、400多位台灣後援人員，具海外IT交付能力。",
        "source_url": "https://event.systex.com/zh-hant/manufacturing/global-it-services-solutions",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
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        "name": "零壹",
        "role": "國際IT產品與資安通路",
        "why": "官網列出超過2,500家經銷夥伴，連接原廠技術與台灣企業採購。",
        "source_url": "https://www.zerone.com.tw/about/zerone",
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        "accessed_at": "2026-10-18"
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        "name": "邁達特",
        "role": "雲端平台與企業IT代理",
        "why": "2026年1月正式成為AWS台灣代理商，將雲端服務接進既有經銷通路。",
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        "source_date": "2026-01-05",
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        "code": "4953",
        "name": "緯致",
        "role": "軟體工程與全球交付",
        "why": "原名緯創軟體，服務涵蓋AI、資料、雲端及業務流程委外，對接半導體與金融等產業。",
        "source_url": "https://www.wits.com/tw/",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
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      {
        "code": "6183",
        "name": "關貿",
        "role": "通關資料交換與政府平台",
        "why": "提供海空運通關EDI傳輸，也承作政府資訊與電子商務平台，連接企業和政府資料流程。",
        "source_url": "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=4756496b-fcea-48d5-a3b8-b49e18bd51fc",
        "source_date": "2025-07-17",
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        "code": "8284",
        "name": "三竹",
        "role": "行動金融與企業簡訊平台",
        "why": "產品涵蓋行動交易、看盤SDK及企業簡訊，服務從金融介面延伸到企業通知。",
        "source_url": "https://www.mitake.com.tw/",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6752",
        "name": "叡揚",
        "role": "企業自有軟體與雲端應用",
        "why": "產品涵蓋人資、公文、CRM及知識管理，並將AI功能整合進既有企業軟體。",
        "source_url": "https://www.gss.com.tw/about/introduction",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
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      {
        "code": "3570",
        "name": "大塚",
        "role": "工程設計軟體與導入顧問",
        "why": "提供CAD、CAM、CAE等設計工具及顧問服務，並自研HyperPDM產品資訊管理系統。",
        "source_url": "https://www.oitc.com.tw/",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6231",
        "name": "系微",
        "role": "BIOS與系統管理韌體",
        "why": "供應InsydeH2O UEFI BIOS及OpenBMC相關方案，參與PC、伺服器等平台的底層軟體。",
        "source_url": "https://www.insyde.com/zh-hant/home/",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
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      {
        "code": "5203",
        "name": "訊連",
        "role": "影音創作軟體與訂閱產品",
        "why": "擁有PowerDirector與PhotoDirector等自有產品，提供影片、相片編輯與AI創作功能。",
        "source_url": "https://tw.cyberlink.com/",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed",
        "accessed_at": "2026-10-18"
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        "event": "叡揚發表 C.ai 3.0 企業級 Agentic AI 平台，將權限控管、工具調用與 AI 工作流整合，拓展企業軟體應用。",
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        "source_url": "https://www.gss.com.tw/cn/focus/news-center/4860-20260731-Cai30",
        "source_date": "2026-07-31",
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        "date": "2026-08-12",
        "event": "台灣大宣布透過台信電訊公開收購精誠，目標增持至少 39% 股權，推進資訊服務與電信整合；屬收購計畫，尚非完成交易。",
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        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=96897c77-f1e3-4749-82ad-d89c4de7b447",
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        "event": "零壹營運更新：部分資安產品導入訂閱模式，並指出AI部署帶動資料治理、權限與資安整合需求。",
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        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=2cb9fa0c-e5fe-4548-9f7f-d9dc85603378",
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        "source_date_kind": "published",
        "date_kind": "營運報導日期；非訂閱服務最初推出日"
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        "date": "2026-09-17",
        "event": "訊連推出 PowerDirector 2027、PhotoDirector 2027 年度更新，導入 AI Agent，並擴大生成式 AI 與 AI PC 本機運算功能。",
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          "5203"
        ],
        "source_url": "https://tw.cyberlink.com/twn/press_room/view_5291.html",
        "source_date": "2026-09-17",
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          "8416"
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        "source_url": "https://www.swtc.com/zh-tw/news/pressrelease-solidworkspdmxeop-machan",
        "source_date": "2026-10-07",
        "source_date_kind": "published"
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        "date": "2026-10-06",
        "event": "大世科營運更新：AI 算力、資料中心與應用服務並進，海外先聚焦東南亞；泰國已有客戶，下一步鎖定越南與馬來西亞。",
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        "source_url": "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=546a97db-dc91-45c3-8df1-586deebb3915",
        "source_date": "2026-10-06",
        "source_date_kind": "published",
        "date_kind": "營運報導日期；非所有專案同日完成"
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        "date": "2026-10-08",
        "event": "系微宣布 InsydeH2O UEFI BIOS 導入首波 NVIDIA RTX Spark N1X 筆電，延伸 Arm 架構 AI PC 韌體支援。",
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        ],
        "source_url": "https://www.insyde.com/zh-hant/news/press-releases/insyde-software-to-power-a-host-of-nvidia-rtx-spark-n1x-superchip-laptops/",
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        "source_date_kind": "published"
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        "date": "2026-10-08",
        "event": "緯致發生內部系統異常存取，部分員工及公務聯繫資訊遭未授權存取；公司 10 月 9 日公告已隔離與修補，當時營運正常、尚無重大影響。",
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        "source_url": "https://m.moneydj.com/f1a.aspx?a=cd46c486-cf33-4489-9cf1-823cd1d3c33f&c=MB00",
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        "event": "普鴻宣布自研 13 項後量子密碼演算法程式取得 NIST CAVP 驗證，並以此升級 HSM 與資料保護產品線。",
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        "source_url": "https://money.udn.com/money/amp/story/5612/9812286",
        "source_date": "2026-10-13",
        "source_date_kind": "published"
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        "expected": "2026-11-05",
        "event": "台信電訊公開收購精誠的公告截止日為 11 月 5 日 15:30。觀察應賣結果、公平會審查與後續整合公告；截止日不代表交易必然完成。",
        "codes": [
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        "source_url": "https://corp.taiwanmobile.com/press-release/news/press_20260929_671782.html",
        "source_date": "2026-09-29",
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        "event": "大塚預定在台中舉辦 IT 宴，內容涵蓋 Lenovo AI 工作站、自建 AI 方案與維運服務，可觀察企業 AI 建置與顧問服務推廣。",
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        "source_url": "https://www.oitc.com.tw/events-detail/11_6_大塚專屬IT宴_-_打造穩定架構生態與AI實戰力_台中場/882",
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        "source_date_kind": "accessed; 單篇活動頁未標發布日"
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        "event": "大塚預定在台北舉辦 Archicad 30 研討會，展示智慧輔助、BIM 協作與跨平台資料交換，觀察營建設計軟體升級需求。",
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        "source_url": "https://www.oitc.com.tw/events-detail/11_13_Archicad_30_智慧設計新紀元研討會_北部場/884",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed; 單篇活動頁未標發布日"
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        "event": "Microsoft Ignite 預定 11 月 17 至 20 日在舊金山及線上舉行，是追蹤企業 AI、雲端與資安產品的觀察窗；此處不代表台廠已確認參展。",
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        "source_url": "https://ignite.microsoft.com/en-US/home?page=1",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed; 活動首頁未標發布日"
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        "expected": "2026-11-30",
        "event": "AWS re:Invent 預定 11 月 30 日至 12 月 4 日在拉斯維加斯舉行，可觀察雲端、AI 與合作夥伴方案更新；此處不代表台廠已確認參展。",
        "codes": [],
        "source_url": "https://aws.amazon.com/events/reinvent/",
        "source_date": "2026-10-18",
        "source_date_kind": "accessed; 活動首頁未標發布日"
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        "ticker": "NASDAQ: MSFT",
        "relation": "上游平台與合作夥伴；邁達特提供Azure相關服務，可對照台灣業者的雲端整合與加值服務定位。",
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        "why": "觀察服務是否持續收費及客戶是否續約；分清公司所稱穩定收入、雲用量和正式揭露的年度經常性收入，避免混用。",
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        "metric": "在手訂單與專案認列進度",
        "why": "精誠9月營收增額主要來自政府大型專案。追蹤公司已揭露的接單、交付與收入認列時間，辨別單一專案挹注與後續動能；未揭露金額不估算。",
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        "basis": "研究者建議的追蹤方法；非來源機構的投資建議。公司未揭露的數值不估造。"
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      "https://www.leosys.com/index.php/aboutleo",
      "https://fis.com.tw/about/introduction/",
      "https://dimension.d-plus.com.tw/about_us.php",
      "https://www.acer-ast.com/wp-content/uploads/Acer-ast-ESGReport2024.pdf",
      "https://www.hpicorp.com.tw/index.aspx",
      "https://www.mds.com.tw/tc/",
      "https://www.hsnservice.com/tw",
      "https://www.wits.com/tw/",
      "https://www.gss.com.tw/about/introduction",
      "https://www.itts.com.tw/zh-tw/company-profile",
      "https://www.mitake.com.tw/",
      "https://www.moneydj.com/KMDJ/Wiki/WikiViewer.aspx?KeyID=4756496b-fcea-48d5-a3b8-b49e18bd51fc",
      "https://www.ddsc.com.tw/",
      "https://www.hyweb.com.tw/about-hyweb/intro",
      "https://www.sysjust.com.tw/About/CompanyProfile.aspx",
      "https://www.oitc.com.tw/",
      "https://www.swtc.com/zh-tw/",
      "https://www.insyde.com/zh-hant/home/",
      "https://tw.cyberlink.com/",
      "https://aws.amazon.com/tw/events/taiwan/news/taipei-region/",
      "https://moda.gov.tw/ADI/news/latest-news/19806",
      "https://www.gss.com.tw/cn/focus/news-center/4860-20260731-Cai30",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=96897c77-f1e3-4749-82ad-d89c4de7b447",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=2cb9fa0c-e5fe-4548-9f7f-d9dc85603378",
      "https://tw.cyberlink.com/twn/press_room/view_5291.html",
      "https://www.swtc.com/zh-tw/news/pressrelease-solidworkspdmxeop-machan",
      "https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=546a97db-dc91-45c3-8df1-586deebb3915",
      "https://www.insyde.com/zh-hant/news/press-releases/insyde-software-to-power-a-host-of-nvidia-rtx-spark-n1x-superchip-laptops/",
      "https://m.moneydj.com/f1a.aspx?a=cd46c486-cf33-4489-9cf1-823cd1d3c33f&c=MB00",
      "https://money.udn.com/money/amp/story/5612/9812286",
      "https://corp.taiwanmobile.com/press-release/news/press_20260929_671782.html",
      "https://www.oitc.com.tw/events-detail/11_6_大塚專屬IT宴_-_打造穩定架構生態與AI實戰力_台中場/882",
      "https://www.oitc.com.tw/events-detail/11_13_Archicad_30_智慧設計新紀元研討會_北部場/884",
      "https://ignite.microsoft.com/en-US/home?page=1",
      "https://aws.amazon.com/events/reinvent/",
      "https://www.microsoft.com/en-us/investor/default",
      "https://www.metaage.com.tw/solutions/cloud-application-integration",
      "https://ir.aboutamazon.com/overview/default.aspx",
      "https://www.ibm.com/investor/help/general-faqs",
      "https://www.metaage.com.tw/about/operations",
      "https://investor.3ds.com/",
      "https://newsroom.accenture.com/fact-sheet",
      "https://www.zerone.com.tw/assets/upload/financial_statement/d3d9446802a44259755d38e6d163e820.pdf?ef57020ff9efe12a080ceb35=",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=71a873bc-c284-415c-9065-3c9103447cd5",
      "https://www.mpinfo.com.tw/images/pdf/113%E5%B9%B4%E5%BA%A6%E5%B9%B4%E5%A0%B1%28114%E8%82%A1%E6%9D%B1%E6%9C%83%29.pdf"
    ]
  },
  {
    "industry": "居家生活",
    "as_of": "2026-10-18",
    "one_liner": "從巷口採買到家中窗飾與設備",
    "one_liner_en": "Taiwan’s everyday retailers and global suppliers of home products.",
    "overview": "全家2026年9月營收約95億元，比去年同期增加2.7%。居家生活像一份從出門到回家的採買清單，便利商店與美妝通路處理日常需要，窗簾、家具、門鎖和廚衛設備則把生活空間補齊。設計、製造與安裝服務接續分工。清單36家公司當月合計約238億元，年增5.0%。前三大中的億豐年增13.5%，寶雅*增加15.7%，都高於全家與整體。寶雅*當月營收約24億元，也是月營收達10億元公司中的增幅首位，零售與居家製造呈現不同成長幅度。下一次以全家的2.7%和寶雅*的15.7%作比較，看日常採買收入如何變化。",
    "segments": [
      {
        "name": "生活零售與品牌通路",
        "description": "從便利商店、美妝、寵物用品到食品、服飾、香氛及包材，靠選品、品牌和通路服務連結日常消費；弘帆也供應海外個護商品。",
        "codes": [
          "5903",
          "5904",
          "8433",
          "6968",
          "5902",
          "3171",
          "2916",
          "7782"
        ]
      },
      {
        "name": "門鎖、衛浴與修繕五金",
        "description": "涵蓋五金鑄件、衛浴成品、門控系統與修繕零售；製造端與通路端的需求和毛利結構不同。",
        "codes": [
          "9934",
          "9924",
          "2062",
          "6629",
          "2947"
        ]
      },
      {
        "name": "窗飾與餐廚用品",
        "description": "以窗簾、家飾、餐具及烘焙器具為主，結合產品設計、製造與品牌銷售。",
        "codes": [
          "8464",
          "9935",
          "3557",
          "6671"
        ]
      },
      {
        "name": "家具、地材與室內工程",
        "description": "涵蓋家具製造、家具品牌、地板銷售及室內裝修；訂單可能來自海外通路、一般家庭或商業空間。",
        "codes": [
          "6807",
          "8066",
          "6754",
          "8482",
          "6195",
          "2948",
          "6616"
        ]
      },
      {
        "name": "家電與廚衛設備",
        "description": "提供廚房、空調、洗烘衣、影音及潔淨家電，也包含瓦斯應用設備；銷售後的安裝與服務是重要分工。",
        "codes": [
          "9911",
          "6728",
          "2937",
          "8941",
          "7794"
        ]
      },
      {
        "name": "其他精密零件與新能源",
        "description": "泰茂主業包含活塞環及引擎零件，並延伸儲能；依輸入清單納入，另列觀察其自身需求。",
        "codes": [
          "2230"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "從金屬、塑膠零件與木料供應開始，提供模具、鑄件及家具材料。清單中的橋椿、泰金與特昇可作相關觀察點；部分公司也做到成品。",
        "codes": [
          "2062",
          "6629",
          "6616"
        ]
      },
      "midstream": {
        "description": "將零件和材料做成窗飾、家具、門鎖、衛浴、廚房設備及餐廚用品，再以代工或自有品牌銷售。不同產品是平行供應鏈，並非所有公司依序交易。",
        "codes": [
          "8464",
          "9935",
          "6807",
          "8482",
          "9934",
          "9924",
          "9911",
          "3557",
          "6671",
          "8941",
          "7794"
        ]
      },
      "downstream": {
        "description": "經代理商、品牌門市、電商、家電與五金通路交到消費者手中；室內設計及裝修服務再把地材、家具和設備整合到空間。日用品零售另有自己的供應鏈。",
        "codes": [
          "5903",
          "5904",
          "6968",
          "8433",
          "5902",
          "3171",
          "2916",
          "7782",
          "8066",
          "6195",
          "2948",
          "6754",
          "6728",
          "2937",
          "2947"
        ]
      }
    },
    "drivers": [
      {
        "driver": "修繕與替換需求",
        "explanation": "Home Depot在2026年第二季財報表示，小型修繕專案持續帶來需求。對台廠的啟示是分開追蹤日常替換與大型裝修訂單，不能只看新屋景氣。後半段為研究判讀。",
        "source_url": "https://ir.homedepot.com/news-releases/2026/08-18-2026-110040463",
        "source_date": "2026-08-18",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "節能家電汰換政策",
        "explanation": "能源署公告2026年續辦住宅家電汰舊換新節能補助。補助降低符合條件家電的購置負擔，可作冷氣、冰箱通路需求的觀察點；實際銷量仍須看公司揭露。",
        "source_url": "https://save3000.moeaea.gov.tw/subsidy02/news/upt.aspx?p0=13",
        "source_date": "2025-12-29",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "智慧廚房與淨水耗材",
        "explanation": "櫻花揭露2026年8月AI智能產品銷量年增24%，淨水濾心耗材增53%。設備安裝與後續耗材需求可分開追蹤，避免把單月成長直接外推全年。",
        "source_url": "https://m.moneydj.com/f1a.aspx?a=dd118e41-a9fd-4df8-8805-8080e6eb0583&c=MB06",
        "source_date": "2026-09-08",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "會員與線上線下整合",
        "explanation": "全家在2026年10月6日官網稿揭露，會員超過2,050萬、會員營收占比近六成，並串接聯名卡點數。會員回購和跨通路服務，是觀察生活零售需求的重要線索。",
        "source_url": "https://www.family.com.tw/ESG/NewsShow?NSNO=202610060000203",
        "source_date": "2026-10-06",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18"
      },
      {
        "driver": "寵物商品與照護服務",
        "explanation": "萬達寵物同時經營用品、線上商城、美容與住宿服務。研究上可追蹤飼料用品回購與服務使用頻率，理解需求延續性；這是依業務組合提出的觀察方向。",
        "source_url": "https://www.wonderpet.asia/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "5903",
        "name": "全家",
        "role": "便利商店與會員生活服務平台",
        "why": "2025年底店數達4,470店，提供大規模社區零售接點。",
        "source_url": "https://www.family.com.tw/ESG/Aboutus",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "8464",
        "name": "億豐",
        "role": "窗飾製造與國際品牌",
        "why": "以NORMAN經營客製化窗飾，並以VENETA經營歐洲客製窗簾電商。",
        "source_url": "https://www.nienmade.com.tw/brand.aspx",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "5904",
        "name": "寶雅*",
        "role": "美妝與生活百貨零售",
        "why": "商品涵蓋美妝保養、個人用品及生活日用品，可連結多種日常消費需求。",
        "source_url": "https://www.poya.com.tw/about/60/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "9934",
        "name": "成霖",
        "role": "廚衛設備與品牌供應商",
        "why": "旗下品牌包括Gerber、Bathrooms to Love與Lenz，連結製造與品牌銷售。",
        "source_url": "https://tw.globeunion.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "9911",
        "name": "櫻花",
        "role": "廚房電器與整體廚房",
        "why": "從廚具製造延伸至廚藝生活館，提供設計、廚具與設備整合。",
        "source_url": "https://www.sakura-kitchenlife.com.tw/about/introduce",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "9924",
        "name": "福興",
        "role": "門鎖與門控系統製造",
        "why": "同時具備機械鎖、電子門控和關門器產品線，並整合鑄件與表面處理。",
        "source_url": "https://www.fuhsing.com.tw/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "6807",
        "name": "峰源-KY",
        "role": "國際家具製造",
        "why": "產品包含沙發、座椅與實木家具，供應歐美及日本等市場。",
        "source_url": "https://www.fy-grp.com/gongsijianjie",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "6728",
        "name": "上洋",
        "role": "空調與商用洗衣設備代理",
        "why": "代理三菱重工空調，並提供商用洗烘衣及廚房家電，涵蓋家庭與商用需求。",
        "source_url": "https://www.upyoung.com.tw/portal_c2_cnt.php?button_num=c2&folder_id=&owner_num=c2_67464",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "code": "6968",
        "name": "萬達寵物",
        "role": "寵物商品與服務通路",
        "why": "結合寵物公園、毛孩市集及美容服務，串接實體門市與電商。",
        "source_url": "https://www.wonderpet.asia/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      }
    ],
    "recent": [
      {
        "date": "2026-09-29",
        "event": "寶雅推進美妝店型與門市數位化；2026年規劃將24家既有店改裝為POYA Beauty，全年展店目標60家，並導入電子標籤與自助結帳。",
        "codes": [
          "5904"
        ],
        "source_url": "https://tcfa.org.tw/announce_detail.asp?id=9214209",
        "source_date": "2026-09-29",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "協會報導發布日，非宣稱24家已全部改裝完成。"
      },
      {
        "date": "2026-09-22",
        "event": "億豐公告，截至9月22日對全資子公司Veneta Vietnam累計匯出投資款930萬美元，用於擴大集團生產基地。",
        "codes": [
          "8464"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202609223007.aspx",
        "source_date": "2026-09-22",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "當日公司公告，由中央社財經新聞報導；累計匯款期間為2月5日至9月22日。"
      },
      {
        "date": "2026-09-19",
        "event": "萬達寵物公告接獲少數客戶反映疑似個資外洩，已保存資料並調查；公司當時表示財務與業務尚無重大影響。",
        "codes": [
          "6968"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f0dedbe9-3d2b-41ba-9667-da2b147b0501",
        "source_date": "2026-09-19",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "公告事實發生日與MoneyDJ刊登日相同。"
      },
      {
        "date": "2026-09-15",
        "event": "全家與台新推出全家Richart聯名卡，串接銀行點數與Fa點；公司透露會員數突破2,050萬，會員營收占比近六成。",
        "codes": [
          "5903"
        ],
        "source_url": "https://www.family.com.tw/ESG/NewsShow?NSNO=202610060000203",
        "source_date": "2026-10-06",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "全家官網新聞列表標記2026-10-06，正文載明9月15日起正式發行；事件日期用實際發行日。"
      },
      {
        "date": "2026-09-09",
        "event": "上洋說明家用空調通路回補庫存與大型冰水機專案陸續認列，並於2026年新增代理三菱重工燃氣發電機，延伸能源系統整合業務。",
        "codes": [
          "6728"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b41a27a5-66c0-4024-9ca6-5625fd275243",
        "source_date": "2026-09-09",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "公司營運近況的報導日；新增代理確切簽約日未揭露，因此不能稱為當日簽約。"
      },
      {
        "date": "2026-09-08",
        "event": "櫻花說明8月AI智能產品銷量年增24%、淨水主機增14%、濾心耗材增53%；公司持續透過建案合作擴大設備安裝與後續耗材服務。",
        "codes": [
          "9911"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=dd118e41-a9fd-4df8-8805-8080e6eb0583&c=MB06",
        "source_date": "2026-09-08",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "報導發布日，銷量年增率指2026年8月。"
      },
      {
        "date": "2026-08-11",
        "event": "泰茂於官網說明董事會通過泰國儲能型光電系統裝置採購案，推進東南亞新能源設備業務；後續出貨與營收認列仍依執行進度。",
        "codes": [
          "2230"
        ],
        "source_url": "https://cti-group.net/?lang=zh",
        "source_date": "2026-08-11",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "date_basis": "採官網發布日；正文在搜尋結果載董事會日期8月10日，未以其日期取代發布日。"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-27",
        "event": "寶雅預定公布2026年第三季財務報告，可檢視展店與美妝店型升級後的獲利和費用變化；日期依公司行事曆，得調整。",
        "codes": [
          "5904"
        ],
        "source_url": "https://www.poya.com.tw/investor/44/123/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "expected": "2026-11-10",
        "event": "寶雅預定公布10月營收，可觀察新增門市及店型調整後的銷售表現；日期依公司行事曆，得調整。",
        "codes": [
          "5904"
        ],
        "source_url": "https://www.poya.com.tw/investor/44/123/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "expected": "2026-12-10",
        "event": "台北國際建築建材暨產品展於12月10日至13日舉行，可觀察廚衛、門窗、地壁材、節能及智慧居家產品方向；未據此宣稱個別上市櫃公司參展或接單。",
        "codes": [],
        "source_url": "https://www.taipeibex.com.tw/zh-tw/news/CE7089B106F70E22/info.html?cid=DC00743&lt=table",
        "source_date": "2026-09-10",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18",
        "source_updated_date": "2026-10-15"
      },
      {
        "expected": "2026-12-31",
        "event": "現行住宅家電汰舊換新節能補助的購買期限至12月31日，申請期限至2027年1月31日；追蹤冷氣與冰箱汰換需求及是否續辦。經費用罄時可提前終止。",
        "codes": [
          "6728",
          "2937"
        ],
        "source_url": "https://save3000.moeaea.gov.tw/subsidy02/news/upt.aspx?p0=13",
        "source_date": "2025-12-29",
        "source_date_type": "published_or_updated",
        "accessed_date": "2026-10-18"
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    ],
    "global_peers": [
      {
        "name": "The Home Depot",
        "ticker": "NYSE: HD",
        "relation": "北美居家修繕通路，也是慶豐富揭露的客戶；其同店銷售與修繕需求可作外銷端的觀察點。"
      },
      {
        "name": "Lowe’s Companies",
        "ticker": "NYSE: LOW",
        "relation": "北美修繕通路，也是慶豐富揭露的客戶；可對照通路銷售、網購及專業客戶需求。"
      },
      {
        "name": "ASSA ABLOY",
        "ticker": "Nasdaq Stockholm: ASSA B",
        "relation": "國際門禁解決方案業者，可與福興的門鎖及電子門控產品作業務比較；此處為研究對照。"
      },
      {
        "name": "La-Z-Boy Incorporated",
        "ticker": "NYSE: LZB",
        "relation": "家具製造與零售業者，可對照峰源、商億及詩肯的產品與通路模式；此處為研究對照。"
      }
    ],
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      {
        "metric": "既有店銷售、客單價與淨增店數",
        "why": "全家、寶雅等通路應拆開看單店成長與展店貢獻，才能判斷營收成長是否來自原有顧客需求。"
      },
      {
        "metric": "北美修繕通路同店銷售與客戶訂單",
        "why": "Home Depot與Lowe’s是居家用品的需求觀察點；搭配台廠訂單變化，可判斷消費回溫是否傳到供應鏈。"
      },
      {
        "metric": "庫存週轉天數與營業現金流",
        "why": "把存貨、應收款與現金流一起看，可檢查出貨成長是否伴隨備貨或資金占用；天數須用一致的平均存貨口徑。"
      },
      {
        "metric": "毛利率、匯率與原料成本",
        "why": "外銷用品涉及美元收款，窗飾又使用塑化原料與布料；把毛利率和匯率、成本一起看，較能分辨數量與成本的影響。"
      },
      {
        "metric": "設備銷量、耗材回購與服務收入",
        "why": "櫻花的淨水設備與濾心、萬達的用品與美容服務，需求頻率不同；分開追蹤可看見一次銷售之外的持續需求。"
      }
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    "sources": [
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      "https://corporate.lowes.com/newsroom/press-releases/lowes-reports-second-quarter-2026-sales-and-earnings-results-08-19-26",
      "https://cti-group.net/?lang=zh",
      "https://findit.sme.gov.tw/tw/Startup/S2x3VTRxLzlqdjV1SFlKYkdRR2VyUT09/Basic",
      "https://ir.homedepot.com/news-releases/2026/08-18-2026-110040463",
      "https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/reports-and-presentations/quarterly-earnings/2026/hd-q2-2026-10q.pdf",
      "https://ir.la-z-boy.com/overview",
      "https://m.moneydj.com/f1a.aspx?a=dd118e41-a9fd-4df8-8805-8080e6eb0583&c=MB06",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://sannenggroup.com/about-sanneng/profile/",
      "https://save3000.moeaea.gov.tw/subsidy02/news/upt.aspx?p0=13",
      "https://tcfa.org.tw/announce_detail.asp?id=9214209",
      "https://tw.globeunion.com/",
      "https://tw.globeunion.com/about/",
      "https://www.ald.com.tw/about-zhenyu/",
      "https://www.assaabloy.com/group/en/investors",
      "https://www.assaabloy.com/group/en/investors/assa-abloy-share",
      "https://www.assaabloy.com/group/sv/about-us/corporate-governance",
      "https://www.chingfeng.com/cn/company.html",
      "https://www.cna.com.tw/news/afe/202609223007.aspx",
      "https://www.cnyes.com/twstock/2916/company/profile",
      "https://www.cnyes.com/twstock/9911/company/profile",
      "https://www.family.com.tw/ESG/Aboutus",
      "https://www.family.com.tw/ESG/NewsShow?NSNO=202605110000162",
      "https://www.family.com.tw/ESG/NewsShow?NSNO=202610060000203",
      "https://www.fuhsing.com.tw/about",
      "https://www.fy-grp.com/gongsijianjie",
      "https://www.grandhall.com.tw/pages/about-us",
      "https://www.gseven.com.tw/faq_top.php",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ac29c83c-d62d-4d11-a111-996de1658564",
      "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=d86901ef-8f30-4349-a4d5-6b430982e418",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b41a27a5-66c0-4024-9ca6-5625fd275243",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f0dedbe9-3d2b-41ba-9667-da2b147b0501",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3a1a71d8-875b-4892-a714-622aa42eae4b",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=74e598f3-0555-463c-a051-d8c783d3a86b",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c665e235-0956-4400-8c0f-50266b741491",
      "https://www.nienmade.com.tw/brand.aspx",
      "https://www.poya.com.tw/about/60/",
      "https://www.poya.com.tw/investor/44/123/",
      "https://www.poya.com.tw/investor/44/229/",
      "https://www.richhonour.com.tw/tw/about.html",
      "https://www.sakura-kitchenlife.com.tw/about/introduce",
      "https://www.scanteak.com.tw/about/",
      "https://www.shaneglobal.com.tw/",
      "https://www.speeding-rocket.com/zh-tw/about.html",
      "https://www.sunspring.com.tw/tw/about/%E5%85%AC%E5%8F%B8%E4%BB%8B%E7%B4%B9",
      "https://www.taipeibex.com.tw/zh-tw/news/CE7089B106F70E22/info.html?cid=DC00743&lt=table",
      "https://www.tait.com.tw/tw/about/index.aspx?kind=1",
      "https://www.thai-kin.com/about/company-profile/",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.upyoung.com.tw/portal_c2_cnt.php?button_num=c2&folder_id=&owner_num=c2_67464",
      "https://www.wonderpet.asia/",
      "https://www.ycdist.com/AboutCompany.php"
    ],
    "_research": {
      "methodology": "截至2026-10-18的公開資料研究。事實與研究判讀分開標示。未標日期的公司常設頁，只記查閱日期，不補造發布日。sources是去重網址；詳細日期與欄位對應見本區及各列source_date_type。",
      "input": {
        "path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
        "sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
        "revenue_month": "2026-09",
        "report_dates": [
          "2026-10-17"
        ],
        "revenue_unit": "新台幣千元",
        "source_urls": [
          "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
          "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
        ]
      },
      "scale": {
        "company_count": 36,
        "monthly_revenue_thousand_twd": 23839240,
        "prior_year_monthly_revenue_thousand_twd": 22703397,
        "aggregate_yoy_percent": 5.002965,
        "top3_revenue_share_percent": 60.980572,
        "top15_revenue_share_percent": 88.417483,
        "top30_revenue_share_percent": 99.315687,
        "note": "公司合併營收加總，可能含集團業務及企業間交易，非終端市場規模。年增採總額比較，非個別年增率平均。"
      },
      "coverage": {
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        "classified_top_n": 30,
        "unclassified_codes": [
          "2938",
          "2941",
          "4609",
          "3067",
          "4702",
          "2924"
        ],
        "note": "依任務以前30大逐家分群；後6家保留於整體規模統計，不推測其分工。value_chain只列本清單中可核實角色，不要求每家公司出現。"
      },
      "windows": {
        "recent_start": "2026-07-20",
        "recent_end": "2026-10-18",
        "future_start": "2026-10-19",
        "future_end": "2027-04-18"
      },
      "company_mapping": [
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          "role": "便利商店與生活服務",
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          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
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          "name": "億豐",
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          "role": "客製化與固定尺寸窗飾、自有品牌NORMAN",
          "source_url": "https://www.nienmade.com.tw/brand.aspx",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
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          "source_url": "https://www.poya.com.tw/about/60/",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
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          "segment": "門鎖、衛浴與修繕五金",
          "role": "廚衛設備製造與品牌經營",
          "source_url": "https://tw.globeunion.com/about/",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
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          "segment": "家電與廚衛設備",
          "role": "廚房電器、熱水器與整體廚房",
          "source_url": "https://www.cnyes.com/twstock/9911/company/profile",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
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          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
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          "segment": "門鎖、衛浴與修繕五金",
          "role": "鋅、銅與塑膠零組件及衛浴成品組裝",
          "source_url": "https://www.sunspring.com.tw/tw/about/%E5%85%AC%E5%8F%B8%E4%BB%8B%E7%B4%B9",
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          "source_date_type": "accessed",
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          "source_url": "https://www.fy-grp.com/gongsijianjie",
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          "source_date_type": "accessed",
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          "source_date": "2026-10-18",
          "source_date_type": "accessed",
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        },
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          "source_date": "2026-10-18",
          "source_date_type": "accessed",
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          "name": "集雅社",
          "segment": "家電與廚衛設備",
          "role": "影音家電銷售、配送與安裝",
          "source_url": "https://www.gseven.com.tw/faq_top.php",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
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          "segment": "家具、地材與室內工程",
          "role": "自有品牌家具與國際行銷",
          "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=74e598f3-0555-463c-a051-d8c783d3a86b",
          "source_date": "2025-06-10",
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          "accessed_date": "2026-10-18"
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          "segment": "家具、地材與室內工程",
          "role": "室內設計、專案管理與裝修工程",
          "source_url": "https://www.richhonour.com.tw/tw/about.html",
