Jefferies Raises India, Taiwan Exposure; Cuts China, Indonesia in Asia ex-Japan Portfolio
Jefferies 調升印、台投資權重：資金流向半導體與結構性成長市場
US President Donald Trump has threatened to attack Iran if security forces respond with force against protesters, hundreds of whom are reported to have been killed. He also said over the weekend that Iranian officials has called to negotiate.
But Iranians have come to understand that they “don’t have a lot of friends out in the world” or within their government, the Washington Post journalist said.
“So far, the United States and other powers haven’t done much to support their demands for freedom,” explained Rezaian, a former Tehran bureau chief for the Post. “In the long run, the future of that country is in the hands of a very capable, very educated, very peace-loving society. And I would like to see United States of America, and the rest of the international community, help them get to that goal.”
全球知名投行 Jefferies（杰富瑞）在最新的亞太區（不含日本）投資策略報告中，宣布調升印度與台灣的資產配置權重，各增加一個百分點，而相應的資金則從中國與印尼市場撤出。
- 印度市場的結構性強韌： Jefferies 將印度的權重提升至 17%，主要看好其強勁的內需市場、由政府主導的基礎建設成長，以及企業資產負債表的持續優化。這顯示專業投資機構認為印度已具備抗風險的結構性成長動能，而非短期熱錢。
- 台印供應鏈的連動性： 報告同時調升台灣權重，強調了台灣在高階半導體製造的領先地位，以及全球科技巨頭持續擴大資本支出的紅利。對於台商而言，這代表「台灣技術」與「印度製造/市場」的結合正受到全球資本的高度關注與看好。
- 避開不確定性，擁抱科技大廠： 由於中國經濟復甦與政策方向存在高度不確定性，資金正流向具備高度盈餘預測性（Earnings Visibility）的市場。Jefferies 甚至在 global long-only 組合中以三星電子取代印尼中亞銀行（BCA），顯示投資人偏好已轉向大型科技股與全球供應鏈核心企業。
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小編點評： 這項權重調整反映出國際資本正重新定義亞洲的避風港。對於台商與新創而言，印度不僅是分散生產風險的基地，更已成為全球投資人認可的成長引擎。若您的企業具備科技領先優勢或能與全球供應鏈轉移趨勢對接，現在正是獲取資本青睞與市場擴張的最佳時機。
UP Emerges as Contender for Teema Technology Park as Taiwan Eyes India Expansion
北方邦（UP）有望迎來「台灣電電公會（TEEMA）科技園區」：台印電子製造的新戰場
Uttar Pradesh could soon host a technology park of the Taiwan Electrical & Electronic Manufacturers’ Association (Teema), with the Yamuna Expressway Industrial Development Authority (Yeida) emerging as a key contender for the proposed Indian facility, according to people familiar with the matter. The initiative is being spearheaded by Foxconn chairman Young Liu, who also heads Teema, as part of a first-phase global plan covering India, the US, Mexico and Poland. Sources said the park is likely to be located near Foxconn’s proposed outsourced semiconductor assembly and test (OSAT) facility in the Yeida region, aligning with Teema’s strategy of building advanced smart manufacturing hubs next to Foxconn campuses. The project, led by former Foxconn India head V Lee, focuses on creating AI-integrated, ESG-oriented manufacturing clusters, with Taiwanese EPC major CTCI collaborating alongside Foxconn.
The global technology park strategy, announced in November, aims to help Taiwanese companies expand overseas amid supply chain restructuring and rising geopolitical risks, while also enabling small and medium enterprises to integrate into global value chains through the overseas presence of larger firms. While Teema is evaluating multiple Indian states, Yeida’s proximity to the upcoming Jewar airport and existing electronics infrastructure strengthens its case, especially as most Taiwanese manufacturing in India is currently concentrated in the south. For non-Indian companies, the development is relevant as it signals India’s growing role as a diversified manufacturing and transshipment hub within global electronics and semiconductor supply chains, offering new partnership, sourcing and investment opportunities beyond Taiwan-centric ecosystems.
