Core Viewpoint - The article discusses the recent quarterly report of E Fund's star fund manager Zhang Kun, highlighting his portfolio adjustments and investment philosophy amidst changing market conditions [1][2]. Group 1: Fund Performance and Adjustments - As of the end of Q1 2025, Zhang Kun's managed funds have a total scale exceeding 60.82 billion yuan, an increase of 1.841 billion yuan from the end of the previous year [2]. - The largest fund, E Fund Blue Chip Selection, saw its scale grow by over 1.4 billion yuan to 38.908 billion yuan, while E Fund Quality Selection increased by 500 million yuan to 14.169 billion yuan [2]. - All four funds experienced varying degrees of net redemptions, with E Fund Blue Chip Selection facing a net redemption of 960 million units [3]. Group 2: Portfolio Composition and Strategy - Zhang Kun maintained a high stock position, with stock holdings remaining above 94% across his funds, and a consistent allocation of around 45% in Hong Kong stocks [4]. - In Q1, he optimized the structure of his holdings, reducing exposure to internet stocks while increasing investments in logistics and tourism sectors [5]. - Major reductions were noted in holdings of Tencent Holdings, Alibaba-W, and Yanghe Brewery, with reductions around 30% for Alibaba and Yanghe, and over 10% for Tencent [5][6]. Group 3: Market Outlook and Investment Philosophy - Zhang Kun emphasized that the stock market's returns are fundamentally linked to corporate earnings, which he believes will not remain below the return on equity (ROE) levels for an extended period [7]. - He noted improvements in competitive landscapes across certain industries and highlighted the importance of focusing on companies with strong business models and shareholder-friendly capital allocation [7]. - The manager expressed optimism regarding the economic impact of real estate downturns and consumer stimulus policies, suggesting that investors should concentrate on corporate performance rather than macroeconomic concerns [7].

Core Viewpoint - The article discusses the current state of the stock market, highlighting the positive performance of major indices due to strong earnings expectations from tech companies, while also emphasizing the importance of investing in low-leverage stocks to mitigate risks during market volatility [1][2]. Group 1: Market Overview - All three major stock indices of Wall Street ended positively on April 24, driven by better-than-expected earnings anticipation from tech giants like Alphabet and Intel [1]. - Investors remain cautious due to recent tariff announcements by U.S. President Trump, which have caused volatility in the global stock market [1][2]. Group 2: Investment Strategy - Investors are advised to focus on low-leverage stocks to minimize risks during market downturns [2][6]. - Low-leverage stocks are characterized by lower debt-to-equity ratios, which indicate improved solvency and reduced financial risk [7][9]. Group 3: Stock Selection Criteria - The article outlines specific criteria for selecting low-leverage stocks, including: - Debt/Equity less than the industry median [11]. - Current price of at least $10 [11]. - Average 20-day volume of at least 50,000 shares [11]. - Positive earnings growth compared to the industry median [11]. - VGM Score of A or B combined with a Zacks Rank of 1 or 2 [12]. - Estimated one-year EPS growth greater than 5% [12]. Group 4: Company Highlights - **Bilibili (BILI)**: Reported 104 million daily active users in 2024, with a projected 11% sales improvement for 2025 and a Zacks Rank of 2 [13][14]. - **Kingstone Companies (KINS)**: Announced a $70 million agreement to provide replacement policies in New York, with a projected 37.9% sales improvement for 2025 and a Zacks Rank of 1 [15]. - **Engie S.A. (ENGIY)**: Secured a 10-year extension for nuclear reactors, leading to a projected 19.6% earnings improvement for 2025 and a Zacks Rank of 1 [16]. - **ASML Holding (ASML)**: Achieved a 46.3% year-over-year increase in net sales and a 92.9% increase in earnings per share, with a projected 21.5% sales improvement for 2025 and a Zacks Rank of 2 [17][18]. - **Resmed (RMD)**: Reported an 8% revenue increase and a 13% surge in adjusted net income, with a projected 9% sales improvement for fiscal 2025 and a Zacks Rank of 2 [19].

