It's been a while since I last wrote about ASML. Back then, I rated the company a Hold — not because I questioned its leadership in lithography, but because I felt the market was leaning too heavily on optimistic assumptions around DUV shipments, especially to China. OnI'm a full-time analyst and portfolio manager of a technology fund with 5 years of experience. I graduated in Mechanical Engineering from the Federal University of Rio de Janeiro (Brazil) and École Centrale de Lyon (France). I'm currently lic ...

ASML Holding (NASDAQ: ASML ) submitted its earnings scorecard for its first fiscal quarter on April 16, 2025 which showed a sequential drop-off in net system sales, but the company nonetheless saw a significant growth boost in itsAnalyst’s Disclosure: I/we have a beneficial long position in the shares of ASML, TSMC, NVDA, AMD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Se ...

Core Viewpoint - China has made significant breakthroughs in extreme ultraviolet (EUV) lithography technology, specifically in developing solid-state laser-driven light sources, which could alleviate reliance on U.S. technology and enhance domestic chip production capabilities [2][6]. Group 1: Technological Advancements - The research team led by Lin Nan at the Shanghai Institute of Optics and Fine Mechanics has successfully developed a laser plasma (LPP) EUV light source using solid-state lasers, achieving a conversion efficiency (CE) of 3.42%, which is higher than that of teams from the Netherlands and Switzerland [4][10]. - The theoretical maximum conversion efficiency of the new light source could approach 6%, indicating potential for further advancements in domestic EUV lithography technology [4]. - The solid-state laser-driven LPP-EUV light source can provide watt-level power, making it suitable for EUV exposure verification and mask inspection, despite its current efficiency being lower than commercial CO2 lasers [9][10]. Group 2: Market Context and Implications - ASML, the only manufacturer of EUV lithography machines, has maintained a 100% market share since deploying this technology in 2019, with major clients including Samsung, TSMC, and Intel [5][11]. - Due to U.S. export controls, ASML has been prohibited from selling advanced EUV lithography machines to China since 2019, which has hindered China's chip technology development [11]. - Despite these restrictions, ASML's 2024 net sales reached €28.263 billion, with China becoming its largest market, accounting for €10.195 billion or 36.1% of total revenue [10][13]. Group 3: Future Outlook - Lin Nan's team is planning further research to enhance the efficiency of the solid-state laser-driven EUV light source, which could lead to advancements in domestic EUV lithography capabilities [4][10]. - ASML's CFO has acknowledged the potential for China to develop EUV light sources but believes it will take many years for China to produce advanced EUV lithography equipment [10][11].

Core Viewpoint - The increasing pressure and restrictions from the West are prompting China to accelerate its efforts in independent innovation, particularly in the field of extreme ultraviolet (EUV) lithography technology [1][13]. Group 1: Research and Development Achievements - Chinese researchers have established a competitive EUV light source experimental platform, which is significant for the independent development of EUV lithography and its key components and technologies [1][7]. - The research team, led by Lin Nan from the Shanghai Institute of Optics and Fine Mechanics, has developed a laser-driven plasma EUV light source (LPP-EUV), which is a core component of lithography machines [7][10]. - The maximum conversion efficiency achieved by Lin's team is 3.42%, which is among the top internationally and leads domestically, with potential theoretical maximum efficiency estimated to be close to 6% [10][11]. Group 2: Comparison with International Standards - The conversion efficiency of the developed solid laser-driven EUV light source is noted to be higher than the commercial CO2 laser-driven EUV light sources, which have a conversion efficiency of approximately 5.5% [11]. - Lin's team's efficiency surpasses previous records from institutions such as the Advanced Research Center for Nanolithography (ARCNL) and ETH Zurich, but is still behind the University of Central Florida and Utsunomiya University [11][13]. Group 3: Industry Context and Challenges - The EUV lithography machine is essential for the mass production of advanced chips, with ASML being the only manufacturer capable of producing such machines, which are currently restricted from being sold to China [13][15]. - ASML's CEO has stated that while China may eventually produce some EUV light sources, it will take many years to develop a complete EUV lithography machine [2][13]. - Despite the restrictions, ASML plans to establish a new recycling and maintenance center in Beijing by 2025, indicating a strategy to maintain its market presence in China [15][16].

