智通财经APP获悉，阿斯麦(ASML.US)将于7月16日公布第二季度业绩。摩根士丹利发布研报，预计阿 斯麦公司第二季度的订单量会十分可观，这得益于潜在的中国市场需求以及台积电(TSM.US)的重摆脱 困境。然而，从中期到长期来看，大摩预计增长会较为有限，原因是EUV技术的层数增加缓慢导致预 期和估值受到影响，而该行认为这种影响是完全负面的，因此维持"持股观望"评级，目标价660欧元， 这反映了谨慎的增长预期。 2025 年第二季度的出货量会保持良好态势吗? 大摩预计，阿斯麦在 2025 年第二季度的订单量将超过 40 亿欧元，这主要得益于中国市场和台积电。该 行预计中国市场在 2025 财年销售额结构中的占比将会增加，可能从 20%左右提升至 25%左右。大摩的 预测与市场对 2025 财年和 2026 财年收入的共识相符，保持稳定。 市场预计阿斯麦公司会公布一份稳健的业绩报告，并且订单金额将超过 40 亿欧元。大摩认为，存在上 涨的可能性，原因在于(i)中国需求出现转折点，以及(ii)台积电可能重新出现EUV订单，而上一季度此 类订单明显减少。大摩预计该公司还将上调 2025 财年在中国的销售比例指引(可 ...

Core Viewpoint - GCL-Poly Energy has achieved a significant improvement in its ESG rating, moving from A to AA, reflecting its leadership and continuous progress in sustainable development governance [1] Group 1: ESG Rating and Performance - Wind ESG rating agency has released its latest ratings for 2025, assessing companies based on international standards and methodologies tailored to the Chinese market [3] - GCL-Poly ranks 12th among 395 companies in the semiconductor products and equipment industry, placing it in the top 3% of its sector [3] Group 2: Sustainable Development Strategy - Since establishing the "NEXT Vision" sustainable development framework in 2023, GCL-Poly has set 25 key commitments and strategic goals across four pillars: Nature, Equity, Excellence, and Trust [6] - The company is developing a climate change management system focusing on governance, strategy, risk management, and metrics, aiming to achieve greenhouse gas emission reduction targets [6] Group 3: Carbon Chain Project - In 2024, GCL-Poly launched the "Carbon Chain" project, the first carbon management platform in the photovoltaic industry based on granular silicon technology and blockchain [7] - The Carbon Chain 3.0 initiative aims to connect quality suppliers and partners, utilizing AI tools to reduce carbon emissions and optimize reduction pathways dynamically [7] - GCL-Poly is committed to integrating green and low-carbon themes into its long-term renewable energy business, contributing to the global green energy transition [7]

Group 1 - The Hong Kong stock market is currently facing pressure due to the Hong Kong Monetary Authority's liquidity withdrawal, which is expected to tighten liquidity and suppress stock performance, particularly in the internet technology sector where price competition in e-commerce is intensifying and profit expectations are rapidly being revised downwards [1] - In the medium term, despite the short-term challenges, the Hong Kong stock market remains a value play under the backdrop of global liquidity abundance, maintaining a "volatile slow bull" market outlook [1] - The "anti-involution" policy is expected to accelerate the exit of backward production capacity, improving the return on equity (ROE) levels in related industries, which will catalyze sectors such as steel, building materials, electric equipment, and new energy [1] Group 2 - The Hang Seng Technology, Internet, Cloud Computing, and Innovative Pharmaceuticals sectors have seen their earnings recovery price (ERP) return to high levels, while high dividend sectors have short-term declines in cost-effectiveness but still hold long-term value [1] - In the context of industry rotation, opportunities for marginal improvement can be observed in semiconductor equipment, batteries, and industrial metals [1] - The Hong Kong Stock Connect 50 ETF tracks the National Index of Hong Kong Stock Connect 50 (in HKD), which is compiled by Shenzhen Securities Information Co., Ltd., selecting large and medium-sized enterprises listed on the Hong Kong Stock Exchange, covering multiple sectors such as finance, technology, and consumption [1]