隨全球供應鏈重組，台灣電電公會（TEEMA）計畫在印度設立專屬科技園區。目前位於北印度的北方邦亞穆納高速公路工業發展局（YEIDA）區域已成為最熱門的候選地。
- 鴻海（Foxconn）領軍帶路： 此計畫由 TEEMA 理事長、鴻海董事長劉揚偉親自推動，預計將園區設在鴻海規劃中的 OSAT（半導體封測）廠區附近。這種「大廠帶小廠」的模式，將協助台灣中小企業（SMEs）更容易融入全球供應鏈。
- AI 與 ESG 導向的高階聚落： 不同於傳統代工，該園區定位為 AI 整合與導向 ESG 的智慧製造集群，並由前鴻海印度主管 V Lee 領銜，攜手台灣工程大廠中鼎（CTCI）共同規劃。
- 地理優勢打破「南強北弱」： 目前台商多集中在南印度，但 YEIDA 鄰近即將完工的 Jewar 國際機場，具備強大的物流與電子產業配套優勢，可望成為北印度的電子製造核心。
- 分散地緣政治風險： 這是 TEEMA 全球布局（包含美、墨、波、印）的一環，旨在幫助台商在區域化生產的趨勢下，降低對單一市場的依賴。
原文出處
小編點評： 如果您是電子零組件供應商或智慧製造新創，北方邦的 TEEMA 園區可能提供比目前南方聚落更具整合性的半導體＋AI 產業鏈。隨機場與鴻海封測廠到位，該區具備極高的土地增值與協作潛力。
MediaTek Open to Sourcing More Chips from India as Local Semiconductor Ecosystem Grows
聯發科（MediaTek）擬擴大印度晶片採購：從「印度研發」邁向「印度製造」
Fabless semiconductor major MediaTek is open to sourcing a larger share of its chips from India as the country’s semiconductor ecosystem matures, its India managing director Anku Jain said in an interview with The Economic Times. Jain said increased local consumption, scalable manufacturing and cost-effective production would make it commercially viable for the company to move more assembly or manufacturing to India. MediaTek currently commands about 45–47% of India’s smartphone chipset market, and Jain welcomed the growing number of companies setting up chip manufacturing in the country, adding that India’s decision to begin with mature nodes such as 28nm, rather than advanced 6nm or 4nm technologies, was a pragmatic approach.
MediaTek has a significant R&D footprint in India, employing over 1,000 engineers across Bengaluru and Noida, with nearly 90% of its local talent engaged in global R&D spanning hardware and software design. Jain said the company is expanding beyond smartphones into AI-driven automotive, EV and IoT solutions, working with partners such as JioThings, Tata Motors, Skoda and Kinetic Green, while also supporting the rollout of affordable 5G devices and fixed wireless access equipment. For non-Indian companies, MediaTek’s stance highlights India’s rising importance not just as a large end market but as a potential manufacturing and R&D base within global semiconductor and electronics value chains, with local fabs and suppliers expected to gradually increase value addition from the current 20–25% levels.
全球 IC 設計龍頭聯發科表示，隨著印度半導體生態系日趨成熟，公司已抱持開放態度，準備將更多晶片的組裝與製造委外給印度的生產夥伴。
- 務實的半導體進程： 聯發科印度總經理 Anku Jain 指出，印度優先發展 28奈米（Mature Nodes） 等成熟製程是務實且正確的決策。這對台灣眾多從事成熟製程相關設備、材料或 IC 設計的台商來說，是切入印度半導體供應鏈的最佳時機。
- 從研發中心轉為供應鏈節點： 聯發科在班加羅爾與諾伊達擁有超過 1,000 名工程師（90% 從事全球 R&D），過去僅將印度視為研發重鎮；如今隨在地消費力與代工產能提升，印度可望轉變為聯發科的晶片來源地。
- 跨足車用與 IoT 新領域： 聯發科在印度的布局已超越手機，正深入 AI 車聯網、電動車（EV）與物聯網（IoT），並與塔塔汽車（Tata Motors）、Skoda 及 JioThings 等在地龍頭深度合作。這為台灣 EV 供應鏈及 AI 應用新創提供了與聯發科在印度協作的廣大空間。
- 附加價值翻倍成長： 印度本土電子的價值附加率預計將從目前的 20–25% 大幅提升。隨著印度自有晶圓廠（Fabs）與封測廠（OSAT）陸續到位，整體供應鏈的本土化將會加速。
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小編點評： 聯發科的表態對台商是一個重要訊號：「在地採購」將成為未來的標配。 無論您是半導體上游材料商，或是開發 5G/IoT 終端應用的新創，除了在印度設立辦公室，更應開始思考如何與聯發科這類龍頭及其印度代工合作夥伴（如 OSAT 業者）進行技術對接。
Foxconn Hires 30,000 Workers at New Bengaluru iPhone Plant in Record Ramp-Up
鴻海班加羅爾新廠創紀錄：8 個月招募 3 萬人，躍升印度最大工廠
Taiwan’s Hon Hai Precision Industry Co. (Foxconn) has hired nearly 30,000 workers within eight to nine months for its new iPhone assembly facility in Devanahalli near Bengaluru, marking the fastest workforce ramp-up by any factory in India, according to an Economic Times report. The 300-acre plant, which began trial production of the iPhone 16 in April–May and is now assembling the iPhone 17 Pro Max, is largely women-led, with women making up around 80% of the workforce, most of whom are first-time employees aged 19–24. More than 80% of the plant’s output is being exported, and at peak capacity next year, employment could rise to about 50,000 workers, supported by six large dormitories, with more housing under construction.
