（原标题：稀土管制风起之时 阿斯麦(ASML.US)顽强托起"AI牛市叙事"） 智通财经APP获悉，光刻机巨头阿斯麦(ASML Holding NV)公布的最新业绩显示Q3光刻机订单超市场预 期，且在史无前例的全球AI热潮催化之下，AI基础设施军备竞赛仍然如火如荼，该公司管理层对于稀 土管制影响以及2026年至2030年的业绩增长预期呈现乐观立场。阿斯麦首席财务官(CFO)表示，该公司 已经为中国限制稀土产品以及相关技术与设备出口的政策做足准备工作。 随着股市财报季开幕，阿斯麦这份亮眼业绩无疑大幅强化全球股票市场的"AI长期牛市"叙事逻辑以及 科技股信徒们的"AI投资信仰"，这也意味着英伟达、台积电、博通以及美光科技所主导的全球AI算力 产业链的这轮"超级牛市行情"远未停歇，该产业链在未来一段时间仍将是全球资金最青睐的投资板块。 阿斯麦业绩出炉之后，阿斯麦美股ADR(ASML.US)盘前闻讯涨超4%，欧股市场涨幅类似。 最新业绩显示，阿斯麦第三季度订单累计54亿欧元，高于市场普遍预期的49亿欧元，其中极紫外光刻机 (即EUV)的订单量创下近七个季度以来的最高水平;阿斯麦首席执行官(CEO)富凯(Christo ...

Core Viewpoint - The company, Nal Shares (002825.SZ), has signed a share acquisition intention agreement to invest in Shanghai Feilai Testing Technology Co., Ltd., aiming to gain control with at least 51% ownership after the transaction, which is expected to be valued between RMB 350 million to 400 million [1] Group 1: Investment Details - The investment will be executed through acquiring shares held by Shanghai Feiguang Management Consulting Partnership and Zhang Hua [1] - The estimated transaction amount is approximately RMB 350 million to 400 million [1] Group 2: Target Company Overview - Shanghai Feilai Testing Technology Co., Ltd. specializes in semiconductor chip testing reliability solutions, offering comprehensive solutions from wafers and chips to components [1] - The company provides various equipment including wafer AOI devices, chip testers, COCO automatic loading and unloading equipment, CoC aging systems, COB testers, and SoC aging equipment, under its own brand "FeedLiTech" [1] Group 3: Strategic Implications - Following the transaction, the target company will become a subsidiary of the listed company, aligning with the strategy to develop new productive forces and stabilize core operations while exploring new fields [1] - The move aims to enter the semiconductor equipment and component sectors to secure new profit growth points and development opportunities [1]

Core Viewpoint - Nal Shares (002825.SZ) announced a strategic investment in Shanghai Feilai Testing Technology Co., Ltd., aiming to acquire at least 51% of the company's equity, thereby gaining control over it. The transaction is valued between RMB 350 million to 400 million, reflecting the company's intent to expand into the semiconductor equipment sector and enhance its profit growth opportunities [1][1][1]. Group 1: Investment Details - The investment involves a share acquisition agreement with Shanghai Feiguang Management Consulting Partnership and Zhang Hua [1]. - The expected transaction amount is approximately RMB 350 million to 400 million [1]. - Post-transaction, Shanghai Feilai Testing Technology will become a subsidiary of the listed company [1]. Group 2: Company Focus - Shanghai Feilai Testing Technology specializes in semiconductor chip testing reliability solutions, offering comprehensive solutions from wafers to devices [1]. - The company provides various equipment, including wafer AOI devices, chip testers, automatic loading and unloading equipment, aging systems, and COB testers, under its own brand "FeedLiTech" [1]. - This acquisition aligns with the listed company's strategy to develop new productive capabilities and stabilize its main business while exploring new fields [1].

Core Insights - ASML reported Q3 2025 revenue of €7.5 billion, a year-on-year increase of 0.7%, but below market expectations of €7.7 billion, primarily driven by contributions from TSMC and customers in mainland China [1][10] - The gross margin for the quarter was 51.6%, slightly above the company's guidance range of 50-52%, supported by an increase in service revenue [1][12] - Net income for the quarter was €2.13 billion, a 2.3% year-on-year increase, with a net profit margin of 28.3% [1][16] Revenue and Profitability - Total revenue for Q3 2025 was €7.5 billion, with a gross profit of €3.88 billion, reflecting a gross margin of 51.6% [1][12] - The company maintained stable R&D and selling expenses, with net income reaching €2.13 billion, resulting in a net profit margin of 28.3% [1][16][14] Business Segments - Lithography system revenue was €5.55 billion, down 6.3% year-on-year, while service revenue increased by 27.3% to €1.96 billion, indicating a shift in revenue composition [1][25][20] - EUV and ArFi systems accounted for nearly 66% of lithography system revenue, with EUV revenue at approximately €2.11 billion and ArFi at €2.89 billion [3][22] Orders and Guidance - The net order intake for the quarter was €5.4 billion, exceeding market expectations of €4.9 billion, indicating a recovery in customer confidence [3][5] - For Q4 2025, ASML expects revenue between €9.2 billion and €9.8 billion, above market expectations of €9.2 billion, signaling a strong demand outlook [2][5] Regional Performance - Revenue from mainland China was the largest contributor at 42%, significantly higher than the previously expected 25%, driven by accelerated orders for ArFi equipment [3][27] - Taiwan contributed approximately €2.26 billion, accounting for 30% of total revenue, primarily due to TSMC's strong demand [3][28] Market Outlook - The company is positioned to benefit from the ongoing AI capital expenditure cycle, with expectations of increased investments from major clients like TSMC, Samsung, and Intel [9][10] - The overall sentiment indicates that the "worst period" for ASML is over, with positive developments in the semiconductor industry expected to drive future growth [10][16]

