Core Viewpoint - ASML and imec have entered a strategic partnership to enhance semiconductor research and promote sustainable innovation in Europe, with a focus on developing advanced solutions for the semiconductor industry and environmental benefits [1][2][4]. Group 1: Partnership Details - The partnership agreement spans five years and aims to leverage the expertise of both ASML and imec to deliver solutions in semiconductor advancement and sustainable innovation [2]. - The collaboration will utilize ASML's entire product portfolio, including advanced technologies such as 0.55 NA EUV and DUV immersion, to support R&D in sub-2nm technologies [3]. Group 2: Funding and Support - The partnership is supported by funding from the Chips Joint Undertaking, the Flemish government, and the Dutch government, which aligns with the EU Chips Act [5][6]. - The NanoIC pilot line, crucial for this collaboration, is funded through various EU programs and participating states, including Belgium, France, Germany, Finland, Ireland, and Romania [6]. Group 3: Strategic Importance - ASML's CEO emphasized that this agreement represents a significant step in their long-term cooperation with imec, aiming to develop solutions that benefit the semiconductor industry and society [5]. - The partnership is expected to enhance imec's capabilities in providing advanced R&D for the semiconductor ecosystem, particularly in AI-driven technological advancements [5].

Shares of semiconductor equipment stocks ASML Holdings (ASML -6.71%), KLA (KLAC -4.63%), and Lam Research (LRCX -6.58%) were plunging on Monday, down 6.8%, 4.7%, and 6.7%, respectively, as of 3:52 p.m. ETSemiconductor stocks are long-term growers, but they also have cyclical qualities as well. Therefore, today's fears over a tariff-induced recession is causing a big sell-off.In addition, tariffs that increase trade tensions with China tend to especially complicate things for semiconductor stocks. This is be ...

要闻提示 NEWS REMIND 1.AI Agent产品Manus刷屏，邀请码被炒至5万天价，合伙人回应：从未开设任何付费渠道 2. "富二代"极星汽车裁员、撤退、收缩：整个吉利的战略失误，市值只剩下十几亿 3. 蔚来又融到钱了！安徽两国企注资4亿元，累计融资超千亿 4. 网传腾讯QQ小世界"裁员"，大幅度调整团队，向视频号取经 5.乌兹别克斯坦限制Temu本地运营，业内人士：Temu颠覆了当地原有批发体系 6.曾被美国要求不能修！曝ASML今年将在北京建维修中心，官方回应 7.OpenAI或开启定价豪赌：一个AI代理收费每月2万美元 8.大众设计师称重要功能都将用物理按键，将关键控制功能交给车机屏幕的错误将永不再犯 今日头条 HEADLINE NEWS AI Agent产品Manus刷屏，邀请码被炒至5万天价，合伙人回应：从未开设任何付费渠道 3月6日凌晨，来自中国的初创公司BUTTERFLY EFFECT（蝴蝶效应）通过一部全英文的宣传片正式对外 发布通用型AI Agent产品Manus，官方称它为"全球首个通用 Agent"。据其团队介绍，与传统AI助手不 同，Manus不仅能提供建议或答案，还能直接 ...

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ieee，谢谢。 天文学家卡尔·萨根喜欢提醒我们，我们都是由星尘构成的。超新星爆炸是某些类型的衰败恒星的灾 难性自我毁灭，它与地球上的生命密切相关，因为它们是整个宇宙中重元素的诞生地。我们血液中 的大部分铁和氨基酸中的硫都源自数十亿年前爆炸的恒星。但我们发现了超新星与人类世界之间的 另一种相当令人惊讶的联系——具体来说，它与制造最新智能手机和其他电子设备 所需的计算机芯 片的技术有关。 这种联系是在几年前我、杰森·斯图尔特和祖父鲁道夫·舒尔茨的一系列对话中产生的 。我的祖父是 一位狂热的天文爱好者，他在家里的门厅里放了一架大型反射望远镜，就在入口处，随时可以随时 使用。我上高中时，他递给我一本史蒂芬·霍金的《时间简史》（Bantam Books，1988 年），引导 我终生热爱物理。最近，我祖父的天文视角也对我的职业生涯产生了意外的帮助，正如我在图森山 麓他家的一次观察会上向他解释的那样。 我向祖父介绍我在 ASML 实验室的工作情况 ， ASML是一家总部位于荷兰的公司，专门开发和制 造用于制造半导体芯片的设备。大约 10 年前，我正在帮助改进一种使 ...

