Core Viewpoint - Applied Materials, the largest semiconductor manufacturing equipment company in the U.S., is experiencing a sales decline for the first time in seven quarters, primarily due to stagnation in its largest market, China, and the impact of U.S. government restrictions on exports [1][3]. Group 1: Sales Performance - Applied Materials expects sales for the period of August to October 2025 to be $6.7 billion, a 5% decrease year-over-year, which is below market expectations [3]. - The company's sales to China accounted for 30% of total sales from November 2024 to July 2025, down significantly from 40% in the same period last year [3]. Group 2: Market Dynamics - The semiconductor manufacturing equipment market is projected to reach $117.1 billion in 2024, with China accounting for $49.5 billion, representing 42% of the market [6]. - The decline in sales in China is attributed to U.S. government export controls aimed at curbing China's advanced semiconductor development [6]. Group 3: Competitive Landscape - Other U.S. competitors, such as Lam Research and KLA, are also facing declining sales in China, with Lam Research's sales proportion to China dropping by 8 percentage points to 34% and KLA's by 10 percentage points [7]. - Chinese local competitors, such as NAURA and AMEC, are expanding their market share in less technologically challenging semiconductor equipment, supported by government subsidies to reduce reliance on U.S. technology [7]. Group 4: Regulatory Environment - The backlog of export license applications is acknowledged by the CEO of Applied Materials, who expressed pessimism about the likelihood of any licenses being issued for the upcoming period [6]. - The U.S. Congress has proposed further tightening of export controls to prevent China from developing advanced AI technologies, which could inadvertently accelerate the technological accumulation of Chinese companies [7].

Group 1 - The electronic and semiconductor industry is experiencing structural opportunities, with Apple focusing on domestic semiconductor supply chains through its American Manufacturing Plan (AMP) [1] - Traditional consumer electronics assembly is less likely to return to the U.S., which may benefit China's electronic manufacturing sector [1] - CoWoP packaging technology is expected to replace traditional ABF substrates due to its low cost and high efficiency, driving demand for high-end PCBs [1] Group 2 - BOE has surpassed Samsung Display in the foldable OLED screen sector, becoming the industry leader [1] - TCL Technology's semiconductor display business saw a net profit increase of over 70% year-on-year in the first half of the year [1] - The launch of GPT-5 marks a significant leap in AI technology, with its commercialization strategy reflecting a dual-track approach of inclusivity and ecosystem integration [1] Group 3 - The AI application market is rapidly developing, forming a four-tier structure driven by technological innovation and demand [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which can fluctuate by up to 20% in a single day [1] - The index focuses on listed companies in the semiconductor materials, equipment, design, manufacturing, packaging, and testing sectors on the Science and Technology Board, showcasing China's technological progress and market vitality in high-end manufacturing, particularly in semiconductors [1]

广发证券指出，电子和半导体行业在AI等新技术的推动下呈现积极趋势。汽车电子、新能源、物 联网、大数据和人工智能等领域的技术渗透率提升和需求增长，成为半导体板块成长的重要动力。中美 贸易摩擦凸显半导体供应链安全和自主可控的紧迫性，国内政府在产业政策、税收、人才培养等方面加 大了对本土半导体制造的支持，国内晶圆制造及其配套产业环节加速发展势在必行。此外，根据Wind 数据，2025年6月全球半导体销售额同比上升19.60%，环比略有上升；台积电25年7月营业收入同比 +25.77%，显示行业需求持续强劲。半导体设备领域，国产化持续推进，国内企业在技术、成本、供应 链方面的优势逐步显现。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数聚焦于半导体产业链 上游的材料与设备领域，从市场中选取从事 ...

业绩简评 2025 年 8 月 15 日，公司发布 2025 年中报。公司 2025 年上半年 实现营业收入 5.0 亿元，同比增长 13.0%；扣除非经常损益之后 的净利润为-0.19 亿元，较上年同期亏损幅度收窄；剔除股份支付 影响后的扣非归母净利润为 0.85 亿元，同比增长 73.0%。 2025 年第二季度营收 2.7 亿元，同比增长 16.0%；扣非后归母净 利润为-0.18 亿元，较上年亏损幅度收窄。 经营分析 公司上半年剔除股份支付影响后的扣非净利润表现亮眼，我们认 为主要系：1）公司在报告期内降本提效，2025 年上半年毛利润增 长 10.2%，快于销售、管理、研发费用之和 9.3%的增速；2）公 司在报告期内加大回款力度，上半年销售商品、提供劳务收到的现 金同比增长 73.0%，因而上半年信用减值损失较上年同期损失减 少0.19亿元。但2025年上半年公司其他收益较上年同期减少0.46 亿元，主要由于 EDA 项目补助减少。 从外部环境而言，由于中国国内 EDA 产业逐渐发展成熟，以及上 半年全球贸易摩擦，全球 EDA 龙头 Synopsis 以及 Cadence 来自 中国区域的营收 2 ...

