在裁员背景下，阿斯麦对未来仍持乐观展望。其客户，即全球各大芯片制造商对AI相关需求的持续性 和产能扩张充满信心，进而推动了阿斯麦的订单增长。 智通财经APP获悉，尽管业绩持续强劲增长，全球尖端光刻机龙头阿斯麦(ASML.US)仍宣布了一项涉及 约1700个岗位的裁员计划。该公司首席执行官克里斯托夫·富凯在公布年度业绩的同时表示，此次裁员 将主要影响技术部门和IT部门，主要涉及荷兰的管理层职位，同时也会波及美国业务。按公司目前员工 总数计算，此次裁员比例约为4%。 阿斯麦首席财务官罗杰·达森在与媒体的电话会议中解释称，此次调整源于公司收到关于"组织架构过于 复杂"的反馈，这可能导致流程协调耗费过多时间。"我们希望确保工程师能回归工程师的本质。"他表 示。 与此形成对比的是阿斯麦极其亮眼的业绩表现。作为全球唯一能生产制造先进半导体所需尖端极紫外 (EUV)光刻机的厂商，阿斯麦正持续受益于人工智能基础设施建设的数千亿美元投资。 该公司周三公布的财报显示，其第四季度新增订单创下历史纪录，并预测2026年销售额将继续增长。受 此推动，其股价在阿姆斯特丹一度飙升7.5%，至每股1309欧元的历史新高。美股也创下1473. ...

格隆汇1月28日｜阿斯麦(ASML.US)CEO：人工智能将长期存在。客户更高的资本支出将在未来几年推 动阿斯麦销售额增长。2026年将迎来显著增长。2026年可能有更多EUV(极紫外光刻)设备出货。对先进 AI芯片的需求巨大且不断增长。 ...

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

1月28日，光刻机巨头阿斯麦(ASML)发布2025年第四季度及全年财报。2025年第四季度，ASML实现净 销售额97亿欧元，毛利率为52.2%，净利润达28亿欧元。ASML第四季度的新增订单金额为132亿欧元， 其中74亿欧元为EUV光刻机订单。 根据财报，ASML2025年全年净销售额达327亿欧元，毛利率为52.8%，净利润为96亿欧元。截至2025年 底，ASML的未交付订单金额为388亿欧元。 "整体来看，市场呈现积极态势，对人工智能带来的需求持肯定态度，并为短期内的产能扩展积极进行 准备。预计该趋势将持续至2026年及未来几年。"傅恪礼表示。 对于2026年的市场预期，傅恪礼表示，得益于EUV销售额和装机售后服务业务的增长，预计2026年将 延续增长态势，成为ASML又一个业务增长之年。公司将持续投资人才和业务布局，以支持2026年及未 来的长期增长。 具体业务板块，ASML首席财务官戴厚杰表示，预计2026年EUV业务将实现显著增长，相关收入较2025 年明显提升。预计非EUV业务整体上将与2025年基本持平。各个细分领域的表现有所不同，其中，在 先进逻辑芯片和存储芯片领域，预计相关的非EUV ...

智通财经编辑 | 文姝琪 在AI浪潮推动下，阿斯麦（ASML）过去一年在订单获取上取得历史性突破。 1月28日，ASML发布2025年第四季度及全年财报。财报数据显示，2025年第四季度，ASML实现净销售额97亿欧元，毛利率为52.2%，净利润达28亿欧元。 第四季度的新增订单金额为132亿欧元，其中74亿欧元为EUV光刻机订单。 智通财经记者 | 徐美慧 图片来源：ASML "近几个月来，基于对AI相关需求的可持续性的更强预期，许多客户作出了更加积极的中期市场评估。"ASML总裁兼首席执行官傅恪礼（Christophe Fouquet）表示，这使得客户显著上调了中期产能计划，推动其新增订单创下历史新高。 傅恪礼指出，过去几个月，行业对市场前景的预期明显改善，尤其是在人工智能应用相关的数据中心及基础设施建设方面。 他表示，这一趋势正转化为先进制程客户对产能的需求，涵盖逻辑芯片和存储芯片领域，并带动对最先进技术（尤其是 EUV）的需求增长。"近几个月来， DRAM和逻辑芯片客户均在加速其产能规划，并与我们展开相关合作。" 对于2026年，ASML预计第一季度净销售额在82亿至89亿欧元之间；全年净销售额在34 ...