Core Viewpoint - ASML Holding is a leading semiconductor equipment maker and remains a strong long-term investment despite a recent stock decline of 25% over the past year, which presents a potential buying opportunity due to its monopolized technology, temporary cyclical slowdown, and reasonable valuation [3][11]. Group 1: Monopolized Technology - ASML is the only producer of high-end extreme ultraviolet (EUV) lithography systems, essential for manufacturing the world's smallest and most efficient chips, used by top foundries like TSMC, Samsung, and Intel [2]. - The company has developed its EUV technology over more than two decades, with current low-NA systems costing approximately $180 million and new high-NA systems around $380 million, creating a high barrier to entry for competitors [4][5]. Group 2: Cyclical Slowdown - ASML experienced significant revenue growth from 2020 to 2023, driven by increased PC shipments, the launch of new 5G smartphones, and a booming AI market, with revenue growth rates of 30% in 2023 [6]. - A slowdown in revenue and earnings growth is expected in 2024 due to various factors, including tighter restrictions on sales to Chinese chipmakers and a transition to high-NA EUV systems, but gross margins have remained stable [7]. - For 2025, ASML anticipates revenue growth between 6% to 24% and gross margins of 51% to 53%, with analysts projecting revenue and EPS growth of 15% and 23%, respectively, indicating the end of the cyclical downturn [8][9]. Group 3: Reasonable Valuation - ASML's stock is currently valued at 29 times this year's earnings, which is considered reasonable following a period of overheating [11]. - The company is expected to navigate challenges such as tariff uncertainties and export restrictions while maintaining its dominance in the lithography market, making it an attractive investment as the semiconductor market continues to expand [12].

Exhibit 99.1 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS Risk Corporate conduct Our technology drives faster, more powerful and energy efficient microchips that help society tackle important challenges. This continuous innovation can only be achieved through strong partnerships we build with our various stakehold working together to create solutions for a more sustaina future for everyone. Powering technology forward with customers with our people See page 12 > with suppliers See page 13 ...

Market Overview - The current market environment is characterized by rising volatility, leading to a shift in investor behavior towards safer assets [1][2] - Institutional capital is seeking safety, as evidenced by the iShares S&P 500 Value ETF outperforming the broader S&P 500 by 1.5% in the past week [2] Cleveland-Cliffs Inc. (CLF) - Cleveland-Cliffs stock is forecasted to have a 12-month price target of $16.43, indicating a potential upside of 73.26% [4] - The stock is currently trading at 47% of its 52-week high, suggesting that worst-case scenarios may already be priced in [4] - Analysts project a consensus price target of $16.5 per share, implying a net rally of up to 52.8% from current levels [5] - Wall Street earnings per share (EPS) forecasts expect Cleveland-Cliffs to deliver $0.05 in EPS by Q4 2025, a significant improvement from a current net loss of $0.68 per share [6] ASML Holding (ASML) - ASML stock has a 12-month price forecast of $937, representing a 32.3% upside potential [8][11] - The stock is currently trading at 66% of its 52-week high, indicating a favorable risk-to-reward setup for investors [10] - J.P. Morgan Chase has a higher valuation target of $1,100 for ASML, suggesting an implied rally of 55.2% [11] - The stock is seen as a strong player in the chipmaking sector, particularly in the context of artificial intelligence development [11] Rocket Companies Inc. (RKT) - Rocket Companies is currently trading at $13.47, with a price target of $13.83, indicating potential for growth [12] - A decrease in mortgage rates could lead to increased activity and earnings for Rocket Companies, as the mortgage market index is at a 1996 low [13] - The company trades at a price-to-book (P/B) ratio of 3.4x, significantly higher than the mortgage industry's average of 1.8x, suggesting that the market may be overvaluing its growth potential [14]