Core Viewpoint - ASML's first-quarter orders were disappointing, raising concerns about its partnership with Samsung and the overall semiconductor market dynamics [2][4]. Group 1: ASML and Samsung Collaboration - ASML has seemingly abandoned plans to build a semiconductor research facility with Samsung, selling previously acquired land [4]. - Despite the collaboration adjustment, ASML continues to deliver high-density equipment to Samsung, with 23 units of the EXE:5000 delivered in the first quarter, accounting for 58% of global shipments [5]. - Samsung's 2nm process trial yield has reached 30%, ahead of schedule, positioning it to potentially be the first to commercialize 2nm chips [5]. Group 2: Market Dynamics and Financial Outlook - ASML's revenue from the Korean market reached 40% in the first quarter of 2025, surpassing China as its largest customer, driven by significant purchases from Samsung and SK Hynix [4][5]. - The company expects net sales of €7.2 billion to €7.7 billion in the second quarter of 2025, with an annual revenue forecast of €30 billion to €35 billion [6]. - The semiconductor industry is experiencing shifts due to geopolitical factors, with South Korea focusing on localizing production to enhance supply chain security [6].

"第一季度，我们的订单出货比有所改善，汽车和工业业务的订单出货比均高于平价，"Chery补充 道，"我们第二季度的业务预期中值为净营收27.1亿美元，同比下降16.2%，环比增长7.7%；预计 毛利率约为33.4%，受未使用产能费用约420个基点的影响。" 奇瑞总结道："我们计划将2025年的净资本支出（非美国GAAP1）维持在20亿美元至23亿美元之 间，主要用于重塑我们的制造版图。虽然我们认为2025年第一季度是底部，但在当前不确定的环 境下，我们专注于我们能够控制的事情：持续创新，不断改进和加速我们产品和技术组合的竞争 力，专注于先进制造，严格管理成本。" ASML也预期会增长 在此前，欧洲科技巨头 ASML 上季度达到了其收入预期，并且仍然预计今年的收入将会增长，但 由于特朗普的关税动荡给整个行业带来不确定性，订单量有所下降。 来源：内容来自半导体行业观察综合 ，谢谢。 在昨天德州仪器对芯片复苏表达了强烈的信心之后，另一个芯片巨头ST也发表了同样的看法。 该公司首席执行官Jean-Marc Chery表示，"第一季度净收入与我们业务预期区间的中点持平ST 认 为 第 一 季 度 是 市 场 底 部 ， ...

Core Viewpoint - The article discusses the complexities and challenges associated with ASML's EUV lithography machines, particularly focusing on the software stack and development processes involved in their operation [2][4][7]. Group 1: Software Complexity - ASML's EUV machines come with approximately 45 million lines of code, comparable in size to Windows 10, indicating a significant complexity in their software stack [2]. - The software development lifecycle at ASML is described as very complex, with a master's thesis written on the engineering change process for EUV [7]. - The integration of software is primarily conducted on virtual hardware, as there are only two machines available for actual testing [4]. Group 2: Development Process - The initial error fixes and features for the software were communicated through a series of Word documents, highlighting a potentially outdated method of documentation [2][7]. - A large Jenkins farm compiles over 1500 Maven and Make modules, with complete EUV image builds taking overnight to run, while small changes still require over an hour to compile [4]. - The software workflow involves multiple layers of risk management before any code is written, indicating a thorough but potentially cumbersome process [7]. Group 3: Cultural Insights - Observations suggest that the development culture at ASML may involve a mix of experienced leaders and younger engineers, with a preference for open office plans and cloud storage for company IP [8]. - There is a belief that the software is primarily developed by hardware engineers, who may not be professional programmers, which could contribute to the current state of the software stack [8].