持续加码研发让技术优势不断巩固。截至2024年底，公司研发人员占比超40%，2022至2024年研发投入 连续增长，累计投入近1.14亿元，占同期累计营收的11.11%，复合年增长率达60.19%。目前已形成3大 基石技术和8大产品化支撑技术，覆盖信号采样、相位锁定等关键领域，推出的三代产品系列精准匹配 半导体制造对"快、准、稳"的核心需求。凭借硬核实力，公司还承担了工信部、科技部三项国家级课 题，2023年在中国大陆半导体行业国产等离子体射频电源系统厂商中市场份额位列第一。 技术突破转化为显著发展成果。2018年获得国内龙头设备商合作机会后，恒运昌产品于2020年通过验证 并实现批量出货，此后陆续与多家知名半导体设备商建立合作。2022至2024年，公司营收从1.58亿元跃 升至5.41亿元，净利润从2639万元增长至1.43亿元，实现规模与效益双丰收。资本也纷纷青睐，自2021 年起，国投创业、中电科等产业基金先后注资，为企业发展注入动力。2021年迁入宝安桃花源科技创新 园后，团队规模与研发生产设备持续升级，进一步夯实发展根基。 于恒运昌而言，此次上市并非终点，而是新的起点。恒运昌提出"守正创新"五年计 ...

AI行情仍在继续！ 1月28日，全球光刻机龙头阿斯麦（ASML）发布的财报显示，公司2025年第四季度净销售额达97亿欧元，创 纪录新高，超出市场预期。受人工智能芯片制造产能投资扩大推动，公司2025年第四季度的订单额达132亿欧 元，是分析师平均预期的2倍。阿斯麦还上调了业绩展望，预计2026年全年销售额将在340亿欧元至390亿欧元 之间，而分析师的预期为350亿欧元。 受上述强劲的财报刺激，美股夜盘交易时段，阿斯麦股价直线拉升，涨幅一度超过10% 。截至北京时间28日 15:50，阿斯麦的涨幅仍接近9%。若美股正式开盘后维持这一涨势，阿斯麦单日市值将增长超500亿美元，总 市值也将突破6000亿美元，再创历史新高。 另外，在欧洲股市，阿斯麦的股价涨超7%，创历史新高。 大超市场预期 阿斯麦预计，2026年第一季度公司的销售额在82亿欧元至89亿欧元之间，毛利率在51%至53%之间。 北京时间1月28日下午，阿斯麦（ASML）发布了2025年第四季度和全年业绩报告。数据显示，公司2025年全 年净销售额为327亿欧元，净利润为96亿欧元，均创历史新高。 更为亮眼的是，2025年第四季度，阿斯麦的净销售额为 ...