          "source_date": "2026-10-18",
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          "accessed_date": "2026-10-18"
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          "segment": "窗飾與餐廚用品",
          "role": "餐具、廚具與生活用品設計製造",
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          "segment": "家具、地材與室內工程",
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          "source_date": "2026-10-18",
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          "name": "炎洲流通",
          "segment": "生活零售與品牌通路",
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          "source_url": "https://www.ycdist.com/AboutCompany.php",
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          "source_date_type": "accessed",
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          "role": "五金工具與居家修繕零售",
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          "source_date": "2026-10-18",
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        },
        {
          "rank": 22,
          "code": "6195",
          "name": "詩肯",
          "segment": "家具、地材與室內工程",
          "role": "家具品牌與連鎖門市",
          "source_url": "https://www.scanteak.com.tw/about/",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 23,
          "code": "2948",
          "name": "寶陞",
          "segment": "家具、地材與室內工程",
          "role": "地板與室內裝修建材銷售",
          "source_url": "https://bausen.com/storage/2025/10/2024%E5%B9%B4%E5%AF%B6%E9%99%9E%E6%B0%B8%E7%BA%8C%E5%A0%B1%E5%91%8A%E6%9B%B8_%E4%BF%AE%E8%A8%82%E7%89%88_%E8%B6%85%E9%80%A3%E7%B5%90.pdf",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 24,
          "code": "6671",
          "name": "三能-KY",
          "segment": "窗飾與餐廚用品",
          "role": "專業與家用烘焙器具",
          "source_url": "https://sannenggroup.com/about-sanneng/profile/",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 25,
          "code": "6629",
          "name": "泰金-KY",
          "segment": "門鎖、衛浴與修繕五金",
          "role": "家飾五金鑄件與模具開發",
          "source_url": "https://www.thai-kin.com/about/company-profile/",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 26,
          "code": "7794",
          "name": "宏碁智新",
          "segment": "家電與廚衛設備",
          "role": "智慧潔淨家電與節能產品",
          "source_url": "https://findit.sme.gov.tw/tw/Startup/S2x3VTRxLzlqdjV1SFlKYkdRR2VyUT09/Basic",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 27,
          "code": "2916",
          "name": "滿心",
          "segment": "生活零售與品牌通路",
          "role": "成衣針織品與品牌代理經銷",
          "source_url": "https://www.cnyes.com/twstock/2916/company/profile",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 28,
          "code": "2230",
          "name": "泰茂",
          "segment": "其他精密零件與新能源",
          "role": "活塞環、引擎零件與新能源儲能",
          "source_url": "https://cti-group.net/?lang=zh",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 29,
          "code": "6616",
          "name": "特昇-KY",
          "segment": "家具、地材與室內工程",
          "role": "木製寢室家具與橡膠木原料銷售",
          "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c665e235-0956-4400-8c0f-50266b741491",
          "source_date": "2026-09-04",
          "source_date_type": "published_or_updated",
          "accessed_date": "2026-10-18"
        },
        {
          "rank": 30,
          "code": "7782",
          "name": "光速火箭",
          "segment": "生活零售與品牌通路",
          "role": "香氛品牌、品牌行銷與電商系統",
          "source_url": "https://www.speeding-rocket.com/zh-tw/about.html",
          "source_date": "2026-10-18",
          "source_date_type": "accessed",
          "accessed_date": "2026-10-18"
        }
      ],
      "field_evidence": [
        {
          "field": "overview",
          "sources": [
            {
              "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
              "source_date": "2026-10-17",
              "source_date_type": "input_report_date",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
              "source_date": "2026-10-17",
              "source_date_type": "input_report_date",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://ir.homedepot.com/news-releases/2026/08-18-2026-110040463",
              "source_date": "2026-08-18",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "金額、年增及集中度由指定latest.json計算；官方API網址為輸入所附來源，不冒稱本次重抓API的歷史快照。需求分流為研究判讀。"
        },
        {
          "field": "one_liner,one_liner_en",
          "sources": [
            {
              "source_url": "https://www.family.com.tw/ESG/Aboutus",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.nienmade.com.tw/brand.aspx",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.poya.com.tw/about/60/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "依公司業務歸納，非外部市場排名。"
        },
        {
          "field": "segments/0",
          "sources": [
            {
              "source_url": "https://www.family.com.tw/ESG/Aboutus",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.poya.com.tw/about/60/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ac29c83c-d62d-4d11-a111-996de1658564",
              "source_date": "2026-03-27",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.wonderpet.asia/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.tait.com.tw/tw/about/index.aspx?kind=1",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.ycdist.com/AboutCompany.php",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.cnyes.com/twstock/2916/company/profile",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.speeding-rocket.com/zh-tw/about.html",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究分群，每家前30大公司恰歸一群；不代表交易所另有這些正式次分類。"
        },
        {
          "field": "segments/1",
          "sources": [
            {
              "source_url": "https://tw.globeunion.com/about/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.fuhsing.com.tw/about",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.sunspring.com.tw/tw/about/%E5%85%AC%E5%8F%B8%E4%BB%8B%E7%B4%B9",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.thai-kin.com/about/company-profile/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.ald.com.tw/about-zhenyu/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究分群，每家前30大公司恰歸一群；不代表交易所另有這些正式次分類。"
        },
        {
          "field": "segments/2",
          "sources": [
            {
              "source_url": "https://www.nienmade.com.tw/brand.aspx",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.chingfeng.com/cn/company.html",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=d86901ef-8f30-4349-a4d5-6b430982e418",
              "source_date": "2026-08-25",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://sannenggroup.com/about-sanneng/profile/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究分群，每家前30大公司恰歸一群；不代表交易所另有這些正式次分類。"
        },
        {
          "field": "segments/3",
          "sources": [
            {
              "source_url": "https://www.fy-grp.com/gongsijianjie",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=74e598f3-0555-463c-a051-d8c783d3a86b",
              "source_date": "2025-06-10",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.richhonour.com.tw/tw/about.html",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.shaneglobal.com.tw/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.scanteak.com.tw/about/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://bausen.com/storage/2025/10/2024%E5%B9%B4%E5%AF%B6%E9%99%9E%E6%B0%B8%E7%BA%8C%E5%A0%B1%E5%91%8A%E6%9B%B8_%E4%BF%AE%E8%A8%82%E7%89%88_%E8%B6%85%E9%80%A3%E7%B5%90.pdf",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c665e235-0956-4400-8c0f-50266b741491",
              "source_date": "2026-09-04",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究分群，每家前30大公司恰歸一群；不代表交易所另有這些正式次分類。"
        },
        {
          "field": "segments/4",
          "sources": [
            {
              "source_url": "https://www.cnyes.com/twstock/9911/company/profile",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.upyoung.com.tw/portal_c2_cnt.php?button_num=c2&folder_id=&owner_num=c2_67464",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.gseven.com.tw/faq_top.php",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.grandhall.com.tw/pages/about-us",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://findit.sme.gov.tw/tw/Startup/S2x3VTRxLzlqdjV1SFlKYkdRR2VyUT09/Basic",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究分群，每家前30大公司恰歸一群；不代表交易所另有這些正式次分類。"
        },
        {
          "field": "segments/5",
          "sources": [
            {
              "source_url": "https://cti-group.net/?lang=zh",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究分群，每家前30大公司恰歸一群；不代表交易所另有這些正式次分類。"
        },
        {
          "field": "value_chain/upstream",
          "sources": [
            {
              "source_url": "https://www.sunspring.com.tw/tw/about/%E5%85%AC%E5%8F%B8%E4%BB%8B%E7%B4%B9",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.thai-kin.com/about/company-profile/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c665e235-0956-4400-8c0f-50266b741491",
              "source_date": "2026-09-04",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "依產品與服務整理的平行價值鏈；公司可跨階段，並未假設所列公司互為客戶。泰茂另列次產業，不強放入居家用品鏈。"
        },
        {
          "field": "value_chain/midstream",
          "sources": [
            {
              "source_url": "https://www.nienmade.com.tw/brand.aspx",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.chingfeng.com/cn/company.html",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.fy-grp.com/gongsijianjie",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.shaneglobal.com.tw/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://tw.globeunion.com/about/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.fuhsing.com.tw/about",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.cnyes.com/twstock/9911/company/profile",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=d86901ef-8f30-4349-a4d5-6b430982e418",
              "source_date": "2026-08-25",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://sannenggroup.com/about-sanneng/profile/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.grandhall.com.tw/pages/about-us",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://findit.sme.gov.tw/tw/Startup/S2x3VTRxLzlqdjV1SFlKYkdRR2VyUT09/Basic",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "依產品與服務整理的平行價值鏈；公司可跨階段，並未假設所列公司互為客戶。泰茂另列次產業，不強放入居家用品鏈。"
        },
        {
          "field": "value_chain/downstream",
          "sources": [
            {
              "source_url": "https://www.family.com.tw/ESG/Aboutus",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.poya.com.tw/about/60/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.wonderpet.asia/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ac29c83c-d62d-4d11-a111-996de1658564",
              "source_date": "2026-03-27",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.tait.com.tw/tw/about/index.aspx?kind=1",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.ycdist.com/AboutCompany.php",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.cnyes.com/twstock/2916/company/profile",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.speeding-rocket.com/zh-tw/about.html",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=74e598f3-0555-463c-a051-d8c783d3a86b",
              "source_date": "2025-06-10",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.scanteak.com.tw/about/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://bausen.com/storage/2025/10/2024%E5%B9%B4%E5%AF%B6%E9%99%9E%E6%B0%B8%E7%BA%8C%E5%A0%B1%E5%91%8A%E6%9B%B8_%E4%BF%AE%E8%A8%82%E7%89%88_%E8%B6%85%E9%80%A3%E7%B5%90.pdf",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.richhonour.com.tw/tw/about.html",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.upyoung.com.tw/portal_c2_cnt.php?button_num=c2&folder_id=&owner_num=c2_67464",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.gseven.com.tw/faq_top.php",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.ald.com.tw/about-zhenyu/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "依產品與服務整理的平行價值鏈；公司可跨階段，並未假設所列公司互為客戶。泰茂另列次產業，不強放入居家用品鏈。"
        },
        {
          "field": "global_peers/0",
          "sources": [
            {
              "source_url": "https://ir.homedepot.com/news-releases/2026/08-18-2026-110040463",
              "source_date": "2026-08-18",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3a1a71d8-875b-4892-a714-622aa42eae4b",
              "source_date": "2026-10-06",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "國際代號使用ticker欄位；客戶關係由慶豐富資料核對。"
        },
        {
          "field": "global_peers/1",
          "sources": [
            {
              "source_url": "https://corporate.lowes.com/newsroom/press-releases/lowes-reports-second-quarter-2026-sales-and-earnings-results-08-19-26",
              "source_date": "2026-08-19",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3a1a71d8-875b-4892-a714-622aa42eae4b",
              "source_date": "2026-10-06",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": ""
        },
        {
          "field": "global_peers/2",
          "sources": [
            {
              "source_url": "https://www.assaabloy.com/group/en/investors",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.assaabloy.com/group/en/investors/assa-abloy-share",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.assaabloy.com/group/sv/about-us/corporate-governance",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.fuhsing.com.tw/about",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "產品及商業模式對照，不據此推定雙方客戶或供應關係。"
        },
        {
          "field": "global_peers/3",
          "sources": [
            {
              "source_url": "https://ir.la-z-boy.com/overview",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.fy-grp.com/gongsijianjie",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.shaneglobal.com.tw/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.scanteak.com.tw/about/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "產品及商業模式對照，不據此推定雙方客戶或供應關係。"
        },
        {
          "field": "watch_metrics/0",
          "sources": [
            {
              "source_url": "https://www.family.com.tw/ESG/NewsShow?NSNO=202605110000162",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.poya.com.tw/investor/44/229/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究提出的追蹤方法，非宣稱每家通路均已揭露同店數據。全家來源為2026年第一季財報暨4月營收稿，頁面未標發布日，記查閱日。"
        },
        {
          "field": "watch_metrics/1",
          "sources": [
            {
              "source_url": "https://ir.homedepot.com/news-releases/2026/08-18-2026-110040463",
              "source_date": "2026-08-18",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://corporate.lowes.com/newsroom/press-releases/lowes-reports-second-quarter-2026-sales-and-earnings-results-08-19-26",
              "source_date": "2026-08-19",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3a1a71d8-875b-4892-a714-622aa42eae4b",
              "source_date": "2026-10-06",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "研究提出的追蹤方法；台廠訂單未揭露時應寫查無，不自行估算。"
        },
        {
          "field": "watch_metrics/2",
          "sources": [
            {
              "source_url": "https://ir.homedepot.com/~/media/Files/H/HomeDepot-IR/reports-and-presentations/quarterly-earnings/2026/hd-q2-2026-10q.pdf",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "以財報存貨、應收與現金流項目提出研究觀察方法，未填造台廠庫存天數；來源報導期間截至2026-08-02，發布日未在此斷言。"
        },
        {
          "field": "watch_metrics/3",
          "sources": [
            {
              "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=3a1a71d8-875b-4892-a714-622aa42eae4b",
              "source_date": "2026-10-06",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=ac29c83c-d62d-4d11-a111-996de1658564",
              "source_date": "2026-03-27",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "原料與匯率為來源列示因素；其對個別公司的量化影響須以財報核對。"
        },
        {
          "field": "watch_metrics/4",
          "sources": [
            {
              "source_url": "https://m.moneydj.com/f1a.aspx?a=dd118e41-a9fd-4df8-8805-8080e6eb0583&c=MB06",
              "source_date": "2026-09-08",
              "source_date_type": "published_or_updated",
              "accessed_date": "2026-10-18"
            },
            {
              "source_url": "https://www.wonderpet.asia/",
              "source_date": "2026-10-18",
              "source_date_type": "accessed",
              "accessed_date": "2026-10-18"
            }
          ],
          "note": "依業務模式提出的追蹤方向，不宣稱已取得未公開的回購率。"
        }
      ]
    }
  },
  {
    "industry": "水泥工業",
    "as_of": "2026-10-18",
    "one_liner": "從水泥窯到工地，接起建築骨架",
    "one_liner_en": "Cement supports Taiwan’s construction as producers expand into low-carbon materials and overseas markets.",
    "overview": "台泥2026年9月營收約143億元，比去年同期增加7.6%。水泥工業像蓋房子的備料站，從水泥、熟料到預拌混凝土，再接上儲運和建材通路，把材料送到結構工程與裝修現場。建材也延伸到石膏板與外牆板。清單7家公司當月合計約227億元，年增5.1%。前三大中的亞泥增加5.2%，環泥則年減12.9%，顯示公司收入的變化方向不同。台泥也是月營收達10億元公司中的增幅首位，業務布局涵蓋台灣、中國大陸及歐亞非水泥市場。下一次對照台泥的143億元、亞泥的5.2%與環泥的負12.9%，看收入差異如何變化。",
    "segments": [
      {
        "name": "跨國整合水泥",
        "description": "台泥布局台灣、中國大陸及歐亞非水泥市場；亞泥以兩岸水泥為主要布局，並串接預拌、儲運等事業。",
        "codes": [
          "1101",
          "1102"
        ]
      },
      {
        "name": "區域水泥與熟料",
        "description": "幸福與信大供應水泥；信大也產銷熟料，並提供石灰石水泥、高爐水泥及乾拌砂漿等產品。",
        "codes": [
          "1108",
          "1109"
        ]
      },
      {
        "name": "預拌混凝土與多元建材",
        "description": "環泥供應預拌混凝土、石膏板與水泥，並擴充外牆板、天花板等建材，銜接結構工程與裝修需求。",
        "codes": [
          "1104"
        ]
      },
      {
        "name": "水泥通路與儲運",
        "description": "嘉泥經營水泥轉銷與港口儲運；東泥目前以水泥及爐碴粉銷售為主要營業項目，服務預拌廠、經銷商與工程客戶。",
        "codes": [
          "1103",
          "1110"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "石灰石等礦物原料，加上燃料、電力與可再利用的替代原料。台泥、亞泥的礦場與原料取得屬整合水泥鏈的一環。",
        "codes": [
          "1101",
          "1102"
        ]
      },
      "midstream": {
        "description": "原料磨成生料、旋窯燒成為熟料，再摻配研磨成水泥；另有港口儲運、轉銷與爐碴粉供應。此處列製造及通路業者，各公司不一定都有旋窯。",
        "codes": [
          "1101",
          "1102",
          "1104",
          "1108",
          "1109",
          "1103",
          "1110"
        ]
      },
      "downstream": {
        "description": "水泥交給預拌混凝土與建材業者，製成混凝土、預鑄構件或裝修材料，供住宅、廠房與公共工程。代號列本身或集團有下游材料業務的公司。",
        "codes": [
          "1101",
          "1102",
          "1104",
          "1108",
          "1109"
        ]
      }
    },
    "drivers": [
      {
        "driver": "住宅與廠辦的實際施工量",
        "explanation": "水泥與預拌需求跟著工地進度走。2026年7月業者反映房市低迷、科技廠辦工程增量有限，顯示接案與開工進度仍是出貨關鍵。",
        "source_url": "https://ww2.money-link.com.tw/RealtimeNews/NewsContent.aspx?SN=6251194001",
        "source_date": "2026-07-28"
      },
      {
        "driver": "公共工程的執行進度",
        "explanation": "道路、橋梁等工程形成材料需求。國1后里至大雅拓寬案總經費約168.8億元，優先標預計2027年4月動工；需求仍須等工程落實，不能直接算成個別公司的訂單。",
        "source_url": "https://www.cna.com.tw/news/ahel/202610070218.aspx",
        "source_date": "2026-10-07"
      },
      {
        "driver": "低碳水泥的採用誘因",
        "explanation": "符合減碳認定基準的水硬性混合水泥及墁砌水泥，自2024年起依添加物比例適用每噸260元或220元貨物稅。制度降低這類產品的稅負，有助推廣替代熟料的配方。",
        "source_url": "https://www.dot.gov.tw/singlehtml/ch26?cntId=b47e8053375943b8b426a1108405d372",
        "source_date": "2023-12-28"
      },
      {
        "driver": "中國大陸的水泥供需",
        "explanation": "兩岸布局業者須分區觀察。台泥2026年上半年指出，中國大陸供需失衡與競爭加劇，使水泥價格和毛利承壓；施工需求能否吸收供給，是後續觀察重點。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4f331de2-a649-4d87-b62a-741b5d206548",
        "source_date": "2026-08-13"
      },
      {
        "driver": "海外市場的需求與售價",
        "explanation": "不同市場的景氣可以分散影響。台泥2026年上半年葡萄牙水泥銷量與售價上升，土耳其需求也回溫，顯示海外施工與價格條件會影響集團表現。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4f331de2-a649-4d87-b62a-741b5d206548",
        "source_date": "2026-08-13"
      }
    ],
    "leaders": [
      {
        "code": "1101",
        "name": "台泥",
        "role": "跨國水泥與能源整合業者",
        "why": "2026年上半年歸屬母公司淨利32.8億元，海外水泥與能源事業改善，是觀察跨區域布局的代表。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4f331de2-a649-4d87-b62a-741b5d206548"
      },
      {
        "code": "1102",
        "name": "亞泥",
        "role": "兩岸水泥與預拌供應商",
        "why": "新竹、花蓮兩廠熟料年產能合計500萬公噸，並設港口儲運設施，具生產到配送的整合能力。",
        "source_url": "https://www.acc.com.tw/about-us/company-profile-history"
      },
      {
        "code": "1104",
        "name": "環泥",
        "role": "預拌與裝修建材整合業者",
        "why": "除預拌混凝土與石膏板外，也引進日本NICHIHA外牆板及吉野集團礦纖板，可觀察產品組合的變化。",
        "source_url": "https://ww2.money-link.com.tw/RealtimeNews/NewsContent.aspx?SN=6251194001"
      },
      {
        "code": "1108",
        "name": "幸福",
        "role": "區域水泥與爐石粉供應商",
        "why": "產品涵蓋一般、低鹼及平熱水泥與爐石粉，可對照不同工程規格的材料需求。",
        "source_url": "https://www.luckygrp.com.tw/"
      },
      {
        "code": "1109",
        "name": "信大",
        "role": "水泥、熟料及乾拌材料供應商",
        "why": "產品包括IL石灰石水泥、IS高爐水泥與乾拌水泥砂，可追蹤低熟料配方和施工材料的布局。",
        "source_url": "https://www.hsingta.com.tw/about/company-profile"
      },
      {
        "code": "1103",
        "name": "嘉泥",
        "role": "水泥通路與港口儲運業者",
        "why": "官網列台中港與基隆港水泥儲槽容量合計8.3萬噸，是觀察水泥配送與倉儲的代表。",
        "source_url": "https://www.chcgroup.com.tw/chc%E6%B0%B4%E6%B3%A5%E8%88%87%E5%BE%AA%E7%92%B0%E7%B6%93%E6%BF%9F/"
      },
      {
        "code": "1110",
        "name": "東泥",
        "role": "南部水泥與爐碴粉銷售業者",
        "why": "目前主要營業項目為水泥及爐碴粉銷售，客戶包括預拌廠、經銷商與下游客戶，可觀察南部通路需求。",
        "source_url": "https://southeastcement.com.tw/"
      }
    ],
    "recent": [
      {
        "date": "2026-07-28",
        "event": "工商時報報導，因應營建需求保守，環泥擴充外牆板與礦纖板等建材，台泥發展UHPC產品，信大也布局磁磚施工用膠泥。",
        "codes": [
          "1101",
          "1104",
          "1109"
        ],
        "source_url": "https://ww2.money-link.com.tw/RealtimeNews/NewsContent.aspx?SN=6251194001"
      },
      {
        "date": "2026-07-31",
        "event": "台泥宣布卜特蘭石灰石水泥混凝土主力規格全數取得低碳循環建材認證，加上既有 EPD，具備國內外雙認證。",
        "codes": [
          "1101"
        ],
        "source_url": "https://money.udn.com/money/story/10871/9662247"
      },
      {
        "date": "2026-08-13",
        "event": "MoneyDJ報導，台泥2026年上半年歸屬母公司淨利32.8億元，年增241%；海外水泥與和平電力改善，兩岸水泥需求及售價仍承壓。",
        "codes": [
          "1101"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4f331de2-a649-4d87-b62a-741b5d206548"
      },
      {
        "date": "2026-09-01",
        "event": "亞泥攜亞東預拌、亞利預鑄參與 9 月 1 至 4 日智慧建築展，展示低碳水泥、低碳混凝土及預鑄工法的整合方案。",
        "codes": [
          "1102"
        ],
        "source_url": "https://www.acc.com.tw/news-center/latest-news/873-2026-09-01-05-57-07"
      },
      {
        "date": "2026-09-22",
        "event": "台泥董事會通過擬收購烏克蘭 IFCEM 等水泥建材公司 100% 股權，企業價值上限 7.5 億歐元；仍待台灣、烏克蘭等主管機關核准。",
        "codes": [
          "1101"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1cef5b54-1efc-4837-8fbd-b7ea1fe1deab"
      },
      {
        "date": "2026-10-12",
        "event": "台泥公告 9 月合併營收 143.22 億元，年增 7.63%；前 9 月累計營收年增 3.3%。",
        "codes": [
          "1101"
        ],
        "source_url": "https://news.cnyes.com/news/id/6628201"
      },
      {
        "date": "2026-10-13",
        "event": "台泥股東臨時會通過 Cimpor International Holdings 海外首次公開發行及掛牌案，規劃倫敦或泛歐交易所；掛牌地點、發行規模及價格尚未確定。",
        "codes": [
          "1101"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202610130076.aspx"
      },
      {
        "date": "2026-10-13",
        "event": "嘉泥董事長張剛綸表示，進口水泥市占已逾三成、每噸較國產便宜約 600 元，凸顯國內水泥廠的價格競爭壓力。",
        "codes": [
          "1101",
          "1103"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9811374?from=edn_hotestlist_storybottom"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "第三季財報公告期。依證券交易法第 36 條，季末後 45 日內申報，可核對水泥售價、毛利率及海外事業表現；此為法定時程推算。",
        "codes": [
          "1101",
          "1102",
          "1103",
          "1104",
          "1108",
          "1109",
          "1110"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009"
      },
      {
        "expected": "2026-11",
        "event": "台泥表示將在 11 月中旬以後的法人說明會進一步說明烏克蘭投資等議題；精確場次日期仍待公司公告。",
        "codes": [
          "1101"
        ],
        "source_url": "https://www.cna.com.tw/news/afe/202610130076.aspx"
      },
      {
        "expected": "2027-01-04",
        "event": "歐盟預定公布 2026 年第四季 CBAM 憑證價格，提供水泥輸歐碳成本的定價依據；台泥歐洲及土耳其事業的影響須依實際跨境銷售結構判斷。",
        "codes": [
          "1101"
        ],
        "source_url": "https://taxation-customs.ec.europa.eu/news/first-cbam-certificate-price-be-published-7-april-2026-03-06_en"
      },
      {
        "expected": "2027-02",
        "event": "歐盟開始銷售 CBAM 憑證，用於涵蓋 2026 年進口商品的內含排放；水泥為納管產業，輸歐交易碳成本將更具體。",
        "codes": [],
        "source_url": "https://taxation-customs.ec.europa.eu/news/first-cbam-certificate-price-be-published-7-april-2026-03-06_en"
      },
      {
        "expected": "2027-03",
        "event": "2026 年度財報公告期。依證券交易法第 36 條，年度終了後三個月內申報，可確認全年本業與轉投資獲利；此為法定時程推算。",
        "codes": [
          "1101",
          "1102",
          "1103",
          "1104",
          "1108",
          "1109",
          "1110"
        ],
        "source_url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009"
      }
    ],
    "global_peers": [
      {
        "name": "Holcim",
        "ticker": "SIX: HOLN",
        "relation": "業務模式對照：旗下ECOPlanet低碳水泥、ECOPact混凝土與ECOCycle循環建材，可對照台泥及亞泥的低碳產品布局。"
      },
      {
        "name": "Heidelberg Materials",
        "ticker": "Xetra: HEI",
        "relation": "市場與技術對照：布局水泥、骨材及預拌，並發展碳捕捉材料；其土耳其與地中海布局可對照台泥海外事業。"
      },
      {
        "name": "太平洋水泥（Taiheiyo Cement）",
        "ticker": "TSE: 5233",
        "relation": "業務模式對照：經營水泥、資源、環境及建材事業，並有日本與美國市場，可比較台廠的多角化及區域需求差異。"
      }
    ],
    "watch_metrics": [
      {
        "metric": "分區水泥售價、每噸毛利與營業利益",
        "why": "台灣、中國大陸與歐洲的價格條件不同。把價格、單位成本與分區獲利一起看，才能判斷營收成長的品質。"
      },
      {
        "metric": "水泥、熟料及預拌出貨量與施工進度",
        "why": "出貨量比營收更能分辨需求與漲價效果；搭配住宅、廠辦及公共工程進度，可判讀需求能否延續。"
      },
      {
        "metric": "進口水泥數量、單價及占內需比重",
        "why": "進口供給會影響本地售價與通路競爭。業者受訪的市占估計，仍應和官方進出口、產銷資料交叉核對。"
      },
      {
        "metric": "每噸燃料、電力與運輸成本及替代燃料率",
        "why": "熟料燒成耗能，燃料與物流變動會改變單位成本。替代燃料也影響煤炭使用量，須連同處理成本與設備投入觀察。"
      },
      {
        "metric": "低碳產品銷售比率、熟料比與單位碳排",
        "why": "低熟料配方與產品認證影響低碳市場的競爭力。搭配適用稅負及實際成交價，才能判斷減碳是否轉成毛利。"
      }
    ],
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://job.taiwanjobs.gov.tw/internet/index/DocDetail.aspx?docid=41481&uk=2740",
      "https://media.taiwancement.com/web_tcc/comm/pdf/Annual_Report/114%E5%B9%B4%E5%BA%A6%E5%B9%B4%E5%A0%B1%E5%8F%8A%E5%B9%B4%E5%A0%B1%E9%99%84%E5%86%8A.pdf",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4f331de2-a649-4d87-b62a-741b5d206548",
      "https://www.acc.com.tw/about-us/company-profile-history",
      "https://ww2.money-link.com.tw/RealtimeNews/NewsContent.aspx?SN=6251194001",
      "https://www.luckygrp.com.tw/",
      "https://www.hsingta.com.tw/about/company-profile",
      "https://www.hsingta.com.tw/product/manufacturing",
      "https://www.chcgroup.com.tw/chc%E6%B0%B4%E6%B3%A5%E8%88%87%E5%BE%AA%E7%92%B0%E7%B6%93%E6%BF%9F/",
      "https://southeastcement.com.tw/",
      "https://www.cna.com.tw/news/ahel/202610070218.aspx",
      "https://www.dot.gov.tw/singlehtml/ch26?cntId=b47e8053375943b8b426a1108405d372",
      "https://law.fsc.gov.tw/LawContent.aspx?id=FL007009",
      "https://www.holcim.com/media/media-releases/h1-2026-results",
      "https://www.holcim.com/investors",
      "https://www.heidelbergmaterials.com/en/pr-2026-07-30",
      "https://www.heidelbergmaterials.com/en/investor-relations/faq",
      "https://www2.jpx.co.jp/disc/52330/140120260512525266.pdf",
      "https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en",
      "https://money.udn.com/money/story/10871/9662247",
      "https://www.acc.com.tw/news-center/latest-news/873-2026-09-01-05-57-07",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=1cef5b54-1efc-4837-8fbd-b7ea1fe1deab",
      "https://news.cnyes.com/news/id/6628201",
      "https://www.cna.com.tw/news/afe/202610130076.aspx",
      "https://money.udn.com/money/story/5612/9811374?from=edn_hotestlist_storybottom",
      "https://taxation-customs.ec.europa.eu/news/first-cbam-certificate-price-be-published-7-april-2026-03-06_en"
    ]
  },
  {
    "industry": "數位雲端",
    "as_of": "2026-10-18",
    "one_liner": "把購物、企業系統與支付搬上網",
    "one_liner_en": "Taiwan’s listed service companies connect cloud adoption, online shopping and payments.",
    "overview": "富邦媒2026年9月營收約86億元，比去年同期增加8.2%。數位雲端像一座線上生活街區，有商店賣商品，有服務團隊替企業管理系統，也有支付、找房找工作及影音平台，靠交易與服務連結使用者。服務也包含倉儲和配送。清單40家公司合計約216億元，年增14.2%。前三大中的網家增加11.2%，宏碁資訊增加97.4%，後者營收約15億元，也是月營收達10億元公司中的增幅首位。電商與企業資訊服務的收入變化，在這份清單呈現不同速度。下一次對照宏碁資訊的97.4%及富邦媒的8.2%，看兩類業務的成長差距。",
    "segments": [
      {
        "name": "電商零售與代營運",
        "description": "賣商品、經營品牌與通路，並整合行銷、倉儲和配送。美而快含記憶體模組；納維康正轉向健康生技，兩者均非純電商。",
        "codes": [
          "8454",
          "8044",
          "2949",
          "5321",
          "8477",
          "8472"
        ]
      },
      {
        "name": "雲端整合與儲存",
        "description": "協助企業採用公有雲、導入 AI、代管系統與管理費用；威聯通偏地端儲存和備份設備，與雲端服務商的收入模式不同。",
        "codes": [
          "6811",
          "6689",
          "7805",
          "6997",
          "7747"
        ]
      },
      {
        "name": "企業軟體與資安",
        "description": "提供系統開發、整合、資安監控與防詐工具。智通另有拉鍊製造；Gogolook 偏通訊信任與防詐應用。",
        "codes": [
          "6614",
          "8932",
          "6690",
          "7714",
          "7765",
          "6902"
        ]
      },
      {
        "name": "金流支付與匯兌",
        "description": "協助商家收付款、串接支付，或提供跨境小額匯兌。行動支付、第三方支付與匯兌的執照及收費方式不同。",
        "codes": [
          "7722",
          "3687",
          "6763",
          "7738"
        ]
      },
      {
        "name": "零售科技與智慧設備",
        "description": "替品牌、商場與交通設備接上數位系統，整合會員、交易、支付及感測資料；收入可來自軟體服務、專案或設備。",
        "codes": [
          "6741",
          "6870",
          "7721"
        ]
      },
      {
        "name": "生活媒合與影音",
        "description": "以平台媒合工作、房屋、交通與社交需求，或提供直播和影音內容；各自依刊登、會員、服務或廣告收費。尚凡另含保健食品業務。",
        "codes": [
          "2640",
          "6165",
          "5278",
          "3130",
          "5287",
          "8487"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "提供運算、儲存、網路與雲端資源。國際公有雲平台是重要上游；清單內以威聯通的儲存設備、微程式的感測與支付設備作為底層工具例子，並非把兩者視為大型公有雲。",
        "codes": [
          "7805",
          "7721"
        ]
      },
      "midstream": {
        "description": "把底層資源轉成企業可用的系統：雲端搬遷與代管、客製軟體、零售系統、資安及金流串接。此為功能分工，支付和資安會橫跨多個環節。",
        "codes": [
          "6811",
          "6689",
          "6997",
          "7747",
          "6614",
          "8932",
          "6690",
          "7714",
          "7765",
          "6902",
          "6741",
          "6870",
          "6763",
          "3687",
          "7738",
          "7722"
        ]
      },
      "downstream": {
        "description": "由企業、品牌、商家與消費者使用數位服務。清單內的電商、叫車、人力與生活媒合、社交及影音平台是應用端例子；平台也可自行整合軟體、物流及支付。納維康已轉向健康生技，暫依原平台脈絡列示。",
        "codes": [
          "8454",
          "8044",
          "2949",
          "5321",
          "8477",
          "8472",
          "2640",