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 semiwiki ，谢谢。 关于EUV光刻机，最近我们发现了一个有趣的信息。 鉴于 EUV 设备的复杂性以及 ASML 40 多年的开发经验，需要一个同样复杂的支持软件堆栈。我 还猜测，ASML 的选择堆栈文档也有一些以客户为中心的需求。话虽如此，任何一家成立几十年 的公司都有机会精简流程，所以我有点好奇 ASML 在这方面的文化是什么样的。 推特博主"LaurieWired "则发文表示， ASML 是 90% 的芯片制造商使用的光刻机的创造者，其软件堆栈混乱。 每个 TWINSCAN EUV 附带 ~4500 万行代码（与 Win10 大小相似！ 错误修复和功能最初是发送到一系列审查板的 *word 文档*。 需要强调，这个说法不一定正确，也不代表平台的观点，笔者发出来是希望给大家共享一个信息。 他在另一个帖子中指出： 大型 Jenkins 农场编译 1500+ Maven 和 Make 模块。 完整的 EUV 映像构建会在一夜之间运行。小的更改仍然需要 >1hr 来编译。 集成主要在虚拟硬件 （Simulink） 上执行，因为世界上*实际上* ...

Core Viewpoint - The semiconductor industry is showing signs of recovery, with major companies like Texas Instruments and STMicroelectronics expressing confidence in market stabilization and growth despite recent challenges [2][4]. Group 1: STMicroelectronics Insights - STMicroelectronics reported a 27.3% year-over-year decline in net income for Q1, with a net profit drop of 89.1% to $56 million [2]. - The CEO indicated that Q1 is seen as the market bottom, driven by growth in personal electronics, although automotive and industrial revenues fell short of expectations [2]. - For Q2, STMicroelectronics anticipates net revenue of $2.71 billion, a 16.2% year-over-year decline but a 7.7% quarter-over-quarter increase, with a projected gross margin of approximately 33.4% [2]. Group 2: ASML Performance and Outlook - ASML achieved a total net sales of €7.7 billion ($8.75 billion) for Q1, exceeding previous estimates and up from €5.3 billion ($6 billion) year-over-year [4]. - The company reported disappointing order volumes of €3.9 billion ($4.4 billion) for the quarter, leading to a 6% drop in stock price [4]. - ASML maintains a revenue forecast for 2025 between €30 billion and €35 billion ($34 billion to $40 billion), despite uncertainties from tariffs [5][6]. Group 3: Tariff Impact and Future Projections - Tariffs imposed by the U.S. government are creating uncertainty in the semiconductor sector, affecting companies like ASML that operate globally [6]. - ASML's CFO highlighted the various ways tariffs could impact their operations, including on systems shipped to the U.S. and components used in U.S. manufacturing [6]. - The company remains optimistic about future growth driven by advancements in technology, particularly in logic and DRAM chips, which require more sophisticated lithography techniques [6].

Core Viewpoint - ASML, a key player in the semiconductor industry, reported strong revenue growth but faced a significant drop in net bookings, leading to a decline in share price despite beating earnings expectations [2][4][6]. Financial Performance - In Q1 2025, ASML reported a 46% year-over-year revenue increase, totaling approximately €7.7 billion (about $8.77 billion), and earnings per share of €6 (around $6.31), surpassing estimates by approximately 5% [3]. - The company reaffirmed its full-year 2025 revenue outlook of €30 to €35 billion (approximately $33 to $38.6 billion) despite slightly below-expectation Q2 revenue guidance [4]. Net Bookings - ASML experienced a 44% drop in net bookings compared to Q4 2024, reporting €3.9 billion (approximately $4.45 billion) in bookings, nearly €1 billion (about $1.14 billion) below expectations [6]. - The fluctuation in bookings is common for ASML, as seen in the previous year when bookings fell nearly 61% from Q4 2023 to Q1 2024 [6][7]. Market Sentiment - The market tends to overreact to bookings fluctuations, which can lead to significant share price movements [7]. - ASML's CFO indicated that bookings do not accurately reflect business momentum, especially given the high cost of its machines, such as the latest EUV product priced at around $380 million [7]. Future Outlook - ASML projects substantial growth through 2030, with revenues expected to increase by 50% to 105% compared to 2024 levels, and gross margins expanding by 180 to 580 basis points [10]. - The company has authorized a share buyback of up to 10% over the next 18 months and maintains a dividend yield of around 1% [11]. Analyst Ratings - ASML currently holds a Moderate Buy rating among analysts, with an average price target of $906.00, indicating a potential upside of 34.28% from the current price [10][12].

