David Wang: Thanks, Steven. And hello, everyone, and welcome to ACM's Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. I'm pleased with our fourth quarter results, which capped off a solid year of execution. Revenue grew 9% in the fourth quarter and 15% for the full year. We continue to execute well across our core business. We made a lot of progress with new product platforms, and we strengthened our position in China and globally. Investment in AI and data center infrastructure is reshaping t ...

美国三大股指收盘涨跌不一，英伟达跌超 5% 周四（2 月 26 日），美国三大股指收盘涨跌不一，道 指涨 0.03%，标普 500 指数跌 0.54%，纳指跌 1.18%。 万得美国科技七巨头指数跌 1.87%，英伟达跌超 5%， 特斯拉跌逾 2%。纳斯达克中国金龙指数跌 1.78%，盛 美半导体跌超 16%，百济神州跌逾 8%。 新闻精要 1. 商务部回应近期将举行的第六轮中美经贸磋商 国内市场综述 探底回升 走势分化 周四（2 月 26 日）大盘探底回升，走势分化。截至收 盘，上证综指收于 4146.63 点，下跌 0.01%；深成指 收于 14503.79 点，上涨 0.19%；科创 50 上涨 0.85%； 创业板指下跌 0.29%，万得全 A 成交额共 25566 亿元， 较前一日继续上升。 行业方面，30 个中信一级行业有 11 个上涨，其中通 信、电子及国防军工涨幅居前，而房地产、非银行金 融及消费者服务则跌幅较大，概念方面，电路板、光 电路交换机及覆铜板等指数表现活跃。 海外市场综述 2. 央行发布《关于银行业金融机构人民币跨境同业融 资业务有关事宜的通知》 3. 离岸人民币对美元升破 6.8 ...

①美国三大股指收盘涨跌不一，道指涨0.03%报49499.2点，标普500指数跌0.54%报6908.86点，纳指跌 1.18%报22878.38点； ②大型科技股多数下跌，英伟达跌超5%，创去年4月16日以来最大单日跌幅；英特尔跌逾3%，特斯拉 跌超2%，谷歌、亚马逊跌超1%，苹果小幅下跌；奈飞涨超2%，微软、Meta小幅上涨； ③热门中概股多数下跌，盛美半导体跌超16%，百济神州跌逾8%，万国数据跌超7%，名创优品跌近 6%，百度集团跌超5%，贝壳跌逾5%；涨幅方面，大健云仓涨超33%，玉柴国际涨逾6%，希尔威金属 矿业涨超4%，小马智行涨逾4%； ④欧洲三大股指收盘全线上涨，德国DAX指数涨0.45%报25289.02点，法国CAC40指数涨0.72%报 8620.93点，英国富时100指数涨0.37%报10846.7点； ⑤国际贵金属期货普遍收跌，COMEX黄金期货跌0.47%报5201.50美元/盎司，COMEX白银期货跌3.02% 报88.86美元/盎司； ⑥美油主力合约收涨0.08%，报65.47美元/桶；布油主力合约涨0.48%，报71.03美元/桶； ⑦纽约尾盘，美元指数涨0.13%报97. ...

期指：节后开门红效应转弱，震荡走势 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 金 融 期 货 研 究 2026 年 2 月 27 日 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 期货研究 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4726.9 | ↓0.19 | | 5998.5 | | | | | | IF2603 | 4712.2 | ↓0.40 | -14.67 | 790.2 | 55890 | ↓13915 | 145477 | ↓13028 | | IF2604 | 4706.6 | ↓0.40 | -20.27 | 38.4 | 2720 | ↓67 | 3092 | ↑365 | | IF2606 | 4671.2 | ↓0.52 | -55.67 | 268.7 | 19159 | ↓6155 | 85856 ...

Global expansion reached a milestone with the first tool installation in Singapore and multiple orders from North American and international OSAT customers.Operational efficiency is being enhanced by the Lingang mini-line, which accelerates R&D cycles and internal product validation under fab-like conditions.Competitive strategy in China focuses on technological differentiation and deep IP protection to win against a 'flood' of local entrants offering similar commodity designs.The company is pivoting toward ...

Shipments declined versus the prior year. McKechnie said fourth quarter shipments were $228 million, down 13.5%, and full-year shipments were $854 million, down 12.2%. Management attributed the decline to a difficult comparison against 2024 (when shipments rose 63% year over year) and some new-product shipments pushed into 2026. Wang added that ACM expects 2026 shipment growth to be higher than 2026 revenue growth.By segment, McKechnie said fourth quarter revenue from single wafer cleaning, Tahoe, and semi- ...

Core Viewpoint - ACM Research (ACMR) has experienced significant stock price appreciation, doubling in value within a few months, yet it still appears undervalued based on its growth potential [1]. Group 1: Company Analysis - ACMR was trading in the low $30s in November while demonstrating strong growth metrics [1]. - The analysis focuses on identifying mispriced opportunities in the small and mid-cap sectors, emphasizing the importance of cash flow durability, balance sheet strength, and capital structure risks [1]. Group 2: Market Dynamics - The current market sentiment towards ACMR is lagging behind its actual performance, indicating potential for substantial price discovery with modest changes in expectations [1].

分组1 - Forrester Research reported quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.21 per share, and down from $0.36 per share a year ago, representing an earnings surprise of -20.30% [1] - The company posted revenues of $101.06 million for the quarter, missing the Zacks Consensus Estimate by 2.13%, and down from $108.04 million year-over-year, having surpassed consensus revenue estimates only once in the last four quarters [2] - Forrester Research shares have declined approximately 19.2% since the beginning of the year, contrasting with the S&P 500's gain of 1.4% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.15 on revenues of $89.88 million, and for the current fiscal year, it is $1.33 on revenues of $394.74 million [7] - The Zacks Industry Rank indicates that the Computer - Services sector is in the top 36% of over 250 Zacks industries, suggesting that companies in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

Group 1 - ACM Research, Inc. (ACMR.US) plans to release its financial performance for Q4 2025 and the full year in late February 2026 [1] - The management team indicated in January 2026 that they expect stronger revenue growth in 2026 [1] - The company will accelerate investments in its semiconductor manufacturing facility in Oregon [1]

Core Viewpoint - The discrepancy in financial reporting between Shengmei Shanghai and its parent company ACMR is attributed to differences in accounting standards [1] Group 1: Revenue Recognition - Shengmei Shanghai recognizes revenue after testing and acceptance, typically after equipment is delivered and commissioned [1] - ACMR, under US accounting standards, recognizes revenue for the first equipment order after testing and acceptance, while for repeat orders, revenue can be recognized upon shipment [1]