          "3130",
          "5287",
          "5278",
          "6165",
          "8487"
        ]
      }
    },
    "drivers": [
      {
        "driver": "企業 AI 從試驗走向實際流程",
        "explanation": "宏碁資訊表示，客戶的數位轉型與 AI 需求擴大，子公司新專案也陸續落地。需求延伸到系統整合、資料治理與後續維運。這是公司觀察，不代表所有業者同步成長。",
        "source_url": "https://www.aceraeb.com/news/page/10570",
        "source_date": "2026-10-06",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "資料在地化帶動上雲與搬遷",
        "explanation": "AWS 已啟用亞太台北區域，讓需要資料在地儲存及較低延遲的客戶多一個選擇。台灣服務商可提供架構規劃、搬遷與代管；實際需求仍要看客戶採用。",
        "source_url": "https://aws.amazon.com/tw/events/taiwan/news/taipei-region/",
        "source_date": "2025-06-06",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "AI 落地也需要資安與治理",
        "explanation": "宏碁資訊 10 月公告指出，AI、雲端、數據與資安的整合需求持續升溫，並分享 AI 治理與防護經驗。研究上可追蹤企業是否把檢測、監控及應變納入持續性服務預算。",
        "source_url": "https://www.aceraeb.com/news/page/10570",
        "source_date": "2026-10-06",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "電商交易與品牌通路持續數位化",
        "explanation": "經濟部公布 2026 年 8 月電子購物及郵購業營業額年增 8.5%。此為該統計業別的需求訊號，可搭配電商、代營運與支付業者觀察；不等同全體網路銷售額。",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "source_date": "2026-09-23",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "品牌更重視會員與首購轉換",
        "explanation": "91APP 與 LINE 購物合作，把 LINE POINTS 延伸到品牌自有 APP 與官網。這類整合讓品牌以會員和回饋工具經營客戶，帶動零售軟體及行銷服務需求。",
        "source_url": "https://ir.91app.com/tw/news_detail.php?id=150",
        "source_date": "2026-09-02",
        "accessed_at": "2026-10-18"
      },
      {
        "driver": "支付服務延伸至更多消費場景",
        "explanation": "LINE Pay 旗下連加電子支付的 LINE Pay Money，已延伸到支付、儲值和轉帳等日常場景。研究上可追蹤用戶採用與商家串接需求；交易金額不能直接當成營收。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=fb7c363a-3693-4ad0-9c80-9afd980b815e&c=MB00",
        "source_date": "2026-05-13",
        "accessed_at": "2026-10-18"
      }
    ],
    "leaders": [
      {
        "code": "8454",
        "name": "富邦媒",
        "role": "電商與零售媒體平台",
        "why": "公司 10 月公告 momo Ads 商品廣告使用品牌已逾 9,000 家，讓平台收入延伸到廣告服務。",
        "source_url": "https://corp.momo.com.tw/welcome/view/105",
        "source_date": "2026-10-12",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "8044",
        "name": "網家",
        "role": "電商與配送平台",
        "why": "旗下經營 PChome 24h 購物，並以自有電商及配送服務連結商品與消費者。",
        "source_url": "https://corp.pchome.tw/about/",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6811",
        "name": "宏碁資訊",
        "role": "企業雲端與 AI 整合",
        "why": "2026 年 9 月營收約 15.3 億元，年增約 97%，公司指出 AI 與數位轉型需求帶動接單。",
        "source_url": "https://www.aceraeb.com/news/page/10570",
        "source_date": "2026-10-06",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6689",
        "name": "伊雲谷",
        "role": "公有雲代管與顧問",
        "why": "在 AWS Marketplace 上架代管服務，涵蓋自動化、DevOps、雲端原生與雲端安全。",
        "source_url": "https://aws.amazon.com/marketplace/pp/prodview-qz6sokidlua3m",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "7722",
        "name": "LINEPAY",
        "role": "行動支付與商家服務",
        "why": "2026 年第一季營收 20.97 億元，旗下連加電子支付經營 LINE Pay Money，延伸集團電子支付場景。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=fb7c363a-3693-4ad0-9c80-9afd980b815e&c=MB00",
        "source_date": "2026-05-13",
        "accessed_at": "2026-10-18"
      },
      {
        "code": "7805",
        "name": "威聯通",
        "role": "企業儲存與混合雲設備",
        "why": "產品同時涵蓋 NAS、網路設備與備份方案，連結地端資料管理和雲端應用。",
        "source_url": "https://www.qnap.com/zh-tw",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "2949",
        "name": "欣新網",
        "role": "品牌電商代營運",
        "why": "官網自述已服務超過 200 個國際品牌，業務涵蓋營運、廣告、倉儲及客服。",
        "source_url": "https://www.hhgalaxy.com/",
        "source_date": null,
        "accessed_at": "2026-10-18"
      },
      {
        "code": "6997",
        "name": "博弘",
        "role": "多雲代管與 AI 服務",
        "why": "2026 年第二季營收 15.8 億元，年增 52.3%，但上半年仍受單一客戶信用風險影響而虧損。",
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          "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
          "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
        ]
      },
      "windows": {
        "recent_start": "2026-07-20",
        "recent_end": "2026-10-18",
        "catalyst_start": "2026-10-19",
        "catalyst_end": "2027-04-18"
      },
      "calculation": {
        "revenue_sum_thousand": 21565389,
        "last_year_revenue_sum_thousand": 18886571,
        "aggregate_yoy_percent": 14.183718156143854,
        "top_two_share_percent": 54.844570621934984,
        "top_fifteen_share_percent": 89.0235645644973,
        "top_thirty_share_percent": 98.8012875631411,
        "method": "依指定檔案逐家加總；合計年增率用本期總和除去年同期總和，不平均各公司年增率。未消除集團內重複營收，亦未剔除跨業營收。"
      },
      "overview_source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "https://www.aceraeb.com/news/page/10570",
        "https://www.cht.com.tw/home/enterprise/news/latest-news/2026/0505-1630",
        "https://corp.momo.com.tw/welcome/view/105"
      ],
      "editorial_basis": "一句話、次產業、價值鏈、驅動機制、國際對照與追蹤指標均含研究整理；來源支持業務或事件事實，不代表來源發布同一分類、成長預測或投資建議。",
      "classification_method": "按已查得的主要業務或既有平台脈絡，每家前30大公司恰歸一組；不是交易所正式次分類，也不代表全部合併收入均屬該組。其餘10家未逐家分類。",
      "company_classification": [
        {
          "code": "8454",
          "name": "富邦媒",
          "segment": "電商零售與代營運",
          "basis": "momo 電商、會員與零售媒體服務",
          "source_url": "https://corp.momo.com.tw/welcome/view/105",
          "source_date": "2026-10-12",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "8044",
          "name": "網家",
          "segment": "電商零售與代營運",
          "basis": "PChome 電子商務與配送服務",
          "source_url": "https://corp.pchome.tw/about/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6811",
          "name": "宏碁資訊",
          "segment": "雲端整合與儲存",
          "basis": "企業雲端與 AI 整合服務",
          "source_url": "https://www.aceraeb.com/news/page/10570",
          "source_date": "2026-10-06",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6689",
          "name": "伊雲谷",
          "segment": "雲端整合與儲存",
          "basis": "公有雲搬遷、代管與 AI 服務",
          "source_url": "https://aws.amazon.com/marketplace/pp/prodview-qz6sokidlua3m",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7722",
          "name": "LINEPAY",
          "segment": "金流支付與匯兌",
          "basis": "LINE Pay 行動支付，集團另有連加電子支付",
          "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=fb7c363a-3693-4ad0-9c80-9afd980b815e&c=MB00",
          "source_date": "2026-05-13",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7805",
          "name": "威聯通",
          "segment": "雲端整合與儲存",
          "basis": "NAS、企業儲存及備份產品",
          "source_url": "https://www.qnap.com/zh-tw",
          "source_date": null,
          "accessed_at": "2026-10-18",
          "identity_source_url": "https://www.qnap.com/zh-tw/investor/financial-information/company-information/company-overview"
        },
        {
          "code": "2949",
          "name": "欣新網",
          "segment": "電商零售與代營運",
          "basis": "品牌電商營運、行銷及倉儲物流",
          "source_url": "https://www.hhgalaxy.com/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6614",
          "name": "資拓宏宇",
          "segment": "企業軟體與資安",
          "basis": "公部門與企業資訊系統整合",
          "source_url": "https://www.iisigroup.com/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6997",
          "name": "博弘",
          "segment": "雲端整合與儲存",
          "basis": "多雲代管、資料及 AI 服務",
          "source_url": "https://www.nextlink.cloud/about-nextlink/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "5321",
          "name": "美而快",
          "segment": "電商零售與代營運",
          "basis": "服飾電商與記憶體模組雙核心；依電商業務歸組",
          "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=220fdd77-9178-4db8-9d43-0996b452a782",
          "source_date": "2026-10-14",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "2640",
          "name": "大車隊",
          "segment": "生活媒合與影音",
          "basis": "叫車與生活服務媒合",
          "source_url": "https://www.55688taxi.com/55688apptaxi",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6165",
          "name": "浪凡",
          "segment": "生活媒合與影音",
          "basis": "直播與粉絲互動平台",
          "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b9f9dbf4-760a-454c-871f-9ef15ead3810",
          "source_date": "2026-06-09",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "8932",
          "name": "智通*",
          "segment": "企業軟體與資安",
          "basis": "客製軟體與數位顧問；另有拉鍊製造業務",
          "source_url": "https://wiselink.tw/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "5278",
          "name": "尚凡*",
          "segment": "生活媒合與影音",
          "basis": "線上交友社群，另含保健食品業務；依平台業務歸組",
          "source_url": "https://www.moneydj.com/kmdJ/wiki/wikiviewer.aspx?keyid=64eb3144-7333-4c57-a403-fbf67a7c24e1",
          "source_date": "2026-10-06",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "3130",
          "name": "一零四",
          "segment": "生活媒合與影音",
          "basis": "求職、徵才與人力資源服務",
          "source_url": "https://www.104.com.tw/company/12v3o7uw",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6690",
          "name": "安碁資訊",
          "segment": "企業軟體與資安",
          "basis": "資安監控委外、檢測與 IT/OT 安全",
          "source_url": "https://www.acercsi.com/tw/aboutus/25",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7714",
          "name": "創泓科技",
          "segment": "企業軟體與資安",
          "basis": "資安產品加值銷售與整合服務",
          "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7b151a6c-2f48-4656-89dc-57c7467e7149",
          "source_date": "2025-01-15",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7765",
          "name": "中華資安",
          "segment": "企業軟體與資安",
          "basis": "資安防護、監控、檢測與應變",
          "source_url": "https://www.chtsecurity.com/overview",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6741",
          "name": "91APP*-KY",
          "segment": "零售科技與智慧設備",
          "basis": "品牌購物 APP、官網與 OMO 服務",
          "source_url": "https://ir.91app.com/tw/news_detail.php?id=150",
          "source_date": "2026-09-02",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "5287",
          "name": "數字",
          "segment": "生活媒合與影音",
          "basis": "房屋、汽車、工作及接案資訊平台",
          "source_url": "https://www.addcn.com/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "3687",
          "name": "歐買尬",
          "segment": "金流支付與匯兌",
          "basis": "電子支付與第三方金流相關服務；另有遊戲業務",
          "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=58f494b6-d6ce-4777-af0c-76efbbb38d13",
          "source_date": "2026-08-25",
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6763",
          "name": "綠界科技*",
          "segment": "金流支付與匯兌",
          "basis": "第三方支付、物流串接與電子發票",
          "source_url": "https://corp.ecpay.com.tw/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "8487",
          "name": "愛爾達-創",
          "segment": "生活媒合與影音",
          "basis": "MOD、OTT 內容與廣告服務",
          "source_url": "https://www.elta.com.tw/business/advertising_business",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7747",
          "name": "昕奇雲端",
          "segment": "雲端整合與儲存",
          "basis": "AWS、Google Cloud、Azure 雲端加值服務",
          "source_url": "https://www.grandtechcloud.com/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6902",
          "name": "GOGOLOOK",
          "segment": "企業軟體與資安",
          "basis": "Whoscall 通訊辨識與防詐服務",
          "source_url": "https://www.gogolook.com/zh-tw/personal-solution",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "6870",
          "name": "騰雲",
          "segment": "零售科技與智慧設備",
          "basis": "智慧場域、OMO、數據與支付整合",
          "source_url": "https://www.turncloudgroup.com/about",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7721",
          "name": "微程式",
          "segment": "零售科技與智慧設備",
          "basis": "支付設備、智慧單車及感測控制",
          "source_url": "https://www.twse.com.tw/market_insights/zh/detail/8a8216d697fc438f0198368bd9b20115",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "7738",
          "name": "東聯互動",
          "segment": "金流支付與匯兌",
          "basis": "外籍移工小額匯兌與數位金融服務",
          "source_url": "https://www.eui.money/zh/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "8477",
          "name": "創業家",
          "segment": "電商零售與代營運",
          "basis": "生活市集、企業採購及物料零售",
          "source_url": "https://xxtechec.com/about/",
          "source_date": null,
          "accessed_at": "2026-10-18"
        },
        {
          "code": "8472",
          "name": "納維康",
          "segment": "電商零售與代營運",
          "basis": "原夠麻吉電商，已轉向健康生技；暫依名單原平台脈絡歸組",
          "source_url": "https://navicarebio.com/",
          "source_date": "2026-09-14",
          "accessed_at": "2026-10-18"
        }
      ],
      "value_chain_source_rule": "各代號的來源與日期見 company_classification；上下游是功能性整理，未主張彼此存在特定採購、持股或客戶關係。",
      "source_date_rule": "published_date/source_date 只填頁面可核實的發布或更新日期；未標日者為 null，另附 accessed_at 查閱日，絕不以查閱日冒充發布日。事件 date 為公告或報導日；催化 expected 為活動開始日或公司預定完成月份。",
      "source_catalog": [
        {
          "url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
          "title": "證交所上市公司每月營業收入彙總",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "動態 API；本研究的歷史數字固定採指定 latest.json，非以目前 API 回傳覆蓋。"
        },
        {
          "url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
          "title": "櫃買中心上櫃公司每月營業收入彙總",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "動態 API；本研究的歷史數字固定採指定 latest.json。"
        },
        {
          "url": "https://corp.momo.com.tw/welcome/view/105",
          "title": "富邦媒預計年底於 momo Ads 推出多元受眾功能",
          "published_date": "2026-10-12",
          "accessed_at": "2026-10-18",
          "note": "官方新聞稿明示預計於年底推出多元受眾功能；未公告精確日期，因此只寫 2026-12，不填日。"
        },
        {
          "url": "https://corp.pchome.tw/about/",
          "title": "網路家庭公司簡介",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.aceraeb.com/news/page/10570",
          "title": "宏碁資訊 9 月營收創新高",
          "published_date": "2026-10-06",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=fb86e8e3-f55f-4b91-8034-0f6654fb530b",
          "title": "伊雲谷說明海外拓展與服務產品化進度：今年開始開拓日本市場，澳洲作為未來進軍歐美的試點；企業級 AI 產品組合整合集團各公司專長",
          "published_date": "2026-10-16",
          "accessed_at": "2026-10-18",
          "note": "MoneyDJ 原文有發布時間 2026-10-16 10:52:28。web 工具搜尋可讀全文，但 open 偶發錯誤；另用 Python urllib 讀取同網址確認 HTTP 200 與 articleBody。此處日期為報導日，非日本據點成立日。"
        },
        {
          "url": "https://aws.amazon.com/marketplace/pp/prodview-qz6sokidlua3m",
          "title": "伊雲谷在 AWS Marketplace 的代管服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "供應商自行刊載的服務說明；只使用服務範圍，不引用未註日期的規模或獎項。"
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=fb7c363a-3693-4ad0-9c80-9afd980b815e&c=MB00",
          "title": "LINE Pay 與旗下連加電子支付的業務進展",
          "published_date": "2026-05-13",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.qnap.com/zh-tw",
          "title": "威聯通 NAS、網路與備份產品",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.qnap.com/zh-tw/investor/financial-information/company-information/company-overview",
          "title": "威聯通官方公司概況與股票代號 7805",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.hhgalaxy.com/",
          "title": "欣新網電商代營運與品牌服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "200 多品牌為官網現況自述，未標統計期間。"
        },
        {
          "url": "https://www.iisigroup.com/",
          "title": "資拓宏宇數位轉型解決方案",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.nextlink.cloud/news/nextlink-technology-reports-second-quarter-2026-financial-results/",
          "title": "博弘 2026 年第二季財務報告",
          "published_date": "2026-08-04",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.nextlink.cloud/about-nextlink/",
          "title": "博弘多雲合作平台與服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=220fdd77-9178-4db8-9d43-0996b452a782",
          "title": "美而快記憶體模組與電商雙核心",
          "published_date": "2026-10-14",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.55688taxi.com/55688apptaxi",
          "title": "台灣大車隊叫車服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=b9f9dbf4-760a-454c-871f-9ef15ead3810",
          "title": "浪凡直播與競技娛樂業務",
          "published_date": "2026-06-09",
          "accessed_at": "2026-10-18",
          "note": "僅用以識別業務；未引用用戶數或市占。"
        },
        {
          "url": "https://wiselink.tw/",
          "title": "智通科創軟體與拉鍊雙主業",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "首頁標示最後更新 2026 年 9 月，未標日；本文不使用無法確認口徑的活躍用戶數。"
        },
        {
          "url": "https://www.moneydj.com/kmdJ/wiki/wikiviewer.aspx?keyid=64eb3144-7333-4c57-a403-fbf67a7c24e1",
          "title": "尚凡交友社群與保健食品業務",
          "published_date": "2026-10-06",
          "accessed_at": "2026-10-18",
          "note": "頁面更新日；用於業務辨識，不引用持股或子公司業績作獨立營收。"
        },
        {
          "url": "https://www.104.com.tw/company/12v3o7uw",
          "title": "一零四自家公司介紹與服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "公司自述頁標更新時間 2025/01；僅用以識別人力媒合服務。"
        },
        {
          "url": "https://www.acercsi.com/tw/aboutus/25",
          "title": "安碁資訊公司簡介",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7b151a6c-2f48-4656-89dc-57c7467e7149",
          "title": "創泓科技資安整合業務",
          "published_date": "2025-01-15",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.chtsecurity.com/overview",
          "title": "中華資安公司簡介",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://ir.91app.com/tw/news_detail.php?id=150",
          "title": "91APP 與 LINE 購物宣布策略合作，在品牌購物 APP 與官網導入賺點助手，讓消費者在品牌自有通路購物時取得 LINE POINTS",
          "published_date": "2026-09-02",
          "accessed_at": "2026-10-18",
          "note": "91APP 官方投資人新聞稿列明 2026-09-02。合作方為 LINE 購物，不可直接等同上市公司 LINEPAY 7722，因此 codes 僅列 6741。"
        },
        {
          "url": "https://www.addcn.com/",
          "title": "數字科技旗下生活資訊平台",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=58f494b6-d6ce-4777-af0c-76efbbb38d13",
          "title": "歐買尬公司業務與營收結構",
          "published_date": "2026-08-25",
          "accessed_at": "2026-10-18",
          "note": "頁面更新日；用於業務辨識，不依此推論目前持股或合併範圍。"
        },
        {
          "url": "https://corp.ecpay.com.tw/",
          "title": "綠界第三方支付與電子發票服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.ecpay.com.tw/Business/payment_fees",
          "title": "綠界支付服務費率表",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "動態費率表；只用於說明按交易收費機制，未引用特定費率。"
        },
        {
          "url": "https://www.elta.com.tw/business/advertising_business",
          "title": "愛爾達 MOD、OTT 與廣告業務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.grandtechcloud.com/",
          "title": "昕奇多雲基礎架構及專業服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=dc3d08d5-7c5b-43ed-b359-511b538c234e",
          "title": "昕奇雲端 ARPU 與流失率觀察",
          "published_date": "2025-07-21",
          "accessed_at": "2026-10-18",
          "note": "僅作可追蹤指標的歷史例證，不引用為本期營運表現。"
        },
        {
          "url": "https://www.gogolook.com/zh-tw/personal-solution",
          "title": "Gogolook 通訊辨識與防詐解決方案",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.turncloudgroup.com/about",
          "title": "騰雲智慧場域、OMO 與數據服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.twse.com.tw/market_insights/zh/detail/8a8216d697fc438f0198368bd9b20115",
          "title": "證交所新上市公司微程式介紹",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "僅用於 ICT、智慧設備與支付設備業務辨識。"
        },
        {
          "url": "https://www.eui.money/zh/",
          "title": "東聯互動移工小額匯兌服務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://xxtechec.com/about/",
          "title": "創業家數位電商與供應鏈業務",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://navicarebio.com/",
          "title": "夠麻吉正式更名為納維康生技，股票代碼 8472 不變；公司表示將以健康生技為核心發展方向",
          "published_date": "2026-09-14",
          "accessed_at": "2026-10-18",
          "note": "官方首頁最新消息完整列明更名日期、股票簡稱、代碼不變及健康生技方向。最後一句為研究解讀，不代表交易所已變更產業分類。"
        },
        {
          "url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
          "title": "經濟部 115 年 8 月批發零售餐飲統計",
          "published_date": "2026-09-23",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://aws.amazon.com/tw/events/taiwan/news/taipei-region/",
          "title": "AWS 亞太台北區域正式啟用",
          "published_date": "2025-06-06",
          "accessed_at": "2026-10-18",
          "note": "公告日為 6/6；不把開區事件列入本次最近 90 天。"
        },
        {
          "url": "https://www.cht.com.tw/home/enterprise/news/latest-news/2026/0505-1630",
          "title": "中華電信與中華資安展示 AI 資安維運方案",
          "published_date": "2026-05-05",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.microsoft.com/en-us/investor/default",
          "title": "Microsoft 官方投資人關係與股票代號",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm",
          "title": "Alphabet 官方第二季財報、股票代號與 Google Cloud",
          "published_date": "2026-07-22",
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.shopify.com/investors/investor-faqs",
          "title": "Shopify 官方商務平台說明及 Nasdaq、TSX 代號 SHOP",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://www.adyen.com/about",
          "title": "Adyen 端到端支付平台",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": ""
        },
        {
          "url": "https://live.euronext.com/sites/default/files/adyen_prospectus.pdf",
          "title": "Adyen 公開說明書與交易代號",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "僅用於股票代號，不使用舊年度營運數字。"
        },
        {
          "url": "https://www.qnap.com/zh-tw/news/2026/威聯通-qnap-完成歐盟網路韌性法案首階段合規強化全線產品安全機制與資安通報管道",
          "title": "威聯通宣布完成歐盟網路韌性法案 CRA 合規計畫的初步階段，升級旗下產品的資安控管與事件通報流程，並上線專屬資安通報平台",
          "published_date": "2026-09-11",
          "accessed_at": "2026-10-18",
          "note": "官方新聞稿日期 2026-09-11，內文明確為合規計畫初步階段，不可寫成已完成 CRA 所有義務或全面通過認證。"
        },
        {
          "url": "https://corp.pchome.tw/pchome-24h購物「超速配」搶攻週末快速配送！週五晚下單/",
          "title": "網家將 PChome 超速配的滿 199 元週末免運活動，由週日擴大至週五、六、日",
          "published_date": "2026-09-04",
          "accessed_at": "2026-10-18",
          "note": "公司新聞稿日期 2026-09-04，服務簡介明示台北、新北、桃園與 2,200 家指定門市。活動優惠與配送適用條件依官網；不應擴寫成全台或所有商品同日配送。"
        },
        {
          "url": "https://www.aceraeb.com/news/page/10557",
          "title": "宏碁資訊與中央警察大學發表 AI 輔助偵查模擬系統成果，以地端封閉式部署，整合多代理 AI、情資分析與專業知識庫，切入公部門專業教育應用",
          "published_date": "2026-09-01",
          "accessed_at": "2026-10-18",
          "note": "公司最新動態索引列 2026-09-01；完整新聞稿可經 urllib 取得 HTTP 200。web open 兩次偶發錯誤。內文明示 9/1 校慶成果發表與地端部署。"
        },
        {
          "url": "https://www.chtsecurity.com/news/5147ebe8-d115-4783-93b9-c51bc12e4a21",
          "title": "中華資安宣布參與 9 月 2 至 4 日 SEMICON Taiwan 2026，預告展示 AI Archway、OT 資安健診與監控、SEMI E187 顧問輔導方案，將服務連結至半導體廠的複合資安治理",
          "published_date": "2026-08-26",
          "accessed_at": "2026-10-18",
          "note": "公司公告日期 2026-08-26 02:39；明示 9/2 至 9/4 展期、南港二館 Q5336 及四類方案。寫法保留宣布/預告，未用展前公告證明活動已實際完成或取得訂單。"
        },
        {
          "url": "https://www.qnap.com/zh-tw/campaign/2026/qnap-world-tour",
          "title": "QNAP World Tour 2026 台中場",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "官方首頁明示 11.05 台中，活動頁公開嵌入 JSON 明列 city 台中、date 2026 年 11 月 5 日；無發布日期。"
        },
        {
          "url": "https://ignite.microsoft.com/en-US/home?stream=top",
          "title": "Microsoft Ignite 2026 預定 11 月 17 至 20 日在舊金山與線上舉行",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "Microsoft Ignite 官方首頁 FAQ 及 Microsoft 官方活動頁均列 2026-11-17 至 20；頁面未標發布日。"
        },
        {
          "url": "https://aws.amazon.com/events/reinvent/",
          "title": "AWS re:Invent 2026 預定 11 月 30 日至 12 月 4 日在拉斯維加斯舉行",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "AWS 官方活動首頁明列 Nov. 30–Dec. 4 與 re:Invent 2026；官方 interest 頁亦明列 2026 年。頁面未標發布日。"
        },
        {
          "url": "https://smartcity.org.tw/vendor.php?k=2024ks",
          "title": "2027 智慧城市展暨淨零城市展預定 3 月 16 至 19 日在台北南港二館舉行",
          "published_date": null,
          "accessed_at": "2026-10-18",
          "note": "台北市電腦公會官方參展辦法標題為 2027 智慧城市展，雖 URL 參數含 2024ks，但內文清楚列 2027-03-16 至 19、地點及展出領域。未標發布日。"
        }
      ]
    }
  },
  {
    "industry": "橡膠工業",
    "as_of": "2026-10-18",
    "one_liner": "從輪胎到醫療材料，讓橡膠各就各位",
    "one_liner_en": "Taiwan's rubber industry spans tire brands and key materials.",
    "overview": "正新2026年9月營收約90億元，比去年同期增加12.5%。橡膠工業像替各種用途調整彈性的材料工坊，輪胎接觸路面，合成橡膠進入鞋材與黏著劑，乳膠及工業製品則服務醫療、包裝和輸送設備。碳黑則為輪胎與橡膠製品加上補強材料。清單11家公司合計約209億元，年增23.2%。前三大中的台橡增加23.1%，建大增加1.4%，增幅各不相同。南港營收約24億元，年增270%，是月營收達10億元公司中增幅最高者。下一次以南港的24億元及建大的1.4%作對照，追蹤公司營收變化。",
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        "description": "製造汽車、機車、自行車及特殊用途輪胎，透過自有品牌、經銷與原廠配套市場銷售；依輪胎產品角色歸類，非橡膠業務另看財報。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102"
        ],
        "source_url": "https://www.cst.com.tw/products.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "正新產品資訊",
            "source_url": "https://www.cst.com.tw/products.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "建大官方產品分類",
            "source_url": "https://www.kendatire.com/zh-tw/kenda/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南港官方產品分類與品牌",
            "source_url": "https://www.nankang-tyre.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "華豐DURO官方產品分類",
            "source_url": "https://www.duro.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "泰豐事業與官方輪胎品牌連結",
            "source_url": "https://federalcorporation.com.tw/tc/Corporate_gs.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
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      },
      {
        "name": "合成橡膠與熱可塑性彈性體",
        "description": "供應SBR、BR、SSBR、NBR及熱可塑性彈性體，連結輪胎、鞋材、黏著劑與醫療材料。",
        "codes": [
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        ],
        "source_url": "https://www.tsrc.com.tw/tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
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            "title": "台橡產品及應用",
            "source_url": "https://www.tsrc.com.tw/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "台橡SSBR產品用途",
            "source_url": "https://www.tsrc.com.tw/tw/products-services/ssbr/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
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        ]
      },
      {
        "name": "丁腈橡膠、乳膠與水性材料",
        "description": "南帝供應耐油丁腈橡膠與手套用乳膠；申豐供應乳膠與水性材料，連結造紙、黏著與包裝。",
        "codes": [
          "2108",
          "6582"
        ],
        "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
        "source_date": "2026-09-11",
        "source_date_type": "presentation",
        "source_refs": [
          {
            "title": "南帝2026-09-11法說簡報，第5及14頁",
            "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
            "source_date": "2026-09-11",
            "source_date_type": "presentation",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南帝合成乳膠產品與手套應用",
            "source_url": "https://www.nantex.com.tw/index.php?lang=cht&option=product",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南帝丁腈橡膠原料與用途",
            "source_url": "https://www.nantex.com.tw/index.php?id=2&index=2&lang=cht&option=product&task=showlist",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐官方產品與應用分類",
            "source_url": "https://www.shinfoong.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐紙與紙板乳膠用途",
            "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=349",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
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        ]
      },
      {
        "name": "碳黑與橡膠補強材料",
        "description": "以碳黑改善輪胎與橡膠製品性能，並開發低滾阻及循環材料；此分類只表示集團的碳黑事業角色。",
        "codes": [
          "2104"
        ],
        "source_url": "https://www.csrcgroup.com/governance4.html?lang=tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "國際中橡低滾阻碳黑與循環材料",
            "source_url": "https://www.csrcgroup.com/governance4.html?lang=tw",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "工業橡膠與複合材料製品",
        "description": "鑫永銓供應輸送帶與電子級熱壓緩衝墊；厚生供應醫療等用途的橡塑膠材料。",
        "codes": [
          "2114",
          "2107"
        ],
        "source_url": "https://www.hyc-king.com/index_tw.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "鑫永銓橡膠輸送帶與複合材料",
            "source_url": "https://www.hyc-king.com/index_tw.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "鑫永銓熱壓緩衝墊的PCB、CCL等用途",
            "source_url": "https://www.hyc-king.com/silieet_tw_1.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "厚生醫療用橡塑膠材料",
            "source_url": "https://www.frg.com.tw/healthcare-application",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
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    "value_chain": {
      "upstream": {
        "description": "最前端是天然橡膠、丁二烯、苯乙烯等原料；在本清單內，台橡、南帝、申豐供應橡膠或乳膠，國際中橡供應碳黑，屬於製品廠的材料端。",
        "codes": [
          "2103",
          "2108",
          "6582",
          "2104"
        ],
        "source_url": "https://www.tsrc.com.tw/app/uploads/2026/05/2025%E4%B8%AD%E6%96%87%E5%B9%B4%E5%A0%B1.pdf",
        "source_date": "2026-03-31",
        "source_date_type": "printed",
        "source_refs": [
          {
            "title": "台橡2025年報，封面刊印日2026-03-31",
            "source_url": "https://www.tsrc.com.tw/app/uploads/2026/05/2025%E4%B8%AD%E6%96%87%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-31",
            "source_date_type": "printed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南帝丁腈橡膠原料與用途",
            "source_url": "https://www.nantex.com.tw/index.php?id=2&index=2&lang=cht&option=product&task=showlist",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐官方產品與應用分類",
            "source_url": "https://www.shinfoong.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "國際中橡低滾阻碳黑與循環材料",
            "source_url": "https://www.csrcgroup.com/governance4.html?lang=tw",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "midstream": {
        "description": "把膠料與補強材料加工成輪胎、輸送帶、橡塑膠布與複合材料。輪胎廠服務不同車種；工業製品廠則依客戶製程與耐用需求開發。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102",
          "2114",
          "2107"
        ],
        "source_url": "https://www.cst.com.tw/products.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "正新產品資訊",
            "source_url": "https://www.cst.com.tw/products.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "建大官方產品分類",
            "source_url": "https://www.kendatire.com/zh-tw/kenda/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南港官方產品分類與品牌",
            "source_url": "https://www.nankang-tyre.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "華豐DURO官方產品分類",
            "source_url": "https://www.duro.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "泰豐事業與官方輪胎品牌連結",
            "source_url": "https://federalcorporation.com.tw/tc/Corporate_gs.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "鑫永銓橡膠輸送帶與複合材料",
            "source_url": "https://www.hyc-king.com/index_tw.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "厚生醫療用橡塑膠材料",
            "source_url": "https://www.frg.com.tw/healthcare-application",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      "downstream": {
        "description": "終端是車廠配套、替換胎通路、醫療手套、紙包裝及電子製造。本清單沒有純車廠或手套廠；下列輪胎公司同時經營自有品牌銷售，與中游重疊。這是分工對照，不代表已查證個別供貨關係。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102"
