On July 18, analysts at Citi issued a research report affirming that TSMC, leveraging its pioneering chip technology and sophisticated packaging processes, is poised for prolonged structural growth. Looking ahead to the latter half of the year, TSMC intends to commence mass production of 2-nanometer chips, a feat that necessitates unparalleled manufacturing intricacy and meticulous 3D process management. TSMC's mastery over process control stands as its cornerstone competitive edge. Taking into account technological advancements and TSMC's industry-leading position, Citi forecasts a continuous escalation in TSMC's average selling price, with revenue anticipated to surge by 15% in 2026 and 24% in 2027. Consequently, Citi maintains its 'buy' recommendation for TSMC and elevates its target price from NT$1,280 to NT$1,400.