格隆汇8月29日｜美股半导体股集体走弱，费城半导体指数盘初跌2.5%。其中，迈威尔科技跌超16%， 泛林集团、博通、AMD跌超3%，英伟达、ARM、应用材料、台积电跌超2%，阿斯麦、美光科技跌超 | 1%。 | | --- | ...

How Do Advanced Packaging Equipment Vendors Tackle Challenges in a Globalized Market? Original Article by SemiVision Research (TSMC,UMC,Samsung,Intel,ASML,AMAT, Lam,TEL,KLA,ASE,Amkor,JCET,Disco,Besi ,ASMPT,K&S,Semes,Hanmi,Hanwha, EVG,SUSS,Teradyne,SCREEN,Canon,Nikon,Lasertec) 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 AUG 25, 2025 ∙ PAID 5 Share SEMIVISION 11 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和 ...

Core Insights - ASML Holding N.V. has faced significant challenges since the last coverage in October of the previous year [1] Company Overview - ASML is a long-term investment option, appealing to investors with a 5-10 year horizon [1] - The investment strategy typically includes a mix of growth, value, and dividend-paying stocks, with a focus on value [1] Investment Position - The analyst holds a beneficial long position in ASML shares, indicating confidence in the company's future performance [2]

You won't find many AI stocks with such a wide moat.Since the launch of ChatGPT in 2022, artificial intelligence (AI) has been the driving force in the tech market. Most of the major tech companies are incorporating AI into their products, and the AI market is projected to grow to $4.8 trillion annually by 2033, according to a United Nations Trade and Development report.There are plenty of companies looking to tap into that growth. For my money, Netherlands-based ASML (ASML 0.71%) is one of the AI stocks be ...

ASML Holding N.V. (NASDAQ: ASML ) share price has been quite volatile since my previous bullish writeup . The stock notably underperformed compared to the S&P 500 index. Nevertheless, I think that previous callComing from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident in ...

Key Takeaways ASML projects EUV sales growth of about 30% in 2025, driven by AI and high-performance computing.New NXE:3800E tools improve efficiency, boosting chipmaker productivity and margin potential.2026 visibility remains uncertain amid tariffs, export restrictions and geopolitical tensions.ASML Holding N.V. (ASML) is set to deliver another year of solid growth, with its Extreme Ultraviolet (“EUV”) sales anticipated to increase about 30% in 2025. This optimistic expectation is driven by chipmakers exp ...

以下文章来源于湾芯展 ，作者湾芯展 湾芯展 . 湾芯展由中国国际工程咨询有限公司指导，深圳市半导体与集成电路产业联盟（深芯盟SICA）主办，依托深重投主导的重大产业项目集群等优质资源，聚 焦半导体晶圆制造装备、零部件、材料、先进封装、IC设计、第三代半导体等重点领域。 2025年10月15—17日 ， 第二届湾区半导体产业生态博览会（湾芯展2025） 将在 深圳会展中心（福田） 盛大举办。本届展会持续放大交流展示、"双招双引"、商 贸交易等平台功能作用，在首届基础上进一步打破地域边界，以更宽的全球视野整合产业资源，以更大的开放格局链接国际合作，成为连接全球半导体产业协同 发展的重要纽带。 更宽视野： 国际龙头集群式亮相，零距离接触全球前沿科技 作为展会国际化升级的核心标志，湾芯展2025的国际展商阵容实现跨越式增长。来自欧美、日韩、东南亚等20余个国家和地区的半导体领军企业集体亮 相，包括 荷兰阿斯麦、美国应用材料、泛林、科磊，日本东京电子、尼康、佳能、科意、日立、迪恩士，德国蔡司，英国爱德华，匈牙利瑟米莱伯，韩国 周星等 全球TOP30企业，带来覆盖芯片设计、晶圆制造、封装测试全链条的前沿技术，在多个关键领 ...

