研究早观点 2025 年 6 月 16 日 星期一 市场走势 【今日要点】 【山证专精特新】京仪装备（688652.SH）-深耕半导体专用温控/废气 处理设备，国内市场份额稳步提升 资料来源：最闻 国内市场主要指数 执业登记编码：S0760521050001 电话：010-83496307 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,377.00 | -0.75 | | 深证成指 | | 10,122.11 | -1.10 | | 沪深 | 300 | 3,864.18 | -0.72 | | 中小板指 | | 6,338.53 | -1.03 | | 创业板指 | | 2,043.82 | -1.13 | | 科创 50 | | 972.94 | -0.51 | 资料来源：最闻 分析师： 李召麒 【今日要点】 【山证专精特新】京仪装备（688652.SH）-深耕半导体专用温控/废气处理设备，国内市场份额稳步提升 叶中正 yezhongzheng@sxzq.com 【投资要点】 邮箱：lizhaoqi@sxzq.com 2019 年 ...

Group 1: Alphabet - Alphabet is considered one of the "Magnificent Seven" stocks, trading at around 20 times earnings, which is a discount compared to peers and the overall market [2] - The company has a low dividend yield of 0.5% with a payout ratio of 8.9%, indicating significant room for future dividend growth [3] - Alphabet is focusing on share repurchases and investing in AI growth rather than increasing dividends [3] - The company is innovating in AI, introducing features like "AI Overviews" and "AI Mode" in Google Search, which are expected to monetize similarly to traditional search [4] - Alphabet's Gemini 2.5 LLM has gained traction, quickly rising in developer rankings and leading in various applications [5] - The company has three other significant businesses: YouTube, Google Cloud, and Waymo, with YouTube growing by double digits and Google Cloud achieving a $50 billion annual revenue run-rate with 28% growth last quarter [7] - Waymo is a leader in the autonomous taxi industry, conducting over 250,000 autonomous rides weekly across four cities [8] Group 2: Applied Materials - Applied Materials is a leading semiconductor equipment supplier, currently 33% below its July 2024 highs, but recognized for its high-quality business [9] - The company specializes in etch and deposition equipment essential for AI-related semiconductor production, with a services business contributing 22% of revenue [9][10] - Applied Materials pays a 1.1% dividend with a low payout ratio of 19.5%, allowing for potential future dividend growth, including a recent 15% increase [10][11] Group 3: Target - Target is trading at just 11 times earnings with a substantial 4.6% dividend, but is down 64% from its all-time highs [13] - The company is experiencing revenue declines but remains profitable, with competitive store locations despite not being known for ultra-low prices [14] - Target's focus on discretionary items has been impacted by inflation, but signs of recovery are emerging as inflation appears to be easing [15] - The digital business grew in the mid-single digits last quarter, with a notable 36% growth in same-day delivery [16] - Target has a long history and has successfully navigated crises, suggesting potential for recovery and stability in the future [17]

Core Viewpoint - ACM Research, Inc. is actively participating in the 15th Annual ROTH London Conference, indicating its commitment to engaging with institutional investors and showcasing its semiconductor processing solutions [1][2]. Company Overview - ACM Research, Inc. specializes in developing, manufacturing, and selling semiconductor process equipment, which includes cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools [3]. - The company aims to provide customized, high-performance, and cost-effective process solutions that enhance productivity and product yield for semiconductor manufacturers [3].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 7月9日-10日，2025势银（第五届）光刻产业大会（安徽合肥） 点此报名 添加文末微信，加 光刻胶 群 在半导体芯片集成高密化和线路精细化上，光刻与刻蚀承担着重要的工艺角色，尤其是在半导体前 道制程中，光刻机与刻蚀机分辨率很大程度上决定了集成电路精细化发展水平。在这里我们重点阐 述光刻产业话题。 | 制程 | 晶圆尺寸 | 金属材料 | 光刻机类型 | | --- | --- | --- | --- | | 0.5µm | 200mm | Al | g-line:436nm | | 0.35µm | 200mm | Al | i-line:365nm | | 0.25µm | 200mm | Al | KrF:248nm(stepper) | | 0.18/0.15µm | 200mm | Al | KrF:248(stepper&scanner) | | 0.13µm | 200/300mm | Al/Cu | ArF: ...

Core Insights - Lam Research Corporation (LRCX) is focusing on atomic layer deposition (ALD) and dry EUV (Extreme Ultraviolet) resist processing technologies as chips become smaller and more complex [1][9] - The company reported strong demand for its Striker SPARC ALD and ALTUS Halo systems in Q3 of fiscal 2025, particularly in NAND for AI and high-speed memory applications [1][9] - Lam Research is making progress in dry EUV technology, which is gaining traction among DRAM and foundry customers [2] Company Performance - LRCX is experiencing strong growth in foundry and NAND markets, driven by advanced tools [3][9] - The company is facing macroeconomic challenges, including customer spending slowdowns and global trade issues, which may impact its near-term prospects [3] - Despite challenges, Lam Research's margin improvements and strong product wins indicate that its strategies are effective [4] Competitive Landscape - Lam Research faces competition from Applied Materials (AMAT) and KLA Corporation (KLAC) in advanced chipmaking tools [5][9] - Applied Materials is a strong competitor in ALD with its Olympus and Endura platforms and is exploring dry resist solutions for EUV lithography [6] - KLA is increasingly involved in enabling EUV lithography, focusing on process control systems essential for defect identification [7] Market Valuation - LRCX shares have increased by 25.9% year-to-date, outperforming the Zacks Electronics – Semiconductors industry, which rose by 6% [8] - The company trades at a forward price-to-earnings ratio of 22.94, below the industry average of 31.33 [10] - The Zacks Consensus Estimate for fiscal 2025 indicates a year-over-year increase of 33.8%, while a slight decline of 0.5% is expected for fiscal 2026 [11]