Foxconn is investing about Rs 20,000 crore in the Devanahalli project, which is expected to become India’s largest factory by both production capacity and employment once fully operational. The facility is set to surpass Foxconn’s older iPhone plant in Tamil Nadu, which employs around 41,000 workers, and is planned to eventually run up to a dozen iPhone assembly lines, compared with about four currently. The expansion is aligned with Apple’s strategy to diversify manufacturing away from China and deepen India’s role under the production-linked incentive scheme; for non-Indian companies, the scale and speed of Foxconn’s ramp-up underline India’s growing attractiveness as a high-volume, export-oriented electronics manufacturing base and a credible alternative node in global supply chains.
鴻海位於班加羅爾 Devanahalli 的 iPhone 裝配廠正以驚人速度擴張，僅在 8 到 9 個月內便招募了近 3 萬名員工，創下印度工廠史上最快的擴產紀錄。
- 產能與技術升級： 該廠佔地 300 英畝，已開始生產 iPhone 17 Pro Max。目前設有 4 條組裝線，未來計畫擴展至 12 條，預計 2026 年員工數將突破 5 萬人，成為印度產能最強大的工廠。
- 外銷導向明確： 該廠超過 80% 的產品用於出口，顯示印度已不再僅是內需市場，更成為蘋果（Apple）全球供應鏈中取代中國的重要出口基地。
- 女性勞動力與社會管理： 廠內 80% 員工為女性（年齡 19-24 歲），且多為首投族。鴻海同時興建了 6 棟大型宿舍，這種「大園區、高密度管理」的模式，為未來有意在印設立大型基地的台商提供了宿舍管理與勞工結構的範例。
- 政策紅利支撐： 此投資高達 2,000 億盧比（約 24 億美元），充分利用了印度的生產連結補助（PLI）計劃。
原文出處
小編點評： 鴻海的「閃電擴產」證明了印度在大規模招募與基礎建設對接上的可行性。對於台商而言，這意味著班加羅爾周邊的電子零組件需求將迎來爆發期。若您的新創業務涉及工業物聯網（IIoT）、員工培訓系統或自動化設備，鴻海及其配套供應鏈將是不可忽視的潛在客戶。
CESL Concludes Tender for 10,900 Electric Buses Under PM E-Drive Scheme
CESL 完成萬輛電巴招標：印度電動車生態系邁入「規模經濟」新里程
State-owned Convergence Energy Services Limited (CESL) on Wednesday said it has successfully concluded the tendering process for procuring 10,900 electric buses under the PM E-Drive Scheme, marking one of the largest electric bus acquisitions in India’s public transport sector. The mega tender saw strong industry participation, with 16 bidders, of which 14 were technically qualified, reflecting growing confidence in India’s electric mobility ecosystem. CESL said the discovered financial bids were competitive and lower than initial estimates, and the final rates will now be shared with participating cities, which will issue letters of award and sign concession agreements directly with selected operators. The procurement has been executed under CESL’s aggregation-based gross cost contract (GCC) model across multiple cities and Union Territories, including Delhi, Bengaluru, Hyderabad, Ahmedabad and Surat. As per indicative allocations, Bengaluru is set to receive about 4,500 buses, Delhi 2,800, Hyderabad around 2,000, and Ahmedabad and Surat together about 1,600 buses. Under the GCC framework, private operators will own, operate and maintain the buses and charging infrastructure, while city transport bodies will pay a fixed per-kilometre fee, ensuring predictable costs and financial sustainability. For non-Indian companies, the scale of the tender underscores India’s emergence as a major market for electric bus manufacturers, charging solution providers and mobility operators, offering long-term opportunities through large, aggregated public-sector contracts and stable revenue models.