Core Viewpoint - The market is experiencing a short-term correction after breaking through the 3700-point level, but the overall upward trend remains intact, indicating a healthy market environment [1][2]. Market Outlook - The Shanghai Composite Index is approaching its highest point in the past decade, with short-term fluctuations being a normal occurrence. The index is nearing the 3731-point peak from 2021, and a direct breakthrough is unlikely without prior consolidation [2]. - Recent catalysts across various industries, such as the launch of hydropower projects and advancements in AI and robotics, have increased market risk appetite, suggesting a more optimistic outlook [2]. - Two potential paths for the market are identified: continuing the upward trend towards the October 2024 high or undergoing a consolidation phase before challenging the previous high of 3674 points [2]. - Three conditions are necessary for a rapid challenge of the previous high: implementation of fiscal stimulus, a favorable global environment, and sustained volume growth [2]. Hot Sectors - The technology sector is expected to gain momentum in August, driven by event-driven themes. The focus is shifting from defensive stocks to technology growth areas [3]. - The upcoming AI conference is anticipated to generate new opportunities in AI, while the World Robot Conference is expected to highlight the trend of robotics integration into daily life [3]. - The semiconductor industry is on a path towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. - The military industry is projected to see a rebound in orders by 2025, with signs of recovery already visible in Q1 reports across various military sub-sectors [3]. - The innovative drug sector is entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. Market Review - The market experienced a significant pullback after briefly surpassing the 3700-point mark, with over 4600 stocks declining, indicating a notable loss for investors [4]. - The performance of sectors was predominantly negative, with only the non-bank financial sector showing gains, while military, communications, steel, textiles, and beauty care sectors led the declines [4].

Market Overview - The Shanghai Composite Index has broken through 3700 points, marking the first time since December 2021, with a current increase of 0.51% [2][3] - Since the low point in September last year, the Shanghai Composite Index has risen by 1000 points from below 2700 points [4] Sector Performance - The digital currency sector has seen rapid gains, with notable increases in stocks such as Zhongke Jincai and Sifang Jingchuang [10][11] - The semiconductor sector has experienced fluctuations but is generally on the rise, with companies like Cambrian Technology seeing significant price increases [18][19] - Financial technology, software, and brokerage sectors have also shown strong performance, while aerospace, retail, and steel sectors are undergoing adjustments [8][16] Hong Kong Market - The Hong Kong stock market has also risen, with major indices showing gains, particularly in cryptocurrency-related stocks like New Fire Technology and Blue Ocean Interactive [6][14] Investment Insights - Analysts suggest that under national policies and financial support, domestic companies' innovation capabilities will improve, particularly in the semiconductor sector, highlighting the potential for domestic equipment and materials [20]

沪指盘中再创近期新高，科创 50 领涨两市。周二市场延续了震荡上行的趋势，沪指在盘中再次创 出近期新高，其中科创 50 指数涨近 2%领涨两市。目前市场沿着短期均线震荡盘升的态势明确，上行 趋势保持良好，不必对短期震荡过度担忧。由于上证指数已经正式突破 2024 年 11 月 8 日的高点，因此 判断自 2024 年四季度以来的横盘震荡已经告一段落，短期震荡对中期方向不会产生影响。 后市展望：近期产业层面催化剂较多，后市可以乐观一些。近期各大行业催化剂较多，如雅鲁藏布 江下游电站启动、H20 芯片可能恢复出口、机器人/低空飞行器获得订单、世界人工智能大会、世界机 器人博览会等，均令市场风险偏好明显上升，后市可以乐观一些。在指数突破 3500 点之后，市场未来 的路径有两种可能：1）继续延续上升趋势，直接挑战 2024 年10 月 8 日的高点；2）在挑战 3674 高点 之前震荡蓄势，消化前期的套牢盘。行情一蹴而就挑战前高需要满足三个条件：1）财政加码政策开始 落地；2）全球环境继续缓和；3）成交量能持续有效放大。在三个条件没有形成共振之前，市场预计将 进行震荡蓄势，待时机成熟后挑战 3674 点前高。 热点 ...