Core Viewpoint - The 2025 Bay Area Semiconductor Industry Ecological Expo (Bay Chip Expo) opened in Shenzhen, with significant attention on Xinkailai, a rising star in semiconductor equipment, which is expected to showcase innovative products and solutions [1] Company Overview - Xinkailai, established in 2021 and originating from Huawei's "Starlight Project Division," focuses on the research, manufacturing, sales, and service of semiconductor equipment and components [1] - The company aims to provide innovative technologies and product solutions for clients in the semiconductor industry [1] Product Launches - Xinkailai's subsidiary, Qiyunfang, launched two domestically developed EDA (Electronic Design Automation) software products with complete independent intellectual property rights, crucial for chip design and manufacturing [2][3] - The EDA market in China currently has a domestic market share of less than 20%, dominated by overseas giants like Synopsys, Cadence, and Siemens EDA [2] - Qiyunfang's EDA products reportedly improve performance by 30% compared to industry benchmarks and can reduce hardware development cycles by 40% [3] Technological Advancements - Xinkailai's subsidiary, Shenzhen Wanliyan Technology, unveiled a new generation of ultra-high-speed real-time oscilloscopes with significant performance breakthroughs, including a bandwidth exceeding 90GHz and a sampling rate of 200GSa/s [3][4] - The oscilloscope is designed to support advanced process chip development, ensuring complete capture of high-frequency signals [4] Industry Impact - The core technology and application of the 200GSa/s ultra-high-speed real-time oscilloscope received a first-class award from the China Instrument and Meter Society, marking a significant achievement in breaking the monopoly of foreign high-end oscilloscopes [5] - The advancements in ADC (Analog-to-Digital Converter) technology are critical for high-end oscilloscopes, influencing signal acquisition speed and measurement accuracy [5][6] - The domestic oscilloscope market is experiencing a shift towards high-end products, with companies like Puyuan and Wanliyan making significant progress [6]

Core Insights - ASML reported Q3 2025 revenue of €7.5 billion, a 0.7% year-over-year increase, below market expectations of €7.7 billion, primarily driven by contributions from TSMC and customers in mainland China [1][17] - The gross margin for the quarter was 51.6%, slightly above the company's guidance range of 50-52%, supported by an increase in service revenue [1][17] - Net profit for the quarter was €2.13 billion, a 2.3% year-over-year increase, with a net profit margin of 28.3% [1][20] Revenue and Profitability - Total revenue for Q3 2025 was €7.5 billion, with a gross profit of €3.88 billion, reflecting a gross margin of 51.6% [1][17] - Net income reached €2.13 billion, with a net profit margin of 28.3%, indicating stable operating expenses [1][20][21] - Research and development expenses were €1.11 billion, representing 14.8% of revenue, while selling and administrative expenses were €300 million, or 4% of revenue [18][21] Business Segments - Lithography system revenue was €5.55 billion, down 6.3% year-over-year, while service revenue increased by 27.3% to €1.96 billion [1][30] - EUV and ArFi systems accounted for nearly 66% of lithography system revenue, with EUV revenue at approximately €2.11 billion and ArFi at €2.89 billion [2][27] - The average selling price for EUV systems was around €23.5 million, while ArFi systems averaged €7.6 million [2][28] Regional Performance - Mainland China was the largest revenue contributor, accounting for 42% of total revenue, approximately €3.16 billion, significantly above the expected 25% [3][32] - Taiwan contributed around €2.26 billion, representing 30% of revenue, primarily driven by TSMC's demand [3][32] - Revenue from South Korea and the USA remained low due to reduced capital expenditures from major clients like Samsung and Intel [32] Order Trends and Future Guidance - The net order intake for the quarter was €5.4 billion, exceeding market expectations of €4.9 billion, indicating improved customer confidence [5][7] - For Q4 2025, ASML expects revenue between €9.2 billion and €9.8 billion, above market expectations of €9.2 billion [7][14] - The company is positioned to benefit from increased capital expenditures in the semiconductor industry, particularly driven by AI demand and recovery in the storage sector [14][20]