Group 1 - The Semiconductor Equipment Association of Japan (SEAJ) has revised its forecast for semiconductor equipment sales in Japan for the fiscal year 2025, increasing it to 4.8634 trillion yen, marking a historical high [1] - For the fiscal year 2024, sales are expected to increase by 29.0% year-on-year to 4.7681 trillion yen, the first time surpassing the 4 trillion yen mark [1] - The growth is driven by strong demand for AI server GPUs and HBM, along with increased investments in 2nm technology by Taiwan's TSMC and South Korea's DRAM/HBM sectors [1] Group 2 - For the fiscal year 2026, SEAJ has raised its forecast for semiconductor equipment sales to 5.3498 trillion yen, a 10.0% year-on-year increase, and the first time exceeding 5 trillion yen [2] - The anticipated growth is attributed to increased investments in 2nm technology outside Taiwan and a rising trend in investments for AI server HBM and NAND Flash products [2] - For the fiscal year 2027, sales are projected to grow by 3.0% year-on-year to 5.5103 trillion yen, potentially marking the fourth consecutive year of record sales [2] Group 3 - The compound annual growth rate (CAGR) for Japan's semiconductor equipment sales from 2025 to 2027 is estimated at 4.9% [2] - Japan's semiconductor equipment market share globally is approximately 30%, ranking second after the United States [2]

江丰电子（300666）7月10日晚间公告，拟定增募资不超过19.48亿元，用于加码半导体精密零部件、高 端靶材，建设研发中心以及补充流动资金等。 预案显示，江丰电子计划向特定对象发行的股票不超过7959.62万股(含本数)，募资扣除2000万元的财务 性投资后，本次发行的募集资金总额不超过19.48亿元(含本数)，用于年产5100个集成电路设备用静电吸 盘产业化项目、年产12300个超大规模集成电路用超高纯金属溅射靶材产业化项目、上海江丰电子研发 及技术服务中心项目及补充流动资金及偿还借款。 按照本次发行的上限测算，本次发行完成后，公司实际控制人姚力军合计控制上市公司股份将从 24.57%降至18.90%，仍为公司实际控制人。本次发行不会导致公司控制权发生变化。 募投项目中，静电吸盘项目总投资额为10.98亿元，拟使用募集资金9.98亿元，旨在实现静电吸盘产品的 量产和销售，以缓解我国高端静电吸盘供求失衡的局面；超高纯金属溅射靶材项目总投资额为3.5亿 元，拟使用募集资金2.7亿元，以建设公司在韩国的生产基地，加速公司全球化战略布局，实现对SK海 力士、三星等重要客户覆盖，提升公司属地化服务能力，为公司的国 ...

证券代码：600641 证券简称：万业企业 公告编号：临 2025-038 上海万业企业股份有限公司 关于2024年年度报告的信息披露监管问询函的回复 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海万业企业股份有限公司（以下简称"公司"或"万业企业"） 于近日收到上海证券交易所上市公司管理一部下发的《关于上海万业 企业股份有限公司 2024 年年度报告的信息披露监管问询函》（上证 公函【2025】0762 号，以下简称"问询函"）。根据问询函的要求， 公司会同众华会计师事务所（特殊普通合伙）（以下简称"年审会计 师"）针对问询函所提及的有关事项认真进行了核查落实，现将有关 问题回复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均 为四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《上海万业企业股份有限公司 2024 年年度报告》一致。本回复表格 中金额单位，如无特别说明，均为"人民币万元"。 问题 1、关于半导体业务。 年报显示，公司近年来持续向半导体行业转型，并主要通过子公 司上海凯世 ...

技术迭代快、材料专用性强的特点，考虑其库龄较长、使用频率偏低等因素，存在因技术替代或 市场需求变化导致的减值风险，基于谨慎性考虑，按库龄分析法计提相应跌价准备。 设备市场价格活跃度下降，或相关销售合同存在潜在履约不确定性，公司基于谨慎性原则，预计 其未来可变现净值可能低于账面成本，故对该部分库存商品计提跌价准备。 成本较低，整体的建设成本较低，经与公司同期销售价格或相近地段的市场价格相比，其预计可 变现净值仍高于成本，未发生减值准备，无需计提减值准备。 （3）近三年公司房地产板块的 2022-2024 年存货周转天数分别为 484.77 天、508.74 天、 从投资性房地产转为存货核算，故造成 2024 年末存货余额增加，导致 2024 年房产板块的存货周 转天数上升。 近三年公司半导体板块的存货周转天数分别为 811.52 天、942.43 天和 1,610.83 天，显著高 于同行业的半导体设备上市公司，主要系公司所处的发展阶段等方面与同行业的半导体设备上市 公司存在一定差异，且因公司业务陆续由研发转向产业化，随着在手订单和交付订单的增加进行 相应的备货。同时部分关键零部件采购周期长，公司实施 12-1 ...

