# Financial Research Sources for Semiconductor Supply Chain

## Free Research Aggregators (START HERE)

| Platform | Country | URL | What you get |
|---|---|---|---|
| **Naver Finance** 네이버 금융 | Korea | finance.naver.com | All Korean broker reports (free). Go to 종목분석 → 리서치 |
| **EastMoney** 东方财富 | China | eastmoney.com | All Chinese broker reports (free PDF). 数据中心 → 研报中心 |
| **Kabutan** 株探 | Japan | kabutan.jp | Japanese stock data + news (free) |
| **Goodinfo** | Taiwan | goodinfo.tw | TWSE stock financials (free) |
| **TWSE MOPS** | Taiwan | mops.twse.com.tw | Monthly revenue (unique — reported within 10 days) |

## Korean Brokers (한국 증권사)

Best for: Samsung, SK Hynix, KOSDAQ materials/equipment companies.

| Broker | Korean | Access |
|---|---|---|
| Kiwoom Securities | 키움증권 | bbn.kiwoom.com + Naver Finance |
| Mirae Asset | 미래에셋증권 | securities.miraeasset.com |
| Samsung Securities | 삼성증권 | samsungpop.com |
| NH Investment | NH투자증권 | nhqv.com |
| Korea Investment | 한국투자증권 | truefriend.com |
| KB Securities | KB증권 | kbsec.com |
| Hana Securities | 하나금융투자 | hanaw.com |

**Access tip:** Naver Finance aggregates reports from ALL of the above. Search stock code → 리서치 tab.

## Japanese Brokers (日本の証券会社)

Best for: Equipment companies (TEL, SCREEN, Disco, Lasertec), materials (Shin-Etsu, SUMCO, JSR/TOK).

| Broker | Japanese | Notes |
|---|---|---|
| **Nomura** | 野村證券 | Premier Japanese equity research. Institutional (paid) |
| **Daiwa** | 大和証券 | #2. Strong materials coverage. Institutional |
| **SMBC Nikko** | SMBC日興証券 | Good mid-cap coverage |
| **Mizuho** | みずほ証券 | Good thematic research |

**Access tip:** Kabutan (kabutan.jp) for free data. Shikiho/四季報 (shikiho.toyokeizai.net) quarterly company handbook is the "bible" for Japanese equity investors.

## Taiwan Brokers (台灣券商)

Best for: TSMC supply chain, IC substrates, OSAT.

| Broker | Chinese | Notes |
|---|---|---|
| **Yuanta** | 元大證券 | Largest in Taiwan. TSMC coverage most-watched |
| KGI | 凱基證券 | IC design coverage |
| Fubon | 富邦證券 | Solid general |

**Access tip:** MoneyDJ (moneydj.com) aggregates some research. MOPS monthly revenue is the fastest data source globally for semiconductor companies.

## Chinese Brokers (中国券商)

Best for: A-share semiconductor (SMIC, Naura, AMEC, Piotech), policy analysis.

| Broker | Chinese | Notes |
|---|---|---|
| **CICC** | 中金公司 | Most respected for international investors. English available |
| **CITIC Securities** | 中信证券 | Largest by revenue. Broadest A-share coverage |
| Haitong | 海通证券 | Good equipment/materials coverage |
| Guotai Junan | 国泰君安 | Strong research team |

**Access tip:** EastMoney (东方财富) 研报中心 has virtually all Chinese broker reports for free PDF download.

## Independent / Global Analyst Sources

| Source | URL | Cost | Best for |
|---|---|---|---|
| **SemiAnalysis** | semianalysis.com | ~$1K/yr | Deep technical-financial analysis |
| **Fabricated Knowledge** | fabricatedknowledge.com | Substack | Semiconductor investing |
| **TrendForce** | trendforce.com | Paid | Memory pricing, foundry utilization (quantitative) |
| **Yole Group** | yolegroup.com | $3K-8K/report | Advanced packaging, compound semiconductors |
| **TechInsights** | techinsights.com | Expensive | Die teardowns, process analysis |
| **SEMI** | semi.org | Paid | World Fab Forecast, equipment market data |
| **Omdia** | omdia.tech.informa.com | ~$50K+/yr | Comprehensive market sizing |
| **VLSI Research** | vlsiresearch.com | Paid | Equipment rankings, customer satisfaction |
| **WikiChip** | wikichip.org | Free | Process node architecture database |
| **SemiWiki** | semiwiki.com | Free | EDA, IP, industry commentary |
| **Yano Research** 矢野経済研究所 | yanoresearch.com | Paid | Japanese market sizing reports (chemicals, materials, equipment segments) |