Group 1: Non-Bank Financial Industry - The public fund performance benchmark has officially been implemented, with the preset interest rate research value decreasing by 1 basis point week-on-week [6][7] - The non-bank index fell by 1.5%, underperforming the CSI 300 by 0.9 percentage points, with both brokerage and insurance indices showing a synchronized decline of -0.6% and -4% respectively [6][7] - The average daily trading volume of stock funds decreased by 15.8% week-on-week to 34,429 billion yuan, while the margin financing balance slightly decreased by 0.3% to 2.72 trillion yuan [6] Group 2: TuoJing Technology (688072) - TuoJing Technology is a leading domestic semiconductor thin film deposition equipment company, with a significant revenue increase from 440 million yuan in 2020 to 4.1 billion yuan in 2024, reflecting a compound annual growth rate of 75% [11][12] - The company has established a dual-platform driven structure focusing on thin film deposition and advanced bonding equipment, with a strong market demand evidenced by an order backlog of approximately 9.4 billion yuan, a year-on-year increase of about 46% [11][12] - The global thin film deposition equipment market is projected to reach approximately 24.4 billion USD by 2025, with the domestic market estimated at around 10.2 billion USD, indicating substantial room for domestic substitution [12][13] Group 3: Food and Beverage Industry - The average price of raw milk has remained low, with a current price of 3.03 yuan per kilogram, reflecting a slight increase of 0.01 yuan week-on-week, while the industry is approaching a supply-demand turning point [16][17] - The restaurant sector is showing signs of recovery, with December 2025 retail sales of social consumer goods reaching 45,136 billion yuan, a year-on-year increase of 0.9%, and restaurant income growing by 2.2% year-on-year [16][17] - The food and beverage sector saw a decline of 1.41%, underperforming the CSI 300 index by 0.79 percentage points, with snack foods performing well, increasing by 6.12% [18][19]

1月28日，光刻机巨头阿斯麦（ASML）发布2025年第四季度及全年财报。2025年第四季度，ASML实 现净销售额97亿欧元，毛利率为52.2%，净利润达28亿欧元。ASML第四季度的新增订单金额为132亿欧 元，其中74亿欧元为EUV光刻机订单。 ASML 2025年全年净销售额达327亿欧元，毛利率为52.8%，净利润为96亿欧元。截至2025年底，ASML 的未交付订单金额为388亿欧元。 | (除非特别说明,数字均以百万欧元为单位) | 2025 年 | 2025 年 | 2024 年全年 | 2025 年全年 | | --- | --- | --- | --- | --- | | | 第三季度 | 第四季度 | | | | 净销售额 | 7.516 | 9,718 | 28,263 | 32,667 | | 其中装机售后服务 | 1.962 | 2,134 | 6.494 | 8.193 | | 售出的全新光刻系统(台) | 66 | 04 | 380 | 300 | | 售出的二手光刻系统(台) | 6 | 8 | 38 | 27 | | 新增订单金额 2 | 5.399 | 13,158 | ...

Core Viewpoint - ASML's fourth-quarter performance exceeded expectations, driven by strong demand for AI infrastructure and a significant increase in orders, indicating a positive outlook for future growth [2][3][12]. Group 1: Financial Performance - The fourth-quarter order amount reached €13.2 billion, nearly double the analyst average expectation of €6.85 billion, and a substantial increase from €5.4 billion in the previous quarter [9][17]. - The fourth-quarter net sales reached a record high of €9.7 billion, contributing to a full-year net sales of €32.7 billion, both marking historical highs [6][17]. - The gross margin for the fourth quarter was reported at 52.2%, with a net profit of €2.8 billion [17]. Group 2: Future Growth Expectations - ASML's CEO expressed optimism for 2026, predicting net sales between €34 billion and €39 billion, with a gross margin maintained between 51% and 53% [12][19]. - The company anticipates first-quarter net sales to be between €8.2 billion and €8.9 billion, slightly above market expectations [12][19]. - The significant increase in orders reflects clients' upgraded mid-term capacity plans, driven by sustained demand for AI-related products [19]. Group 3: Stock Buyback and Dividend Plans - ASML announced a new stock buyback program of up to €12 billion, effective until December 31, 2028, with plans to increase the annual dividend to €7.50 per share, a 17% increase from 2024 [12][23]. - The company had previously repurchased approximately €1.7 billion in stock under its 2022-2025 buyback plan, with a total of €7.6 billion repurchased to date [23]. Group 4: Market Position and Industry Context - ASML is the only company capable of producing advanced lithography machines, essential for manufacturing cutting-edge semiconductors, and is a key supplier for major chip manufacturers like TSMC and Intel [15][25]. - The surge in EUV (Extreme Ultraviolet) orders, amounting to €7.4 billion in the fourth quarter, indicates robust demand for advanced process capacity expansion [9][17].