| 北京德和衡律师事务所 | | --- | | 关于北京华峰测控技术股份有限公司 | | 首次授予第一个归属期归属条件成就相关事项的 | | 法律意见书 | | 德和衡证律意见（2025）第00360号 | | -1- | | 释 义 | | 在本法律意见书中，除非文义另有所指，下列简称分别具有如下含义： | | 简称 全称 | | 华峰测控、公司、贵司 指 北京华峰测控技术股份有限公司 | | 《激励计划（草案）》、 《北京华峰测控技术股份有限公司2024年限制性股票激励计划（草 | | 指 | | 本激励计划 案）》 | | 公司2024年限制性股票激励计划首次授予第一个归属期归属条件成 | | 本次归属 指 | | 就 | | 按本激励计划规定，获得限制性股票的公司高级管理人员以及董事 | | 激励对象 指 | | 会认为需要激励的其他人员 | | 《北京华峰测控技术股份有限公司2024年限制性股票激励计划实施 | | 《考核办法》 指 | | 考核管理办法》 | | 《证券法》 指 《中华人民共和国证券法》 | | 《公司法》 指 《中华人民共和国公司法》 | | 《管理办法》 指 《上市公司股权激 ...

智通财经APP获悉，阿斯麦(ASML.US)将于7月16日公布第二季度财务业绩。摩根大通发布研报表示， 巨大的订单数量预期使得走势难以确定;根据目前的股价情况，业绩符合预期将被视为积极因素。小摩 重申对阿斯麦"增持"评级，目标价970欧元(约合1137.71美元)。 小摩指出，市场对该公司股票的走势持看跌态度。鉴于订单存在不确定性，短期内可能需要保持谨慎态 度，但鉴于"26 年的共识预期营收较25 年的指引中值增长 7.7%"，小摩认为中期风险较低。投资者仍关 注"26 年的销售额"。投资者对阿斯麦在26 年的前景愈发看淡，原因有多个。 小摩预计该公司将报告营收 74.33 亿欧元(环比下降 4.0%，同比增长 19.1%)，这比市场预期低 1.0%，与 指引区间中间值 74.5 亿欧元相符。小摩预计该公司第二季度订单额为 41.9 亿欧元，这比市场预期低 12.6%，反映了鉴于季度订单的可预测性较低、对订单量的保守看法。然而，这比我们收集到的买方市 场预期的 45 亿欧元低 6.9%(见此处)。在盈利能力方面，小摩对 51.5%的毛利率(公司指引范围为 50- 53%)的估计与市场预期一致。小摩预计阿斯麦第 ...

Group 1 - The total amount raised through private placements in the A-share market in the first half of 2023 reached 780.51 billion yuan, marking a nearly 700% increase compared to the same period last year, which raised 97.793 billion yuan [2] - The surge in private placement financing reflects a significant recovery in the financing function of the A-share market, driven by policy relaxation and a rebound in market confidence [2] - Major banks, including China Bank (165 billion yuan), Postal Savings Bank (130 billion yuan), and others, contributed significantly to the total, with the top four banks raising over 500 billion yuan [2] Group 2 - The financial sector, including banks and insurance companies, accounts for over 60% of the profits of A-share listed companies, and increased financing will enhance their capital strength and profitability [3] - There are concerns regarding potential "over-financing" by some companies, raising questions about the efficiency of fund usage [3] - For instance, Changchun Technology's recent financing plan of up to 3.132 billion yuan faces scrutiny due to previous project delays and regulatory warnings regarding financial reporting and fund management [4] Group 3 - The healthy development of the private placement market requires a more refined regulatory framework, including enhanced information disclosure and stricter monitoring of fund usage [5] - There is a need to improve the lock-up period for private placement shares to curb short-term speculation and promote long-term value investment [5]