Share Capital and Ownership - ASML's authorized share capital amounts to €126.0 million[590]. - As of December 31, 2024, there were 90,315,092 ordinary shares held by 292 registered holders in the US[591]. - At the 2024 AGM, the Board of Management was authorized to issue shares representing up to a maximum of 10% of the issued share capital as of April 24, 2024[599]. - The Board of Management was also authorized to repurchase up to a maximum of 10% of the issued share capital at a price between the nominal value and 110% of the market price[601]. - Capital Research and Management Company holds 40,615,837 shares, representing 10.33% of the total[608]. - BlackRock Inc. holds 31,259,169 shares, representing 7.95% of the total[608]. - The total number of ordinary shares issued and outstanding as of December 31, 2024, is 393,283,720[611]. - Shareholders representing at least 1% of ASML's outstanding share capital can place items on the agenda of a General Meeting[585]. Technological Achievements - ASML's first High NA EUV machine is now operational at a customer site, marking a significant technological achievement[630]. - ASML delivered the industry's first High NA EUV tool in 2024, achieving financial performance in line with expectations[648]. - The company is making progress on enhancements to its EUV, DUV, and metrology systems, with a focus on export controls and their implications[657]. - The Technology Committee held five meetings in 2024 to discuss technology plans and product roadmaps, including productivity improvements and cost developments[774][779]. - ASML's Berlin facility focuses on key components such as wafer tables and clamps, contributing significantly to the overall technology and manufacturing network[777]. - The Technology Committee discussed the EUV 0.55 NA and EUV 0.33 NA business, focusing on product roadmaps and commonality targets[779]. Leadership and Governance - The transition to a new leadership team was smooth, with Christophe Fouquet appointed as President and CEO and Jim Koonmen as Chief Customer Officer[633]. - The Supervisory Board will focus on supporting innovation in advanced EUV technology and improving competitiveness across all business areas in 2025[640]. - The Supervisory Board emphasizes the importance of challenging the status quo and seeking more effective ways of working[642]. - The composition of ASML's Supervisory Board is diverse, with members possessing experience in financial, economic, technological, and legal aspects of international business[687]. - All current members of the Supervisory Board are fully independent, as defined by the Dutch Corporate Governance Code and Nasdaq rules[686]. - The Supervisory Board evaluation in 2024 highlighted a positive relationship and constructive discussions between the Supervisory Board and the Board of Management[702]. - The Board of Management's evaluation in 2024 concluded that the leadership transition was successful, maintaining a well-functioning Board[703]. - The Selection and Nomination Committee supported a leadership transition, appointing Christophe Fouquet as President and CEO and Jim Koonmen as EVP and Chief Customer Officer[755]. - The new leadership team is positioned to ensure ASML's long-term success, supported by ongoing close contact with the Supervisory Board[762]. Financial Performance and Outlook - The company faced challenges in 2024, including slower-than-expected recovery in PC and smartphone sectors, and geopolitical issues impacting operations[632]. - ASML is confident in long-term growth opportunities driven by global trends in semiconductor demand, despite short-term volatility in the industry[652]. - Free cash flow was a focus area in 2024 due to the challenging economic climate, with efforts to support customers and suppliers[662]. - The Audit Committee's key focus in 2024 was navigating macroeconomic and semiconductor industry cycles while investing in future growth[710]. - ASML's long-term financial outlook was communicated during the 2024 Investor Day, with the Audit Committee reviewing the messaging around this outlook[729]. Compliance and Audit - The Audit Committee ensures compliance with Dutch and US regulations regarding external auditor services[622]. - ASML's financial statements are prepared in accordance with Dutch law and EU-IFRS, as well as US GAAP for its annual report[621]. - The Audit Committee monitored the progress and outcomes of the year-end US GAAP and EU-IFRS audits, ensuring the integrity of financial statements[714]. - The Audit Committee emphasized revenue recognition as a critical audit matter, addressing complex accounting issues throughout the year[715]. - The Audit Committee reviewed the 2024 external audit plan, including materiality levels and fees, and confirmed no significant items needed to be reported for the financial year[725]. - The Audit Committee discussed the annual update on fraud and fraud risk management, highlighting the importance of compliance and ethics in business operations[720]. - The Audit Committee evaluated the performance of the external auditor KPMG and oversaw the transition to PricewaterhouseCoopers (PwC) for the 2025 reporting year[726]. - The Audit Committee focused on sustainability reporting compliance with ESRS, discussing processes, KPIs, and limited assurance related to sustainability[728]. - The Audit Committee monitored the internal audit activities and the effectiveness of internal controls, ensuring alignment with financial reporting standards[719]. Strategic Focus and Challenges - The Supervisory Board confirmed support for ASML's strategic direction and discussed key challenges, focusing on semiconductor and lithography market developments[650]. - Geopolitical challenges, particularly the impact of increasing export control restrictions on ASML's business, were a significant focus area[716]. - Key risks monitored by the Audit Committee in 2024 included geopolitical tensions, economic uncertainty, and pressures on the innovation ecosystem, with a focus on upward trends in these areas[718]. - A visit to TSMC provided valuable insights into customer needs and technology roadmaps, enhancing the Supervisory Board's understanding of market challenges[674]. ESG Commitments - The company is committed to monitoring progress against its ESG commitments, particularly in energy efficiency for customers and operations[640]. - ASML aims to achieve greenhouse gas neutrality for scope 3 upstream supply chain emissions by 2030, with performance targets related to this goal introduced as an LTI metric in 2024[741].