        ],
        "source_url": "https://www.cst.com.tw/products.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "正新產品資訊",
            "source_url": "https://www.cst.com.tw/products.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "建大官方產品分類",
            "source_url": "https://www.kendatire.com/zh-tw/kenda/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南港官方產品分類與品牌",
            "source_url": "https://www.nankang-tyre.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "華豐DURO官方產品分類",
            "source_url": "https://www.duro.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "泰豐事業與官方輪胎品牌連結",
            "source_url": "https://federalcorporation.com.tw/tc/Corporate_gs.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南帝合成乳膠產品與手套應用",
            "source_url": "https://www.nantex.com.tw/index.php?lang=cht&option=product",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐紙與紙板乳膠用途",
            "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=349",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "鑫永銓熱壓緩衝墊的PCB、CCL等用途",
            "source_url": "https://www.hyc-king.com/silieet_tw_1.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "替換胎需求與通路庫存",
        "explanation": "車輛換胎支撐持續需求，但需區分新車配套與替換市場。米其林截至2026年9月的估計顯示，乘用車與輕卡原廠配套需求略減，替換胎略增；北美仍受先前亞洲胎庫存消化影響。",
        "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
        "source_date": "2026-10-15",
        "source_date_type": "updated",
        "source_refs": [
          {
            "title": "米其林2026年9月輪胎市場趨勢",
            "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
            "source_date": "2026-10-15",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "節能與高性能輪胎材料",
        "explanation": "台橡SSBR具低滾動阻力、抗濕滑與耐磨特性，適用節能及高性能輪胎；南港也有AS-3 EV。需求重點是性能規格與客戶採用，不能只用電動車銷量推算訂單。",
        "source_url": "https://www.tsrc.com.tw/tw/products-services/ssbr/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "台橡SSBR產品用途",
            "source_url": "https://www.tsrc.com.tw/tw/products-services/ssbr/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南港AS-3 EV電動車輪胎（公司官網）",
            "source_url": "https://www.nankang-tyre.com/en/product/detail/96",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "醫療與工業手套消耗",
        "explanation": "南帝的羧化丁腈乳膠用於醫療及工業手套。手套使用與補庫存會影響乳膠拉貨；但公司9月法說指出中國大陸手套乳膠擴產使競爭加劇，需求增加仍須搭配供給與價格觀察。",
        "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
        "source_date": "2026-09-11",
        "source_date_type": "presentation",
        "source_refs": [
          {
            "title": "南帝2026-09-11法說簡報，第5及14頁",
            "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
            "source_date": "2026-09-11",
            "source_date_type": "presentation",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南帝合成乳膠產品與手套應用",
            "source_url": "https://www.nantex.com.tw/index.php?lang=cht&option=product",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "電子製造與工業設備維護",
        "explanation": "鑫永銓熱壓緩衝墊用於PCB、FPCB、CCL等高溫壓合製程，輸送帶也服務運輸與製造。相關產線開工及設備更換，構成有別於車市的需求來源。",
        "source_url": "https://www.hyc-king.com/silieet_tw_1.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "鑫永銓熱壓緩衝墊的PCB、CCL等用途",
            "source_url": "https://www.hyc-king.com/silieet_tw_1.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "鑫永銓橡膠輸送帶與複合材料",
            "source_url": "https://www.hyc-king.com/index_tw.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "driver": "紙材加工與可回收包裝",
        "explanation": "申豐SBR乳膠用於紙張塗佈及含浸，另有水性壓克力阻隔材料用於減塑包裝。紙品產量、包材改版與客戶驗證值得追蹤；目前未據此推定新材料營收規模。",
        "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=349",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "申豐紙與紙板乳膠用途",
            "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=349",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐水性阻隔材料減塑方案",
            "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=350",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "leaders": [
      {
        "code": "2105",
        "name": "正新",
        "role": "多車種輪胎與MAXXIS品牌",
        "why": "產品涵蓋轎車、休旅車、卡客車、機車、自行車與ATV，可跨車種觀察輪胎需求。",
        "source_url": "https://www.cst.com.tw/products.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "正新產品資訊",
            "source_url": "https://www.cst.com.tw/products.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "2103",
        "name": "台橡",
        "role": "合成橡膠與彈性體材料",
        "why": "同時供應SBR、SSBR、BR、NBR與SBC彈性體，橫跨輪胎與非輪胎材料。",
        "source_url": "https://www.tsrc.com.tw/tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "台橡產品及應用",
            "source_url": "https://www.tsrc.com.tw/tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "2106",
        "name": "建大",
        "role": "輪胎製造與KENDA品牌",
        "why": "官方產品分為汽車、自行車、摩托車／ATV、特殊車種及輪椅車，具多元車種組合。",
        "source_url": "https://www.kendatire.com/zh-tw/kenda/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "建大官方產品分類",
            "source_url": "https://www.kendatire.com/zh-tw/kenda/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "2101",
        "name": "南港",
        "role": "汽車性能胎與利基市場",
        "why": "產品線包含賽道胎、雪地胎、四季胎及AS-3 EV，可觀察規格升級與利基需求。",
        "source_url": "https://www.nankang-tyre.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "南港官方產品分類與品牌",
            "source_url": "https://www.nankang-tyre.com/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南港AS-3 EV電動車輪胎（公司官網）",
            "source_url": "https://www.nankang-tyre.com/en/product/detail/96",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "2108",
        "name": "南帝",
        "role": "手套用乳膠與耐油橡膠",
        "why": "羧化丁腈乳膠應用於醫療與工業手套，讓產業需求延伸到衛生防護。",
        "source_url": "https://www.nantex.com.tw/index.php?lang=cht&option=product",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "南帝合成乳膠產品與手套應用",
            "source_url": "https://www.nantex.com.tw/index.php?lang=cht&option=product",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "2104",
        "name": "國際中橡",
        "role": "碳黑與輪胎補強材料",
        "why": "旗下碳黑事業開發低滾阻LH系列，連結輪胎耐磨、節能與材料升級。",
        "source_url": "https://www.csrcgroup.com/governance4.html?lang=tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "國際中橡低滾阻碳黑與循環材料",
            "source_url": "https://www.csrcgroup.com/governance4.html?lang=tw",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "2114",
        "name": "鑫永銓",
        "role": "工業輸送帶與電子級熱壓緩衝墊",
        "why": "熱壓緩衝墊應用於PCB、FPCB與CCL高溫壓合，提供觀察電子製程需求的切口。",
        "source_url": "https://www.hyc-king.com/silieet_tw_1.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "鑫永銓熱壓緩衝墊的PCB、CCL等用途",
            "source_url": "https://www.hyc-king.com/silieet_tw_1.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "鑫永銓橡膠輸送帶與複合材料",
            "source_url": "https://www.hyc-king.com/index_tw.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "code": "6582",
        "name": "申豐",
        "role": "合成乳膠與水性功能材料",
        "why": "除SBR、NBR乳膠，也提供水性壓克力及生質乳膠，連結造紙與減塑包裝。",
        "source_url": "https://www.shinfoong.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "申豐官方產品與應用分類",
            "source_url": "https://www.shinfoong.com.tw/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐紙與紙板乳膠用途",
            "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=349",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "申豐水性阻隔材料減塑方案",
            "source_url": "https://www.shinfoong.com.tw/solutions.asp?in=350",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "recent": [
      {
        "date": "2026-10-15",
        "event": "米其林更新2026年9月輪胎市場資料：截至9月，乘用車與輕卡原廠配套需求略減，替換胎略增；北美替換市場仍受先前亞洲胎庫存消化影響。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102"
        ],
        "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
        "source_date": "2026-10-15",
        "source_date_type": "updated",
        "relevance": "國際市場觀察，代號代表同產業關聯，未表示各公司需求變動完全相同。"
      },
      {
        "date": "2026-09-11",
        "event": "南帝在法說簡報指出，中國大陸橡膠與手套乳膠擴產使競爭加劇；公司以差異化丁腈橡膠產品、調整乳膠產能組合及成本因應。",
        "codes": [
          "2108"
        ],
        "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
        "source_date": "2026-09-11",
        "source_type": "公開資訊觀測站原始公司法說簡報",
        "source_date_type": "presentation"
      },
      {
        "date": "2026-08-21",
        "event": "鑫永銓公告EcoCore輸送帶系列取得C2C認證，增加循環材料產品的認證依據。",
        "codes": [
          "2114"
        ],
        "source_url": "https://www.hyc-king.com/newsdetail_tw.php?id=3325",
        "source_date": "2026-08-21",
        "source_type": "公司官網",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-12",
        "event": "正新董事會通過增資印尼子公司PT. Maxxis International Indonesia，擬出資1,999.925萬美元，用於充實營運資金。",
        "codes": [
          "2105"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4252e1e4-2ecc-4f0f-8c6d-65c9e5b26c13",
        "source_date": "2026-08-12",
        "source_type": "MoneyDJ轉載公開資訊觀測站重大訊息",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-11",
        "event": "國際中橡公布2026年上半年財報，營收67.60億元，歸屬母公司淨損12.77億元，每股虧損1.32元；此為集團合併數字。",
        "codes": [
          "2104"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=408f5796-ac31-468a-98b1-047f35de2153",
        "source_date": "2026-08-11",
        "source_type": "MoneyDJ轉載公開資訊觀測站重大訊息",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-11",
        "event": "建大公布2026年上半年財報，營收182.45億元，歸屬母公司淨利3.11億元，每股盈餘0.33元。",
        "codes": [
          "2106"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c00c4183-a85d-460b-821b-318da55ac0fb",
        "source_date": "2026-08-11",
        "source_type": "MoneyDJ轉載公開資訊觀測站重大訊息",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-06",
        "event": "台橡公布2026年上半年財報，營收222.12億元，歸屬母公司淨利18.67億元，每股盈餘2.26元。",
        "codes": [
          "2103"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=9b35009e-a91a-48c8-a1d8-1a7a2ecd152f",
        "source_date": "2026-08-06",
        "source_type": "MoneyDJ轉載公開資訊觀測站重大訊息",
        "source_date_type": "published"
      },
      {
        "date": "2026-07-23",
        "event": "南港在官網公布2026 SEMA美國汽車零配件展資訊，列出拉斯維加斯會展中心及South Hall，展期為11月3日至6日。",
        "codes": [
          "2101"
        ],
        "source_url": "https://www.nankang-tyre.com/en/news/detail/70",
        "source_date": "2026-07-23",
        "source_type": "公司官網",
        "source_date_type": "published"
      },
      {
        "date": "2026-07-20",
        "event": "歐盟公報發布更新版EUDR指引，確認多數義務自2026年12月30日起適用；天然橡膠及適用清單內衍生產品的可追溯準備進入倒數。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102"
        ],
        "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C_202603896",
        "source_date": "2026-07-20",
        "source_type": "歐盟官方公報",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-20",
        "event": "米其林預定公布2026年第三季暨前九個月營收。可交叉觀察全球輪胎需求與區域銷售，屬國際同業揭露窗口。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102"
        ],
        "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
        "source_date": "2026-10-15",
        "certainty": "公司已公告日期；台股代號為產業觀察關聯，非其法說",
        "source_date_type": "updated"
      },
      {
        "expected": "2026-11-03",
        "event": "SEMA Show將於11月3日至6日在拉斯維加斯舉行。主辦公會點名Kenda與Maxxis持續參展，南港官網亦公布參展資訊，可觀察北美改裝與替換胎產品方向。",
        "codes": [
          "2105",
          "2106",
          "2101"
        ],
        "source_url": "https://www.sema.org/news-media/press-release/tires-and-wheels-accelerate-momentum-2026-sema-show",
        "source_date": "2026-09-02",
        "certainty": "產業公會已公告展期、Kenda與Maxxis品牌；南港公司官網亦確認",
        "source_date_type": "published",
        "source_refs": [
          {
            "source_url": "https://www.sema.org/news-media/press-release/tires-and-wheels-accelerate-momentum-2026-sema-show",
            "source_date": "2026-09-02",
            "source_date_type": "published"
          },
          {
            "source_url": "https://www.nankang-tyre.com/en/news/detail/70",
            "source_date": "2026-07-23",
            "source_date_type": "published"
          }
        ]
      },
      {
        "expected": "2026-11",
        "event": "第三季財報法定揭露窗口。證交法原則要求季末後45日內申報，可比對毛利率、匯兌及庫存；各公司確切董事會或法說日期仍以公告為準。",
        "codes": [
          "2105",
          "2103",
          "2106",
          "2101",
          "2108",
          "2104",
          "2109",
          "2114",
          "2107",
          "6582",
          "2102"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "certainty": "法定揭露窗口，並非公司已公告法說日期",
        "source_date_type": "regulation_revision"
      },
      {
        "expected": "2026-12-30",
        "event": "EUDR多數義務預定開始適用。輪胎供應鏈應觀察天然橡膠來源與盡職調查資料準備；實際義務仍依產品清單、業者身分及過渡規則認定。",
        "codes": [
          "2105",
          "2106",
          "2101",
          "2109",
          "2102"
        ],
        "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C_202603896",
        "source_date": "2026-07-20",
        "certainty": "歐盟現行官方指引日期；後續修法仍需追蹤",
        "source_date_type": "published"
      },
      {
        "expected": "2027-03-24",
        "event": "台北國際自行車展預定3月24日至27日舉行，協辦為台灣自行車輸出業同業公會。可觀察自行車與電動輔助自行車供應鏈新品；尚未據此確認個別輪胎公司參展。",
        "codes": [
          "2105",
          "2106",
          "2109"
        ],
        "source_url": "https://www.taipeicycle.com.tw/en/news/6E00DE01C220F3C4/info.html?cr=2&lt=data",
        "source_date": "2026-07-21",
        "source_updated": "2026-08-24",
        "certainty": "官方展期；公司代號僅表示自行車胎產品關聯，參展尚未確認",
        "source_date_type": "published"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報的法定揭露窗口。證交法原則要求年度結束後三個月內申報，可檢驗全年現金流、海外廠營運與資產減損；提前揭露適用者仍依主管機關規定辦理。",
        "codes": [
          "2105",
          "2103",
          "2106",
          "2101",
          "2108",
          "2104",
          "2109",
          "2114",
          "2107",
          "6582",
          "2102"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "certainty": "法定最晚揭露窗口，並非公司已公告董事會或法說日期",
        "source_date_type": "regulation_revision"
      }
    ],
    "global_peers": [
      {
        "name": "Michelin 米其林",
        "ticker": "ML（Euronext Paris）",
        "relation": "與正新、建大、南港等同為輪胎品牌；可對照替換胎需求、產品組合及區域市場。",
        "relation_type": "依產品重疊所做的同業對照，未宣稱直接交易關係",
        "source_url": "https://www.michelin.com/en/investors/stock-exchange/share-data",
        "source_date": "2026-10-13",
        "source_date_type": "updated",
        "source_refs": [
          {
            "title": "米其林股票代號",
            "source_url": "https://www.michelin.com/en/investors/stock-exchange/share-data",
            "source_date": "2026-10-13",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "米其林2026年9月輪胎市場趨勢",
            "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
            "source_date": "2026-10-15",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "Bridgestone 普利司通",
        "ticker": "5108（東京證交所）",
        "relation": "與正新、建大等在乘用車、商用車及機車輪胎產品有重疊，可對照各車種景氣。",
        "relation_type": "依產品重疊所做的同業對照，未宣稱直接交易關係",
        "source_url": "https://www.bridgestone.com/ir/shareholders_information/stockinformation/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "Bridgestone股票及產品分類",
            "source_url": "https://www.bridgestone.com/ir/shareholders_information/stockinformation/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "Goodyear 固特異",
        "ticker": "GT（NASDAQ）",
        "relation": "與台灣輪胎品牌同處全球輪胎市場，可對照北美市場、製造成本及營運表現。",
        "relation_type": "依產品重疊所做的同業對照，未宣稱直接交易關係",
        "source_url": "https://corporate.goodyear.com/us/en/investors/financial-news.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "Goodyear官方財務新聞與NASDAQ代號",
            "source_url": "https://corporate.goodyear.com/us/en/investors/financial-news.html",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "Cabot 卡博特",
        "ticker": "CBT（NYSE）",
        "relation": "供應輪胎補強碳材，與國際中橡的碳黑事業具有產品重疊；可對照每噸獲利與出貨。",
        "relation_type": "依產品重疊所做的同業對照，未宣稱直接交易關係",
        "source_url": "https://investor.cabot-corp.com/news-releases/news-release-details/cabot-corporation-reports-third-quarter-fiscal-year-2026-results",
        "source_date": "2026-08-03",
        "source_date_type": "published",
        "source_refs": [
          {
            "title": "Cabot官方2026會計年度第三季財報與NYSE代號",
            "source_url": "https://investor.cabot-corp.com/news-releases/news-release-details/cabot-corporation-reports-third-quarter-fiscal-year-2026-results",
            "source_date": "2026-08-03",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "Cabot輪胎補強碳材用途",
            "source_url": "https://www.cabotcorp.com/solutions/applications/tires",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "name": "Zeon 日本瑞翁",
        "ticker": "4205（東京證交所）",
        "relation": "供應SBR、BR、NBR等合成橡膠，與台橡及南帝部分材料產品重疊。",
        "relation_type": "依產品重疊所做的同業對照，未宣稱直接交易關係",
        "source_url": "https://www.zeon.co.jp/ir/stock/stock_info/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "日本瑞翁官方股票代號",
            "source_url": "https://www.zeon.co.jp/ir/stock/stock_info/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "日本瑞翁合成橡膠產品",
            "source_url": "https://www.zeon.co.jp/en/business/enterprise/rubber/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "輪胎原廠配套／替換市場銷量與通路庫存",
        "why": "分開看歐洲、北美及中國，可辨識真實終端需求與去庫存。米其林資料是製造商對通路的銷售估計，不能直接當消費者裝胎量。",
        "evidence_type": "依來源中的營運與產品特性歸納，屬研究追蹤建議",
        "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
        "source_date": "2026-10-15",
        "source_date_type": "updated",
        "source_refs": [
          {
            "title": "米其林2026年9月輪胎市場趨勢",
            "source_url": "https://www.michelin.com/en/investors/presentation-events/market-trend",
            "source_date": "2026-10-15",
            "source_date_type": "updated",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "metric": "原料報價、售價與每噸獲利",
        "why": "追天然橡膠、丁二烯等投入成本，搭配輪胎與合成橡膠售價。Cabot最新財報顯示補強材料量增仍可能伴隨每噸毛利下降，單看營收不足以判斷獲利。",
        "evidence_type": "依來源中的營運與產品特性歸納，屬研究追蹤建議",
        "source_url": "https://investor.cabot-corp.com/news-releases/news-release-details/cabot-corporation-reports-third-quarter-fiscal-year-2026-results",
        "source_date": "2026-08-03",
        "source_date_type": "published",
        "source_refs": [
          {
            "title": "Cabot官方2026會計年度第三季財報與NYSE代號",
            "source_url": "https://investor.cabot-corp.com/news-releases/news-release-details/cabot-corporation-reports-third-quarter-fiscal-year-2026-results",
            "source_date": "2026-08-03",
            "source_date_type": "published",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "南帝丁腈橡膠原料與用途",
            "source_url": "https://www.nantex.com.tw/index.php?id=2&index=2&lang=cht&option=product&task=showlist",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "台橡2025年報，封面刊印日2026-03-31",
            "source_url": "https://www.tsrc.com.tw/app/uploads/2026/05/2025%E4%B8%AD%E6%96%87%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-31",
            "source_date_type": "printed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "metric": "稼動率、出貨量與存貨天數",
        "why": "南帝法說分列產能與產量，台橡提供季報與年報，可搭配公司揭露的出貨及存貨辨識供需變化。名義產能的產量比不等於公司公告稼動率；未揭露時保留空白。",
        "evidence_type": "依來源中的營運與產品特性歸納，屬研究追蹤建議",
        "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
        "source_date": "2026-09-11",
        "source_date_type": "presentation",
        "source_refs": [
          {
            "title": "南帝2026-09-11法說簡報，第5及14頁",
            "source_url": "https://mopsov.twse.com.tw/nas/STR/210820260910M001.pptx",
            "source_date": "2026-09-11",
            "source_date_type": "presentation",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "台橡2025年報，封面刊印日2026-03-31",
            "source_url": "https://www.tsrc.com.tw/app/uploads/2026/05/2025%E4%B8%AD%E6%96%87%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-31",
            "source_date_type": "printed",
            "accessed_at": "2026-10-18"
          },
          {
            "title": "台橡每月合併營收與財報",
            "source_url": "https://www.tsrc.com.tw/tw/investor-relations/financial-report/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          }
        ]
      },
      {
        "metric": "高規格輪胎與功能材料產品組合",
        "why": "追蹤SSBR、電動車胎、熱壓緩衝墊及水性阻隔材料的銷售占比與驗證進度；有產品或通過驗證，不等於已大量出貨。",
        "evidence_type": "依來源中的營運與產品特性歸納，屬研究追蹤建議",
        "source_url": "https://www.tsrc.com.tw/tw/products-services/ssbr/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_refs": [
          {
            "title": "台橡SSBR產品用途",
            "source_url": "https://www.tsrc.com.tw/tw/products-services/ssbr/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "accessed_at": "2026-10-18"
          },
          {
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        "evidence_type": "依來源中的營運與產品特性歸納，屬研究追蹤建議",
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      "https://www.sema.org/news-media/press-release/tires-and-wheels-accelerate-momentum-2026-sema-show",
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        "source_url": "https://www.cabotcorp.com/solutions/applications/tires",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "日本瑞翁官方股票代號",
        "source_url": "https://www.zeon.co.jp/ir/stock/stock_info/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "日本瑞翁合成橡膠產品",
        "source_url": "https://www.zeon.co.jp/en/business/enterprise/rubber/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "鑫永銓公告，EcoCore輸送帶系列取得C2C Certified Full Scope Bronze認證（Version 5.0），持續推進循環材料產品",
        "source_url": "https://www.hyc-king.com/newsdetail_tw.php?id=3325",
        "source_date": "2026-08-21",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "正新董事會通過增資印尼子公司PT. Maxxis International Indonesia，擬出資1,999.925萬美元，用於充實營運資金",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=4252e1e4-2ecc-4f0f-8c6d-65c9e5b26c13",
        "source_date": "2026-08-12",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "國際中橡2026年上半年合併財報公告",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=408f5796-ac31-468a-98b1-047f35de2153",
        "source_date": "2026-08-11",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "建大公布2026年上半年財報，營收182.45億元，歸屬母公司淨利3.11億元，每股盈餘0.33元",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c00c4183-a85d-460b-821b-318da55ac0fb",
        "source_date": "2026-08-11",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "台橡公布2026年上半年財報，營收222.12億元，歸屬母公司淨利18.67億元，每股盈餘2.26元",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=9b35009e-a91a-48c8-a1d8-1a7a2ecd152f",
        "source_date": "2026-08-06",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "南港在官網公布2026 SEMA美國汽車零配件展資訊，列出拉斯維加斯會展中心及South Hall，展期為11月3日至6日",
        "source_url": "https://www.nankang-tyre.com/en/news/detail/70",
        "source_date": "2026-07-23",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "歐盟公報發布更新版EUDR指引，確認多數義務自2026年12月30日起適用；天然橡膠及適用清單內衍生產品的可追溯準備進入倒數",
        "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C_202603896",
        "source_date": "2026-07-20",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "SEMA Show將於11月3日至6日在拉斯維加斯舉行",
        "source_url": "https://www.sema.org/news-media/press-release/tires-and-wheels-accelerate-momentum-2026-sema-show",
        "source_date": "2026-09-02",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "第三季財報法定揭露窗口",
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "regulation_revision",
        "accessed_at": "2026-10-18"
      },
      {
        "title": "台北國際自行車展預定3月24日至27日舉行，協辦為台灣自行車輸出業同業公會",
        "source_url": "https://www.taipeicycle.com.tw/en/news/6E00DE01C220F3C4/info.html?cr=2&lt=data",
        "source_date": "2026-07-21",
        "source_date_type": "published",
        "accessed_at": "2026-10-18"
      }
    ]
  },
  {
    "industry": "造紙工業",
    "as_of": "2026-10-18",
    "one_liner": "把回收纖維變成紙箱與生活用品",
    "one_liner_en": "From recycled paper to boxes, linking Taiwan’s manufacturing and everyday needs.",
    "overview": "永豐餘2026年9月營收約67億元，比去年同期增加4.0%。造紙工業像替貨物與生活製作外衣的工坊，把回收纖維做成工業用紙和紙箱，也生產紙漿、特殊紙、衛生紙與廚房紙巾，接上工廠出貨和家庭清潔。特殊紙另有食品防油用途。清單7家公司當月合計約185億元，年增12.1%。前三大中的榮成年增25.3%，正隆增加17.1%，都高於永豐餘及整體。榮成營收約48億元，也是月營收達10億元公司中的增幅首位。永豐餘業務橫跨工紙、林漿紙及消費品。下一次對照榮成的25.3%與永豐餘的4.0%，看收入成長分布。",
    "segments": [
      {
        "name": "工業用紙與紙箱",
        "description": "以回收纖維製工業用紙，再加工成瓦楞紙箱，服務製造與物流包裝。永豐餘是跨工紙、林漿紙及消費品的投控集團，此處按包裝主軸歸類。",
        "codes": [
          "1907",
          "1909",
          "1904"
        ],
        "source_refs": [
          {
            "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
            "source_date": "2026-05-11"
          },
          {
            "source_url": "https://www.yfy.com/tw/investor_stock_reports.html",
            "source_date": "2026-05-11"
          },
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          },
          {
            "source_url": "https://www.longchenpaper.com/file/UploadFile/Stock_all/%E6%A6%AE%E6%88%90114%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-29"
          }
        ]
      },
      {
        "name": "林漿紙與特殊材料",
        "description": "從林業、紙漿到文化及特殊紙，延伸至食品防油、面板玻璃襯紙與碳纖維製程用紙。",
        "codes": [
          "1905"
        ],
        "source_refs": [
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/408",
            "source_date": "2026-06-16"
          },
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/417",
            "source_date": "2026-08-14"
          }
        ]
      },
      {
        "name": "家庭用紙與清潔用品",
        "description": "製造及銷售衛生紙、廚房紙巾，搭配清潔用品與品牌通路，需求來自家庭及商用清潔。",
        "codes": [
          "6790"
        ],
        "source_refs": [
          {
            "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
            "source_date": "2026-04-26"
          }
        ]
      },
      {
        "name": "工紙經銷通路",
        "description": "代理與經銷工業用紙，主要商品包括瓦楞芯紙與裱面紙板，連接紙廠與用紙客戶。",
        "codes": [
          "1906"
        ],
        "source_refs": [
          {
            "source_url": "https://www.baolongintl.com/uploadfile/Stock_all/%E5%AF%B6%E9%9A%86114%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2025-03-29"
          }
        ]
      },
      {
        "name": "消費品牌與資產開發轉型",
        "description": "士紙業務已轉向獅子寶寶濕紙巾、氧顏森活保養品牌，以及不動產開發與租賃；應分開觀察，不能套用工紙景氣。",
        "codes": [
          "1903"
        ],
        "source_refs": [
          {
            "source_url": "https://www.shihlin.com.tw/download/2025/20251222rsc.pdf",
            "source_date": "2025-12-22"
          }
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "木片、木漿及回收紙提供纖維原料。清單中的華紙布局林業與紙漿，永豐餘透過旗下林漿紙事業參與；清單未涵蓋全部原料供應商。",
        "codes": [
          "1905",
          "1907"
        ],
        "source_refs": [
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/408",
            "source_date": "2026-06-16"
          },
          {
            "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
            "source_date": "2026-05-11"
          },
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          }
        ]
      },
      "midstream": {
        "description": "製漿、抄紙及加工原紙，產出工業用紙、文化與特殊紙、家庭用紙。工紙與家紙原料、售價及成本傳導各有差異。",
        "codes": [
          "1907",
          "1909",
          "1904",
          "1905",
          "6790"
        ],
        "source_refs": [
          {
            "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
            "source_date": "2026-05-11"
          },
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          },
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/417",
            "source_date": "2026-08-14"
          },
          {
            "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
            "source_date": "2026-04-26"
          },
          {
            "source_url": "https://www.longchenpaper.com/file/UploadFile/Stock_all/%E6%A6%AE%E6%88%90114%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-29"
          }
        ]
      },
      "downstream": {
        "description": "工紙加工成紙板、紙箱，或經由經銷商交給用紙客戶；家紙透過品牌及零售通路供家庭與商用市場。士紙轉型業務不放入製紙主鏈。",
        "codes": [
          "1907",
          "1909",
          "1904",
          "6790",
          "1906"
        ],
        "source_refs": [
          {
            "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
            "source_date": "2026-05-11"
          },
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          },
          {
            "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
            "source_date": "2026-04-26"
          },
          {
            "source_url": "https://www.baolongintl.com/uploadfile/Stock_all/%E5%AF%B6%E9%9A%86114%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2025-03-29"
          },
          {
            "source_url": "https://www.shihlin.com.tw/download/2025/20251222rsc.pdf",
            "source_date": "2025-12-22"
          },
          {
            "source_url": "https://www.longchenpaper.com/file/UploadFile/Stock_all/%E6%A6%AE%E6%88%90114%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-29"
          }
        ]
      }
    },
    "drivers": [
      {
        "driver": "電商、出口與節慶備貨帶動包裝",
        "explanation": "紙箱承接商品運送與備貨需求。紙廠10月觀察到溫和補庫，尚未出現集中大幅拉貨；旺季強度仍要看實際出貨。",
        "source_url": "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
        "source_date": "2026-10-10"
      },
      {
        "driver": "越南在地包裝需求",
        "explanation": "正隆表示越南需求成長，並以工紙、紙器整合據點供貨；永豐餘也指出越南紙器訂單較去年增加。海外據點讓台廠參與當地包裝需求。",
        "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
        "source_date": "2026-08-21",
        "source_refs": [
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          },
          {
            "source_url": "https://money.udn.com/money/story/5607/9692371",
            "source_date": "2026-08-14"
          }
        ]
      },
      {
        "driver": "家庭與商用清潔消耗",
        "explanation": "衛生紙、廚房紙巾與清潔用品服務日常使用。永豐實以五月花、得意及橘子工坊等品牌連接消費者，需求還要搭配通路促銷與銷售組合觀察。",
        "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
        "source_date": "2026-04-26"
      },
      {
        "driver": "食安與製程用紙的功能升級",
        "explanation": "華紙無氟防油紙已供應連鎖餐飲，玻璃襯紙與離型底紙則用於面板、碳纖維製程。這些用途擴大傳統印刷紙以外的需求。",
        "source_url": "https://www.chp.com.tw/tw/news/detail/417",
        "source_date": "2026-08-14"
      }
    ],
    "leaders": [
      {
        "code": "1907",
        "name": "永豐餘",
        "role": "整合紙業投控與包裝供應鏈",
        "why": "集團涵蓋工紙紙器、林漿紙及消費品三大紙業事業群，可觀察多紙種與投資收益的組合。",
        "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
        "source_date": "2026-05-11",
        "source_refs": [
          {
            "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
            "source_date": "2026-05-11"
          },
          {
            "source_url": "https://www.yfy.com/tw/investor_stock_reports.html",
            "source_date": "2026-05-11"
          }
        ]
      },
      {
        "code": "1909",
        "name": "榮成",
        "role": "台灣與中國工紙、紙箱供應商",
        "why": "2026年前三季自結營收379.22億元、稅前淨利5.99億元，是觀察工紙復甦及本業獲利的重要樣本。",
        "source_url": "https://money.udn.com/money/story/5710/9795922",
        "source_date": "2026-10-05",
        "source_refs": [
          {
            "source_url": "https://money.udn.com/money/story/5710/9795922",
