芯片设备，销量大增

Core Viewpoint - The global chip tool manufacturers are expected to achieve double-digit revenue growth for the first time in three quarters, driven by increasing demand for AI computing capabilities [2]. Group 1: Revenue Growth Expectations - Nine major chip tool suppliers based in Japan, the US, and Europe are projected to see a 16% year-over-year increase in quarterly revenue, surpassing the previous quarter's growth of 8% [2]. - The expected net profit for the quarter is anticipated to grow by 20%, marking the eighth consecutive quarter of double-digit profit growth, following a 26% increase in the prior three months [2]. Group 2: Market Dynamics - The primary driver of this growth is the capacity expansion by chip manufacturers, with TSMC announcing plans to increase capital investment to a historical high by 2026, and SK Hynix and Samsung also planning to boost investments this year [2]. - ASML expects a revenue increase of approximately 10% for the January to March quarter, with a notable improvement in market outlook as stated by CEO Christoph Hock [3]. Group 3: Regional Sales and Market Trends - Tokyo Electron has raised its six-month new equipment sales forecast in response to accelerated delivery demands, with many clients opting to retrofit existing equipment to maintain operations [4]. - The global market for front-end equipment is expected to grow by 15% to 20% this year, with DRAM chip tools being a significant growth driver [4]. - Despite ongoing US-China tensions, sales of chip manufacturing tools to China have increased, with total revenue from eight companies in the Chinese market rising by 8% to $10.2 billion, accounting for over 30% of total sales [4]. Group 4: Challenges and Regulatory Environment - ASML's sales to China have grown by about 60%, primarily due to the sale of older generation lithography equipment not subject to export restrictions [5]. - The Chinese market's share in ASML's revenue is expected to decline from 33% in 2025 to around 20% [5]. - The US government has raised concerns regarding chip tool manufacturers profiting from sales to China, leading to legal actions such as Applied Materials agreeing to pay a $252 million fine for illegal exports [5].