Core Insights - ASML reported strong Q3 performance driven by the AI boom, with order intake of €5.4 billion exceeding expectations, revenue of €7.52 billion, and net profit of €2.13 billion also surpassing forecasts [1][2]. Financial Performance - Q3 revenue was €7.52 billion (approximately ¥623 billion), a year-on-year decline of 2.3%, while market expectations were €7.71 billion [2]. - Net profit reached €2.13 billion (approximately ¥176 billion), down 6.4% year-on-year, slightly above the market expectation of €2.08 billion [2]. - Gross margin stood at 51.6%, a decrease of 2.1 percentage points year-on-year [2]. Orders and Sales - New orders for the quarter amounted to €5.4 billion, surpassing market expectations of €4.89 billion, with €3.6 billion attributed to EUV lithography machine orders [2]. - The company sold 66 new lithography machines during the quarter, a decrease of 1 unit year-on-year, and 6 used machines, down by 3 units [2]. Future Outlook - ASML projects Q4 2025 net sales between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [3]. - For the full year 2025, net sales are expected to be around €32.5 billion, reflecting a year-on-year growth of approximately 15%, with a gross margin of about 52% [3]. - The company anticipates that net sales in 2026 will not be lower than the levels of 2025, with total revenue expected to reach between €44 billion and €60 billion by 2030, and gross margins projected to be between 56% and 60% [3]. Market Challenges - The CEO indicated that while the third quarter's performance was strong, there are expectations of a significant decline in customer demand and sales in the Chinese market in 2024 and 2025 [5]. - The company is currently facing dual impacts from export restrictions in the Netherlands and U.S. tariff policies [5]. Shareholder Returns - ASML will pay an interim dividend of €1.60 per share on November 6, 2025 [6]. - In Q3 2025, ASML repurchased approximately €148 million worth of shares, with a total of €5.9 billion spent on share buybacks under the current plan [6].

Core Insights - ASML reported strong Q3 performance driven by the AI boom, with quarterly orders of €5.4 billion exceeding expectations, revenue of €7.52 billion, and net profit of €2.13 billion also surpassing forecasts [1][3] Financial Performance - Q3 revenue was €7.52 billion (approximately ¥623 billion), a year-on-year decline of 2.3%, while market expectations were €7.71 billion [3] - Net profit reached €2.13 billion (approximately ¥176 billion), down 6.4% year-on-year, slightly above the market expectation of €2.08 billion [3] - Gross margin stood at 51.6%, a decrease of 2.1 percentage points year-on-year [3] Orders and Sales - New orders for the quarter amounted to €5.4 billion, exceeding the market expectation of €4.89 billion, with €3.6 billion attributed to EUV lithography machine orders [3] - The company sold 66 new lithography machines, a decrease of 1 unit year-on-year, and 6 used machines, down by 3 units [3] Future Outlook - ASML expects Q4 2025 net sales to be between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [4] - For the full year 2025, net sales are projected to be around €32.5 billion, representing a year-on-year growth of approximately 15%, with a gross margin of about 52% [4] - The company anticipates that net sales in 2026 will not be lower than the levels of 2025, and total revenue could reach between €44 billion and €60 billion by 2030, with gross margins expected to be between 56% and 60% [5] Market Challenges - The CEO indicated that despite a strong Q3, there are expectations of a significant decline in customer demand and sales in the Chinese market in 2024 and 2025 [7] - The company is currently facing dual impacts from export restrictions in the Netherlands and U.S. tariff policies [7] Shareholder Returns - ASML will pay an interim dividend of €1.60 per share on November 6, 2025 [9] - In Q3 2025, ASML repurchased approximately €148 million worth of shares, with a total of €5.9 billion repurchased under the current plan as of September 28, 2025 [10]

| 买入金额最大的前5名 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | 1 | 沪股通专用 | 640次 48.13% | (2) | 11836.57 | 2.62% | | 2 | 华鑫证券有限责任公司上海光复路证券营业部 | 71次 54.93% | ▶ | 7695.69 | 1.70% | | 3 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | 515次 30.10% | A | 6762.80 | 1.50% | | 4 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 716次 27.23% | | 4804.22 | 1.06% | | 5 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 646次 28.33% | D | 4665.35 | 1.03% | | | 卖出金额最大的前5名 | | | | | | 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | 产号 | 父易宫 尚名称 | | 头八 ...

Core Viewpoint - The company plans to issue short-term financing bonds not exceeding 200 million yuan to support its operational activities and debt repayment [1] Group 1 - The board of directors will convene on October 15, 2025, to review the proposal for the bond issuance [1] - The bonds will be registered with the China Interbank Market Dealers Association and will have a maturity of no more than 12 months [1] - The specific issuance scale will depend on market conditions and the company's funding needs, with the interest rate determined by market conditions [1] Group 2 - The raised funds will be utilized for production operations, repayment of existing debts, and supplementing working capital [1] - The proposal requires approval from the company's shareholders' meeting and must be authorized by the Dealers Association before implementation [1]