金十图示：2025年04月29日（周二）全球主要科技与互联网公司市值变化 | 博通 | 9049 | 1 0.08% | 192.47 | | --- | --- | --- | --- | | 台棋电 | 8474 | + -1.03% | 163.4 | | 腾讯 | 5629 | + -0.31% | 61.82 | | 奈飞 | 4725 | 1 0.8% | 1110.38 | | 甲骨文 | 3929 | ↑ 1.19% | 140.14 | | SAP SAP | 3328 | ↑ 2.66% | 285.35 | | 阿里巴巴 EL | 2825 | + -1.59% | 118.37 | | ASML 阿斯麦 | 2645 | + -0.38% | 672.76 | | 一星 | 2587 | 1 1.08% | 39.22 | | Palantir | 2578 | ↑ 1.66% | 114.65 | | 赛富时 | 2552 | -0.83% | 265.64 | | cisco 思科 | 2261 | 1 0.23% | 56.84 | | IEM IBM | 2194 | ↑ 1. ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 wccftech ，谢谢 。 在半导体新元素的采用方面，台积电多年来一直是先驱，并经常引领潮流。但现在，该公司似乎将 放弃在其 A14 工艺中使用高数值孔径 EUV 光刻设备，而是采用更传统的 0.33 数值孔径 EUV 技 术。这一消息是在数值孔径技术研讨会上透露的，台积电高级副总裁Kevin Zhang在会上宣布了这 一进展。由此可以肯定地说，英特尔代工厂和几家 DRAM 制造商现在在"技术"上比台积电更具优 势。 Kevin 表示，台积电将不会使用High NA EUV光刻技术来对A14芯片进行图案化，该芯片的生产 计划于2028年开始。从2纳米到A14，我们不必使用High NA，但我们可以在处理步骤方面继续保 持类似的复杂性。他指出，每一代技术，我们都尽量减少掩模数量的增加。这对于提供经济高效的 解决方案至关重要。 台积电认为高数值孔径 (NA) 对 A14 工艺无关紧要的主要原因是，使用相关的光刻工具，这家台 湾巨头的成本可能会比传统的 EUV 方法高出 2.5 倍，这最终将使 A14 节点的生产成本大大提 高，这意味着其在消费产品中的 ...

Core Viewpoint - ASML shares have shown a modest gain of 0.4% over the past four weeks, closing at $677.27, with a mean price target of $916.63 indicating a potential upside of 35.3% according to Wall Street analysts [1][11]. Price Targets and Analyst Consensus - The mean estimate consists of eight short-term price targets with a standard deviation of $95.86, suggesting variability in analyst predictions [2]. - The lowest price target of $835 indicates a 23.3% increase from the current price, while the highest target of $1,100 suggests a potential surge of 62.4% [2]. - A low standard deviation among price targets indicates strong agreement among analysts regarding the stock's price movement direction [9]. Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about ASML's earnings prospects, as evidenced by a positive trend in earnings estimate revisions [11]. - The Zacks Consensus Estimate for the current year has risen by 7.3% over the past month, with six estimates increasing and no negative revisions [12]. - ASML holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13].

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（原标题：调仓风向标|易方达张坤：逢高减持互联网，增持快递旅游板块） 中国基金报 孙晓辉 编者按：四月中旬起，公募基金2025年度一季报陆续披露，明星基金经理们的调仓动作和仓位变化也成为基民们关注的焦点。而在每一份定期报 告背后，也隐藏着这些优秀管理人的"投资秘籍"。基金君将继续为大家更新人物库专题【调仓风向标】，解码明星基金产品持仓变化及其管理人 的投资理念。 曾经的"顶流"如何换股调仓？4月22日，易方达基金张坤管理的4只主动权益基金公布2025年一季报。截至今年一季度末，张坤持仓总体稳定，保 持高仓位运作。他在今年一季度对结构进行了优化，调整了消费和科技等行业的持仓结构。 一季报中，张坤表示，自下而上观察，部分行业的竞争格局正在改善，投资者与其纠结于经济，不如把着眼点放在企业上。因为股票的收益率是 由企业的收益率决定的，拉长来看大致相当于企业的ROE水平。过去几年发生的股票收益率连续低于企业ROE水平的现象，他认为不会长期持续 下去。 本期【调仓风向标】，基金君将为大家详解易方达基金经理张坤今年一季报及其调仓变化。 一季度继续维持高仓位运作 张坤目前在管基金4只，截至今年一季度末总规模重返600亿元以上 ...