Core Viewpoint - ASML's inability to confirm growth for 2026 has led to an 11% drop in its stock price, resulting in a market value loss of over $30 billion, signaling potential challenges for the semiconductor and AI sectors [1][2][3]. Group 1: Company Performance - ASML reported strong second-quarter earnings with revenue and net profit exceeding expectations, and an order volume of $6.4 billion [1]. - Despite the strong performance, CEO Christophe Fouquet expressed uncertainty about future growth due to macroeconomic and geopolitical factors, particularly new tariff threats [1][5]. Group 2: Market Implications - The warning from ASML may indicate a peak in the AI and semiconductor supercycle, suggesting a potential downturn or volatility ahead [2][3]. - ASML is the sole supplier of extreme ultraviolet (EUV) lithography machines, crucial for producing advanced semiconductors used in AI accelerators and data center chips [3][4]. Group 3: Factors Affecting Growth Outlook - Uncertainty surrounding tariffs, particularly a potential 30% tariff on European semiconductor equipment, is causing anxiety among ASML's customers, leading to delayed investment decisions [5]. - Ongoing trade disputes and export controls, especially involving China and the U.S., complicate demand forecasting for ASML [5]. Group 4: Market Reaction - The market reacted sharply to ASML's news, with an 11% drop in stock price, marking the largest single-day decline since October 2024 [6]. - The sell-off affected the broader European tech sector and impacted U.S. semiconductor equipment companies like Lam Research and Applied Materials [6].

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

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点击招商研究小程序查看PDF报告原文 中微公司发布25Q2业绩预告，25Q2预计收入27.87亿元，同比+51.2%/环比+28.2%；扣非净利 润2.12-2.62亿元，同比-3.9%~+18.9%/环比-29%~-12.3%。公司刻蚀设备同比稳健增长， LPCVD设备快速放量，加大研发投入以快速推出新品。 25H1收入和利润同比稳健增长。 25H1预计收入49.6亿元，同比+43.9%；归母净利润6.8-7.3亿 元，同比+31.6%-41.3%；扣非净利润5.1-5.6亿元，同比+5.54%-15.9%。25H1刻蚀设备收入 37.8亿元，同比+40%；LPCVD设备收入1.99亿元，同比+608%。公司利润增速低于收入增速， 主要系25H1研发投入14.92亿元同比增长约5.2亿元。公司扣非利润增速低于归母净利润增速，主 要系非经常损益影响，非经常收益主要包括政府补助，以及以公允价值计量且变动计入当期损益的 对外股权投资（25H1为1.72亿元，24H1为亏损0.08亿元）。 25Q2收入同比高增长，加大研发投入影响利润环比表现。 25Q2预计收入27.87亿元，同比 +51.2%/环比+28.2%； ...

点击招商研究小程序查看PDF报告原文 拓荆科技发布25Q2业绩预告，25Q2预计收入12.1-12.6亿元，同比+52%-58%/环比 +70.7%-77.8%；归母净利润2.38-2.47亿元，同比+100.6%-108.2%/环比增加3.85-3.94亿 元，大幅扭亏。公司整体市占率持续提升，先进机台逐步进入规模量产阶段。 25Q2收入同环比高增长，利润环比明显改善。 25Q2预计收入12.1-12.6亿元，同比 +52%-58%/环比+70.7%-77.8%；归母净利润2.38-2.47亿元，同比 团队成员： 王恬、程鑫、 谌薇、 涂锟山、 研究助理（王虹宇、赵琳、王焱仟）。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14/15/16/17/18/19/20年《水晶球》电子2/4/1/2/3/3/2/3/3名，10/14/15/16/17/18/19/20年《金牛 奖》TMT/电子第1/2/3/3/3/3/2/2/1名，2018/2019 年最具价值金牛分析师。 投资评级定义 股票评级 + ...

