美国半导体设备制造巨头应用材料公司遭遇重创，股价单日暴跌超过14%。这一跌幅创下该公司自2020 年3月以来的最大单日跌幅。市值瞬间蒸发超过212亿美元，折合人民币约1523亿元。公司总市值从此前 的高位急剧缩水至1259.42亿美元。这场股价震荡迅速波及整个半导体设备行业，同行业公司KLA Corp 和Lam Research分别下跌8.4%和7.3%。 应用材料首席执行官加里·迪克森在接受采访时透露了业绩预期下调的多重原因。某些重要客户的需求 正在显著减少，这直接影响了公司的订单获取能力。技术出口审批程序的延迟也对公司业务造成实质性 冲击。 中国市场的变化成为影响公司业绩的重要因素。迪克森指出，中国客户在近年来大幅增加采购后，目前 正处于消化库存的阶段。这种周期性调整导致来自中国市场的新订单需求暂时放缓。关税谈判的不确定 性以及其他宏观经济因素促使大型客户推迟了部分设备采购计划。 首席财务官布赖斯·希尔进一步解释，公司营收预期下降主要源于中国市场产能的消化过程。领先客户 需求的非线性特征以及晶圆厂建设时机的市场集中度也对公司业务产生影响。尽管面临短期挑战，管理 层仍对长期计算能力需求保持乐观态度。 本文源 ...

Core Insights - The semiconductor industry is facing significant challenges due to a combination of weak demand, export controls, and increasing domestic competition, leading to substantial revenue declines for major companies like Applied Materials [2][3]. Group 1: Financial Impact - Applied Materials reported a Q4 revenue forecast of only $6.7 billion, falling short of the expected $7.3 billion, primarily due to increased uncertainty in the Chinese market and a $400 million revenue loss from U.S. export controls [2]. - Competitors KLA Corp and Lam Research experienced stock price drops of 8.4% and 7.3%, respectively, resulting in a combined market value loss of $152.3 billion [2]. - China's contribution to Applied Materials' revenue has decreased from 45% to 25% due to these policies, highlighting the self-inflicted damage from U.S. sanctions [2]. Group 2: Demand Challenges - The automotive chip sector is severely impacted, with major companies like Infineon and ON Semiconductor reporting revenue declines exceeding 10% and inventory levels surpassing 150 days [2]. - The consumer electronics market is also struggling, with weak demand for smartphones and PCs leading to a drop in semiconductor equipment orders, as Applied Materials warned of oversupply in mature process chips [3]. Group 3: Consequences of Sanctions - Export controls have resulted in a backlog of export licenses for Applied Materials, with no approvals expected for the next quarter [3]. - Allied companies are also suffering; ASML has €3.4 billion in unsold lithography equipment due to restrictions on sales to China, and Tokyo Electron, which derives 23% of its revenue from China, faces similar challenges [3]. Group 4: Domestic Competition - China's self-sufficiency in chip production is projected to exceed 50% by 2025, with Huawei's Ascend chips capturing 20% of the market and SMIC achieving a 99% yield rate for 28nm processes [3]. - The trend of "de-Americanization" in equipment is gaining momentum, with Northern Huachuang's etching machines capturing a 17% market share and domestic companies advancing in 5nm etching technology [3]. Group 5: Emerging Opportunities - The packaging technology sector is seeing advancements, with domestic companies targeting the HBM market through CoWoS technology, addressing storage challenges [4]. - The demand for AI and storage chips is surging, with companies like Jiangbolong reporting a 600% increase in enterprise storage revenue, and the HBM market expected to double in size within the year [4]. - Continued government support in the form of increased funding for equipment and materials, along with tax incentives for R&D, is expected to bolster the industry [4].