Core Viewpoint - The market is experiencing a sustained upward trend, with the Shanghai Composite Index recently breaking through key resistance levels, indicating a positive outlook for the near term [1][2]. Market Outlook - Recent catalysts across various industries, such as the launch of hydropower projects and advancements in AI and robotics, are expected to boost market sentiment [2]. - Two potential paths for the market are identified: continuing the upward trend towards the October 2024 high or consolidating before challenging the 3674-point high [2]. - Three conditions are necessary for a direct challenge to previous highs: implementation of fiscal stimulus, a favorable global environment, and sustained trading volume [2]. Hot Sectors - The technology sector is anticipated to gain momentum, shifting market focus from defensive stocks to growth-oriented technology investments [3]. - Key themes include: 1. AI developments showcased at the AI conference, with new opportunities expected in August [3]. 2. The upcoming World Robot Conference, highlighting the trend of robot integration into daily life and the expansion of robotics applications [3]. 3. Continued emphasis on semiconductor localization, with attention on equipment, wafer manufacturing, materials, and IC design [3]. 4. Expectations of order recovery in the military sector by 2025, with signs of bottoming out in Q1 reports [3]. 5. The innovative drug sector is entering a recovery phase, with positive net profit growth expected to continue into 2025 [3]. Market Review - Despite a brief adjustment in late July, the A-share market has resumed its upward trend, with the Shanghai Composite Index reaching new recent highs [4]. - The market is characterized by orderly rotation among hot sectors, with semiconductor stocks gaining attention [4]. - Overall, more than 2100 stocks rose while over 3000 declined, indicating mixed performance across sectors [5].

Market Overview - The market has returned above 3600 points after a brief adjustment, maintaining an upward trend supported by the 20-day moving average [1] - The recent quick adjustment in late July did not alter the original upward trend, indicating a normal market rhythm of retreating and re-initiating [1] - The Shanghai Composite Index has officially broken through the high point of November 8, 2024, suggesting the end of the sideways movement since Q4 2024 [1] Future Outlook - There are multiple catalysts in various industries, leading to a more optimistic outlook for the market [2] - After breaking through 3500 points, two potential paths for the market are identified: continuing the upward trend or undergoing a consolidation phase before challenging the high of 3674 points [2] - Three conditions are necessary for a direct challenge to previous highs: fiscal stimulus policies being implemented, a continued easing of the global environment, and sustained volume growth [2] Sector Highlights - The technology sector is expected to gain momentum in August, driven by various catalysts [3] - The AI sector is anticipated to see thematic opportunities due to events like the AI conference showcasing new hotspots [3] - The upcoming World Robot Conference is expected to highlight the trend of robot localization and expansion into daily life, creating opportunities in related sectors [3] - The semiconductor industry continues to trend towards localization, with a focus on semiconductor equipment, wafer manufacturing, and IC design [3] - The military industry is expected to see a rebound in orders by 2025, with signs of recovery in various sub-sectors [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue [3] Market Performance - The market experienced a broad-based rally with no sectors declining, indicating strong overall performance [4] - Leading sectors included banking, steel, media, telecommunications, and non-bank financials, while sectors like pharmaceuticals and retail lagged behind [5]

Rap idus社长小池淳义在记者会上致辞（7月18日上午，北海道千岁市） 日本新兴半导体企业Rapidus在工厂投产后仅3个月便公开了试制品，生产启动速度是常规情况 下的两倍，为此提供支撑的是曾在日本半导体位居世界第一时代积累丰富经验的资深工程师和供应 商…… 力争实现最尖端半导体国产化的日本Rapidus加快了迈向量产的步伐。工厂投产后仅3个月便公开了试制 品。生产启动速度是常规情况下的两倍，为此提供支撑的是曾在日本半导体位居世界第一时代积累丰富 经验的资深工程师和供应商。为了实现半导体产业的复兴，供应链的力量正在凝聚在一起。 "这是值得纪念的一天"，7月10日在确认了试制的2纳米（1纳米为十亿分之一米）电路线宽半导体的运 行效果后，Rapidus社长小池淳义难掩喜悦之情。 4月中旬，Rapidus建在北海道千岁市的工厂"IIM-1"将晶圆（基板）投放到设备中，使用全球最先进的 技术，3个月完成了试制品，大幅缩短了通常需要半年时间的试制工序。 Rapidus加紧取得成果的原因是担心开发进度越滞后，与海外竞争对手的差距越大，从而在获取客户和 资金筹措方面陷入不利境地。 据说2纳米半导体的生产工序超过2000 ...