Group 1: Company Performance - ASML Holding reported net sales of €7.74 billion for Q1 fiscal 2025, reflecting a year-over-year increase of 46.4% and aligning with management's guidance of €7.5-€8 billion [1][10] - The company reaffirmed its full-year revenue outlook of €30 billion to €35 billion, indicating a potential year-over-year growth of 15% at the mid-point [1] - Bookings for the first quarter totaled €3.9 billion, with 60% from logic customers and 40% from memory, showcasing strong demand in both segments [2][10] Group 2: Technology Advancements - All NXE:3800E systems are now fully operational, supporting 220 wafers per hour, which is crucial for high-volume manufacturing in logic and memory applications [3] - ASML has shipped its fifth and final NXE:5000 system and plans to begin shipments of the NXE:5200 from Q2 2025, indicating progress in High NA EUV technology [4][10] - The adoption of EUV and High NA technologies is expected to enhance customer confidence and drive growth momentum in the near term [5] Group 3: Competitive Landscape - Applied Materials anticipates over 40% growth in DRAM revenues for fiscal 2025, driven by increased adoption of advanced etch systems [6] - Lam Research reported record foundry revenues, supported by demand for advanced packaging and DRAM technologies [7] Group 4: Valuation and Estimates - ASML trades at a forward price-to-sales ratio of 8.05X, which is higher than the industry average of 7.5X [11] - The Zacks Consensus Estimate for ASML's fiscal 2025 earnings implies a year-over-year growth of 30.45%, while fiscal 2026 estimates suggest a growth of 13.58% [14]

银烧结芯片贴装机是一种用于半导体芯片封装制造过程的专用设备，负责将芯片（ Die ）通过银烧结材料贴装到底座（如引线框架、 DPC 陶 瓷、 DBC 陶瓷基板等）上，以实现高导热、高可靠性连接。 据 QYResearch 调研团队最新报告"全球银烧结芯片贴装机市场报告 2025-2031 "显示，预计 2031 年全球银烧结芯片贴装机市场规模将达到 2 亿 美元，未来几年年复合增长率 CAGR 为 6.7% 。银烧结芯片贴装机技术正处于快速演进阶段，为满足功率半导体器件日益提升的性能要求和多 样化应用场景，设备制造商在精度、效率、智能化和工艺兼容性等方面持续创新。从当前研发动态和产业实践来看，该领域的技术发展呈现出 若干明显趋势，将深刻影响未来市场竞争格局。 银烧结芯片贴装机 ，全球市场总体规模 全球 银烧结芯片贴装机 市场前 11 强生产商排名及市场占有率（基于 2 02 5 年调研数据；目前最新数据以本公司最新调研数据为准） 来源： QYResearch 电子及半导体研究中心。行业处于不断变动之中，最新数据请联系 QYResearch 咨询。 根据 QYResearch 头部企业研究中心调研，全球范围内银 ...

银烧结芯片贴装机是一种用于半导体芯片封装制造过程的专用设备，负责将芯片（ Die ）通过银烧结材料贴装到底座（如引线框架、 DPC 陶 瓷、 DBC 陶瓷基板等）上，以实现高导热、高可靠性连接。 据 QYResearch 调研团队最新报告"全球银烧结芯片贴装机市场报告 2025-2031 "显示，预计 2031 年全球银烧结芯片贴装机市场规模将达到 2 亿 美元，未来几年年复合增长率 CAGR 为 6.7% 。银烧结芯片贴装机技术正处于快速演进阶段，为满足功率半导体器件日益提升的性能要求和多 样化应用场景，设备制造商在精度、效率、智能化和工艺兼容性等方面持续创新。从当前研发动态和产业实践来看，该领域的技术发展呈现出 若干明显趋势，将深刻影响未来市场竞争格局。 银烧结芯片贴装机 ，全球市场总体规模 全球 银烧结芯片贴装机 市场前 11 强生产商排名及市场占有率（基于 2 02 5 年调研数据；目前最新数据以本公司最新调研数据为准） 来源： QYResearch 电子及半导体研究中心。行业处于不断变动之中，最新数据请联系 QYResearch 咨询。 根据 QYResearch 头部企业研究中心调研，全球范围内银 ...

Investors might want to bet on Nova Ltd. (NVMI) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual ...

Core Viewpoint - The company, Silicondale Co., is the first domestic manufacturer to achieve the industrial application of 12-inch wafer probe stations, breaking the monopoly of overseas manufacturers in multiple semiconductor product fields [1] Company Summary - Silicondale Co. has established partnerships with leading domestic semiconductor manufacturers, enhancing its market position [1] - The company holds the largest market share among domestic manufacturers, with its products widely used in core production processes such as wafer manufacturing, packaging testing, and optoelectronic devices [1]