            "source_date": "2026-10-05"
          },
          {
            "source_url": "https://www.longchenpaper.com/file/UploadFile/Stock_all/%E6%A6%AE%E6%88%90114%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%A0%B1.pdf",
            "source_date": "2026-03-29"
          }
        ]
      },
      {
        "code": "1904",
        "name": "正隆",
        "role": "工紙與紙器整合製造商",
        "why": "越南平陽造紙基地已達百萬噸級年產能，連接台灣、中國與越南的區域包裝需求。",
        "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
        "source_date": "2026-08-21"
      },
      {
        "code": "1905",
        "name": "華紙",
        "role": "林漿紙與功能材料供應商",
        "why": "無氟防油紙已進入連鎖餐飲供應鏈，並供應面板玻璃襯紙及碳纖維離型底紙，呈現紙材升級路徑。",
        "source_url": "https://www.chp.com.tw/tw/news/detail/417",
        "source_date": "2026-08-14"
      },
      {
        "code": "6790",
        "name": "永豐實",
        "role": "家庭用紙與清潔用品品牌商",
        "why": "2025年家庭用紙產量約15萬噸，搭配五月花、得意與橘子工坊品牌，連接製造端與民生零售。",
        "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
        "source_date": "2026-04-26"
      }
    ],
    "recent": [
      {
        "date": "2026-10-12",
        "event": "榮成公告分割案的債權人通知程序；股臨會已通過台灣工紙及紙箱事業分割，暫訂2027年1月4日為分割基準日。",
        "codes": [
          "1909"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=068bd627-b4b0-48a6-96c3-6a407debe81e",
        "source_date": "2026-10-12"
      },
      {
        "date": "2026-10-10",
        "event": "紙廠更新第四季展望，需求以正常補庫為主；華紙表示9月短纖漿每噸調升20美元，售價能否跟上原料成本成為觀察重點。",
        "codes": [
          "1907",
          "1904",
          "1905"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
        "source_date": "2026-10-10"
      },
      {
        "date": "2026-10-05",
        "event": "榮成公布前三季自結稅前淨利5.99億元；9月本業營業虧損約0.53億元，但稅前仍獲利，須留意補貼等業外收益。",
        "codes": [
          "1909"
        ],
        "source_url": "https://money.udn.com/money/story/5710/9795922",
        "source_date": "2026-10-05"
      },
      {
        "date": "2026-09-30",
        "event": "華紙公告總經理陳瑞和退休，自10月1日起由財務長林谷豐暫代總經理暨發言人。",
        "codes": [
          "1905"
        ],
        "source_url": "https://udn.com/news/story/7241/9785968",
        "source_date": "2026-09-30"
      },
      {
        "date": "2026-09-21",
        "event": "華紙公告台東廠戶外回收紙區9月20日火警。無人受傷、廠房設備未受波及，扣除預估保險理賠後初估損失約1,200萬元。",
        "codes": [
          "1905"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cc8db78e-e74d-44c8-be60-74bd8c08ff17",
        "source_date": "2026-09-21"
      },
      {
        "date": "2026-08-21",
        "event": "正隆舉行下半年法說，說明越南新增工紙與紙器產能逐步提升利用率；平陽造紙基地年產能已達百萬噸級。",
        "codes": [
          "1904"
        ],
        "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
        "source_date": "2026-08-21"
      },
      {
        "date": "2026-08-14",
        "event": "永豐餘、華紙及榮成同日法說。永豐餘指出越南紙器訂單較去年增加；華紙當時預計紙漿減產持續至10月中，屬當時展望。",
        "codes": [
          "1907",
          "1905",
          "1909"
        ],
        "source_url": "https://money.udn.com/money/story/5607/9692371",
        "source_date": "2026-08-14"
      }
    ],
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      {
        "expected": "2026-11",
        "event": "10月營收依法進入揭露期，原則於次月10日前公告；可檢查第四季包裝需求與出貨。這是法定時程，非公司另行公告的活動日。",
        "codes": [
          "1907",
          "1909",
          "1904",
          "1905",
          "6790",
          "1906",
          "1903"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "status": "法定揭露時程推算"
      },
      {
        "expected": "2026-11",
        "event": "第三季財報申報期限所在月份；依季末後45日的規定，檢查毛利率、庫存與本業獲利。各公司實際公告日待公告確認。",
        "codes": [
          "1907",
          "1909",
          "1904",
          "1905",
          "6790",
          "1906",
          "1903"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "status": "法定揭露時程推算"
      },
      {
        "expected": "2026-12-30",
        "event": "歐盟EUDR對大型、中型等適用業者開始適用。木源紙材的歐洲銷售鏈需追蹤來源追溯要求；華紙有外銷歐美產品，實際適用仍依產品範圍與交易角色判定。",
        "codes": [
          "1905"
        ],
        "source_url": "https://environment.ec.europa.eu/news/commission-updates-product-scope-and-tools-support-eudr-2026-07-13_en",
        "source_date": "2026-07-13",
        "source_refs": [
          {
            "source_url": "https://environment.ec.europa.eu/news/commission-updates-product-scope-and-tools-support-eudr-2026-07-13_en",
            "source_date": "2026-07-13"
          },
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/417",
            "source_date": "2026-08-14"
          }
        ],
        "status": "已公告政策；個別產品適用性仍需確認"
      },
      {
        "expected": "2027-01-04",
        "event": "榮成台灣工紙及紙箱事業暫訂分割予100%持股子公司，追蹤投控轉型執行及後續揭露；日期仍屬暫訂。",
        "codes": [
          "1909"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=068bd627-b4b0-48a6-96c3-6a407debe81e",
        "source_date": "2026-10-12",
        "status": "公司公告暫訂日期"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報申報期限所在月份；依會計年度結束後3個月的規定，核對全年獲利、現金流及資本支出。實際公告日依公司通知。",
        "codes": [
          "1907",
          "1909",
          "1904",
          "1905",
          "6790",
          "1906",
          "1903"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "status": "法定揭露時程推算"
      }
    ],
    "global_peers": [
      {
        "name": "Suzano",
        "ticker": "NYSE:SUZ / B3:SUZB3",
        "relation": "全球紙漿供給與價格對照。其2026年第2季紙漿銷量290萬噸，可對照華紙及家紙業者的木漿環境；未據此認定與台廠有直接採購關係。",
        "source_url": "https://www.suzano.com.br/en/news-post/suzano-ebitda-second-quarter-2026",
        "source_date": "2026-08-13",
        "source_refs": [
          {
            "source_url": "https://www.suzano.com.br/en/news-post/suzano-ebitda-second-quarter-2026",
            "source_date": "2026-08-13"
          },
          {
            "source_url": "https://www.sec.gov/Archives/edgar/data/909327/000090932726000026/a20260210-materialfactxpul.htm",
            "source_date": "2026-02-10"
          }
        ],
        "comparison_type": "依產品與市場選取的研究對照"
      },
      {
        "name": "Oji Holdings（王子控股）",
        "ticker": "TSE:3861",
        "relation": "涵蓋瓦楞原紙、紙箱與功能材料，並布局東南亞，可對照正隆、榮成的區域包裝業務；不代表已確認直接合作。",
        "source_url": "https://www.ojiholdings.co.jp/en/uploads/docs/en0515irnews01.pdf",
        "source_date": "2026-05-15",
        "comparison_type": "依產品與市場選取的研究對照"
      },
      {
        "name": "Kimberly-Clark（金百利克拉克）",
        "ticker": "Nasdaq:KMB",
        "relation": "以家庭紙品與個人護理品牌策略對照永豐實；2026年國際家紙及商用業務已列停業單位並成立Arbex合資公司，比較營收時需調整口徑。",
        "source_url": "https://www.investor.kimberly-clark.com/news-releases/news-release-details/kimberly-clark-announces-second-quarter-and-first-half-2026",
        "source_date": "2026-08-04",
        "comparison_type": "依產品與品牌模式選取的研究對照"
      }
    ],
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        "metric": "工紙售價與回收紙成本的每噸價差",
        "why": "分台灣、中國與越南追蹤，並用相同幣別及運費口徑比較。出貨成長若追不上原料漲價，營收增加也未必改善毛利。",
        "source_url": "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
        "source_date": "2026-10-10",
        "interpretation": "研究觀察建議"
      },
      {
        "metric": "國際短纖漿價、木片成本與成本反映時差",
        "why": "華紙同時受售漿與造紙成本影響，家紙則要觀察買漿成本。應分開看產品組合，不能把漿價上漲視為所有紙廠的同向利多。",
        "source_url": "https://www.chp.com.tw/tw/news/detail/417",
        "source_date": "2026-08-14",
        "source_refs": [
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/417",
            "source_date": "2026-08-14"
          },
          {
            "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
            "source_date": "2026-04-26"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
            "source_date": "2026-10-10"
          }
        ],
        "interpretation": "研究觀察建議"
      },
      {
        "metric": "各地工紙與紙器產銷量、稼動率及庫存天數",
        "why": "搭配新產能利用率，判斷出貨來自終端需求、補庫或供給調節；營收最好同時拆成售價與銷量觀察。",
        "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
        "source_date": "2026-08-21",
        "source_refs": [
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          },
          {
            "source_url": "https://money.udn.com/money/story/5607/9692371",
            "source_date": "2026-08-14"
          },
          {
            "source_url": "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
            "source_date": "2026-10-10"
          }
        ],
        "interpretation": "研究觀察建議；未填入無法核實的即時稼動率或庫存數值"
      },
      {
        "metric": "每噸能源成本與自發電比率",
        "why": "製漿造紙耗用蒸汽與電力。追蹤生質能、沼氣及汽電系統的實際發電與節能成果，檢查能否降低外購能源成本。",
        "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
        "source_date": "2026-08-21",
        "source_refs": [
          {
            "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
            "source_date": "2026-08-21"
          },
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/417",
            "source_date": "2026-08-14"
          },
          {
            "source_url": "https://money.udn.com/money/story/5607/9728060",
            "source_date": "2026-09-01"
          }
        ],
        "interpretation": "研究觀察建議"
      },
      {
        "metric": "特殊紙與品牌產品組合、毛利率及本業獲利",
        "why": "把機能紙、家紙品牌與一般工紙分開看，再區分補貼、投資收益等業外項目，才能判斷產品升級是否改善經常性獲利。",
        "source_url": "https://money.udn.com/money/story/5710/9795922",
        "source_date": "2026-10-05",
        "source_refs": [
          {
            "source_url": "https://money.udn.com/money/story/5710/9795922",
            "source_date": "2026-10-05"
          },
          {
            "source_url": "https://www.chp.com.tw/tw/news/detail/417",
            "source_date": "2026-08-14"
          },
          {
            "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
            "source_date": "2026-04-26"
          }
        ],
        "interpretation": "研究觀察建議"
      }
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      "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
      "https://www.yfy.com/tw/investor_stock_reports.html",
      "https://www.longchenpaper.com/file/UploadFile/Stock_all/%E6%A6%AE%E6%88%90114%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%A0%B1.pdf",
      "https://cpm.clc.com.tw/en/new?i=1054",
      "https://www.chp.com.tw/tw/news/detail/408",
      "https://www.chp.com.tw/tw/news/detail/417",
      "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
      "https://www.baolongintl.com/uploadfile/Stock_all/%E5%AF%B6%E9%9A%86114%E5%B9%B4%E5%A0%B1.pdf",
      "https://www.shihlin.com.tw/download/2025/20251222rsc.pdf",
      "https://money.udn.com/money/story/5607/9692371",
      "https://money.udn.com/money/story/5607/9728060",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cc8db78e-e74d-44c8-be60-74bd8c08ff17",
      "https://udn.com/news/story/7241/9785968",
      "https://money.udn.com/money/story/5710/9795922",
      "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=068bd627-b4b0-48a6-96c3-6a407debe81e",
      "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
      "https://environment.ec.europa.eu/news/commission-updates-product-scope-and-tools-support-eudr-2026-07-13_en",
      "https://www.suzano.com.br/en/news-post/suzano-ebitda-second-quarter-2026",
      "https://www.sec.gov/Archives/edgar/data/909327/000090932726000026/a20260210-materialfactxpul.htm",
      "https://www.ojiholdings.co.jp/en/uploads/docs/en0515irnews01.pdf",
      "https://www.investor.kimberly-clark.com/news-releases/news-release-details/kimberly-clark-announces-second-quarter-and-first-half-2026",
      "https://www.clc.com.tw/new?i=1020"
    ],
    "overview_source_refs": [
      {
        "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "source_date": "2026-10-17"
      },
      {
        "source_url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
        "source_date": "2026-05-11"
      },
      {
        "source_url": "https://cpm.clc.com.tw/en/new?i=1054",
        "source_date": "2026-08-21"
      },
      {
        "source_url": "https://www.chp.com.tw/tw/news/detail/408",
        "source_date": "2026-06-16"
      },
      {
        "source_url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
        "source_date": "2026-04-26"
      },
      {
        "source_url": "https://www.baolongintl.com/uploadfile/Stock_all/%E5%AF%B6%E9%9A%86114%E5%B9%B4%E5%A0%B1.pdf",
        "source_date": "2025-03-29"
      },
      {
        "source_url": "https://www.shihlin.com.tw/download/2025/20251222rsc.pdf",
        "source_date": "2025-12-22"
      },
      {
        "source_url": "https://money.udn.com/money/story/5612/9806074?from=edn_newest_index",
        "source_date": "2026-10-10"
      }
    ],
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      {
        "id": "input",
        "url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "date": "2026-10-17",
        "date_type": "provided_snapshot_reportDate",
        "title": "使用者提供 latest.json：2026年9月營收快照",
        "note": "數值取自指定本機檔案；網址為檔案列示的原始資料來源，不是固定月份的歷史檔。",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "yfy",
        "url": "https://www.yfy.com/album/tw_inv_table07/6a013b406c3fa.pdf",
        "date": "2026-05-11",
        "date_type": "publication_date",
        "title": "永豐餘2025年度年報",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "yfy_publication",
        "url": "https://www.yfy.com/tw/investor_stock_reports.html",
        "date": "2026-05-11",
        "date_type": "annual_report_publication_entry",
        "title": "永豐餘股東服務：2025年報發布日期",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "longchen_annual",
        "url": "https://www.longchenpaper.com/file/UploadFile/Stock_all/%E6%A6%AE%E6%88%90114%E5%85%AC%E5%8F%B8%E5%B9%B4%E5%A0%B1.pdf",
        "date": "2026-03-29",
        "date_type": "printed_date",
        "title": "榮成2025年度年報",
        "note": "日期取封面刊印日；工紙與紙箱業務見印刷頁78及92，回收原料見99頁。",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "clc",
        "url": "https://cpm.clc.com.tw/en/new?i=1054",
        "date": "2026-08-21",
        "date_type": "publication_date",
        "title": "正隆2026年下半年法人說明會官方新聞稿",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "chp_structure",
        "url": "https://www.chp.com.tw/tw/news/detail/408",
        "date": "2026-06-16",
        "date_type": "publication_date",
        "title": "華紙股東會：林、漿、紙獨立發展與生質材料",
        "accessed_at": "2026-10-18"
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        "url": "https://www.chp.com.tw/tw/news/detail/417",
        "date": "2026-08-14",
        "date_type": "publication_date",
        "title": "華紙2026年上半年法說：成本及綠色功能產品",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "cpg",
        "url": "https://files.yfycpg.com/2026/07/annual_reports/5GSNRupzQOizHGnsSiqHcmXyiJBeY8nG9a0fmTfL.pdf",
        "date": "2026-04-26",
        "date_type": "printed_date",
        "title": "永豐實2025年度年報",
        "note": "日期取年報封面刊印日；產品與產量見印刷頁51至52。",
        "accessed_at": "2026-10-18"
      },
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        "id": "baolong",
        "url": "https://www.baolongintl.com/uploadfile/Stock_all/%E5%AF%B6%E9%9A%86114%E5%B9%B4%E5%A0%B1.pdf",
        "date": "2025-03-29",
        "date_type": "printed_date",
        "title": "寶隆2024年度年報",
        "note": "依封面年度及刊印日判讀，不能依網址中的114推認為2025年度年報；主業見印刷頁51至52。",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "shihlin",
        "url": "https://www.shihlin.com.tw/download/2025/20251222rsc.pdf",
        "date": "2025-12-22",
        "date_type": "presentation_date",
        "title": "士紙2025年12月法人說明會",
        "note": "業務範圍見簡報第5頁；不把濕紙巾品牌當作仍有造紙產能。",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "aug14",
        "url": "https://money.udn.com/money/story/5607/9692371",
        "date": "2026-08-14",
        "date_type": "publication_date",
        "title": "經濟日報：造紙三雄看好下半年營運",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "special_energy",
        "url": "https://money.udn.com/money/story/5607/9728060",
        "date": "2026-09-01",
        "date_type": "publication_date",
        "title": "經濟日報：造紙業打造第二成長曲線",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "fire",
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=cc8db78e-e74d-44c8-be60-74bd8c08ff17",
        "date": "2026-09-21",
        "date_type": "announcement_date",
        "title": "MoneyDJ轉載公開資訊觀測站：華紙台東廠回收紙區火警",
        "accessed_at": "2026-10-18"
      },
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        "id": "manager",
        "url": "https://udn.com/news/story/7241/9785968",
        "date": "2026-09-30",
        "date_type": "publication_date",
        "title": "經濟日報：華紙總經理退休，林谷豐10月起暫代",
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        "date": "2026-10-05",
        "date_type": "publication_date",
        "title": "經濟日報：榮成9月及前三季自結損益",
        "accessed_at": "2026-10-18"
      },
      {
        "id": "q4",
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        "date": "2026-10-10",
        "date_type": "publication_date",
        "title": "經濟日報／中央社：造紙業第4季需求與原料成本",
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        "id": "split",
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        "date": "2026-10-12",
        "date_type": "announcement_date",
        "title": "MoneyDJ轉載公開資訊觀測站：榮成分割案債權人通知公告",
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        "id": "securities_law",
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        "date": "2024-08-07",
        "date_type": "law_revision_date",
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          "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69d19ce2e019d1d753d8f0039",
          "https://www.dfo.com.tw/news-detail/101/",
          "https://www.hdrenewables.com/about/",
          "https://www.jv-holding.com/",
          "https://www.seetel-energy.com/",
          "https://www.acmepointes.com/zh-tw/about",
          "https://www.hsinjing-holding.com.tw/eireport"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "research_synthesis"
      },
      "downstream": {
        "description": "面向企業、醫療及地方公共設施提供供電、代營運、廢棄物去化與零件再生；回收金屬、化學品與材料再供製造及營建使用。所列代號為服務或再生供應商。",
        "codes": [
          "7842",
          "6994",
          "6803",
          "8422",
          "8341",
          "6947",
          "6923",
          "9930",
          "7610",
          "8390",
          "6887",
          "9955",
          "6581",
          "3551"
        ],
        "source_urls": [
          "https://greenet.com.tw/",
          "https://www.fwp.com.tw/AboutUs",
          "https://www.ctci.com/csr/ch/0992/xw-157",
          "https://www.cleanaway.tw/service-intro.html",
          "https://www.sunnyfriend.com.tw/",
          "https://www.tech-zone.com.tw/",
          "https://www.chinalab.com.tw/",
          "https://www.chc.com.tw/csr/html/cs/cs_pro.html",
          "https://www.lianyoucorp.com/TW",
          "https://www.jyd.com.tw/product",
          "https://www.bo-re-tech.group/NEWS",
          "https://www.sdti.com.tw/",
          "https://www.tsutw.com.tw/%E5%8F%B0%E7%81%A3%E9%8B%BC%E8%81%AF%E9%A6%96%E9%A0%81/",
          "https://www.sht.com.tw/indexe.aspx"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "research_synthesis"
      }
    },
    "drivers": [
      {
        "driver": "高科技建廠帶動用水與廢液處理",
        "explanation": "崑鼎2026年8月說明，高科技擴產帶動循環處理需求，南科硫酸再生、廢液熱處理與再生水擴建正推進。這提供水務與環保工程需求的具體線索；需求能否轉成收入仍看專案進度。",
        "source_url": "https://www.ctci.com/csr/ch/0992/xw-157",
        "source_date": "2026-08",
        "source_date_type": "published_month"
      },
      {
        "driver": "企業以長約採購綠電",
        "explanation": "星星電力2026年9月公告與風睿能源再簽海廣風電購售電協議，顯示售電商正擴充電源組合。合約轉供預計2028年第4季起，長約度數不能直接當作當期營收。",
        "source_url": "https://startrade-power.com/news/2026-09-10/",
        "source_date": "2026-09-10",
        "source_date_type": "published"
      },
      {
        "driver": "排碳有價促使企業盤點減量方案",
        "explanation": "環境部2026年9月表示，461廠、240家企業已完成首次碳費繳納，並正式修正新納管與減量額度銜接規則。減量有了成本誘因，企業可評估節能、製程改善及能源管理；不能據此推定個別公司的新增訂單。",
        "source_url": "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14034",
        "source_date": "2026-09-01",
        "source_date_type": "published"
      },
      {
        "driver": "產業用水朝再生水分流",
        "explanation": "水利署2025年2月說明，新竹寶山、中科及楠梓等新增產業用水規劃優先使用再生水。這是再生水工程與長期代營運的政策基礎；引用的是當時政策說明，並非2026年最新產能統計。",
        "source_url": "https://www.wra.gov.tw/News_Content.aspx?n=6430&s=230234&sms=9122",
        "source_date": "2025-02-21",
        "source_date_type": "updated"
      },
      {
        "driver": "循環料源補充關鍵金屬供應",
        "explanation": "證交所介紹聯友金屬以濕法冶金把二次硬質合金及鎢鈷廢料還原為工業原料，形成循環供應鏈。此分工回應製造業原料再利用需求；回收量成長與金屬報價上漲須分開觀察。",
        "source_url": "https://wwwc.twse.com.tw/market_insights/zh/detail/8a8216d697fc438f01992763eeec04c9",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "leaders": [
      {
        "code": "6944",
        "name": "兆聯實業",
        "role": "高科技水務統包與維運",
        "source_url": "https://www.megaunion-tw.com/tw/about/us",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "why": "具半導體及光電製程用水回收技術，服務從規劃設計延伸至操作維護與擴建。"
      },
      {
        "code": "7786",
        "name": "東方風能",
        "role": "離岸風電海事與運維",
        "source_url": "https://www.dfo.com.tw/news-detail/101/",
        "source_date": "2026-09-17",
        "source_date_type": "published",
        "why": "2026年9月交付東方先進船，公告預計11月1日起投入12年期運維服務。"
      },
      {
        "code": "2072",
        "name": "世紀風電",
        "role": "水下基礎製造",
        "source_url": "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69d19ce2e019d1d753d8f0039",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "why": "證交所資料列出2025年承接海盛、海廣風場合計92套水下基礎訂單。"
      },
      {
        "code": "9930",
        "name": "中聯資源",
        "role": "鋼鐵副產物資源化",
        "source_url": "https://www.chc.com.tw/csr/html/cs/cs_pro.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "why": "把一貫作業鋼廠的爐石副產品加工後供營建、水泥與鋼鐵業使用，連接料源與再利用市場。"
      },
      {
        "code": "7818",
        "name": "溢泰實業",
        "role": "生活淨水與工業水處理",
        "source_url": "https://www.kemflogroup.com/business/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "why": "官網列有生活淨水、工業水處理及車載戶外裝備三大事業，收入來源跨越水務與消費產品。"
      },
      {
        "code": "7610",
        "name": "聯友金屬-創",
        "role": "鎢鈷回收精煉",
        "source_url": "https://www.lianyoucorp.com/TW",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "why": "以二次硬質合金回收鎢與鈷，再向產業供應原料，串起廢料到金屬材料的循環。"
      },
      {
        "code": "6873",
        "name": "泓德能源",
        "role": "智慧電力與綠電供需整合",
        "source_url": "https://startrade-power.com/news/2026-09-10/",
        "source_date": "2026-09-10",
        "source_date_type": "published",
        "why": "旗下星星電力2026年9月再簽海廣風電購售電協議，擴充離岸風電電源組合。"
      },
      {
        "code": "6803",
        "name": "崑鼎",
        "role": "環境設施投資、興建與營運",
        "source_url": "https://www.ctci.com/csr/ch/0992/xw-157",
        "source_date": "2026-08",
        "source_date_type": "published_month",
        "why": "2026年上半年營收47.10億元，並推進南科廢液熱處理、硫酸再生與再生水擴建。"
      },
      {
        "code": "8422",
        "name": "可寧衛*",
        "role": "廢棄物處理與再利用",
        "source_url": "https://money.udn.com/money/story/5612/9817512",
        "source_date": "2026-10-15",
        "source_date_type": "published",
        "why": "2026年10月公司說明再生粒料廠規劃月處理9,000噸，試運轉與商轉仍有待實際完成。"
      },
      {
        "code": "8341",
        "name": "日友",
        "role": "醫療與事業廢棄物處理",
        "source_url": "https://www.sunnyfriend.com.tw/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "why": "官網列有醫療及事業廢棄物清除處理、檢驗分析與焚化爐設計建造，具專門處理分工。"
      }
    ],
    "recent": [
      {
        "date": "2026-10-15",
        "event": "可寧衛說明25億元可轉債資金到位；大承循環科技再生粒料廠規劃每月9,000噸處理能力，預計10月底完成試運轉。",
        "codes": [
          "8422"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9817512",
        "source_date": "2026-10-15",
        "source_date_type": "published"
      },
      {
        "date": "2026-10-12",
        "event": "台境公布9月營收-59,037千元，說明高雄煉油廠整治工程因合約變更與結算追減，將已認列收入迴轉沖銷。",
        "codes": [
          "8476"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=807069e1-687e-461e-8903-cc64dfcbe618",
        "source_date": "2026-10-12",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-23",
        "event": "環境部與金管會公布永續協作五大面向，調和碳盤查與確信，並規劃年底發布企業永續獎項與標章反漂綠指引。",
        "codes": [],
        "source_url": "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14180",
        "source_date": "2026-09-23",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-16",
        "event": "東方風能在越南舉行東方先進交船儀式，較原訂時程提前2個月；規劃11月1日起投入12年期運維服務。",
        "codes": [
          "7786"
        ],
        "source_url": "https://www.dfo.com.tw/news-detail/101/",
        "source_date": "2026-09-17",
        "source_date_type": "published",
        "date_note": "官網9月17日發布，內文明列16日交船，事件日採9月16日。"
      },
      {
        "date": "2026-09-15",
        "event": "環境部說明碳費與排放交易制度雙軌方向，預計年底提出ETS試行計畫草案，並以2028年啟動試行為目標。",
        "codes": [],
        "source_url": "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14112",
        "source_date": "2026-09-15",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-11",
        "event": "溢泰公告泰國新廠正式啟用，擴大東南亞製造及水處理客戶服務布局。",
        "codes": [
          "7818"
        ],
        "source_url": "https://www.kemflogroup.com/news-detail/thailand/",
        "source_date": "2026-09-11",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-10",
        "event": "泓德能源旗下星星電力公告與風睿能源再簽海廣風電購售電協議，擴大離岸風電採購；相關轉供預計2028年第4季起，並非當期收入。",
        "codes": [
          "6873"
        ],
        "source_url": "https://startrade-power.com/news/2026-09-10/",
        "source_date": "2026-09-10",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-01",
        "event": "環境部正式修正碳費收費辦法及自主減量計畫管理辦法，調整首次納管事業繳費起算與先期減量額度銜接規則。",
        "codes": [],
        "source_url": "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14034",
        "source_date": "2026-09-01",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-25",
        "event": "泓德能源旗下星星電力公布資本市場規劃，預計12月登錄興櫃；公司當時揭露累計綠電合約量超過210億度。",
        "codes": [
          "6873"
        ],
        "source_url": "https://money.udn.com/money/story/11074/9713470",
        "source_date": "2026-08-25",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-12",
        "event": "崑鼎召開法說會，上半年合併營收47.10億元、EPS 8.96元；持續推進南科零廢中心、再生水及能資源中心專案。",
        "codes": [
          "6803"
        ],
        "source_url": "https://www.ctci.com/csr/ch/0992/xw-157",
        "source_date": "2026-08",
        "source_date_type": "published_month",
        "date_note": "官方集團稿內文明列8月12日法說；頁首只標示2026/08。"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10",
        "event": "可寧衛旗下大承循環科技再生粒料廠預計10月底完成試運轉；追蹤驗收與許可進度，公司當時的商轉目標為2026年底至2027年初。",
        "codes": [
          "8422"
        ],
        "source_url": "https://money.udn.com/money/story/5612/9817512",
        "source_date": "2026-10-15",
        "certainty": "公司預計，非已完成",
        "source_date_type": "published"
      },
      {
        "expected": "2026-11-01",
        "event": "東方風能東方先進運維船預計投入12年期運維服務，觀察交付後是否按期轉為營運收入。",
        "codes": [
          "7786"
        ],
        "source_url": "https://www.dfo.com.tw/news-detail/101/",
        "source_date": "2026-09-17",
        "certainty": "公司已公告特定預計投入日",
        "source_date_type": "published"
      },
      {
        "expected": "2026-11",
        "event": "臺灣碳交所與EEX合作建置的ETS試行拍賣平台預計11月底上線；環境部預計年底提出試行計畫草案。觀察額度與市場設計，制度正式試行仍以2028年為目標。",
        "codes": [],
        "source_url": "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14112",
        "source_date": "2026-09-15",
        "certainty": "主管機關預計",
        "source_date_type": "published"
      },
      {
        "expected": "2026-12",
        "event": "泓德能源旗下星星電力預計12月登錄興櫃，觀察公司是否更新正式時程與公開財務資訊。",
        "codes": [
          "6873"
        ],
        "source_url": "https://money.udn.com/money/story/11074/9713470",
        "source_date": "2026-08-25",
        "certainty": "公司規劃，並非主管機關核准掛牌日期",
        "source_date_type": "published"
      },
      {
        "expected": "2026-12",
        "event": "環境部預計12月底發布企業使用永續獎項與永續標章之反漂綠指引，觀察對永續宣告及減碳服務揭露的要求。",
        "codes": [],
        "source_url": "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14180",
        "source_date": "2026-09-23",
        "certainty": "主管機關預計",
        "source_date_type": "published"
      }
    ],
    "global_peers": [
      {
        "name": "Veolia Environnement",
        "ticker": "Euronext Paris: VIE",
        "relation": "水務、廢棄物與能源服務集團，可對照崑鼎與山林水的設施營運模式。",
        "source_url": "https://www.veolia.com/en/our-media/press-releases/full-year-2025-results",
        "source_date": "2026-02-26",
        "source_date_type": "published",
        "relation_type": "業務與價值鏈對照；不據此主張供貨、合作或競爭關係"
      },
      {
        "name": "Waste Management（WM）",
        "ticker": "NYSE: WM",
        "relation": "環境服務與廢棄物處理業者，可對照可寧衛及日友的處理與長期營運分工。",
        "source_url": "https://investors.wm.com/news-releases/news-release-details/wm-announces-second-quarter-2026-earnings",
        "source_date": "2026-07-28",
        "source_date_type": "published",
        "relation_type": "業務與價值鏈對照；不據此主張供貨、合作或競爭關係"
      },
      {
        "name": "Xylem",
        "ticker": "NYSE: XYL",
        "relation": "水技術與水處理解決方案供應商，可對照兆聯、基士德與溢泰的設備及系統整合分工。",
        "source_url": "https://www.xylem.com/en-us/investors/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "業務與價值鏈對照；不據此主張供貨、合作或競爭關係"
      },
      {
        "name": "Vestas Wind Systems",
        "ticker": "Nasdaq Copenhagen: VWS",
        "relation": "風電設備商，與世紀風電的水下基礎、東方風能的海事運維屬相鄰產業環節。",
        "source_url": "https://www.vestas.com/en/investor/share-and-capital-structure/share-information",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "relation_type": "業務與價值鏈對照；不據此主張供貨、合作或競爭關係"
      },
      {
        "name": "Fluence Energy",
        "ticker": "Nasdaq: FLNC",
        "relation": "儲能系統、營運服務與資產最佳化軟體供應商，可對照熙特爾與泓德能源的儲能整合業務。",
        "source_url": "https://ir.fluenceenergy.com/news-releases/news-release-details/fluence-energy-inc-reports-third-fiscal-quarter-2026-results",
        "source_date": "2026-08-05",
        "source_date_type": "published",
        "relation_type": "業務與價值鏈對照；不據此主張供貨、合作或競爭關係"
      }
    ],
    "watch_metrics": [
      {
        "metric": "在手訂單轉收入、工程毛利與收款",
        "why": "水務及風電工程可用訂單與完工進度看能見度，再用毛利及營業現金流確認交付品質；訂單金額不等於已賺到的現金。",
        "source_url": "https://www.megaunion-tw.com/tw/about/us",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "研究追蹤框架，非公司公告的預測或統一會計指標"
      },
      {
        "metric": "已併網容量與實際綠電轉供度數",
        "why": "分開追開發、完工、併網與轉供，才能知道案場何時開始供電；長期合約總度數也應與每月實際轉供分開。",
        "source_url": "https://startrade-power.com/news/2026-09-10/",
        "source_date": "2026-09-10",
        "source_date_type": "published",
        "interpretation": "研究追蹤框架，非公司公告的預測或統一會計指標"
      },
      {
        "metric": "儲能可用率及每MW營運收入",
        "why": "用可用率看設備是否能持續服務，再把電力服務收入除以可運轉容量，觀察案場效益；設備出貨或工程認列應另行比較。",
        "source_url": "https://www.seetel-energy.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "研究追蹤框架，非公司公告的預測或統一會計指標"
      },
      {
        "metric": "廢棄物處理量、每噸收入與剩餘許可容量",
        "why": "處理量搭配單價可區分量增或價格變化；還要追許可、停爐歲修及掩埋餘量，評估設施能持續服務多久。",
        "source_url": "https://www.cleanaway.tw/service-intro.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "研究追蹤框架，非公司公告的預測或統一會計指標"