证券代码：002371 证券简称：北方华创 公告编号：2025-048 北方华创科技集团股份有限公司 关于 2022 年股权激励计划首次授予部分第二个行权期采用 自主行权模式的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 北方 JLC3。 励对象人数为 789 人，可行权的股票期权数量为 3,325,725 份，占目前公司总股 本 721,603,463 股的 0.46%，行权价格为 116.99 元/份。 期可行权期限为 2025 年 7 月 7 日起至 2026 年 7 月 3 日止，根据业务办理的实 际情况，实际可行权期限为 2025 年 7 月 18 日起至 2026 年 7 月 3 日止。 北方华创科技集团股份有限公司（简称"公司"）于 2025 年 7 月 7 日召开第 八届董事会第二十五次会议及第八届监事会第十五次会议，审议通过了《关于 司 2022 年股票期权激励计划（以下简称"2022 年股权激励计划"）首次授予部 分的股票期权第二个行权期行权条件已经成就。根据公司 2022 年第一次临时股 东大会授权，同意董事会 ...

Core Viewpoint - ASML reported strong financial results for Q2 2025, with significant growth in sales and profit, driven by increased demand for EUV lithography machines and a robust aftermarket service business [2][3]. Financial Performance - In Q2 2025, ASML achieved net sales of €7.7 billion, a gross margin of 53.7%, and a net profit of €2.3 billion [2]. - The new order intake for the quarter was €5.5 billion, with €2.3 billion specifically for EUV lithography machines [2]. - The company expects Q3 2025 revenue to be between €7.4 billion and €7.9 billion, with a gross margin between 50% and 52% [3]. Market Insights - ASML's CEO noted that the share of lithography machine investments in overall wafer fab investments remains strong, particularly in the DRAM sector [2]. - The introduction of the TWINSCAN NXE:3800E has further solidified this trend [2]. - ASML anticipates that revenue from the Chinese market will exceed 25%, aligning with its backlog of unfulfilled orders [2]. Future Outlook - For the full year 2025, ASML projects a revenue growth of approximately 15% and a gross margin of around 52% [3].

Core Viewpoint - ASML reported Q2 2025 revenue of €7.692 billion, reflecting a year-on-year increase of 23.2% and a slight quarter-on-quarter decrease of 0.6%, with new orders showing a significant quarter-on-quarter increase of 40.8% [1][2] Financial Performance - Q2 2025 revenue reached €7.692 billion, within the guidance range of €7.2-7.7 billion, with equipment revenue at €5.596 billion (up 17.5% YoY, down 2.5% QoQ) and service revenue at €2.096 billion (up 41.4% YoY, up 4.7% QoQ) [2][15] - Gross margin was 53.7%, exceeding guidance expectations of 50%-53%, driven by better-than-expected contributions from NXE:3800 upgrades and tariff impacts [2][15] - Q2 2025 net profit was €2.3 billion, accounting for 29.8% of total revenue, with an EPS of €5.90 [16] Orders and Revenue Guidance - New orders in Q2 2025 totaled €5.541 billion, a slight decrease of 0.5% YoY but a significant increase of 40.8% QoQ, with logic orders at €4.65 billion (up 14.5% YoY, up 97.1% QoQ) and storage orders at €0.89 billion (down 41.0% YoY, down 43.7% QoQ) [2][3] - Q3 2025 revenue guidance is set at €7.4-7.9 billion, with a cautious outlook for 2026 due to macroeconomic uncertainties, projecting a potential revenue decline [4][20] Regional Performance - Q2 2025 revenue from mainland China was €1.51 billion (down 35.2% YoY, down 2.5% QoQ), maintaining a 27% share of total revenue, while Taiwan's revenue surged to €1.96 billion (up 274.0% YoY, up 113.3% QoQ) [3][4] Industry Trends and Future Outlook - AI is identified as a key growth driver for both logic and storage sectors, with expectations of increased capacity investments in advanced nodes [17][18] - The company anticipates a 30% increase in EUV capacity for advanced customers in 2025, with overall EUV revenue expected to grow by approximately 30% [18][19] - The long-term revenue guidance for 2030 is set between €44 billion and €60 billion, with a gross margin target of 56%-60% [4][19] Technological Developments - Significant progress has been made in Low NA and High NA EUV technologies, with the NXE:3800E achieving a production rate of 220 WPH [21][22] - The company is focused on enhancing EUV performance and production efficiency, with plans to continue improvements on existing platforms until the end of the decade [38]