Core Viewpoint - ASML Holding's stock experienced a significant decline following the release of its first-quarter 2024 results, primarily due to concerns over tariff-related uncertainties despite stronger-than-expected quarterly performance [1][2]. Financial Performance - ASML reported first-quarter revenue of 7.74 billion euros, representing a 46% increase year-over-year, with net income nearly doubling compared to the previous year [4]. - The company's revenue guidance for the second quarter is projected at 7.45 billion euros, slightly below the consensus estimate of 7.73 billion euros [4]. - Despite the shortfall in quarterly guidance, ASML maintained its full-year guidance, indicating confidence in long-term performance [2][4]. Order Book and Market Demand - ASML's net bookings for Q1 were just under 4 billion euros, a decrease from 7 billion euros in Q4 2024, missing consensus estimates by nearly 1 billion euros [5]. - Year-over-year, net bookings increased by almost 10%, suggesting solid demand for ASML's chipmaking equipment despite quarterly fluctuations [6]. - CEO Christophe Fouquet expressed optimism about growth in 2025 and 2026, driven by strong semiconductor market demand, particularly from AI applications [7]. Customer Insights and Industry Outlook - TSMC, a key customer, reported solid Q1 results and maintained its 2025 capital expenditure forecast of $38 billion to $42 billion, a 33% increase from the previous year [8][9]. - The semiconductor industry association SEMI anticipates a 2% increase in global fabrication equipment spending this year, followed by an 18% increase in 2026 [9]. Tariff Developments - Recent tariff-related developments, including exemptions on semiconductor imports and a 90-day pause on reciprocal tariffs, indicate potential for reduced uncertainty in the semiconductor sector [10]. Valuation and Investment Opportunity - ASML's stock is currently trading at 25 times trailing earnings, which is lower than the Nasdaq-100 index's multiple of 28, making it an attractive investment opportunity [11][12]. - Analysts expect healthy bottom-line growth for ASML, supported by its reiterated full-year guidance and potential catalysts such as AI [12][14].

央视网消息：由于美国政府对人工智能芯片的新出口管制以及高关税政策影响，美国芯片厂商目前面临巨大财务压力。多家媒体 和行业分析师日前指出，不断升级的关税与贸易限制正在冲击美国半导体行业，美国政府的相关政策或许会适得其反，将加速中国企 业的自主创新进程。 总部设在华盛顿的智库欧洲政策分析中心22号发文指出，半导体行业正在全球经济动荡的前线挣扎，欧美半导体巨头都遭受重 创。不断升级的关税与出口管制正在打击美国芯片制造商英伟达公司和荷兰半导体设备制造商阿斯麦公司的销量与股价。文章称，虽 然美方这些措施旨在遏制中国获取先进半导体技术，但它们可能引发"回旋镖"效应，将美国企业隔绝于全球增长最快的芯片市场之 外。中国已经采取反制措施，对芯片制造所需的部分稀土相关物项及其他关键矿物实施出口管制。阿斯麦公司警告称，美国的关税措 施可能会使美国芯片设备制造商每年损失超过10亿美元。该公司计划将"大部分"关税成本转嫁给美国客户。 法新社20号报道称，随着特朗普政府试图阻止对华芯片出口，行业分析师指出，此举恐怕适得其反，将助推中国企业创新，帮助 它们占领世界半导体市场。报道称，美国英伟达公司和超威半导体公司日前向监管机构提交的文件显 ...