      },
      {
        "metric": "再生原料售價與廢料採購成本的價差",
        "why": "金屬及再生材料營收可能受原料行情帶動；同看回收量、回收率與採購成本，才能分辨加工效益與單純價格變動。",
        "source_url": "https://www.jyd.com.tw/product",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "研究追蹤框架，非公司公告的預測或統一會計指標"
      }
    ],
    "sources": [
      "https://www.megaunion-tw.com/tw/about/us",
      "https://www.kemflogroup.com/business/",
      "https://www.mfw.com.tw/",
      "https://www.dtech.com.tw/",
      "https://www.recotech.com.tw/zh-tw/",
      "https://www.gsd.net.tw/list.php?pid=1",
      "https://www.huimin.com.tw/index",
      "https://www.dfo.com.tw/news-detail/101/",
      "https://www.twse.com.tw/market_insights/zh/detail/8a8216d69d19ce2e019d1d753d8f0039",
      "https://www.swancor.com/tw/ir/letter",
      "https://www.hdrenewables.com/about/",
      "https://www.jv-holding.com/",
      "https://greenet.com.tw/",
      "https://www.seetel-energy.com/",
      "https://www.fwp.com.tw/AboutUs",
      "https://www.acmepointes.com/zh-tw/about",
      "https://www.hsinjing-holding.com.tw/eireport",
      "https://www.ctci.com/csr/ch/0992/xw-157",
      "https://www.cleanaway.tw/service-intro.html",
      "https://www.sunnyfriend.com.tw/",
      "https://www.tech-zone.com.tw/",
      "https://www.chinalab.com.tw/",
      "https://www.chc.com.tw/csr/html/cs/cs_pro.html",
      "https://www.lianyoucorp.com/TW",
      "https://www.jyd.com.tw/product",
      "https://www.persee.com.tw/",
      "https://www.bo-re-tech.group/NEWS",
      "https://www.sdti.com.tw/",
      "https://www.tsutw.com.tw/%E5%8F%B0%E7%81%A3%E9%8B%BC%E8%81%AF%E9%A6%96%E9%A0%81/",
      "https://www.sht.com.tw/indexe.aspx",
      "https://startrade-power.com/news/2026-09-10/",
      "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14034",
      "https://www.wra.gov.tw/News_Content.aspx?n=6430&s=230234&sms=9122",
      "https://wwwc.twse.com.tw/market_insights/zh/detail/8a8216d697fc438f01992763eeec04c9",
      "https://money.udn.com/money/story/5612/9817512",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=807069e1-687e-461e-8903-cc64dfcbe618",
      "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14180",
      "https://enews.moenv.gov.tw/moenv-news/zh-tw/News/14112",
      "https://www.kemflogroup.com/news-detail/thailand/",
      "https://money.udn.com/money/story/11074/9713470",
      "https://www.veolia.com/en/our-media/press-releases/full-year-2025-results",
      "https://investors.wm.com/news-releases/news-release-details/wm-announces-second-quarter-2026-earnings",
      "https://www.xylem.com/en-us/investors/",
      "https://www.vestas.com/en/investor/share-and-capital-structure/share-information",
      "https://ir.fluenceenergy.com/news-releases/news-release-details/fluence-energy-inc-reports-third-fiscal-quarter-2026-results",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
    ],
    "research_metadata": {
      "scope": "僅依指定latest.json中industry等於綠能環保的公司；次產業歸類限當月營收前30大，每家公司只歸一類。",
      "input_file": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "input_sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "revenue_unit": "新台幣千元",
      "input_report_date": "2026-10-17",
      "company_count": 46,
      "total_revenue": 17844171,
      "top15_revenue_share_percent": 79.7264,
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      "revenue_method": "依輸入快照原值加總，含台境單月負營收；未拿現行API回應替換歷史快照，未消除公司間交易。",
      "overview_source_date": "2026-10-17",
      "overview_source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "https://www.ctci.com/csr/ch/0992/xw-157",
        "https://startrade-power.com/news/2026-09-10/"
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      "recent_window_start": "2026-07-20",
      "recent_window_end": "2026-10-18",
      "catalyst_window_start": "2026-10-19",
      "catalyst_window_end": "2027-04-18",
      "date_policy": "published為發布日；published_month為原頁只揭露年月；updated為更新日；accessed為查核日，原頁未標發布日，不以查核日冒充發布日。",
      "classification_note": "依可核實業務作研究分工，非交易所官方次分類，亦非各公司分部營收占比排名；價值鏈為多條並行且可循環的服務流程。",
      "analysis_note": "國際對照與追蹤指標為研究歸納；公司預期不視為已完成，未填未公告法說、價格或展會日期。"
    }
  },
  {
    "industry": "觀光餐旅",
    "as_of": "2026-10-18",
    "one_liner": "把出遊、聚餐與住宿串成一趟行程",
    "one_liner_en": "Taiwan's dining, lodging and domestic and outbound travel service providers.",
    "overview": "雄獅2026年9月營收約27億元，比去年同期增加11.4%。觀光餐旅像替生活安排休息的行程表，旅行社組合交通與住宿，餐廳端出聚餐和日常外食，飯店、樂園及娛樂場域再接住旅客與消費者。服務場景也包含婚宴與會議。清單51家公司合計約170億元，年增9.7%。前三大中的王品增加19.7%，美食-KY則年減3.5%，旅行與餐飲品牌收入各有差異。王品營收約21億元，也是月營收達10億元公司中增幅最高者，成長幅度高於整體。下一次對照王品的19.7%與美食-KY的負3.5%，再看雄獅營收能否延續27億元的規模。",
    "segments": [
      {
        "name": "旅行社與旅遊通路",
        "description": "把機票、住宿、交通與體驗組成行程，透過門市、同業及網站銷售；觀察出團量、客單價與訂單能見度。",
        "codes": [
          "2731",
          "2745",
          "2743",
          "6961",
          "5706",
          "2734"
        ]
      },
      {
        "name": "聚餐與多品牌餐飲",
        "description": "以聚餐、火鍋、燒肉、定食、宴會等品牌經營餐廳；用展店、翻桌率、會員經營及產品組合擴大收入。",
        "codes": [
          "2727",
          "1268",
          "2729",
          "2752",
          "7723",
          "7708",
          "7757",
          "2751"
        ]
      },
      {
        "name": "平價連鎖、速食與早餐",
        "description": "提供日常外食，涵蓋鍋貼水餃、速食、早餐與迴轉壽司；直營及加盟模式並存，皇家美食亦跨宴會業務。",
        "codes": [
          "2753",
          "7705",
          "1259",
          "2754",
          "2755",
          "4419"
        ]
      },
      {
        "name": "烘焙飲品與海外品牌",
        "description": "以咖啡、麵包、糕點及手搖飲品牌拓展國內外市場；美食-KY以85度C為核心，六角以品牌授權及多品牌經營布局。",
        "codes": [
          "2723",
          "2732"
        ]
      },
      {
        "name": "飯店住宿與宴會",
        "description": "提供住宿、餐飲、婚宴及會議服務；自營飯店與委託管理模式並存，須分辨房價、住房率及管理收入。",
        "codes": [
          "2707",
          "2739",
          "2748",
          "2704",
          "2702"
        ]
      },
      {
        "name": "休閒娛樂與旅遊場域",
        "description": "涵蓋六福的樂園與旅宿、好樂迪的KTV，以及南仁湖的國道服務區與休閒場域；客流與場內消費是觀察重點。",
        "codes": [
          "2705",
          "9943",
          "5905"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "投入端包括食材、包材、品牌授權，以及旅遊所需的機位與房位；清單內以六角對代理商提供品牌、研發、原物料與包材支援，作為垂直整合的例子。",
        "codes": [
          "2732"
        ]
      },
      "midstream": {
        "description": "把投入轉成餐飲、住宿與休閒服務：餐廳現場製餐與接待，飯店提供客房及宴會，樂園與休閒場域提供體驗；此處列營運服務的代表。",
        "codes": [
          "2727",
          "2723",
          "2753",
          "1268",
          "7705",
          "1259",
          "2754",
          "2729",
          "2707",
          "2739",
          "2748",
          "2704",
          "2702",
          "2705",
          "5905",
          "9943"
        ]
      },
      "downstream": {
        "description": "面向旅客與消費者接單：旅行社包裝、銷售行程與票房商品，也透過網站、門市及同業通路銷售；餐飲與飯店另有自有訂位、訂房及會員通路。",
        "codes": [
          "2731",
          "2745",
          "2743",
          "6961",
          "5706",
          "2734",
          "2707",
          "2748"
        ]
      }
    },
    "drivers": [
      {
        "driver": "國人出境旅遊需求",
        "explanation": "觀光署公布2026年8月國人出國1,880,149人次，年增8.31%；出境人流是旅行社行程、機票與自由行商品的需求基礎。",
        "source_url": "https://admin.taiwan.net.tw/BusinessInfo/News?a=119&id=36380",
        "source_date": "2026-09-29"
      },
      {
        "driver": "聚餐與日常外食",
        "explanation": "2026年8月全台餐飲營業額950億元、年增1.8%；經濟部指出暑假、節慶聚餐及營運規模擴展帶動餐館與飲料店銷售，支持不同價位帶餐飲需求。",
        "source_url": "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
        "source_date": "2026-09-23"
      },
      {
        "driver": "來臺客源的結構變化",
        "explanation": "2026年8月來臺旅客662,735人次，年減1.54%，其中美國客源年增12.32%、日本年減6.57%；飯店與入境旅遊的需求，要連同客源組合一起看。",
        "source_url": "https://admin.taiwan.net.tw/BusinessInfo/News?a=119&id=36380",
        "source_date": "2026-09-29"
      },
      {
        "driver": "海外消費者支持台灣餐飲品牌",
        "explanation": "美食-KY的2026年6月營收有57%來自美國，第二季美國營收創新高；海外在地消費與展店成效，已是部分台灣餐飲集團的重要營運來源。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0a8ffd54-90ca-4472-9df4-fa1e64472008",
        "source_date": "2026-07-13"
      }
    ],
    "leaders": [
      {
        "code": "2731",
        "name": "雄獅",
        "role": "綜合旅行社與旅遊通路",
        "why": "2026年上半年營收164.61億元，提供觀察大型旅行社出團與產品組合的樣本。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d80c4f60-c3c8-413c-b24b-d94db8b42393"
      },
      {
        "code": "2727",
        "name": "王品",
        "role": "多品牌連鎖餐飲",
        "why": "旗下石二鍋於2026年9月達全台100店，可觀察多品牌集團如何擴大不同價位帶客群。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e104c3a7-2aa0-44f7-90b0-d839bbbe7434"
      },
      {
        "code": "2723",
        "name": "美食-KY",
        "role": "85度C咖啡烘焙與海外展店",
        "why": "截至2026年6月底，美國85度C有95家直營店、8家加盟店，是觀察台灣烘焙品牌海外經營的代表。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0a8ffd54-90ca-4472-9df4-fa1e64472008"
      },
      {
        "code": "2745",
        "name": "五福",
        "role": "團體旅遊與旅遊商品銷售",
        "why": "2026年上半年營收50.50億元，可與雄獅對照旅行社的出團規模及營收結構。",
        "source_url": "https://m.moneydj.com/f1a.aspx?a=bb15de6d-ae84-41ed-be02-a054b18f9703&c=MB06"
      },
      {
        "code": "2753",
        "name": "八方雲集",
        "role": "平價餐飲與連鎖展店",
        "why": "截至2026年7月底，全球共有1,407家門市，其中美國16家，可觀察日常外食品牌跨市場擴張。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e41621c6-5373-4402-82e1-9b25f58ef0d8"
      },
      {
        "code": "1268",
        "name": "漢來美食",
        "role": "自助餐、聚餐與品牌餐飲",
        "why": "2026年上半年營收36.76億元、年增17%，福園台菜首度跨出高雄到台北大巨蛋展店。",
        "source_url": "https://m.moneydj.com/f1a.aspx?a=f8a410f5-a578-422a-863c-d20bfea3ebac&c=MB06"
      },
      {
        "code": "2707",
        "name": "晶華",
        "role": "飯店、餐飲與精品零售",
        "why": "2026年前三季營收53.02億元、年增5.9%，結合住房、餐飲及精品零售等收入。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0bb9a4aa-6768-49f8-8889-428cf094698d"
      },
      {
        "code": "2732",
        "name": "六角",
        "role": "手搖飲品牌輸出與授權",
        "why": "截至2026年10月報導，日出茶太已進入六大洲、超過64個國家及地區，是台灣飲品品牌國際化的代表。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=324c030c-1bda-47d4-a499-2bc4f472cc08"
      },
      {
        "code": "2748",
        "name": "雲品",
        "role": "飯店與宴會委託經營",
        "why": "2026年2月公告承接維多麗亞酒店近100桌規模的宴會服務，以委託經營拓展餐旅據點。",
        "source_url": "https://www.fdc-i.com/%E9%9B%B2%E5%93%81%E5%9C%8B%E9%9A%9B%E6%94%9C%E6%89%8B-%E7%B6%AD%E5%A4%9A%E9%BA%97%E4%BA%9E%E9%85%92%E5%BA%97-%E6%89%93%E9%80%A0%E5%90%9B%E5%93%81collection%E5%AE%B4%E6%9C%83%E9%A4%90%E9%A3%B2/"
      },
      {
        "code": "2705",
        "name": "六福",
        "role": "主題樂園與度假旅宿",
        "why": "旗下同時有六福村、關西六福莊及台北六福萬怡酒店，可觀察樂園與住宿整合經營。",
        "source_url": "https://www.leofoo.com.tw/about/history"
      }
    ],
    "recent": [
      {
        "date": "2026-10-16",
        "event": "六角與孟加拉代理商簽署長期合作，規劃未來10年再展30家日出茶太門市；品牌已進入逾64個國家及地區。",
        "codes": [
          "2732"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=324c030c-1bda-47d4-a499-2bc4f472cc08"
      },
      {
        "date": "2026-10-08",
        "event": "晶華公布前三季營收53.02億元、年增5.9%，創同期新高；公司指出半導體展、中秋假期及精品周年慶帶動9月住房、餐飲與零售。",
        "codes": [
          "2707"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0bb9a4aa-6768-49f8-8889-428cf094698d"
      },
      {
        "date": "2026-09-29",
        "event": "五福推出高雄冬季旅展商品，提前銷售秋冬與2027年春節、賞櫻行程；日本指定團體商品第二人最高折5,000元。",
        "codes": [
          "2745"
        ],
        "source_url": "https://udn.com/news/story/7270/9783129"
      },
      {
        "date": "2026-09-24",
        "event": "王品揭露第四季加快展店，逾10家新店等待開幕；維持全年台灣新增40家、中國新增20家的目標。",
        "codes": [
          "2727"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e104c3a7-2aa0-44f7-90b0-d839bbbe7434"
      },
      {
        "date": "2026-09-10",
        "event": "漢來美食法說揭露今年規劃新增9家門市、明年8家；福園台菜首度跨出高雄，到台北大巨蛋展店。",
        "codes": [
          "1268"
        ],
        "source_url": "https://m.moneydj.com/f1a.aspx?a=f8a410f5-a578-422a-863c-d20bfea3ebac&c=MB06"
      },
      {
        "date": "2026-08-21",
        "event": "金色三麥宣布新品牌「三麥茶樓 SUNMAI CHA」進駐台北大巨蛋商場，以茶入菜拓展餐飲品牌組合。",
        "codes": [
          "7757"
        ],
        "source_url": "https://www.sunmaigroup.com/List.aspx?mid=28"
      },
      {
        "date": "2026-08-18",
        "event": "雄獅公布秋冬旅遊數據：行程平均預訂期由4.5個月提前至5.2個月，極光行程預訂人數較去年同期翻倍。",
        "codes": [
          "2731"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=00359d61-346f-42b4-bcd3-756b769f97e3"
      },
      {
        "date": "2026-08-13",
        "event": "八方雲集公布上半年淨利4.67億元、年增20.4%；截至7月底全球門市1,407家，美國已有16家。",
        "codes": [
          "2753"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e41621c6-5373-4402-82e1-9b25f58ef0d8"
      },
      {
        "date": "2026-08-06",
        "event": "雄獅董事會通過上半年財報：營收164.61億元，歸屬母公司淨利6.78億元，每股盈餘7.27元。",
        "codes": [
          "2731"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d80c4f60-c3c8-413c-b24b-d94db8b42393"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-19",
        "event": "香港火鍋店「珍姐」預定自10月19日起在台北晶華客座，可觀察名店合作對餐飲來客的帶動。",
        "codes": [
          "2707"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0bb9a4aa-6768-49f8-8889-428cf094698d"
      },
      {
        "expected": "2026-11-06",
        "event": "ITF台灣國際旅展將於11月6日至9日在南港展覽館一館舉行，前一日11月5日另辦B2B旅遊交易會，觀察旅遊、住宿與餐券預售買氣。",
        "codes": [],
        "source_url": "https://www.taiwanitf.org.tw/MessageDetail/04bfaff4562742be8b16d3676597280f"
      },
      {
        "expected": "2026-11",
        "event": "王品規劃新店集中開設至11月底，逾10家等待開幕門市的實際進度與人力到位情況，是第四季追蹤重點；日期仍以公司後續公告為準。",
        "codes": [
          "2727"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e104c3a7-2aa0-44f7-90b0-d839bbbe7434"
      },
      {
        "expected": "2027-02-20",
        "event": "2027台灣燈會預定2月20日至3月7日在苗栗後龍高鐵特定區舉行，為國旅團體行程與區域住宿的觀察檔期；展期及籌備進度仍以主辦單位更新為準。",
        "codes": [],
        "source_url": "https://www.miaoli.gov.tw/News_Content2.aspx?n=285&s=1001478"
      }
    ],
    "global_peers": [
      {
        "name": "Trip.com Group（攜程集團）",
        "ticker": "NASDAQ:TCOM / HKEX:9961",
        "relation": "經營住宿預訂、交通票券與套裝旅遊，可對照雄獅、五福、易飛網的線上銷售及產品組合；商業模式與營收認列口徑有差異。"
      },
      {
        "name": "Booking Holdings",
        "ticker": "NASDAQ:BKNG",
        "relation": "旗下線上旅遊平台可作易飛網等旅遊通路的國際同業對照，並觀察飯店銷售通路、訂房量與行銷效率。"
      },
      {
        "name": "Marriott International（萬豪國際）",
        "ticker": "NASDAQ:MAR",
        "relation": "以國際飯店品牌及管理、加盟業務為主，可對照晶華、雲品的品牌管理能力、住房需求與管理收入。"
      },
      {
        "name": "McDonald's（麥當勞）",
        "ticker": "NYSE:MCD",
        "relation": "可對照三商餐飲、安心、八方雲集等連鎖業者的同店銷售、加盟經營及單店效率，屬營運模式比較。"
      },
      {
        "name": "Starbucks（星巴克）",
        "ticker": "NASDAQ:SBUX",
        "relation": "同時經營直營與授權咖啡門市，可對照美食-KY、六角的飲品需求、客單價及海外品牌經營。"
      }
    ],
    "watch_metrics": [
      {
        "metric": "出入境旅客人次與主要客源",
        "why": "按月分開看國人出國、來臺旅客及主要市場。出境增加可擴大旅行商品需求，來臺客源變化則影響飯店與入境旅遊；兩者不能合成同一個景氣訊號。"
      },
      {
        "metric": "餐飲同店營收、來客數與客單價",
        "why": "把既有門市的客流與每次消費拆開，辨別成長來自人數、調價還是促銷；同時對照全台餐飲營業額，避免把展店帶來的成長當成同店改善。"
      },
      {
        "metric": "飯店住房率、平均房價與RevPAR",
        "why": "RevPAR是每間可供出租客房的平均房間收入，可由平均房價乘以住房率觀察量價效果；比較時要使用同地區、同口徑資料，並把餐飲與管理費另看。"
      },
      {
        "metric": "淨增門市、直營／加盟組合與新店進度",
        "why": "店數要扣除關店，並追蹤新店爬坡、人力到位及海外據點進度；加盟與直營認列收入不同，單看總店數或營收增速容易誤讀。"
      },
      {
        "metric": "旅遊預訂期、出團量與每客毛利",
        "why": "預訂能見度有助觀察未來出發需求，但訂金與預約不等於已實現營收；需再看出團、取消及每客毛利，分辨量的增加與產品組合變化。"
      }
    ],
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://openapi.twse.com.tw/v1/opendata/t187ap03_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap03_O",
      "https://admin.taiwan.net.tw/BusinessInfo/News?a=119&id=36380",
      "https://www.moea.gov.tw/MNS/POPULACE/news/News.aspx?kind=1&menu_id=40&news_id=124050",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0a8ffd54-90ca-4472-9df4-fa1e64472008",
      "https://lakaffagroup.com/%E6%B0%B8%E7%BA%8C%E5%A0%B1%E5%91%8A%E6%9B%B8/",
      "https://www.fdc-i.com/%E9%9B%B2%E5%93%81%E5%9C%8B%E9%9A%9B%E6%94%9C%E6%89%8B-%E7%B6%AD%E5%A4%9A%E9%BA%97%E4%BA%9E%E9%85%92%E5%BA%97-%E6%89%93%E9%80%A0%E5%90%9B%E5%93%81collection%E5%AE%B4%E6%9C%83%E9%A4%90%E9%A3%B2/",
      "https://m.moneydj.com/f1a.aspx?a=bb15de6d-ae84-41ed-be02-a054b18f9703&c=MB06",
      "https://www.leofoo.com.tw/about/history",
      "https://event.silkshotelgroup.com/App/Download",
      "https://www.fdc-i.com/csr/safety/brand-innovation/",
      "https://www.liontravel.com/category/zh-tw/index",
      "https://www.wowprime.com/zh-tw/",
      "https://www.85cafe.com",
      "https://www.lifetour.com.tw",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e41621c6-5373-4402-82e1-9b25f58ef0d8",
      "https://www.hilai-foods.com",
      "https://www.silkshotelgroup.com/tw/",
      "https://www.mfb.com.tw/",
      "https://www.mos.com.tw",
      "https://www.travel4u.com.tw/",
      "https://investor.kurasushi.tw/",
      "https://www.ttfb.com",
      "https://lakaffagroup.com/",
      "https://event.gounitravel.com/zh-tw/franchise/index",
      "https://www.mhh-group.com/websev?cat=13&lang=zh-tw",
      "https://www.tofuglobal.com/tw/home.html",
      "https://www.youngqin.com.tw",
      "https://www.jhujian.com.tw/tw",
      "https://travel.com.tw",
      "https://www.family.com.tw/Web_Enterprise/page/information.aspx",
      "https://www.leofoo.com.tw",
      "https://www.tsgkh.com.tw/",
      "https://www.ezfly.com/",
      "https://www.fdc-i.com/",
      "https://www.sunmaigroup.com/List.aspx?mid=28",
      "https://www.holiday.com.tw",
      "https://www.kingza.com.tw",
      "https://www.ambassador-hotels.com/tc/hsinchu/",
      "https://www.nanrenhu.com.tw/",
      "https://www.hotelhg.com.tw",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d80c4f60-c3c8-413c-b24b-d94db8b42393",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=e104c3a7-2aa0-44f7-90b0-d839bbbe7434",
      "https://m.moneydj.com/f1a.aspx?a=f8a410f5-a578-422a-863c-d20bfea3ebac&c=MB06",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=0bb9a4aa-6768-49f8-8889-428cf094698d",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=324c030c-1bda-47d4-a499-2bc4f472cc08",
      "https://udn.com/news/story/7270/9783129",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=00359d61-346f-42b4-bcd3-756b769f97e3",
      "https://www.taiwanitf.org.tw/MessageDetail/04bfaff4562742be8b16d3676597280f",
      "https://www.miaoli.gov.tw/News_Content2.aspx?n=285&s=1001478",
      "https://investors.trip.com/static-files/2f337a9d-0a49-4c46-8764-bce15cc9e3f0",
      "https://www.bookingholdings.com/wp-content/uploads/2026/02/Q4-25-BKNG-Earnings-Release.pdf",
      "https://marriott.gcs-web.com/news-releases/news-release-details/marriott-international-reports-second-quarter-2026-results",
      "https://corporate.mcdonalds.com/corpmcd/our-stories/article/Q2-2026-results.html",
      "https://investor.starbucks.com/news/financial-releases/news-details/2026/Starbucks-Reports-Q3-Fiscal-Year-2026-Results/default.aspx"
    ]
  },
  {
    "industry": "文化創意業",
    "as_of": "2026-10-18",
    "one_liner": "把遊戲、音樂與內容做成日常體驗",
    "one_liner_en": "Taiwan turns games, music and cultural experiences into business.",
    "overview": "鈊象2026年9月營收約22億元，比去年同期增加25.3%。文化創意像一座會持續更新的內容遊樂場，把遊戲、音樂、影視與出版送到螢幕、舞台和商場，再靠付費、授權與體驗收入經營。文化商場也串起餐旅。清單26家公司合計約69億元，年增22.2%。前三大中的橘子年增37.2%，光聚晶電增加29.8%；後者營收約12億元，是月營收達10億元公司中的增幅首位，但已轉向半導體與電力，合計含非文創收入。遊戲端則可直接對照鈊象與橘子的表現。下一次以鈊象的25.3%與橘子的37.2%作比較，追蹤內容公司的收入。",
    "segments": [
      {
        "name": "遊戲研發、營運與支付",
        "description": "自製或代理遊戲，靠玩家付費、海外授權與更新內容營運；智冠另提供MyCard點數及支付服務。辣椒兼有潮流IP與餐飲，仍依遊戲業務歸入本組。",
        "codes": [
          "3293",
          "6180",
          "5478",
          "3546",
          "4946",
          "7584",
          "6542",
          "3083",
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          "3086",
          "3064",
          "6169"
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        "source_refs": [
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            "source_url": "https://m.moneydj.com/f1a.aspx?a=DDAA022B-16E1-4D9B-BE93-0A42241B54ED",
            "source_date": "2026-10-08",
            "source_date_type": "published",
            "title": "鈊象9月自結營收結構",
            "codes": [
              "3293"
            ]
          },
          {
            "source_url": "https://ir.gamania.com/news/news/maple-story-classic",
            "source_date": "2026-07-29",
            "source_date_type": "published",
            "title": "新楓之谷：經典版上市",
            "codes": [
              "6180"
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          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=9c35ccc2-f2fd-4375-bc23-dac9f11315a4",
            "source_date": "2026-03-11",
            "source_date_type": "published",
            "title": "智冠MyCard海外布局與會員數",
            "codes": [
              "5478"
            ]
          },
          {
            "source_url": "https://www.userjoy.com.tw/about/about_02.aspx",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "宇峻奧汀公司簡介",
            "codes": [
              "3546"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5d6c9212-8932-4e6b-88b2-8aceb941f1b1",
            "source_date": "2025-12-26",
            "source_date_type": "published",
            "title": "辣椒遊戲、潮流與餐飲業務",
            "codes": [
              "4946"
            ]
          },
          {
            "source_url": "https://company.mangot5.com/company/identity",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "樂意傳播公司介紹",
            "codes": [
              "7584"
            ]
          },
          {
            "source_url": "https://www.gamesparcs.com/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "隆中網絡公司簡介",
            "codes": [
              "6542"
            ]
          },
          {
            "source_url": "https://www.chinesegamer.net/web/english/about.asp",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "中華網龍公司簡介",
            "codes": [
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            "source_url": "https://www.fy.com.tw/investors/investors2_1.htm",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "弘煜科技公司基本資料",
            "codes": [
              "6482"
            ]
          },
          {
            "source_url": "https://www.wayi.com.tw/home",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "華義數位娛樂官方網站",
            "codes": [
              "3086"
            ]
          },
          {
            "source_url": "https://www.astrocorp.com.tw/about.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "泰偉遊戲軟硬體及系統業務",
            "codes": [
              "3064"
            ]
          },
          {
            "source_url": "https://www.interserv.com.tw/aboutPage/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "昱泉公司簡介及遊戲開發發行",
            "codes": [
              "6169"
            ]
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        ]
      },
      {
        "name": "音樂IP與現場展演",
        "description": "華研經營音樂版權與藝人經紀；寬宏、寬魚參與演唱會及展演製作，桂田文創經營Wing Stars等演藝與運動應援內容。",
        "codes": [
          "6596",
          "8446",
          "4806",
          "6101"
        ],
        "source_refs": [
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=7857e693-284b-4a03-8b8f-f1fcace88a7a",
            "source_date": "2026-07-24",
            "source_date_type": "updated",
            "title": "寬宏藝術公司業務與2025年收入結構",
            "codes": [
              "6596"
            ]
          },
          {
            "source_url": "https://money.udn.com/money/story/5607/9481244",
            "source_date": "2026-05-04",
            "source_date_type": "published",
            "title": "華研音樂IP授權與藝人經紀布局",
            "codes": [
              "8446"
            ]
          },
          {
            "source_url": "https://www.ktcce.com.tw/company-profile-2/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "桂田文創公司介紹與Wing Stars業務",
            "codes": [
              "4806"
            ]
          },
          {
            "source_url": "https://www.kwans.com.tw/about/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "寬魚國際公司服務項目",
            "codes": [
              "6101"
            ]
          }
        ]
      },
      {
        "name": "影視、出版與媒體行銷",
        "description": "把文字、影像與角色內容製作成出版品、劇集或商品，再透過發行、廣告與授權變現。得利影兼有文創餐飲，地心引力提供整合行銷及數位服務。",
        "codes": [
          "6856",
          "8923",
          "8450",
          "6144",
          "3629"
        ],
        "source_refs": [
          {
            "source_url": "https://nweb.tpex.org.tw/TPEX220/newstar_1.html",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "櫃買中心：鑫傳公司業務",
            "codes": [
              "6856"
            ]
          },
          {
            "source_url": "https://www.readingtimes.com.tw/",
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            "source_date": "2026-10-18",
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          "2926",
          "6294",
          "9949"
        ],
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            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=330e8921-25a9-486e-bc38-910f2501203e",
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        "name": "沉浸式體驗設備與場館",
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        "codes": [
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        "description": "光聚晶電原為大宇資訊，官網記載2025年12月完成更名，現以半導體及電力產業為主軸。保留在指定清單內，另列一組，避免把其合併營收視為純文創需求。",
        "codes": [
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        ],
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          {
            "source_url": "https://starfusion.com.tw/summary.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "光聚晶電公司概要",
            "codes": [
              "6111"
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            "source_date": "2026-10-18",
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            "title": "宇峻奧汀公司簡介",
            "codes": [
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            "title": "弘煜科技公司基本資料",
            "codes": [
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            "source_url": "https://www.interserv.com.tw/aboutPage/",
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            "source_date_type": "accessed",
            "title": "昱泉公司簡介及遊戲開發發行",
            "codes": [
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            "source_date": "2026-07-29",
            "source_date_type": "published",
            "title": "新楓之谷：經典版上市",
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            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=9c35ccc2-f2fd-4375-bc23-dac9f11315a4",
            "source_date": "2026-03-11",
            "source_date_type": "published",
            "title": "智冠MyCard海外布局與會員數",
            "codes": [
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            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5d6c9212-8932-4e6b-88b2-8aceb941f1b1",
            "source_date": "2025-12-26",
            "source_date_type": "published",
            "title": "辣椒遊戲、潮流與餐飲業務",
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            ]
          },
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            "source_url": "https://company.mangot5.com/company/identity",
            "source_date": "2026-10-18",
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            "title": "樂意傳播公司介紹",
            "codes": [
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            ]
          },
          {
            "source_url": "https://www.gamesparcs.com/about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "隆中網絡公司簡介",
            "codes": [
              "6542"
            ]
          },
          {
            "source_url": "https://www.wayi.com.tw/home",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "華義數位娛樂官方網站",
            "codes": [
              "3086"
            ]
          },
          {
            "source_url": "https://www.astrocorp.com.tw/about.php",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "泰偉遊戲軟硬體及系統業務",
            "codes": [
              "3064"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=7857e693-284b-4a03-8b8f-f1fcace88a7a",
            "source_date": "2026-07-24",
            "source_date_type": "updated",
            "title": "寬宏藝術公司業務與2025年收入結構",
            "codes": [
              "6596"
            ]
          },
          {
            "source_url": "https://www.kwans.com.tw/about/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "寬魚國際公司服務項目",
            "codes": [
              "6101"
            ]
          },
          {
            "source_url": "https://www.ktcce.com.tw/company-profile-2/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "桂田文創公司介紹與Wing Stars業務",
            "codes": [
              "4806"
            ]
          },
          {
            "source_url": "https://nweb.tpex.org.tw/TPEX220/newstar_1.html",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "櫃買中心：鑫傳公司業務",
            "codes": [
              "6856"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c55bf069-cc11-4e3a-90f4-194b1f24f1f7",
            "source_date": "2026-07-24",
            "source_date_type": "updated",
            "title": "得利影視影音發行及文創餐飲",
            "codes": [
              "6144"
            ]
          },
          {
            "source_url": "https://gravitytw.com/assets/uploads/files/pdf/G%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB/2024%20ESG_Gravity%20Report.pdf",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "地心引力2024永續報告：整合行銷與數位服務",
            "codes": [
              "3629"
            ]
          }
        ]
      },
      "downstream": {
        "description": "接觸消費者與收款：遊戲平台及儲值、售票與現場演出、影視影音發行、文化商場、藝品銷售、補習與數位課程，以及沉浸式場館。海外客戶也透過授權取得內容。",
        "codes": [
          "3293",
          "6180",
          "5478",
          "6596",
          "2926",
          "6294",
          "9949",
          "6144",
          "5263"
        ],
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          {
            "source_url": "https://m.moneydj.com/f1a.aspx?a=DDAA022B-16E1-4D9B-BE93-0A42241B54ED",
            "source_date": "2026-10-08",
            "source_date_type": "published",
            "title": "鈊象9月自結營收結構",
            "codes": [
              "3293"
            ]
          },
          {
            "source_url": "https://ir.gamania.com/news/news/maple-story-classic",
            "source_date": "2026-07-29",
            "source_date_type": "published",
            "title": "新楓之谷：經典版上市",
            "codes": [
              "6180"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=9c35ccc2-f2fd-4375-bc23-dac9f11315a4",
            "source_date": "2026-03-11",
            "source_date_type": "published",
            "title": "智冠MyCard海外布局與會員數",
            "codes": [
              "5478"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=7857e693-284b-4a03-8b8f-f1fcace88a7a",
            "source_date": "2026-07-24",
            "source_date_type": "updated",
            "title": "寬宏藝術公司業務與2025年收入結構",
            "codes": [
              "6596"
            ]
