公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ：内容 编译自 counterpointresearch 。 2025 年第二季度，五大晶圆厂设备 (WFE) 制造商的收入同比增长 20%，这得益于尖端工艺的强 劲势头、HBM和先进封装需求强劲，以及中国国内客户对成熟节点的投资。2025 年第二季度，五 大WFE 制造商的晶圆代工和内存收入同比增长 20%，其中晶圆代工占净系统销售额的 66%，内存 占 34%。然而，由于个人电脑和智能手机等消费驱动市场的增长疲软，DRAM 和 NAND 内存晶 圆厂的设备销售落后，内存收入环比下降 13%。 2025 年上半年，系统和服务均实现两位数增长，帮助 ASML、Lam Research 和 KLA 的收入分 别同比增长 35%、29% 和 26%。强劲的服务收入推动东京电子净收入增长 12%，而应用材料收入 同比增长 7%。 2025年上半年，得益于尖端技术投资的增加和HBM需求的强劲增长，净收入同比增长21%，其中 系统收入同比增长22%。服务收入同比增长20%，这得益于客户升级、自动化以及越来越多地使用 设备智能解决方案来提高晶圆厂的生产力。 展望未来， ...

PresentationAtif MalikDirector and Semiconductor Capital Equipment & Specialty Semiconductor Analyst [Audio Gap] At of Citi Global TMT Conference. My name is Atif Malik, I cover U.S. semiconductors, semiconductor equipment and networking equipment stocks, and it's my pleasure to welcome Doug Bettinger, EVP, CFO, Lam Research; as well as Ram Ganesh, friendly neighborhood IR. I'm going to kick it off with my questions. And if you have any questions, feel to raise your hands and I'll call on you. Doug, appreci ...

Lam Research (LRCX) 2025 Conference September 03, 2025 08:50 AM ET Company ParticipantsDouglas Bettinger - EVP & CFOConference Call ParticipantsAtif Malik - U.S. Specialty Semiconductors AnalystAtif MalikCiti Global TMT Conference. My name is Atif Malik. I cover U.S. semiconductors, semiconductor equipment, and networking equipment stocks. It's my pleasure to welcome Doug Bettinger, EVP, CFO, Lam Research, as well as Ram Ganesh, Friendly Neighborhood IR. I'm going to kick it off with my questions, and if yo ...

I have over 13 years of diverse financial analysis experience across various sectors, including Auto, Industrials, and IT. Worked in a Ford and Caterpillar treasury, and managed Investor relations and Strategic finance of a listed IT company of market cap ~USD 2.5bn. My early background also includes equity research analyst, where I built strong expertise in market analysis, valuation models, and investment strategy. What ties my journey together is my ability to connect companies' strategy, industry-specif ...

Group 1 - The recent underperformance of momentum factors due to market breadth expansion is viewed as a "bullish top-down signal" [1] - Tactical pullbacks are seen as opportunities to buy high-momentum stocks, reaffirming their attractiveness as late-cycle factors [1] - The analysis indicates that the industrial, financial, and technology sectors have the highest momentum scores, while healthcare, real estate investment trusts, and energy rank the lowest [1] Group 2 - Low market-weighted sectors suggest that momentum factors are expected to perform well in the coming months [1] - Capital goods, aerospace and defense, construction, and electrical equipment have reestablished their positions in momentum scores at the expense of commercial services [1] - Top-rated capital goods stocks include General Dynamics (GD.US), Parker-Hannifin (PH.US), United Rentals (URI.US), and Xylem (XYL.US) [1] Group 3 - Within the banking sector, large banks and brokers maintain a preferred position over deteriorating insurance companies, with regional banks also seeing a rise due to small-cap recovery [1] - Top-rated bank stocks include Bank of America (BAC.US), Citigroup (C.US), JPMorgan Chase (JPM.US), and Morgan Stanley (MS.US) [2] Group 4 - In the semiconductor and technology sectors, the semiconductor segment has expanded beyond selected large-cap stocks, indicating meaningful strength [2] - Top-rated semiconductor stocks include KLA Corporation (KLAC.US), Lam Research Corporation (LRCX.US), Monolithic Power Systems (MPWR.US), and NXP Semiconductors (NXPI.US) [2]

来源：市场资讯 （来源：美股情报站） 在一个波澜不惊的交易日，拉姆研究(LRCX)于9月2日遭遇了3.12%的股价下跌，这已经是连续第二个交 易日呈现下跌趋势。累计两天跌幅达到6.78%，股价跌至自2025年8月以来的最低点。市场的动荡不安 让投资者们若有所思，究竟是什么因素在背后推动了这一幕变动？ 首先，拉姆研究的股价下跌受到美国政府最新政策的影响。具体而言，美国政府在9月1日宣布收紧对华 芯片设备的出口禁令。这项禁令包括取消了对三星和SK海力士的豁免资格，这对拉姆研究在中国市场 的销售潜力产生了直接影响。在这种情况下，公司未来在华业务增长可能面临挑战。 其次，摩根士丹利分析师对拉姆研究的评级进行了调整，将评级下调至低配，并将目标价从94美元下调 至92美元。这次评级调整反映了分析师对公司2026财年业绩展望的谨慎态度，意味着对收入增长放缓的 担忧加剧。这一信息无疑加大了投资者的焦虑，促使他们重新审视自己的投资策略。 结合以上因素，拉姆研究当前的市场表现可以视作外部政策变化和内部预期调整共同作用的结果。这种 情况下，投资者需要密切关注未来政策的进一步发展，以及公司如何应对这些挑战。虽然面临不确定 性，拉姆研 ...

A pundit tracking the stock is anticipating slowdowns in both a crucial product category and an important geographic region.Some recent research on semiconductor manufacturing company Lam Research's (LRCX -3.16%) stock was discouraging for the market on Tuesday. The holiday-shortened week began with a 3% decline in the company's share price that session, a notably more pronounced slide than the S&P 500 index's 0.7% dip. An analyst goes bearishOn Labor Day, analyst Shane Brett of white-shoe investment bank M ...

the chips are being scrutinized. I I think Josh, in a way that it's like if you're if you're in the AI space, by and large, you're good. If you're not like right in the ball game, maybe you're not so good.Chip equipment names have been scrutinized. Lamb Research downgraded to underweight. That was at Morgan Stanley today.You sold Lamb Research. Why'd you do that. I Well, that was a stop. So that was a name on my best stocks in the market.Uh but then they reported earnings and the stock sold off and I tried ...

26 August 2025 Global Semiconductor Capital Equipment Global Semiconductor Equipment: China WFE as a double-edged sword David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Carmine Milano +44 207 762 1857 carmine.milano@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@b ...

Group 1 - Lam Research Corporation (LRCX) experienced a stock price decline of 3.79% on August 29, following the announcement of a 13% increase in quarterly dividends to $0.26 per share [1] - The significant stock price increase of 37.79% from the beginning of the year to August 29 may have led to technical correction pressures, as investors seek repositioning opportunities or consider profit-taking [1] - The recent stock price fluctuations reflect a combination of factors, including the confidence in future profitability indicated by the dividend increase and potential overbought signals from technical indicators [1] Group 2 - Investors should analyze stock price movements from multiple perspectives, including company fundamentals, market trends, and global economic conditions [2] - In the current market environment, caution is advised due to potential short-term technical adjustments, while considering Lam Research's long-term potential in the growing semiconductor industry [2] - A comprehensive analysis of various factors affecting stock prices, such as economic data, company earnings, industry technology trends, and global events, is essential for developing effective investment strategies [2]