第三，日本在涂布显影设备（94.5%）、垂直扩散炉等热处理设备（82.2%）、单晶圆清洗设备（63.5%）、批量清洗 设备（73.5%）、掩模检测设备（50%）、CD-SEM（65.5%）等领域占据主要份额。然而，这些设备的市场规模相对 较小。 2022年出现了一次特殊的新冠疫情热潮，但这一热潮在2023年结束，迎来了半导体衰退。这导致许多前端工艺设备 （包括干蚀刻设备、检测设备和CVD设备）的出货额下降。不过，到了2024年，市场从衰退中复苏，大多数设备的出 货额开始增长。此时，检查设备按外观检查设备和缺陷检查设备之和计算，清洗设备按单晶圆型和批次型之和计算， 并制作成图表（图1）。 接下来，我们将各种前端工艺设备的公司份额、欧美份额以及2024年的市场规模汇总在一张幻灯片中（图2）。从该 图中可以推断出以下事实。 第一，各前道工艺设备市场份额主要被欧美日厂商占据，但中国厂商的崛起尤为显著。其中，北方华创（6%）和中微 电子（6%）在干法刻蚀设备领域的份额不断提升，北方华创（12%）在PVD设备领域的份额不断提升。 第二，市场规模超过百亿美元的设备类型有四类，均由欧美厂商占据。其中，光刻设备244亿美元为A ...

These two stocks have long traded at a premium valuation, but now look like promising buys following recent share price drops.Some of my favorite purchases to make -- and most successful in hindsight -- have been adding to the steady dividend stocks in my portfolio on the dip.While there's always the risk of these dips turning into "falling knives," I believe the two stocks in this article have the qualities to thrive over decades.Here's the case for these magnificent dividend stocks and why I've been addin ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Global Semiconductor Capital Equipment** industry, specifically the **Wafer Fabrication Equipment (WFE)** imports to China for July 2025, which reached a record high for the year at **USD 3,761 million**, reflecting a **10% year-over-year (YoY)** and **11% month-over-month (MoM)** increase, with year-to-date (YTD) imports up **2% YoY** [2][27][26]. Core Insights and Arguments - **Dry Etch Segment Performance**: The Dry Etch segment showed significant growth, with imports totaling **USD 755 million**, marking a **30% MoM** and **232% YoY** increase. Notably, imports from Malaysia nearly doubled MoM to **USD 300 million** [3][28]. - **Lithography Weakness**: The Lithography segment continues to exhibit weakness, potentially indicating a normalization after previous strong demand. However, fluctuations suggest that this may be temporary, with expectations for a rebound in the second half of 2025 [3][34]. - **Regional Import Dynamics**: The import share by region indicates that the U.S. and Singapore combined account for **42%**, while Japan's share has decreased to **22%** from an average of **26%** last year. This decline is attributed to the lack of favorable foreign exchange conditions for Japanese vendors and a shift in purchasing priorities towards U.S. equipment [4][39]. - **Provincial Import Trends**: The largest buyers of WFE have shifted from Guangdong (21%) to Shanghai (32%) in July, suggesting a potential for sustained strength in these regions into the second half of 2025 and beyond [5][27]. Company-Specific Insights - **ASML**: Projected sales in China for Q3CY25 are estimated at **EUR 1.51 billion**, reflecting a **46% YoY decline** but flat compared to the previous quarter. The monthly import data is noted to be quite variable [6][65]. - **LRCX (Lam Research)**: Expected to see a **14% QoQ increase** in China revenues for the September quarter, with China exposure estimated to be in the high 30s percentage of total revenues [7][81]. - **AMAT (Applied Materials)**: Reported a **44% QoQ increase** in China revenues, aligning with regression analysis predictions of a **53% increase** [8][90]. - **Kokusai**: Anticipated to see a **41% YoY** and **37% QoQ increase** in China revenue, with a significant contribution expected in the September quarter [12]. - **Advantest**: Projected to experience a **38% YoY** and **32% QoQ decline** in China revenue, indicating potential challenges ahead [13]. Additional Important Insights - **Market Dynamics**: The overall WFE market in China is becoming increasingly significant, with global vendors still capturing approximately **84%** of the market share in 2024. The data on imports provides critical insights into demand trends [23]. - **Investment Implications**: Companies like NAURA, AMEC, and Piotech are positioned favorably due to their broad product portfolios and domestic market leadership, benefiting from the ongoing WFE domestic substitution in China [15][16][17]. - **Long-term Outlook**: The overall sentiment suggests that while there may be short-term fluctuations, the long-term growth trajectory for the WFE market in China remains positive, driven by domestic demand and technological advancements [20][22]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the semiconductor capital equipment industry, particularly in relation to WFE imports to China.