          },
          {
            "source_url": "https://eslitespectrum.com/content.aspx?s=Intro",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "誠品生活公司簡介及事業分工",
            "codes": [
              "2926"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=330e8921-25a9-486e-bc38-910f2501203e",
            "source_date": "2025-07-30",
            "source_date_type": "updated",
            "title": "智基補教與數位影音教學業務",
            "codes": [
              "6294"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=8af6933f-7b74-4656-b559-32264c1da3de",
            "source_date": "2026-10-18",
            "source_date_type": "accessed",
            "title": "琉園水晶玻璃藝品業務",
            "codes": [
              "9949"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c55bf069-cc11-4e3a-90f4-194b1f24f1f7",
            "source_date": "2026-07-24",
            "source_date_type": "updated",
            "title": "得利影視影音發行及文創餐飲",
            "codes": [
              "6144"
            ]
          },
          {
            "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8952ca4-fdd2-4fa1-903e-e960dbde646e",
            "source_date": "2026-09-11",
            "source_date_type": "published",
            "title": "智崴併購Flyover與場館收入",
            "codes": [
              "5263"
            ]
          }
        ]
      }
    },
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      {
        "driver": "海外遊戲授權與在地化",
        "explanation": "鈊象前8月網路遊戲授權收入年增31%，東南亞、美國分別占總營收54%、14%。需求來自海外營運商及玩家；能否推出符合當地市場的內容，比單看台灣遊戲消費更關鍵。",
        "source_url": "https://www.cna.com.tw/news/afe/202609230215.aspx",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "title": "鈊象法說：海外授權與美國市場"
      },
      {
        "driver": "經典IP改版與新作接棒",
        "explanation": "橘子在7月29日推出《新楓之谷：經典版》。既有角色與玩法可帶回熟悉IP的玩家；能否留下付費玩家，仍須觀察上市後表現，不能只看開服聲量。",
        "source_url": "https://ir.gamania.com/news/news/maple-story-classic",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "title": "新楓之谷：經典版上市"
      },
      {
        "driver": "音樂授權、藝人活動與粉絲消費",
        "explanation": "華研以音樂IP、數位授權及藝人經紀形成多種收入。串流使用、商業授權與演唱會檔期，是不同的變現入口；內容累積及藝人活動量影響需求。",
        "source_url": "https://money.udn.com/money/story/5607/9481244",
        "source_date": "2026-05-04",
        "source_date_type": "published",
        "title": "華研音樂IP授權與藝人經紀布局"
      },
      {
        "driver": "文化幣支持青年藝文消費",
        "explanation": "文化部宣布2026年13至22歲青年每人可領1,200點文化幣，支持購書、表演、國片等藝文消費。實際效果取決於領用與消費情況，不能把發放額直接算成上市櫃公司營收。",
        "source_url": "https://www.moc.gov.tw/News_Content2.aspx?n=105&s=248982",
        "source_date": "2025-12-29",
        "source_date_type": "published",
        "title": "2026年13至22歲文化幣每人1200點"
      },
      {
        "driver": "觀光場景導入沉浸式體驗",
        "explanation": "智崴9月3日公告越南客戶訂購2套體感模擬遊樂設備。主題樂園與景點增加體驗內容，可帶來設備及後續營運需求；訂單金額與驗收進度仍須另行追蹤。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d30e77f4-3b8a-43f7-9eb6-dca0a69c102f",
        "source_date": "2026-09-03",
        "source_date_type": "published",
        "title": "智崴越南2套設備合約"
      },
      {
        "driver": "文化商場的策展與消費體驗",
        "explanation": "誠品生活把出版、音樂、工藝、設計與表演活動放進複合商場。研究上可觀察內容是否吸引來客、提高消費；官網業務介紹本身不代表各店人流或獲利已成長。",
        "source_url": "https://www.eslitespectrum.com/content.aspx?s=CircuitBU",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "title": "誠品生活通路發展事業"
      }
    ],
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        "code": "3293",
        "name": "鈊象",
        "role": "遊戲研發與海外授權",
        "why": "2026年9月授權遊戲占營收78%，是觀察台灣遊戲內容輸出的代表。",
        "source_url": "https://m.moneydj.com/f1a.aspx?a=DDAA022B-16E1-4D9B-BE93-0A42241B54ED",
        "source_date": "2026-10-08",
        "source_date_type": "published",
        "title": "鈊象9月自結營收結構"
      },
      {
        "code": "6111",
        "name": "光聚晶電",
        "role": "跨業轉型集團",
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        "source_url": "https://starfusion.com.tw/summary.php",
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        "title": "光聚晶電公司概要"
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        "role": "文化商場與餐旅通路",
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        "source_url": "https://eslitespectrum.com/content.aspx?s=Intro",
        "source_date": "2026-10-18",
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        "title": "誠品生活公司簡介及事業分工"
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        "name": "智冠",
        "role": "遊戲點數、支付與行銷",
        "why": "2026年3月報導指出MyCard會員突破750萬，連接玩家、遊戲業者與付款通路。",
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        "name": "智崴",
        "role": "沉浸式體驗設備與場館",
        "why": "2026年7月底完成Flyover Attractions併購，8月起納入營收，增加場館經常性收入。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8952ca4-fdd2-4fa1-903e-e960dbde646e",
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        "source_url": "https://www.userjoy.com.tw/about/about_02.aspx",
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        "title": "宇峻奧汀公司簡介"
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        "source_date": "2026-07-24",
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        "source_date": "2026-05-04",
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        "title": "華研音樂IP授權與藝人經紀布局"
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        "source_date": "2026-10-17",
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        "title": "指定 latest.json 所列上櫃月營收來源"
      },
      {
        "source_url": "https://starfusion.com.tw/summary.php",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "title": "光聚晶電公司概要"
      },
      {
        "source_url": "https://www.cna.com.tw/news/afe/202609230215.aspx",
        "source_date": "2026-09-23",
        "source_date_type": "published",
        "title": "鈊象法說：海外授權與美國市場"
      },
      {
        "source_url": "https://ir.gamania.com/news/news/maple-story-classic",
        "source_date": "2026-07-29",
        "source_date_type": "published",
        "title": "新楓之谷：經典版上市"
      },
      {
        "source_url": "https://money.udn.com/money/story/5607/9481244",
        "source_date": "2026-05-04",
        "source_date_type": "published",
        "title": "華研音樂IP授權與藝人經紀布局"
      },
      {
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8952ca4-fdd2-4fa1-903e-e960dbde646e",
        "source_date": "2026-09-11",
        "source_date_type": "published",
        "title": "智崴併購Flyover與場館收入"
      }
    ],
    "data_notes": [
      "公司範圍及營收僅依使用者指定latest.json篩選，未以搜尋結果新增或刪除公司；全部26家各歸一個次產業，清單不足30家。次產業為研究分組，非交易所細分類。",
      "69.28億元、22.24%與79.85%皆由指定快照彙整；年增率為合計本期除以合計去年同期再減1，不是各公司年增率平均。合併營收加總可能包含集團交叉重複，不能當作市場產值或市占率。",
      "光聚晶電仍保留在本次輸入產業範圍，但其科技轉型營收不等同遊戲或文化需求；不把它強行放入文創上中下游。價值鏈為功能示意，同一家公司可跨階段，不代表列出的公司互有交易。",
      "source_date_type=published為發布日，updated為頁面標示更新日，accessed為未見精確發布日期時的查閱日；查閱日不是發布日。input_snapshot為指定營收快照日期，官方API是該快照原列來源，不是固定歷史資料網址。",
      "recent.date統一採公告或報導日；文中提及較早發生日會另外說明。查證窗口為2026-07-20至2026-10-18。",
      "催化窗口為2026-10-19至2027-04-18。產業展會與文化幣以codes空陣列保留，未確認個別公司參展或直接受益。2027年2月至4月未找到足以納入的已確認公司檔期，不按慣例補日期。",
      "watch_metrics為依商業模式提出的研究觀察框架，不聲稱所有公司已逐期公開這些指標；國際對照不作估值或股價推論。"
    ],
    "input_snapshot": {
      "path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "revenue_month": "2026-09",
      "report_date": "2026-10-17",
      "revenue_unit": "新臺幣千元",
      "company_count": 26,
      "total_revenue": 6927868,
      "total_last_year_month_revenue": 5667268,
      "source_refs": [
        {
          "source_url": "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
          "source_date": "2026-10-17",
          "source_date_type": "input_snapshot",
          "title": "指定 latest.json 所列上市月營收來源"
        },
        {
          "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
          "source_date": "2026-10-17",
          "source_date_type": "input_snapshot",
          "title": "指定 latest.json 所列上櫃月營收來源"
        }
      ]
    },
    "sources": [
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://m.moneydj.com/f1a.aspx?a=DDAA022B-16E1-4D9B-BE93-0A42241B54ED",
      "https://www.cna.com.tw/news/afe/202609230215.aspx",
      "https://starfusion.com.tw/summary.php",
      "https://ir.gamania.com/news/news/maple-story-classic",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=9c35ccc2-f2fd-4375-bc23-dac9f11315a4",
      "https://www.userjoy.com.tw/about/about_02.aspx",
      "https://eslitespectrum.com/content.aspx?s=Intro",
      "https://www.eslitespectrum.com/content.aspx?s=CircuitBU",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=c8952ca4-fdd2-4fa1-903e-e960dbde646e",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=d30e77f4-3b8a-43f7-9eb6-dca0a69c102f",
      "https://money.udn.com/money/story/5607/9481244",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=7857e693-284b-4a03-8b8f-f1fcace88a7a",
      "https://www.moc.gov.tw/News_Content2.aspx?n=105&s=248982",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=5d6c9212-8932-4e6b-88b2-8aceb941f1b1",
      "https://company.mangot5.com/company/identity",
      "https://www.gamesparcs.com/about",
      "https://www.moneydj.com/KMDJ/wiki/wikiviewer.aspx?keyid=330e8921-25a9-486e-bc38-910f2501203e",
      "https://nweb.tpex.org.tw/TPEX220/newstar_1.html",
      "https://www.chinesegamer.net/web/english/about.asp",
      "https://www.readingtimes.com.tw/",
      "https://www.fy.com.tw/investors/investors2_1.htm",
      "https://www.ktcce.com.tw/company-profile-2/",
      "https://www.cnyes.com/twstock/8450/company/profile",
      "https://www.kwans.com.tw/about/",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=c55bf069-cc11-4e3a-90f4-194b1f24f1f7",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=8af6933f-7b74-4656-b559-32264c1da3de",
      "https://www.wayi.com.tw/home",
      "https://www.astrocorp.com.tw/about.php",
      "https://gravitytw.com/assets/uploads/files/pdf/G%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB/2024%20ESG_Gravity%20Report.pdf",
      "https://www.interserv.com.tw/aboutPage/",
      "https://m.moneydj.com/f1a.aspx?a=86C461B0-C483-45D1-B845-211F14A3058A",
      "https://ir.gamania.com/news/news/dragon-nest-classic",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=207bd540-66ce-457d-ae44-5f0fcd074c10",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7d28248a-26d4-474f-9397-cf842806c8b8",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=85eebc87-d003-4c93-9c5f-0899ba3419a1",
      "https://www.taicca.tw/latest_news/news/detail/587",
      "https://www.soft-world.com/News/NewsDetail?Sn=20394",
      "https://twcp.moc.gov.tw/prec-u/news/content/829b07d122974b749a35fc604ef9a83d",
      "https://tgs.tca.org.tw/news.php?a=1&b=c&n=63c3ddcc7b23daa1e42dc41f9a44a873",
      "https://www.nexon.co.jp/en/ir/uploads/b2e91c9140c4d1aec15d4ba6aa3d04adedfc9b68.pdf",
      "https://www.hd.square-enix.com/eng/company/outline.html",
      "https://www.userjoy.com.tw/about/about_05.aspx",
      "https://investors.livenationentertainment.com/",
      "https://www.universalmusic.com/company/",
      "https://www.universalmusic.com/universal-music-group-lists-on-euronext-amsterdam/"
    ]
  },
  {
    "industry": "玻璃陶瓷",
    "as_of": "2026-10-18",
    "one_liner": "從窗戶衛浴到電子材料的窯火工坊",
    "one_liner_en": "Taiwan’s glass and ceramics makers serve both homes and AI hardware.",
    "overview": "台玻2026年9月營收約50億元，比去年同期增加34.1%。玻璃陶瓷像一座替不同場景燒製材料的工坊，平板玻璃走進建築，玻纖布供應電子材料，磁磚與衛浴設備則鋪進住宅和生活空間。清單5家公司當月合計約60億元，年增27.5%。前三大中的和成年增4.7%，凱撒衛增加15.9%，台玻增幅高於兩者，也是月營收達10億元公司中成長最快者。台玻同時製造平板玻璃、容器與玻纖紗布，收入對應多種產品。下一次拿台玻的50億元與凱撒衛的15.9%作基準，對照電子材料與住宅設備公司的營收變化。",
    "segments": [
      {
        "name": "玻璃與電子玻纖",
        "description": "台玻製造平板玻璃、容器與玻纖紗布；高階玻纖布供電子材料使用。依主要事業歸類，不代表公司只做單一產品。",
        "codes": [
          "1802"
        ],
        "source_url": "https://www.taiwanglass.com/index.php?langeno=tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.taiwanglass.com/product_detail.php?langeno=tw&sid=71&id=635",
          "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=7c10fe58-a0d6-478e-be98-203fa54e835f"
        ]
      },
      {
        "name": "陶瓷釉料與功能材料",
        "description": "中釉供應熔塊、成釉與色料，也投入螢光玻璃等新材料；目前營收仍以陶瓷原料為主。",
        "codes": [
          "1809"
        ],
        "source_url": "https://www.china-glaze.com.tw/portfolio-item/陶瓷釉/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=159ec96c-346e-4302-b82b-a47272f9f7fc"
        ]
      },
      {
        "name": "磁磚與表面建材",
        "description": "冠軍以磁磚及表面建材為主，結合自有品牌、進口建材及展示通路。",
        "codes": [
          "1806"
        ],
        "source_url": "https://group.champion.com.tw/new?c=1506438035&i=1791965942&year=2026",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://group.champion.com.tw/service"
        ]
      },
      {
        "name": "衛浴與住宅設備",
        "description": "和成、凱撒衛供應衛浴設備與周邊產品；和成另有精密陶瓷與複合材料業務。",
        "codes": [
          "1810",
          "1817"
        ],
        "source_url": "https://www.hcg.com.tw/public/tw/about/profile",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.caesar.com.tw/page/investors-company",
          "https://www.caesar.com.tw/page/about"
        ]
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "上游從礦物配料開始，供應釉料、色料與玻纖紗等材料。中釉提供陶瓷表面釉料；台玻自製玻纖紗再織布。",
        "codes": [
          "1809",
          "1802"
        ],
        "source_url": "https://www.china-glaze.com.tw/portfolio-item/陶瓷釉/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.taiwanglass.com/product_detail.php?langeno=tw&sid=71&id=635"
        ]
      },
      "midstream": {
        "description": "中游將材料製成玻璃、玻纖布、磁磚與衛生瓷器。台玻做玻璃與玻纖布，冠軍做磁磚，和成及凱撒衛的集團業務涵蓋衛浴製造。",
        "codes": [
          "1802",
          "1806",
          "1810",
          "1817"
        ],
        "source_url": "https://www.taiwanglass.com/index.php?langeno=tw",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://www.taiwanglass.com/product_detail.php?langeno=tw&sid=71&id=635",
          "https://group.champion.com.tw/service",
          "https://www.hcg.com.tw/public/tw/about/profile",
          "https://www.caesar.com.tw/page/about"
        ]
      },
      "downstream": {
        "description": "下游經品牌、展示館與經銷通路，進入住宅、商辦及裝修市場；另一條路是玻纖布供應銅箔基板廠，再用於印刷電路板。這是功能分工，不表示所列公司彼此有已確認交易。",
        "codes": [
          "1802",
          "1806",
          "1810",
          "1817"
        ],
        "source_url": "https://www.taiwanglass.com/product_detail.php?langeno=tw&sid=71&id=635",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "additional_source_urls": [
          "https://group.champion.com.tw/new?c=1506438035&i=1791965942&year=2026",
          "https://www.hcg.com.tw/public/tw/about/profile",
          "https://www.caesar.com.tw/page/about"
        ]
      }
    },
    "drivers": [
      {
        "driver": "AI伺服器與高速傳輸",
        "explanation": "高速運算與大型封裝需要低介電、低熱膨脹材料。台玻擴充Low DK與Low CTE玻纖布，需求重點是電子材料規格升級。",
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=7c10fe58-a0d6-478e-be98-203fa54e835f",
        "source_date": "2026-10-07",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://www.taiwanglass.com/product_detail.php?langeno=tw&sid=71&id=635"
        ]
      },
      {
        "driver": "新屋與老屋修繕",
        "explanation": "磁磚需求連動建築施工與裝修。冠軍將老屋更新、修繕列為中長期機會；實際需求仍須以完工與出貨驗證。",
        "source_url": "https://group.champion.com.tw/_upload/files/1806_20251121_1.pdf",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "節能建築帶動建材升級",
        "explanation": "冠軍把外牆乾掛及屋頂架高系統帶入展示館，提供節能建材方案。需求觀察重點是建案採用與產品組合，不能把展示直接視為新增訂單。",
        "source_url": "https://group.champion.com.tw/new?c=1506438035&i=1791965942&year=2026",
        "source_date": "2026-10-14",
        "source_date_type": "published"
      },
      {
        "driver": "高齡與無障礙衛浴需求",
        "explanation": "和成已提供無障礙馬桶、扶手與感應沖水等產品。這是衛浴汰換與安全改裝的需求切入點；官網未提供此類產品的營收占比。",
        "source_url": "https://www.hcg.com.tw/public/tw/product/subcategory/Accessibility",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "電動車照明用新材料",
        "explanation": "中釉螢光玻璃片已向韓國及中國電動車應用出貨。新事業仍不到整體營收一成，需追蹤客戶導入及規模化程度。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=159ec96c-346e-4302-b82b-a47272f9f7fc",
        "source_date": "2026-09-24",
        "source_date_type": "published"
      }
    ],
    "leaders": [
      {
        "code": "1802",
        "name": "台玻",
        "role": "玻璃與電子玻纖整合廠",
        "why": "官網同列Low DK、Advanced Low DK及Low CTE玻纖布，並以自製玻纖紗供應銅箔基板材料。",
        "source_url": "https://www.taiwanglass.com/product_detail.php?langeno=tw&sid=71&id=635",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1810",
        "name": "和成",
        "role": "衛浴設備與特殊陶瓷廠",
        "why": "品牌創立於1931年，業務從衛浴延伸至精密陶瓷、複合材料與抗彈陶瓷。",
        "source_url": "https://www.hcg.com.tw/public/tw/about/profile",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1817",
        "name": "凱撒衛",
        "role": "衛浴品牌與越南製造布局",
        "why": "1996年轉投資越南衛浴製造，之後布局瓷器、龍頭、浴缸與櫥櫃產線。",
        "source_url": "https://www.caesar.com.tw/page/about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "1806",
        "name": "冠軍",
        "role": "磁磚與表面建材品牌廠",
        "why": "2026年10月落成的桃園500坪展示館，整合冠軍、馬可貝里及安心居三品牌。",
        "source_url": "https://group.champion.com.tw/new?c=1506438035&i=1791965942&year=2026",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://group.champion.com.tw/"
        ]
      },
      {
        "code": "1809",
        "name": "中釉",
        "role": "陶瓷釉料與新材料供應商",
        "why": "2026年9月報導指出陶瓷原料約占營收八成，是觀察釉料需求與新材料轉型的代表。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=159ec96c-346e-4302-b82b-a47272f9f7fc",
        "source_date": "2026-09-24",
        "source_date_type": "published"
      }
    ],
    "recent": [
      {
        "date": "2026-10-14",
        "event": "冠軍桃園建築美學館落成，500坪空間整合冠軍、馬可貝里及安心居三品牌，強化表面建材展示與服務。",
        "codes": [
          "1806"
        ],
        "source_url": "https://group.champion.com.tw/new?c=1506438035&i=1791965942&year=2026",
        "source_date": "2026-10-14",
        "source_date_type": "published",
        "additional_source_urls": [
          "https://group.champion.com.tw/"
        ]
      },
      {
        "date": "2026-10-07",
        "event": "MoneyDJ報導台玻高階玻纖布第一期已於2026年量產，第二期持續推進；第三期規劃再投資逾20億元，預計2027年完成。",
        "codes": [
          "1802"
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        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7cf26ce0-d2f6-478e-b83f-f3c8d3ee70e0",
        "title": "凱撒衛董事會通過2026上半年財報",
        "source_date": "2026-08-11",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=7c10fe58-a0d6-478e-be98-203fa54e835f",
        "title": "台玻高階玻纖布三期擴產進度",
        "source_date": "2026-10-07",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.tpca.org.tw/web/news_detail.php?menu_no=161&mod_no=1&news_no=500394",
        "title": "TPCA Show 2026公會公告",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lighting.org.tw/Tw/Publish/Edm/5/6214",
        "title": "2026台北國際建築建材暨產品展公會公告",
        "source_date": "2026-02-03",
        "source_date_type": "published",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "title": "證券交易法第36條",
        "source_date": "2024-08-07",
        "source_date_type": "last_amended",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.nittobo.co.jp/eng/business/electronicmaterials/index.htm",
        "title": "日東紡電子材料事業",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.nittobo.co.jp/ir/memo.htm",
        "title": "日東紡股票資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.agc.com/en/ir/contact/faq/index.html",
        "title": "AGC投資人問答及事業說明",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.toto.com/en/corporate/",
        "title": "TOTO集團事業",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://jp.toto.com/company/ir/information/en_shareholder_memo/",
        "title": "TOTO股票資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lixil.com/en/about/about.html",
        "title": "LIXIL企業與衛浴品牌",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.lixil.com/en/investor/index.html",
        "title": "LIXIL投資人資料",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      },
      {
        "url": "https://www.yamamura.co.jp/cms/wp-content/uploads/2023/06/20230628_CMS0272.pdf",
        "title": "日本山村硝子公司文件與證券代號",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "accessed_date": "2026-10-18"
      }
    ]
  },
  {
    "industry": "金融業",
    "as_of": "2026-10-18",
    "one_liner": "替交易、企業籌資與保險搭起橋梁",
    "one_liner_en": "Connecting investment trading, corporate fundraising and insurance needs in Taiwan.",
    "overview": "康和證2026年9月營收約6.73億元，比去年同期增加49.2%。這份金融業清單像一組資金與保障的接線員，券商替客戶交易、協助企業籌資，期貨商提供交易服務，保險經紀人則協助比較及安排保險。交易服務也涵蓋期貨與選擇權等商品。清單9家公司合計約32億元，年增24.5%。前三大中的致和證增加59.0%，公勝保經增加27.2%，三家增幅都高於整體。這份清單沒有單月營收達10億元的公司，券商與保經各有不同收入來源。下一次對照致和證的59.0%與公勝保經的27.2%，再用整體32億元作規模基準。",
    "segments": [
      {
        "name": "證券經紀、承銷與自營",
        "description": "受託買賣股票、協助企業籌資，並以自有資金投資；同家公司可兼做多項業務，本頁將綜合券商歸在同一類。",
        "codes": [
          "6016",
          "5864",
          "6015",
          "6021",
          "6026",
          "6020"
        ],
        "source_urls": [
          "https://www.concords.com.tw/about/about/financialIndex.htm",
          "https://www.wintan.com.tw/ir_content.php?m=1&i=1",
          "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=5e371cd4-9753-4cb7-8717-6e9ec2cc67f6",
          "https://careers.goodfinance.com/article/list",
          "https://www.honsec.com.tw/about/?id=16&l=3"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "期貨與衍生商品服務",
        "description": "提供國內外期貨、選擇權經紀、自營與顧問服務，並以槓桿交易商身分提供外匯及結構型商品。",
        "codes": [
          "6023"
        ],
        "source_url": "https://www.yuantafutures.com.tw/companyprofile_02",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "保險經紀與財務規劃通路",
        "description": "依客戶需求比較及安排人身、財產保險，連結多家保險公司；觀察重點是佣金、續年服務與業務員產能。",
        "codes": [
          "6028",
          "5878"
        ],
        "source_urls": [
          "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
          "https://www.tabc.com.tw/company01.aspx?ID=11901"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "商品與資金需求形成。企業需要上市櫃、發股或發債，券商協助規劃與承銷；保單則由保險公司設計並承擔保險風險。下列代號以樣本中的承銷服務商作代表。",
        "codes": [
          "6016",
          "6026"
        ],
        "source_urls": [
          "https://stock.concords.com.tw/underwrit/Sub-brokerage01.htm?mnu=01",
          "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
          "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "midstream": {
        "description": "交易執行與風險管理。證券商串接股票、債券市場，提供經紀、自營及相關交易服務；元大期貨連結國內外期貨、選擇權與槓桿商品。",
        "codes": [
          "6016",
          "5864",
          "6015",
          "6021",
          "6026",
          "6020",
          "6023"
        ],
        "source_urls": [
          "https://www.concords.com.tw/about/about/financialIndex.htm",
          "https://www.wintan.com.tw/ir_content.php?m=1&i=1",
          "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=5e371cd4-9753-4cb7-8717-6e9ec2cc67f6",
          "https://careers.goodfinance.com/article/list",
          "https://www.honsec.com.tw/about/?id=16&l=3",
          "https://www.yuantafutures.com.tw/companyprofile_02"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      "downstream": {
        "description": "客戶通路與持續服務。證券、期貨商服務個人及法人投資人；公勝與台名提供保險規劃、投保及後續保單服務，將商品接到家庭與企業需求。",
        "codes": [
          "6016",
          "5864",
          "6028",
          "6015",
          "6021",
          "6023",
          "6026",
          "5878",
          "6020"
        ],
        "source_urls": [
          "https://www.concords.com.tw/about/about/index.htm",
          "https://www.yuantafutures.com.tw/companyprofile_02",
          "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
          "https://www.tabc.com.tw/company01.aspx?ID=11901",
          "https://www.wintan.com.tw/ir_content.php?m=1&i=1",
          "https://goodfinance.com/",
          "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
          "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=5e371cd4-9753-4cb7-8717-6e9ec2cc67f6",
          "https://www.honsec.com.tw/about/?id=16&l=3"
        ],
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    },
    "drivers": [
      {
        "driver": "台股交易參與及成交值",
        "explanation": "買賣需求直接連到券商經紀手續費。2026年8月大盤總成交值月減13.17%，全體券商經紀手續費也月減9.53%，顯示量能是重要觀察起點。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7052fede-a43d-4981-b6ea-09bf76dc3874",
        "source_date": "2026-09-22",
        "source_date_type": "published"
      },
      {
        "driver": "企業上市櫃與後續籌資需求",
        "explanation": "企業進入資本市場、增資或進行併購，會使用承銷及財務顧問服務。康和官網列有上市櫃、募集資金、併購與分割顧問服務；案件進度與成交規模是需求觀察方向。",
        "source_url": "https://stock.concords.com.tw/underwrit/Sub-brokerage01.htm?mnu=01",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "後半句為依業務模式提出的研究觀察方向。"
      },
      {
        "driver": "跨市場交易與避險需求",
        "explanation": "元大期貨受託買賣國內外期貨及選擇權，也提供外匯保證金、結構型商品。股價、匯率及商品價格風險，讓客戶需要跨市場交易及風險管理工具；實際收入仍須看交易量與費率。",
        "source_url": "https://www.yuantafutures.com.tw/companyprofile_02",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "需求與收入之連結為業務模式分析，未預測交易量。"
      },
      {
        "driver": "退休、保障與財富傳承規劃",
        "explanation": "公勝2025年年報將退休規劃、高淨值客群與財富傳承列為布局方向，並指出高齡化及保險制度轉換影響商品設計。保經的機會在於協助客戶整理保障需求與比較商品。",
        "source_url": "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
        "source_date": "2026-05-18",
        "source_date_type": "published",
        "interpretation": "機會描述為研究判讀；不是保費或佣金成長預測。"
      }
    ],
    "leaders": [
      {
        "code": "6016",
        "name": "康和證",
        "role": "綜合券商與多元金融通路",
        "why": "集團涵蓋證券、期貨、投顧與保代，能觀察證券交易和跨商品服務的連動。",
        "source_url": "https://www.concords.com.tw/about/about/index.htm",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "5864",
        "name": "致和證",
        "role": "區域型綜合券商",
        "why": "1989年開業即經營經紀、自營與承銷，2018年4月2日上櫃，可作綜合券商的業務對照。",
        "source_url": "https://www.wintan.com.tw/ir_content.php?m=1&i=1",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6028",
        "name": "公勝保經",
        "role": "跨保險公司商品規劃通路",
        "why": "公司2026年3月資料列出與33家產壽險公司合作、29個營業據點，反映通路整合規模。",
        "source_url": "https://www.goldennet.com.tw/brand/tw/%E6%9C%80%E6%96%B0%E6%B6%88%E6%81%AF/httpsmoneyudncommoneystory56139357818",
        "source_date": "2026-03-03",
        "source_date_type": "published"
      },
      {
        "code": "6015",
        "name": "宏遠證",
        "role": "上櫃券商與企業金融服務",
        "why": "1996年7月25日掛牌上櫃，官網設有證券、期貨、股務代理與投顧服務入口。",
        "source_url": "https://www.honsec.com.tw/about/?id=16&l=3",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6021",
        "name": "美好證",
        "role": "券商服務與金融商品開發",
        "why": "官網同時提供台股交易、ELN股權連結商品與債券＋系列，可觀察商品型服務發展。",
        "source_url": "https://goodfinance.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6023",
        "name": "元大期貨",
        "role": "國內外期貨與槓桿商品服務",
        "why": "官網列出經紀、自營、顧問、槓桿交易商4類業務，並載明為台灣首家取得槓桿交易商資格的期貨商。",
        "source_url": "https://www.yuantafutures.com.tw/companyprofile_02",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6026",
        "name": "福邦證",
        "role": "企業籌資與承銷服務",
        "why": "公司沿革記載2025年1月獲頒交易所2024年度「攜手同業獎－送件家數」第一名。",
        "source_url": "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "5878",
        "name": "台名",
        "role": "人身與財產保險經紀通路",
        "why": "公司創始於2002年10月，官網載明為全台首家上櫃保險經紀人公司，可對照保經通路經營。",
        "source_url": "https://www.tabc.com.tw/company01.aspx?ID=11901",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-08-12",
        "event": "公勝保經董事會通過第二季合併財報；上半年歸屬母公司淨利1.73億元，基本每股盈餘7.31元。",
        "codes": [
          "6028"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=3bb7987a-5256-4d53-be90-1d95ba50a862",
        "source_date": "2026-08-12",
        "source_date_type": "published",
        "source_title": "MoneyDJ：公勝保經董事會通過第二季合併財報"
      },
      {
        "date": "2026-08-31",
        "event": "台名舉行2026年第二季法人說明會，時間為15時，並在官網提供會議影片。",
        "codes": [
          "5878"
        ],
        "source_url": "https://www.tabc.com.tw/investors.aspx?ID=47",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_title": "台名官網：2026年法人說明會紀錄"
      },
      {
        "date": "2026-09-17",
        "event": "公勝保經表示，今年達MDRT標準的人數已超過2025年全年，後續著重財富傳承與退休規劃服務。",
        "codes": [
          "6028"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f88dc4c8-9a66-45f0-9a3e-881714a73ffd",
        "source_date": "2026-09-17",
        "source_date_type": "published",
        "source_title": "MoneyDJ：公勝保經MDRT人力與服務策略"
      },
      {
        "date": "2026-09-18",
        "event": "美好證公告發行3億元有擔保次順位普通公司債，票面利率3.2%、期限6年，訂9月24日募集交付，用於充實營運資金及強化資本適足率。",
        "codes": [
          "6021"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=119cf51f-f7c4-4e96-b29e-19ee449fe7ba",
        "source_date": "2026-09-18",
        "source_date_type": "published",
        "source_title": "MoneyDJ：美好證次順位公司債公告"
      },
      {
        "date": "2026-09-30",
        "event": "元大期貨董事會通過發行次順位普通公司債，並通過國內期貨核心帳務系統主機效能提升案。",
        "codes": [
          "6023"
        ],
        "source_url": "https://www.yuantafutures.com.tw/directors_03",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_title": "元大期貨官網：董事會重要決議"
      },
      {
        "date": "2026-10-05",
        "event": "致和證公告9月營收5.61億元、年增59.01%，並說明主要來自營業證券評價。",
        "codes": [
          "5864"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=33391fd6-0aa3-44b7-b914-84120aab3dd6",
        "source_date": "2026-10-05",
        "source_date_type": "published",
        "source_title": "MoneyDJ：致和證2026年9月營收公告"
      },
      {
        "date": "2026-10-07",
        "event": "康和證公告前三季合併自結稅後淨利41.27億元，每股盈餘5.33元；數字尚未經會計師查核或核閱。",
        "codes": [
          "6016"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=766c70a5-1295-418c-82d1-3eaaa1ed5b82",
        "source_date": "2026-10-07",
        "source_date_type": "published",
        "source_title": "MoneyDJ：康和證前三季自結損益"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-10-23",
        "event": "FinTech Taipei 2026台北金融科技展於10月23日至24日在世貿一館舉行，可觀察數位交易與金融服務應用；本筆屬產業展會觀察，未確認樣本公司參展。",
        "codes": [],
        "source_url": "https://www.twtc.org.tw/exhibition.aspx",
        "source_date": "2026-10-18",
        "expected_end": "2026-10-24",
        "source_date_type": "accessed",
        "source_title": "台北世貿：2026年展覽檔期表",
        "catalyst_type": "announced_industry_event"
      },
      {
        "expected": "2026-11",
        "event": "第三季財報公告窗口。上市櫃公司原則上於季底後45日公告，可比對自營損益、經紀手續費及保經佣金收入；個別公告日以公司發布為準。",
        "codes": [
          "6016",
          "5864",
          "6028",
          "6015",
          "6021",
          "6023",
          "6026",
          "5878",
          "6020"
        ],
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "law_amended",
        "source_title": "證券交易法第36條",
        "catalyst_type": "statutory_reporting_window"
      },
      {
        "expected": "2027-03",
        "event": "2026年度財報公告窗口。公開發行股票的證券商與期貨商適用年度結束後75日內申報；公勝保經、台名適用3個月內公告的一般規定，可比較全年收入與獲利結構。個別發布日以公司公告為準。",
        "codes": [
          "6016",
          "5864",
          "6028",
          "6015",
          "6021",
          "6023",
          "6026",
          "5878",