Group 1: Company Performance - Zhongwei Company expects a net profit of 680 million to 730 million yuan for the first half of 2025, representing a year-on-year increase of 31.61% to 41.28% [1] - The company's operating revenue is approximately 4.961 billion yuan, with a year-on-year growth of 43.88%, driven by significant increases in revenue from etching equipment and LPCVD film equipment [1] - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of 2025, reflecting a year-on-year growth of 16.67% [2] - The bank's total assets reached 2.235595 trillion yuan, up 5.83% from the end of the previous year [2] Group 2: Corporate Actions - Helen Piano announced that its actual controllers are planning a change in control, leading to a temporary suspension of its stock starting July 18 [3] - Shanghai Material Trade reported that its subsidiary's data product "Non-ferrous Metal Spot Index Query" is currently in a "temporarily invalid" state due to lack of transactions since its listing [4] - Lansheng Co. stated that it has not engaged in any business related to "stablecoins" amid rising market interest [5] Group 3: Other Corporate Developments - Microchip Biotech expects a net profit of 30.06 million yuan for the first half of the year, marking a turnaround from losses [6] - Tuo Jing Technology anticipates a year-on-year net profit increase of 101% to 108% for the second quarter [6] - Kai Sheng New Materials has set an initial inquiry transfer price of 13.69 yuan per share [6]

Core Viewpoint - ASML's fundamentals are at odds with market sentiment, but its valuation is at a historical low, indicating significant investment value. The current stock is considered a buy from a direct equity investment perspective [1]. Group 1: Company Performance - ASML's stock price rebounded over 40% from its low, but fell 9% on the day of the Q2 2025 earnings announcement despite exceeding expectations in sales, net profit, and net bookings [5]. - The decline was attributed to the CEO's cautious outlook on 2026 growth due to rising macroeconomic and geopolitical uncertainties, despite strong fundamentals in the AI customer base [5]. - The company's revenue for Q2 2025 was €7.7 billion, with a net income margin of 29.8% and earnings per share of €5.90 [9]. Group 2: Market Position and Growth Potential - ASML holds a unique position in a high-growth market, with a projected compound annual growth rate (CAGR) exceeding 9% over the next few years [7]. - The revenue structure includes EUV and DUV lithography machines, accounting for 48% and 43% of total revenue, respectively, with EUV being a unique offering that provides significant pricing power [7]. - The company has demonstrated a robust ability to convert revenue into profit, with a gross margin of 53.7% and an operating margin of 34.6% [9]. Group 3: Financial Health and Shareholder Returns - ASML's balance sheet is healthy, with net cash reserves of $6.3 billion and a current dividend yield of 1.3%, indicating substantial room for dividend growth [10]. - The company has been actively repurchasing shares, with a buyback of €1.4 billion in the latest quarter, contributing to earnings per share growth [11]. - R&D spending reached €1.2 billion in the latest quarter, representing 15.6% of sales, ensuring the maintenance of its technological leadership [11]. Group 4: Valuation and Investment Outlook - ASML's current trailing P/E ratio is approximately 27, which is at a historical low, suggesting potential for valuation recovery [12]. - The expected annual revenue growth rate from 2025 to 2030 is projected to be between 7% and 13%, with earnings per share growth potentially reaching 11% to 22% [14]. - Scenario analysis indicates that if earnings per share reach $60.13 by 2030, the stock price could rise to $1,683, yielding a compound annual return of nearly 18% [15].