Group 1 - Application Materials experienced a significant stock drop of over 14%, resulting in a market value loss of more than $21.2 billion, marking the largest decline since March 2020, with a total market value of $125.9 billion [1] - The stock price closed at $161.755, down from the previous close of $188.240, with a trading volume of 31.8 million shares [2] - The decline in stock price was attributed to disappointing financial guidance for Q4 FY2025, with projected revenue of approximately $6.7 billion, below the analyst consensus of $7.32 billion, and adjusted EPS of about $2.11, also below the expected $2.38 [2][3] Group 2 - Despite the poor guidance, Application Materials reported strong Q3 operating performance, with non-GAAP EPS of $2.48, a 17% year-over-year increase, and revenue of $7.3 billion, an 8% year-over-year increase, exceeding expectations [3] - The gross margin improved to 48.9%, up 150 basis points year-over-year, and operating profit margin increased to 30.7%, up 190 basis points year-over-year [3] - The company reaffirmed its commitment to distribute 80% to 100% of free cash flow to shareholders [3] Group 3 - Application Materials is investing over $200 million to enhance domestic semiconductor manufacturing capabilities in Arizona and is selling equipment to Texas Instruments to support Apple product production [4] - The company is positioned as a key supplier of advanced semiconductor manufacturing equipment, becoming a core member of Apple's "Made in America" initiative [4]

有分析指出，在最新披露的财报中，应用材料给出了令人失望的销售和盈利预测，引发投资者对其需求 前景的担忧。受此影响，美国芯片设备制造商KLA Corp、Lam Research股价分别大跌 8.4%、7.3%。 格隆汇8月16日｜隔夜美股市场，美国半导体设备制造巨头——应用材料股价重挫，暴跌超14%，单日 市值蒸发超212亿美元（约合人民币1523亿元）。 ...

Market Overview - The University of Michigan's preliminary consumer confidence index fell from 61.7 in July to 58.6 in August, with one-year inflation expectations rising from 4.5% to 4.9% and five-year expectations increasing from 3.4% to 3.9% [2] - U.S. retail sales grew by 0.5% in July, following a revised growth of 0.9% in June, with a year-on-year increase of 3.9%, down from 4.4% in June [2] - The labor market's weakness and tariffs-induced inflation have not yet reflected in overall consumer prices, leading investors to expect an 85% probability of a 25 basis point rate cut by the Federal Reserve next month [2] Company Performance - Application Materials saw a significant drop of 14% after providing a fourth-quarter guidance that fell below market expectations, leading Bank of America to downgrade its rating from buy to neutral [3] - UnitedHealth surged by 12% following a regulatory filing that revealed Berkshire Hathaway purchased over 5 million shares of the company in the second quarter [3] - Intel's stock rose by 2.9% amid reports that the Trump administration may take a stake in the chip manufacturer [4] Sector Movements - The Nasdaq China Golden Dragon Index increased by 0.7%, with Pinduoduo rising by 3.7%, Baidu by 1.2%, and JD.com by 0.4%, while NetEase and Alibaba fell by 0.4% and 0.8%, respectively [4] - International oil prices declined, with WTI crude oil near-month contract falling by 1.81% to $62.80 per barrel and Brent crude down by 1.48% to $65.85 per barrel [4] - Gold prices showed slight fluctuations, with COMEX gold futures for August delivery rising by 0.02% to $3336.00 per ounce [5]

综合来看，这次股价波动既有应用材料公司疲软指引的直接影响，也有中国市场需求疲弱的长期拖累。 对于投资者而言，此时更应谨慎关注行业趋势的变化，合理评估市场风险。 在此背景下，投资者不妨关注下一财季相关公司的财报数据，以判断行业是否出现转机。同时，考虑到 快速变化的市场环境，在投资决策中应保持足够的灵活性和应对能力。 应用材料公司近日发布的第四季度营收指引显示，预计营收为67亿美元±5亿美元，这一数字显著低于 市场预期的73.3亿美元。这一消息犹如一声惊雷，迅速在半导体设备制造行业内引发了连锁反应，导致 相关企业股价普遍承压。拉姆研究作为同行之一，自然在这一波动中未能幸免。 不仅如此，近年来中国市场需求疲软的现状也显著影响了半导体设备制造商的收入预期。中国市场一直 是全球半导体设备的重要消费地，需求的减弱无疑给行业整体蒙上了一层阴影。受此影响，拉姆研究的 股价在盘前交易中已呈现5.1%的跌幅，与其他同行企业如科磊公司的情况相似，显示出行业整体的疲 态。 来源：市场资讯 （来源：美股情报站） 8月15日，拉姆研究(LRCX)股价出现大幅下滑，跌幅达到7.33%。这一变动引起了投资者的广泛关注。 而导致此次股价下跌的 ...