          "6020"
        ],
        "source_url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400072",
        "source_urls": [
          "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400072",
          "https://law.fsc.gov.tw/LawContent.aspx?id=FL007737",
          "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
          "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593"
        ],
        "source_date": "2025-07-18",
        "source_date_type": "law_amended",
        "source_title": "證券商管理規則第21條及相關財報公告規定",
        "catalyst_type": "statutory_reporting_window"
      }
    ],
    "global_peers": [
      {
        "name": "Interactive Brokers Group（盈透證券）",
        "ticker": "NASDAQ:IBKR",
        "relation": "業務模式對照：電子交易與跨市場經紀，可對照康和、宏遠、美好等券商的數位服務與海外交易通路。",
        "related_codes": [
          "6016",
          "6015",
          "6021"
        ],
        "relationship_type": "business_model_comparable",
        "source_url": "https://www.interactivebrokers.com/en/general/about/press-releases.php",
        "source_date": "2026-10-15",
        "source_date_type": "published"
      },
      {
        "name": "StoneX Group",
        "ticker": "NASDAQ:SNEX",
        "relation": "業務模式對照：提供期貨經紀、執行與結算服務，可對照元大期貨的全球交易及避險服務。",
        "related_codes": [
          "6023"
        ],
        "relationship_type": "business_model_comparable",
        "source_url": "https://futures.stonex.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "Aon",
        "ticker": "NYSE:AON",
        "relation": "業務模式對照：保險經紀與風險顧問，可對照公勝、台名的保險規劃通路；Aon服務重心較偏企業風險。",
        "related_codes": [
          "6028",
          "5878"
        ],
        "relationship_type": "business_model_comparable",
        "source_url": "https://www.aon.com/about-aon/about-aon.jsp",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "source_urls": [
          "https://www.aon.com/about-aon/about-aon.jsp",
          "https://www.aon.com/risk-services/professional-services/broking-capabilities.jsp"
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "股票成交值、經紀市占與手續費收入",
        "why": "先看整體交易需求，再看公司是否取得更多訂單；成交值增加時，市占及費率仍會影響收入。",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7052fede-a43d-4981-b6ea-09bf76dc3874",
        "source_date": "2026-09-22",
        "source_date_type": "published",
        "interpretation": "研究追蹤建議，非績效預測。"
      },
      {
        "metric": "自營已實現損益與未實現評價損益",
        "why": "營收變動可能來自投資部位價格，而非新增客戶。應拆開交易獲利與評價變動，才能判讀收入延續性。",
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "data_report",
        "interpretation": "依當期營收公告備註提出的分析指標。"
      },
      {
        "metric": "承銷案件進度、募資金額與承銷收入",
        "why": "企業籌資通常按案件推進；一起看在手案件與入帳進度，比單看某個月營收更能理解承銷業務。",
        "source_url": "https://stock.concords.com.tw/underwrit/Sub-brokerage01.htm?mnu=01",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "依承銷服務模式提出的追蹤方式。"
      },
      {
        "metric": "期貨交易口數、經紀市占與每口手續費",
        "why": "交易量代表客戶活動，市占代表競爭位置，每口收入則反映商品與客戶組合；三者要一起看。",
        "source_url": "https://www.yuantafutures.com.tw/companyprofile_02",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "interpretation": "依期貨經紀模式提出的追蹤方式；不同契約規格須分開比較。"
      },
      {
        "metric": "保經首年及續年佣金、實動人力與人均產能",
        "why": "區分新契約開發與既有保單服務，再看能實際招攬的業務員與人均產值，才能理解成長的來源與成本。",
        "source_urls": [
          "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
          "https://www.tabc.com.tw/company01.aspx?ID=11901"
        ],
        "source_date": "2026-05-18",
        "source_date_type": "published",
        "source_url": "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
        "interpretation": "追蹤概念以年報業務、人力與佣金揭露為依據；各公司定義需核對。"
      }
    ],
    "sources": [
      "https://www.concords.com.tw/about/about/financialIndex.htm",
      "https://www.wintan.com.tw/ir_content.php?m=1&i=1",
      "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
      "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=5e371cd4-9753-4cb7-8717-6e9ec2cc67f6",
      "https://careers.goodfinance.com/article/list",
      "https://www.honsec.com.tw/about/?id=16&l=3",
      "https://www.yuantafutures.com.tw/companyprofile_02",
      "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
      "https://www.tabc.com.tw/company01.aspx?ID=11901",
      "https://stock.concords.com.tw/underwrit/Sub-brokerage01.htm?mnu=01",
      "https://www.concords.com.tw/about/about/index.htm",
      "https://goodfinance.com/",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7052fede-a43d-4981-b6ea-09bf76dc3874",
      "https://www.goldennet.com.tw/brand/tw/%E6%9C%80%E6%96%B0%E6%B6%88%E6%81%AF/httpsmoneyudncommoneystory56139357818",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=3bb7987a-5256-4d53-be90-1d95ba50a862",
      "https://www.tabc.com.tw/investors.aspx?ID=47",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f88dc4c8-9a66-45f0-9a3e-881714a73ffd",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=119cf51f-f7c4-4e96-b29e-19ee449fe7ba",
      "https://www.yuantafutures.com.tw/directors_03",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=33391fd6-0aa3-44b7-b914-84120aab3dd6",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=766c70a5-1295-418c-82d1-3eaaa1ed5b82",
      "https://www.twtc.org.tw/exhibition.aspx",
      "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
      "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400072",
      "https://law.fsc.gov.tw/LawContent.aspx?id=FL007737",
      "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593",
      "https://www.interactivebrokers.com/en/general/about/press-releases.php",
      "https://futures.stonex.com/",
      "https://www.aon.com/about-aon/about-aon.jsp",
      "https://www.aon.com/risk-services/professional-services/broking-capabilities.jsp",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
    ],
    "data_scope": {
      "input_file": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "filter": {
        "industry": "金融業"
      },
      "company_count": 9,
      "revenue_month": "2026-09",
      "input_report_date": "2026-10-17",
      "revenue_unit": "新台幣千元",
      "sample_revenue_thousand_twd": 3228450,
      "official_revenue_source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "official_revenue_source_date": "2026-10-17",
      "verified_on": "2026-10-18",
      "scope_note": "僅使用industry等於金融業的9家公司；輸入檔另有金融保險業分類，本頁未混入。前15大及前30大不足額，均以全9家處理。營收加總不可當作資產、獲利或全台市場占有率。",
      "revenue_verification": "已直接讀取櫃買中心OpenAPI：9家2026年9月營收及年增率均與輸入檔一致。"
    },
    "overview_source_urls": [
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://www.concords.com.tw/about/about/index.htm",
      "https://www.yuantafutures.com.tw/companyprofile_02",
      "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7052fede-a43d-4981-b6ea-09bf76dc3874"
    ],
    "overview_source_date": "2026-10-18",
    "value_chain_note": "金融服務沒有單一路徑；此處按商品形成、交易執行、客戶通路說明，同家公司可跨多個環節。代號為本樣本中的服務商代表。",
    "citation_policy": "source_date_type為published表示來源刊登日，data_report表示官方出表日，accessed表示本次查核日且頁面未標完整發布日；不得將查核日當作新聞發生日。國際公司以業務模式對照，關係敘述為研究分類。 updated表示頁面更新日；law_amended表示所引法規版本的修正日，均於as_of查核；法說與董事會常設頁的source_date為查核日，事件日期另列於date。法定公告窗口與已公告展期分別標示，未推定公司法說日期。",
    "source_details": [
      {
        "url": "https://www.concords.com.tw/about/about/financialIndex.htm",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.wintan.com.tw/ir_content.php?m=1&i=1",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.gfortune.com.tw/Static/%E9%97%9C%E6%96%BC%E7%A6%8F%E9%82%A6/index.html",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=5e371cd4-9753-4cb7-8717-6e9ec2cc67f6",
        "title": "MoneyDJ：大展證券公司資料",
        "source_date": "2025-07-22",
        "date_type": "updated",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://careers.goodfinance.com/article/list",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.honsec.com.tw/about/?id=16&l=3",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.yuantafutures.com.tw/companyprofile_02",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.goldennet.com.tw/upload/2026_06_02/20_20260602082621skuj9hObR0.pdf",
        "title": "公勝保經2025年年報（封面刊印日）",
        "source_date": "2026-05-18",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.tabc.com.tw/company01.aspx?ID=11901",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://stock.concords.com.tw/underwrit/Sub-brokerage01.htm?mnu=01",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.concords.com.tw/about/about/index.htm",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://goodfinance.com/",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=7052fede-a43d-4981-b6ea-09bf76dc3874",
        "title": "MoneyDJ：前8月全體證券商稅後淨利",
        "source_date": "2026-09-22",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.goldennet.com.tw/brand/tw/%E6%9C%80%E6%96%B0%E6%B6%88%E6%81%AF/httpsmoneyudncommoneystory56139357818",
        "title": "公勝保經：上櫃前業績與通路規模",
        "source_date": "2026-03-03",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=3bb7987a-5256-4d53-be90-1d95ba50a862",
        "title": "MoneyDJ：公勝保經董事會通過第二季合併財報",
        "source_date": "2026-08-12",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.tabc.com.tw/investors.aspx?ID=47",
        "title": "台名官網：2026年法人說明會紀錄",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f88dc4c8-9a66-45f0-9a3e-881714a73ffd",
        "title": "MoneyDJ：公勝保經MDRT人力與服務策略",
        "source_date": "2026-09-17",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=119cf51f-f7c4-4e96-b29e-19ee449fe7ba",
        "title": "MoneyDJ：美好證次順位公司債公告",
        "source_date": "2026-09-18",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.yuantafutures.com.tw/directors_03",
        "title": "元大期貨官網：董事會重要決議",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=33391fd6-0aa3-44b7-b914-84120aab3dd6",
        "title": "MoneyDJ：致和證2026年9月營收公告",
        "source_date": "2026-10-05",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=766c70a5-1295-418c-82d1-3eaaa1ed5b82",
        "title": "MoneyDJ：康和證前三季自結損益",
        "source_date": "2026-10-07",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.twtc.org.tw/exhibition.aspx",
        "title": "台北世貿：2026年展覽檔期表",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "title": "證券交易法第36條",
        "source_date": "2024-08-07",
        "date_type": "law_amended",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400072",
        "title": "證券商管理規則第21條及相關財報公告規定",
        "source_date": "2025-07-18",
        "date_type": "law_amended",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://law.fsc.gov.tw/LawContent.aspx?id=FL007737",
        "title": "期貨商管理規則（第24條）",
        "source_date": "2022-12-22",
        "date_type": "law_amended",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://law.fsc.gov.tw/LawContent.aspx?id=GL000593",
        "title": "公開發行公司財務報告及營運情形公告申報特殊適用範圍辦法",
        "source_date": "2025-07-01",
        "date_type": "law_amended",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.interactivebrokers.com/en/general/about/press-releases.php",
        "title": "盈透證券2026年第三季財報新聞列表",
        "source_date": "2026-10-15",
        "date_type": "published",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://futures.stonex.com/",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.aon.com/about-aon/about-aon.jsp",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.aon.com/risk-services/professional-services/broking-capabilities.jsp",
        "title": "公司官網／業務或治理資料",
        "source_date": "2026-10-18",
        "date_type": "accessed",
        "accessed_on": "2026-10-18"
      },
      {
        "url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "title": "櫃買中心：上櫃公司每月營業收入",
        "source_date": "2026-10-17",
        "date_type": "data_report",
        "accessed_on": "2026-10-18"
      }
    ]
  },
  {
    "industry": "農業科技",
    "as_of": "2026-10-18",
    "one_liner": "從飼料到檢測，替農漁牧補上工具",
    "one_liner_en": "Taiwan’s feed, crop protection and testing suppliers help farms improve efficiency.",
    "overview": "茂生農經2026年9月營收約2.83億元，比去年同期增加13.0%。農業科技像農漁牧的工具箱，飼料與發酵營養支援動物成長，作物保護產品協助種植，病原檢測則把水產、畜產及其他健康需求接起來。工具也包括檢測儀器與試劑。清單4家公司當月合計約4億元，年增8.0%。前三大中的惠光年減7.2%，達邦蛋白年增29.7%，收入方向呈現差異；後者供應發酵植物蛋白、後生元與營養配方。清單沒有單月營收達10億元的公司。下一次以茂生農經的2.83億元、惠光的負7.2%及達邦蛋白的29.7%作比較，追蹤各家營收。",
    "segments": [
      {
        "name": "配合飼料與農牧整合",
        "description": "將原料調配成禽畜飼料，並延伸養殖與蛋品供應；茂生農經以此作為主要分類。",
        "codes": [
          "1240"
        ],
        "source_url": "https://www.morn-sun.com.tw/product/高雄飼料廠",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
            "source_date": "2026-05-19",
            "source_date_type": "download_page_date"
          }
        ]
      },
      {
        "name": "發酵蛋白與動物營養",
        "description": "供應發酵植物蛋白、後生元與營養配方，應用於水產、經濟動物及寵物。",
        "codes": [
          "6578"
        ],
        "source_url": "https://www.dabombprotein.com/product",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "作物保護與農環境資材",
        "description": "惠光供應植保藥劑；另有地工膜等環境材料，解讀公司營收時要分辨兩類需求。",
        "codes": [
          "6508"
        ],
        "source_url": "https://www.huikwang.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "name": "現場核酸檢測",
        "description": "供應病原核酸檢測儀器與試劑，應用跨水產、畜產、伴侶動物及人類健康。",
        "codes": [
          "4171"
        ],
        "source_url": "https://www.genereach.com/index.php?about_no=1&func=about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "value_chain": {
      "upstream": {
        "description": "穀物、蛋白原料、菌種與化學材料是投入端；樣本內達邦將植物蛋白加工為營養原料，惠光供應作物保護資材。穀物進口商並未完整納入此名單。",
        "codes": [
          "6578",
          "6508"
        ],
        "source_url": "https://www.dabombprotein.com/product",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://www.huikwang.com/agro-home/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          },
          {
            "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
            "source_date": "2026-05-19",
            "source_date_type": "download_page_date"
          }
        ]
      },
      "midstream": {
        "description": "飼料廠配製成品，農牧場及養殖場使用營養、植保與檢測工具。茂生供應配合飼料；瑞基提供核酸檢測平台與試劑，協助生產現場的病原管理。",
        "codes": [
          "1240",
          "4171"
        ],
        "source_url": "https://www.morn-sun.com.tw/product/高雄飼料廠",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://www.genereach.com/index.php?about_no=1&func=about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      "downstream": {
        "description": "農漁畜產品進入洗選、加工與食品通路。茂生透過子公司茂生食品參與雞蛋洗選與銷售；其他終端農場、食品加工與零售業者多不在這4家公司內。",
        "codes": [
          "1240"
        ],
        "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
        "source_date": "2026-05-19",
        "source_date_type": "download_page_date"
      }
    },
    "drivers": [
      {
        "driver": "禽畜飼養量支撐飼料基本盤",
        "explanation": "茂生年報指出國內飼料需求成長趨緩，並朝養殖與通路整合。需求基礎應看在養數量及補欄，不能把飼料市場當成高速成長產業。",
        "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
        "source_date": "2026-05-19",
        "source_date_type": "download_page_date",
        "supporting_sources": [
          {
            "source_url": "https://agrstat.moa.gov.tw/moasdweb/book/Book.aspx?CategoryID=18&PeriodName=PeriodAll",
            "source_date": "2026-08-31",
            "source_date_type": "latest_listed_release_date"
          }
        ]
      },
      {
        "driver": "養殖擴張帶動營養與管理需求",
        "explanation": "FAO公布2024年全球養殖水生動物產量達1.03億噸，占水生動物總產量53%。研究推論：較大的養殖基礎支持飼料營養與疾病管理需求，台廠仍須以接單證明轉換。",
        "source_url": "https://www.fao.org/newsroom/detail/sofia-2026--global-fisheries-and-aquaculture-production-reaches-new-highs/",
        "source_date": "2026-06-16",
        "source_date_type": "published"
      },
      {
        "driver": "減抗養殖推動功能性添加劑",
        "explanation": "達邦產品頁列出發酵植物蛋白與後生元配方，應用於水產、經濟動物及寵物，並將其定位為減抗營養方案。研究推論：客戶對飼養效率與腸道管理的需求，可支持功能性原料應用。",
        "source_url": "https://www.dabombprotein.com/product",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "driver": "生物安全讓檢測成為日常管理工具",
        "explanation": "農業部動保資訊網記載，地方持續辦理畜牧場血清、病原及高風險場監測。研究推論：持續監測與現場檢測是瑞基可服務的場景，實際採購仍取決於方法與預算。",
        "source_url": "https://animal.moa.gov.tw/Frontend/News/Detail/N0000000002270",
        "source_date": "2026-04-07",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.genereach.com/index.php?about_no=1&func=about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "driver": "安全植保與農藥汰換需求",
        "explanation": "農業部農藥所持續發展低毒性、生物性資材及整合防治。需求重點逐步轉向安全劑型與合規產品；研究推論：對惠光應追蹤新登記與產品組合，不能只看農藥使用量。",
        "source_url": "https://www.acri.gov.tw/En/Item/Detail/安全資材組",
        "source_date": "2026-09-10",
        "source_date_type": "page_date"
      }
    ],
    "leaders": [
      {
        "code": "1240",
        "name": "茂生農經",
        "role": "配合飼料與蛋品供應鏈",
        "why": "年報揭露由飼料延伸養殖，子公司經營雞蛋洗選與銷售，能觀察飼料到蛋品的垂直整合。",
        "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
        "source_date": "2026-05-19",
        "source_date_type": "download_page_date"
      },
      {
        "code": "6508",
        "name": "惠光",
        "role": "作物保護與環境材料",
        "why": "公司分為農業科學與環境科技兩個事業群，植保藥劑與地工膜提供不同終端需求的觀察角度。",
        "source_url": "https://www.huikwang.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "6578",
        "name": "達邦蛋白",
        "role": "發酵營養原料與配方開發製造",
        "why": "官網記載2025年20噸精準發酵生產線量產並建立CDMO服務，是觀察產品升級與產能轉換的代表。",
        "source_url": "https://www.dabombprotein.com/aboutus/company-history",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "code": "4171",
        "name": "瑞基",
        "role": "病原核酸檢測平台與試劑",
        "why": "POCKIT Central規格為每批1至8個檢體、反應時間約85分鐘，提供自動化核酸檢測平台。",
        "source_url": "https://www.genereach.com/index.php?action=view&func=product&product_no=13",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "recent": [
      {
        "date": "2026-09-24",
        "event": "茂生農經公告盈餘轉增資發行2,211,619股，增資後股本約4.64億元，並訂10月8日正式上櫃；此處記錄公告內容。",
        "codes": [
          "1240"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=88299f80-7e62-4882-8b3d-54b264f78db9",
        "source_date": "2026-09-24",
        "source_date_type": "published"
      },
      {
        "date": "2026-09-11",
        "event": "國海院發布與台大、瑞基共同研發的鯨豚麻疹病毒快檢技術，並指出瑞基已商品化為檢測套組，應用延伸至海洋保育。",
        "codes": [
          "4171"
        ],
        "source_url": "https://www.namr.gov.tw/ch/home.jsp?dataserno=202609110001&id=36&mcustomize=news_view.jsp&parentpath=0%2C6",
        "source_date": "2026-09-11",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-13",
        "event": "瑞基第二季損益表公開，單季營收6,002.5萬元、毛利率80.33%，每股虧損0.07元；高毛利仍須搭配費用與營運規模觀察。",
        "codes": [
          "4171"
        ],
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=8afc5042-b57c-4632-9f95-ce86e1ced147",
        "source_date": "2026-08-13",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-12",
        "event": "惠光董事會通過第二季財報，上半年營收9.08億元、營業利益6,824.6萬元，每股盈餘0.88元。",
        "codes": [
          "6508"
        ],
        "source_url": "https://news.cnyes.com/news/id/6573190",
        "source_date": "2026-08-12",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-10",
        "event": "茂生農經董事會通過第二季財報，上半年營收14.41億元、營業利益8,740.2萬元，公告時每股盈餘2.85元。",
        "codes": [
          "1240"
        ],
        "source_url": "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=4c8746f0-b79f-42cf-a625-03daf6878f63",
        "source_date": "2026-08-10",
        "source_date_type": "published"
      },
      {
        "date": "2026-08-03",
        "event": "達邦蛋白董事會通過第二季財報，上半年營收1.90億元、營業利益1,080.6萬元，歸屬母公司淨利1,474.2萬元。",
        "codes": [
          "6578"
        ],
        "source_url": "https://news.cnyes.com/news/id/6557097",
        "source_date": "2026-08-03",
        "source_date_type": "published"
      }
    ],
    "catalysts": [
      {
        "expected": "2026-11",
        "event": "第三季財報揭露窗口。依季末後45日內申報規定推算，可檢查營收、毛利與現金流；公司實際公告日仍待公布。",
        "codes": [
          "1240",
          "6508",
          "6578",
          "4171"
        ],
        "status": "依現行法規推算，非已公告法說",
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "law_revision"
      },
      {
        "expected": "2026-12-03",
        "event": "台灣醫療科技展農業健康館於12月3日至6日舉行，可觀察農業生技與健康應用。展期已公告，尚未查得名單內4家公司參展確認。",
        "codes": [],
        "status": "展期已公告，公司參展未確認",
        "source_url": "https://www.atri.org.tw/exhibition_news/page/315",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "expected": "2027-01-01",
        "event": "托福松及托福毆殺滅開始禁止加工與分裝。對作物保護產業應觀察替代藥劑與登記進度；尚未確認惠光涉及這兩項產品的營收。",
        "codes": [
          "6508"
        ],
        "status": "已公告政策時點；代號表示業務相關，非受益認定",
        "source_url": "https://www.moa.gov.tw/ws.php?id=2517538",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "expected": "2027-03-10",
        "event": "VIV Asia於3月10日至12日在曼谷舉行，可觀察飼料、畜牧與動物健康技術。展期已公告，尚未查得名單內4家公司參展確認。",
        "codes": [],
        "status": "展期已公告，公司參展未確認",
        "source_url": "https://asia.viv.net/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "expected": "2027-03-31",
        "event": "2026年度財報一般法定揭露期限。依年度終了後三個月推算，可檢查全年獲利、存貨與營業現金流；實際董事會及法說日期仍待公告。",
        "codes": [
          "1240",
          "6508",
          "6578",
          "4171"
        ],
        "status": "依現行法規推算，非已公告董事會或法說",
        "source_url": "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
        "source_date": "2024-08-07",
        "source_date_type": "law_revision"
      }
    ],
    "global_peers": [
      {
        "name": "Archer-Daniels-Midland（ADM）",
        "ticker": "NYSE: ADM",
        "relation": "經營農產品供應鏈與動物營養，可對照茂生農經的飼料、達邦蛋白的營養原料業務；規模與產品組合不同。",
        "codes": [
          "1240",
          "6578"
        ],
        "relationship_type": "業務對照",
        "source_url": "https://investors.adm.com/news/news-details/2026/ADM-Reports-Second-Quarter-2026-Results/default.aspx",
        "source_date": "2026-08-04",
        "source_date_type": "published"
      },
      {
        "name": "Novonesis",
        "ticker": "Nasdaq Copenhagen: NSIS B",
        "relation": "供應動物用酵素、益生菌及微生物方案，可對照達邦蛋白的功能性動物營養方向。",
        "codes": [
          "6578"
        ],
        "relationship_type": "產品功能對照",
        "source_url": "https://www.novonesis.com/en/biosolutions/animal-and-plant/animal",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://www.novonesis.com/en/investors/stock-information",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "name": "FMC Corporation",
        "ticker": "NYSE: FMC",
        "relation": "以作物保護與農業科學為主，可對照惠光的植保藥劑；惠光另有環境材料，不能直接套用同一業務結構。",
        "codes": [
          "6508"
        ],
        "relationship_type": "業務對照",
        "source_url": "https://www.fmc.com/en",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://s21.q4cdn.com/968238644/files/doc_financials/2025/q4/4Q25-Earnings-Release-vF.pdf",
            "source_date": "2026-02-04",
            "source_date_type": "published"
          }
        ]
      },
      {
        "name": "IDEXX Laboratories",
        "ticker": "Nasdaq: IDXX",
        "relation": "供應獸醫診斷儀器、耗材與服務，可對照瑞基的檢測平台及試劑模式；檢測方法與終端市場組合不同。",
        "codes": [
          "4171"
        ],
        "relationship_type": "產品與商業模式對照",
        "source_url": "https://ir.idexx.com/news-events/press-releases/detail/414/idexx-laboratories-announces-second-quarter-results",
        "source_date": "2026-08-04",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.idexx.com/en/about-idexx/idexx-products-and-services/",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      }
    ],
    "watch_metrics": [
      {
        "metric": "在養禽畜數量、補欄與飼料銷量",
        "why": "飼養規模決定飼料需求基礎。將農業部季報與茂生公開銷量、營收對照，分辨數量與售價變化；未揭露銷量時不由營收反推。",
        "codes": [
          "1240"
        ],
        "interpretation": "研究追蹤建議",
        "source_url": "https://agrstat.moa.gov.tw/moasdweb/book/Book.aspx?CategoryID=18&PeriodName=PeriodAll",
        "source_date": "2026-08-31",
        "source_date_type": "latest_listed_release_date",
        "supporting_sources": [
          {
            "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
            "source_date": "2026-05-19",
            "source_date_type": "download_page_date"
          }
        ]
      },
      {
        "metric": "玉米、黃豆粉成本與飼料毛利率",
        "why": "茂生年報列玉米與豆粉為採購原料。應把原料採購價格、存貨及毛利率一起看；成本回落不保證獲利上升，還要看售價調整與庫存消化。",
        "codes": [
          "1240"
        ],
        "interpretation": "研究追蹤建議",
        "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
        "source_date": "2026-05-19",
        "source_date_type": "download_page_date"
      },
      {
        "metric": "功能性營養與CDMO進度、營收及毛利率",
        "why": "達邦已建立精準發酵與CDMO服務。持續觀察新品出貨、接案及毛利能否支持產品升級；若產品別占比或產能利用率未公開，就列未揭露。",
        "codes": [
          "6578"
        ],
        "interpretation": "研究追蹤建議",
        "source_url": "https://www.dabombprotein.com/aboutus/company-history",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://news.cnyes.com/news/id/6557097",
            "source_date": "2026-08-03",
            "source_date_type": "published"
          }
        ]
      },
      {
        "metric": "檢測儀器與試劑出貨、毛利及費用率",
        "why": "瑞基同時供應儀器與試劑，但第二季高毛利仍出現虧損。追蹤可公開取得的出貨結構與費用率，評估營運規模；未公布裝機及回購數時不代填。",
        "codes": [
          "4171"
        ],
        "interpretation": "研究追蹤建議",
        "source_url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=8afc5042-b57c-4632-9f95-ce86e1ced147",
        "source_date": "2026-08-13",
        "source_date_type": "published",
        "supporting_sources": [
          {
            "source_url": "https://www.genereach.com/index.php?about_no=1&func=about",
            "source_date": "2026-10-18",
            "source_date_type": "accessed"
          }
        ]
      },
      {
        "metric": "農科與環科產品組合、存貨及毛利率",
        "why": "惠光同時經營植保與地工膜，需求來源不同。配合公開財報、法說的產品或部門資訊，觀察去庫存與毛利變化；未拆分資料時不以總營收代表農藥景氣。",
        "codes": [
          "6508"
        ],
        "interpretation": "研究追蹤建議",
        "source_url": "https://www.huikwang.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed",
        "supporting_sources": [
          {
            "source_url": "https://news.cnyes.com/news/id/6573190",
            "source_date": "2026-08-12",
            "source_date_type": "published"
          }
        ]
      }
    ],
    "sources": [
      "https://www.morn-sun.com.tw/product/高雄飼料廠",
      "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
      "https://www.dabombprotein.com/product",
      "https://www.huikwang.com/",
      "https://www.genereach.com/index.php?about_no=1&func=about",
      "https://www.huikwang.com/agro-home/",
      "https://agrstat.moa.gov.tw/moasdweb/book/Book.aspx?CategoryID=18&PeriodName=PeriodAll",
      "https://www.fao.org/newsroom/detail/sofia-2026--global-fisheries-and-aquaculture-production-reaches-new-highs/",
      "https://animal.moa.gov.tw/Frontend/News/Detail/N0000000002270",
      "https://www.acri.gov.tw/En/Item/Detail/安全資材組",
      "https://www.dabombprotein.com/aboutus/company-history",
      "https://www.genereach.com/index.php?action=view&func=product&product_no=13",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=88299f80-7e62-4882-8b3d-54b264f78db9",
      "https://www.namr.gov.tw/ch/home.jsp?dataserno=202609110001&id=36&mcustomize=news_view.jsp&parentpath=0%2C6",
      "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=8afc5042-b57c-4632-9f95-ce86e1ced147",
      "https://news.cnyes.com/news/id/6573190",
      "https://www.moneydj.com/KMDJ/news/newsviewer.aspx?a=4c8746f0-b79f-42cf-a625-03daf6878f63",
      "https://news.cnyes.com/news/id/6557097",
      "https://twse-regulation.twse.com.tw/TW/law/DOC01.aspx?FLCODE=FL007009&FLNO=36",
      "https://www.atri.org.tw/exhibition_news/page/315",
      "https://www.moa.gov.tw/ws.php?id=2517538",
      "https://asia.viv.net/",
      "https://investors.adm.com/news/news-details/2026/ADM-Reports-Second-Quarter-2026-Results/default.aspx",
      "https://www.novonesis.com/en/biosolutions/animal-and-plant/animal",
      "https://www.novonesis.com/en/investors/stock-information",
      "https://www.fmc.com/en",
      "https://s21.q4cdn.com/968238644/files/doc_financials/2025/q4/4Q25-Earnings-Release-vF.pdf",
      "https://ir.idexx.com/news-events/press-releases/detail/414/idexx-laboratories-announces-second-quarter-results",
      "https://www.idexx.com/en/about-idexx/idexx-products-and-services/",
      "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
      "https://openapi.twse.com.tw/v1/opendata/t187ap05_L"
    ],
    "overview_sources": [
      {
        "source_url": "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O",
        "source_date": "2026-10-17",
        "source_date_type": "input_snapshot_report_date",
        "note": "公司家數、月營收、占比與年增家數均由指定latest.json計算；網址是該檔列示的原始資料入口，不是本次歷史快照的公開副本。"
      },
      {
        "source_url": "https://www.morn-sun.com.tw/archive/invest/item/茂生農經1150622股東常會中文年報正式.pdf",
        "source_date": "2026-05-19",
        "source_date_type": "download_page_date"
      },
      {
        "source_url": "https://www.huikwang.com/",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      },
      {
        "source_url": "https://www.genereach.com/index.php?about_no=1&func=about",
        "source_date": "2026-10-18",
        "source_date_type": "accessed"
      }
    ],
    "input_data": {
      "source_path": "/Users/jojo/drugnews_codex_queue/vl/site/data/latest.json",
      "sha256": "6d14a9f747182736d9565acb56e73c79790ca5515b687c90c982726efc335029",
      "read_date": "2026-10-18",
      "month": "2026-09",
      "report_date": "2026-10-17",
      "revenue_unit": "新台幣千元",
      "company_count": 4,
      "total_revenue": 412588,
      "ranking_basis": "指定latest.json中industry嚴格等於農業科技，依當月營收由高至低",
      "ranked_companies": [
        {
          "code": "1240",
          "name": "茂生農經",
          "revenue": 282821,
          "yoyPercent": 13.008159318485133
        },
        {
          "code": "6508",
          "name": "惠光",
          "revenue": 80160,
          "yoyPercent": -7.224369806254485
        },
        {
          "code": "6578",
          "name": "達邦蛋白",
          "revenue": 34588,
          "yoyPercent": 29.69365180546702
        },
        {
          "code": "4171",
          "name": "瑞基",
          "revenue": 15019,
          "yoyPercent": -20.030882274639264
        }
      ],
      "source_urls": [
        "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
        "https://www.tpex.org.tw/openapi/v1/mopsfin_t187ap05_O"
      ],
      "note": "營收採使用者指定快照；本次未將官方即時API回傳值當成2026-10-17歷史快照驗證。合計包含各公司全部合併營收，並非純農業科技產品營收；公司間可能有供應鏈交易，不是去除重複計算的市場規模。"
    },
    "methodology": {
      "recent_window_start": "2026-07-20",
      "recent_window_end": "2026-10-18",
      "catalyst_window_start": "2026-10-19",
      "catalyst_window_end": "2027-04-18",
      "source_date_policy": "published/page_date為頁面發布或標示日；accessed為查閱日，來源未提供可確認的完整發布日，不把查閱日當事件日。download_page_date為官網下載頁標示日期；milestone_year只代表沿革所列年份。",
      "coverage_note": "清單僅4家，前15大、前30大與代表公司均完整覆蓋4家，不新增其他產業代號以湊數。",
      "segment_policy": "每家公司依主要研究角色只歸一個次產業；價值鏈按功能位置排列，可跨階段，不代表已查證公司間交易關係。",
      "peer_policy": "國際公司依產品或商業模式對照；本報告未認定與這4家台廠存在供應、代理、合作或投資關係。",
      "inference_policy": "需求傳導、催化影響及追蹤指標為來源事實上的研究解讀，並非訂單、獲利或股價預測。"
    }
  }
]