阿斯麦预计2026年毛利率在51%至53%，预估52.9%。阿斯麦宣布将在2028年底前回购总额高达120亿欧 元的股票。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Insights - ASML reported total net sales of €32.7 billion and net income of €9.6 billion for the year 2025, with a gross margin of 52.8% [1][5][6] - The company anticipates total net sales for 2026 to be between €34 billion and €39 billion, maintaining a gross margin between 51% and 53% [1][9] Financial Performance - Q4 2025 total net sales reached €9.7 billion, with a gross margin of 52.2% and net income of €2.8 billion [6] - For the full year 2025, total net sales were €32.7 billion, with a gross profit of €17.3 billion and a gross margin of 52.8% [2][5] - The company sold 300 new lithography systems in 2025, a decrease from 380 units sold in 2024, while used lithography systems sold increased to 27 units from 38 units in 2024 [2] Order and Backlog - Q4 2025 net bookings amounted to €13.2 billion, with €7.4 billion attributed to EUV systems [6] - The backlog at the end of 2025 was €38.8 billion, indicating strong future demand [6] Shareholder Returns - ASML plans to declare a total dividend of €7.50 per ordinary share for 2025, reflecting a 17% increase compared to 2024 [10] - A new share buyback program has been announced, allowing for the repurchase of up to €12 billion in shares by December 31, 2028 [12][13] Strategic Focus - The company aims to enhance its focus on engineering and innovation by streamlining its Technology and IT organizations to better position itself for future growth [14] - ASML is responding to positive market assessments from customers regarding AI-related demand, which is expected to drive growth in 2026 [7][8]

Company Performance - Seagate Technology experienced a significant stock increase of 19.1% after reporting a larger profit than analysts expected, driven by demand from artificial intelligence applications [2] - Nvidia's stock rose by 1.6%, contributing positively to the S&P 500, supported by a favorable report from ASML regarding chip-making machinery [3] - Amphenol's stock fell by 12.2% despite reporting stronger profits than forecasted, following a prior surge of 23% in the year [5] - Apple’s stock decreased by 0.7% ahead of its upcoming profit report, making it the heaviest weight on the S&P 500 due to its size [6] Market Overview - The S&P 500 index saw a minor decline of 0.57 points, closing at 6,978.03, while the Dow Jones Industrial Average rose by 12.19 points to 49,015.60, and the Nasdaq composite increased by 40.35 points to 23,857.45 [7] - The U.S. dollar stabilized after a recent decline, with Treasury Secretary Scott Bessent stating that the government is not intervening in the currency market and aims for a "strong dollar" [7] Industry Trends - Companies are under pressure to deliver solid profit growth following record stock price increases, as stock prices typically align with corporate earnings over the long term [6] - ASML's optimistic revenue forecast for 2026 has alleviated concerns about a potential bubble in AI demand, indicating sustained interest in AI technologies [4]

Core Insights - ASML has emerged as Europe's most valuable company due to its leading position in the production of lithography systems, which are essential for semiconductor manufacturing [1] Company Overview - ASML specializes in manufacturing lithography systems, which are large "chip printing" machines that cost approximately $250 million each [1] - The company's technology is critical for firms involved in the semiconductor industry, driving advancements in chip production [1]

【提醒：日内请重点关注（以下均为北京时间）】① 时间待定 芬兰总理奥尔波将访华（1月25-28 日）； ② 欧股盘前 阿斯麦控股发布业绩报告； ⑦ 23:30 美国能源信息署（EIA）发布政府版原油库存周报； ③ 18:00 欧洲央行执委Elderson在关于任命的听证会发表开场白演讲，欧洲央行12月中旬提名其继续担 任监管委员会副主席； ⑧ 次日02:00 欧洲央行执行理事会成员Isabel Schnabel讲话； ④ 美股盘前 苹果供应商康宁公司（GLW）、星巴克发布业绩报告； ⑤ 21:30 美国12月商品贸易帐； ⑥ 22:45 加拿大央行公布利率决议； ⑨ 次日03:00 美联储发布FOMC利率决议声明（没有"季度性"经济预期概要/SEP）； ⑩ 次日03:30 美联储主席鲍威尔举行例行新闻发布会； ⑪ 美股盘后 微软、Meta、特斯拉发布业绩报告，拉姆研究、IBM、ServiceNOW也将发布业绩报告； ⑫ 次日05:30 巴西央行公布利率决议； ⑬ 次日05:45 新西兰12月进出口与贸易帐； ...

How do you play the memory boom without chasing these data storage stocks. The four big players in the space, Micron, Western Digital, Seagate just reported, and Sandis, each more than tripled last year, and they keep running in 2026. Just since the beginning of the year, SanDisk has more than double.The other three are up anywhere from 35 to 50%. I don't want to chase those. I don't chase the storage memory place because even though there's a severe shortage of this stuff thanks to the data center buildout ...