印度國營能源效率服務公司（CESL）近日宣布完成 10,900 輛電動巴士的招標作業。這不僅是印度史上最大規模的綠色運具採購案之一，更因其「低於預期」的競標價格，證明了印度電巴市場已具備高度競爭力。
- 「大到不能忽視」的市場胃口： 本次標案吸引 16 家業者參與，最終由 PMI Electro（贏得逾 5,000 輛）、EKA Mobility 及 Olectra 等本土大廠勝出。這種萬輛級的採購規模，將帶動極大的零組件（如馬達、電控、驅動系統）需求，這正是台灣電巴供應鏈（如成運、東元等相關技術）切入的好機會。
- 分區部署的在地商機： 巴士將部署於德里、班加羅爾（預計獲配 4,500 輛最多）、海德拉巴等大城市。對於提供智慧站點、充電設施管理系統的新創公司而言，這些智慧城市的基礎建設配套將是長期穩定的標案來源。
- 成熟的商業模式（GCC 模型）： 標案採「總成本契約（GCC）」模式，由私人營運商負責車輛擁有、運作與維護，政府則按里程付費。這種模式降低了政府財政壓力，也讓具備長效電池技術與維護數據分析軟體的廠商更具優勢。
- 技術門檻與在地化要求： 印度正積極透過 PM E-Drive 計劃推動「在地化價值（Value Addition）」。聯發科等大廠已開始佈局印度車聯網（IoV）與充電晶片，這暗示未來台商若能提供「印度研發、印度製造」的配套方案，將更具標案競爭力。
原文出處
小編點評： 印度電巴市場正處於從「示範運行」轉向「全面普及」的黃金轉折點（2026-2031 複合成長率預估達 22%）。台商若具備 LFP 電池技術或快速充電解決方案，應積極尋求與 PMI Electro 或 EKA Mobility 等印度中標商建立 Tier-1 或 Tier-2 合作關係，共同搶占這波基礎建設紅利。
印度 2025 新勞工法典實施：台商營運成本與合規的「大體檢」
印度政府宣布於 2025 年 11 月 21 日起正式實施四項整合後的「勞工法典」（Labour Codes），將原本零散的 29 項過時法律簡化為四大框架。這不僅是法條合併，更是薪酬結構與勞工權益的根本性重組。
- 薪資結構重組（Wage Recalibration）： 新法規定「基本薪資（Basic Pay）」必須佔「總報酬」的 50% 以上。由於印度過往習慣以各式津貼避稅，此更動將大幅推高雇主在退休金（PF）、離職金（Gratuity）及加班費的法規性支出，預計企業人力成本將增加 5–12%。
- 納入零工經濟（Gig Workers）： 新法首次將平台工作者與兼職人員納入社會安全網。對於經營外送、電商或提供軟體外包服務的台資新創，需重新評估外包人員的福利提撥義務。
- 跨州營運合規複雜化： 雖然中央政府頒布框架，但具體施行細則由各州政府制定。對於在班加羅爾（卡納塔克邦）與諾伊達（北方邦）同時設有據點的台商，需面臨數位化申報與跨州標準不一的挑戰。
- 嚴格的離職結算與審計： 新法要求在員工離職或遭解僱後 2 個工作日內必須結清所有薪資與剩餘款項，並強化了對供應商（委外廠商）的連帶責任審計，這對台商的人事控管與承包商管理提出更高要求。
小編點評： 如果您在印度設有分公司或廠房，現在（2025 年初）正是啟動人事合規審計的黃金時間。 建議您與當地會計師事務所聯繫，針對「50% 基本薪資門檻」進行薪資單（Payroll）試算，並將增加的 statutory costs 納入 2026 年度的財務預算中。