Core Points - ASML Holding NV has published the agenda for its 2025 Annual General Meeting (AGM) scheduled for April 23, 2025, in a hybrid format allowing both in-person and virtual attendance [1][2] - Annet Aris will not stand for re-election to the Supervisory Board at the end of her current term, which concludes at the 2025 AGM [3] - Karien van Gennip has been nominated for appointment to the Supervisory Board, bringing extensive leadership experience from various sectors including public policy and financial services [5][7] - The agenda also includes the reappointment of Birgit Conix to the Supervisory Board for an additional four years, effective April 23, 2025, and the election of Terri Kelly as Vice-Chair following Annet Aris's retirement [8] Company Overview - ASML is a leading supplier to the semiconductor industry, providing hardware, software, and services for the mass production of integrated circuits [9] - The company is headquartered in Veldhoven, the Netherlands, and operates globally with over 44,000 employees [10]

Core Insights - ASML has published its 2024 Annual Reports, emphasizing its commitment to advancing technology for more efficient microchip production and addressing societal challenges [2][6] - The reports include sustainability statements for the first time, adhering to the European Sustainability Reporting Standards (ESRS) [2] Financial Reporting - ASML's primary accounting standard is US GAAP, with additional reporting under IFRS for Dutch statutory purposes, highlighting differences in product development cost capitalization and income tax accounting [3] - The 2024 Annual Report will be filed with the US SEC on Form 20-F and with the Dutch Authority for the Financial Markets (AFM) under IFRS-EU [4] Company Overview - ASML is a leading supplier in the semiconductor industry, providing hardware, software, and services for microchip production, with a workforce of over 44,000 employees [6] - The company is headquartered in Veldhoven, the Netherlands, and operates globally across EMEA, the US, and Asia [6]