周五，应用材料(AMAT.US)跌超12%，创下自2020年3月以来最大跌幅，报165.49美元。消息面上，该 公司给出了令人失望的销售和盈利预测，再次引发外界对中美贸易正抑制需求的担忧。财报显示，在截 至7月27日的第三财季，应用材料当季营收同比增长8%至73亿美元，高于分析师平均预期的72.1亿美元; 调整后净利润为19.89亿美元，同比增长13%;调整后每股收益为2.48美元，同样高于分析师平均预期的 2.36美元。 应用材料首席执行官Gary Dickerson表示，该公司正面临来自中国客户的需求下降，同时在向中国出口 技术方面的审批也出现延迟。此外，大客户在关税及其他经济问题长期谈判的背景下，推迟了一些采购 计划。他表示："这确实带来了一定程度的不确定性。" 然而，该公司预测第四财季营收约为67亿美元，不及分析师平均预期的73.2亿美元;预计调整后每股收 益约为2.11美元，不及分析师平均预期的2.38美元。 ...

Core Viewpoint - Applied Materials (AMAT.US) experienced a significant decline of over 12%, marking its largest drop since March 2020, primarily due to disappointing sales and earnings forecasts, raising concerns about demand suppression from US-China trade tensions [1] Financial Performance - For the third fiscal quarter ending July 27, Applied Materials reported a revenue increase of 8% year-over-year to $7.3 billion, surpassing analyst expectations of $7.21 billion [1] - The adjusted net profit for the quarter was $1.989 billion, reflecting a 13% year-over-year growth, with adjusted earnings per share (EPS) of $2.48, also exceeding the average analyst estimate of $2.36 [1] Future Outlook - The company forecasts fourth fiscal quarter revenue to be approximately $6.7 billion, falling short of the analyst average expectation of $7.32 billion [1] - Expected adjusted EPS for the fourth quarter is around $2.11, which is below the analyst average estimate of $2.38 [1] Market Challenges - The CEO of Applied Materials, Gary Dickerson, indicated a decline in demand from Chinese customers and delays in technology export approvals to China [1] - Major clients are postponing procurement plans amid ongoing negotiations related to tariffs and other economic issues, contributing to a degree of uncertainty [1]

多家投行下调应用材料目标价。其中，花旗将应用材料移出焦点名单，目标价下调至205美元；瑞穗将应用材料目标价从220美元下调至200美元；富国银行 将应用材料目标价从215美元下调至205美元。 应用材料上财季营收同比增长7.7%至73亿美元，高于分析师预估均值72.1亿美元；每股收益为2.48美元，也高于预估的2.36美元。但应用材料本财季销售和 利润展望令人失望，再度引发对于贸易争端正在抑制需求的担忧。应用材料预计截至10月底的财季营收约为67亿美元，远低于分析师平均预估的73.2亿美 元。公司预计剔除部分项目后每股收益为2.11美元，也低于分析师预估的2.38美元。 应用材料首席执行官Gary Dickerson接受采访时表示，来自某些客户的需求正在减少，同时技术出口也面临审批延迟的问题。此外，关税谈判久拖不决以及 其他经济因素促使大客户推迟了部分采购。 美国最大芯片设备生产商应用材料(AMAT.US)盘初一度跌超13%，创2020年3月以来最大跌幅。 ...

大事提醒： 作者：行情君 8月14日，应用材料2025年三季度累计回购金额40.44亿美元。 8月15日，应用材料(AMAT)开盘下跌12.04%，截至21:30，报165.58美元/股，成交5.92亿美元，总市值 1328.78亿美元。 资料显示，应用材料公司是材料工程解决方案的领导者,全球几乎每一个新生产的芯片和先进显示器的 背后都有应用材料公司的身影。凭借在原子级层面的材料改性技术以及将新技术应用于规模生产的能 力,应用材料助力客户实现可能。应用材料的创新必能驱动先进科技成就未来。 财务数据显示，截至2025年07月27日，应用材料收入总额215.68亿美元，同比增长7.14%；归母净利润 51.01亿美元，同比减少6.33%。 本文源自：金融界 ...