Core Viewpoint - Investors are cautioned against chasing the rally in data storage stocks, with a recommendation to focus on companies that alleviate the memory supply crunch [1] Group 1: Data Storage Companies - Micron, Western Digital, Seagate, and Sandisk have seen their shares more than triple last year due to surging AI-related demand and limited supply, granting them immense pricing power [2] - Despite the significant gains, even minor disruptions could severely impact these stocks [2] Group 2: Semiconductor Capital Equipment Makers - Companies like ASML, Applied Materials, KLA Corp, and Lam Research are suggested as a safer investment option, as they benefit from increased demand for manufacturing equipment during chip shortages [3][4] - Micron is investing billions in building new chip factories, indicating a broader trend of increased spending on semiconductor tools across the industry [3][4] Group 3: Performance and Recommendations - ASML's shares increased by 54%, Applied Materials by 58%, KLA by 93%, and Lam Research by 137% last year [5] - Investors are advised to consider buying shares of ASML, Lam Research, or KLA if their prices dip following quarterly earnings reports, while Applied Materials will report next month [5][6] - The expectation is for solid earnings from these companies, but the high valuation may warrant a pullback before buying [6]

Market Performance - On January 27, the US stock indices closed mixed, with strong performance in technology stocks driving the Nasdaq and S&P 500 up. The Dow Jones fell by 0.83% to 49,003.41 points, while the S&P 500 rose by 0.41% to 6,978.6 points, and the Nasdaq increased by 0.91% to 23,817.1 points [1][2]. Technology Sector - Six out of the seven major US technology companies saw stock price increases, with Nvidia and Apple rising over 1%, and Microsoft and Amazon increasing by more than 2%. However, Tesla's stock fell by 0.99%. Tesla's market share in the EU, UK, and EFTA dropped to 3% in December, while BYD's market share was 2.4%. Tesla's pure electric vehicle market share stands at 11.4% [2][3]. Semiconductor Stocks - Most semiconductor stocks experienced gains, with Intel rising by 3.39%, ASML by 2.92%, Broadcom by 2.43%, TSMC by 1.67%, and AMD by 0.26%. ARM saw a slight increase of 0.18%, while Qualcomm's stock fell by 0.96% [3]. Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.48%, with many popular Chinese stocks performing well. Notable increases included Huya up nearly 20%, Kingsoft Cloud up 8.77%, Bilibili up 3.43%, Baidu up 1%, Alibaba up 0.79%, NIO up 0.65%, New Oriental up 0.56%, Tencent Music up 0.18%, and Pinduoduo up 0.05% [3]. Commodity Market - International oil prices surged, with US oil closing nearly 3% higher on January 27 and continuing to rise slightly on January 28. Brent crude oil also saw an increase of over 3% on January 27 [3]. Precious Metals - On January 28, spot gold prices slightly declined, while silver experienced a significant drop of 1%. In less than a month, both London spot silver and COMEX silver futures have seen year-to-date increases exceeding 50%. According to Guoyuan Futures, industrial demand for silver is expected to stabilize and decline by 2026, but physical investment demand is anticipated to expand, suggesting that precious metal prices may continue to strengthen [4]. Cryptocurrency Market - Cryptocurrencies saw a broad increase, with Bitcoin rising above $89,000, marking a 1.26% increase. Ethereum also rose by 3.18% to $3,018. Other cryptocurrencies like Solana, XRP, and Dogecoin experienced gains as well [5]. Geopolitical Developments - Reports indicate that the CIA is secretly pushing for a "long-term presence" in Venezuela, with plans to influence the country's future under the Trump administration. This may involve creating conditions for US diplomatic actions [6]. Additionally, the US has communicated to Israel its military preparedness regarding Iran, with potential actions expected in the coming months [7]. Consumer Confidence - A preliminary survey by the World Large Enterprises Research Association indicated that the US consumer confidence index dropped significantly from a revised 94.2 in December to 84.5 in January, marking the lowest level since May 2014 [7].

The Nasdaq led US stock futures higher on Wednesday as AI trade fervor spread ahead of the Federal Reserve’s latest policy decision and earnings from megacap techs. Contracts on the tech-heavy Nasdaq 100 (NQ=F) climbed about 0.9%, while those on the Dow Jones Industrial Average (YM=F) hovered below the flat line. S&P 500 futures (ES=F) moved up 0.3% on the heels of an all-time closing high. Techs are set to buoy markets again as a surprise record surge in orders for ASML's (ASML) chipmaking machines sto ...

Taiwan Semiconductor Manufacturing Company (NYSE: TSMC) just announced capital expenditure of US$52 billion to US$56 billion for 2026, an increase of between 27% and 37% compared to 2025.That’s great news for ASML Holding (NASDAQ: ASML), the Dutch company that sells the lithography machines TSMC needs for advanced chip production.But here’s the thing: the investment doesn’t stop there. Every dollar TSMC spends on fab equipment eventually flows through to cloud providers like Microsoft (NASDAQ: MSFT) and app ...