极紫外光刻机

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从房东到“光刻机股东”,张江高科“借东风”资本突围的转型考题
Hua Xia Shi Bao· 2025-09-29 12:37
产业逻辑重构的过程正在进行,而张江高科,恰好站在了这一轮国产半导体设备升级的分水岭上。 光刻机热潮驱动股价飙升 本报记者 张蓓 见习记者 黄指南 深圳报道 在近期的资本市场中,张江高科(600895.SH)意外站上了舆论与投资者关注的双重风口。 自9月19日起,其股价连续拉升,24日以涨停价报收。25日,其股价一度冲高至54.95元/股,创下历史 新高,公司总市值飙升至851亿元。 张江高科也于24日晚间发布公告,称其股票在9月19日至23日连续三个交易日收盘价涨幅偏离值累计达 20%。 表面上看,这轮股价异动与其主业关联度不高,实则背后隐藏着巧踩国产高端装备产业链的一次关键投 资。推动这波行情的核心变量,是张江高科所持股的光刻设备企业——上海微电子装备(集团)股份有 限公司(下称"上海微电子")。 今年工博会上,上海微电子首次展示了极紫外光刻机参数图,引发业内高度关注。而其拆分出的独立公 司"芯上微装"发布的下一代FanOut封装光刻机,获得工博会奖项的同时,标志着国内半导体制造设备在 关键环节上的技术进阶。 张江高科,这家本以园区开发为主业的企业,近年来股价和估值水平的飙升,已显著脱离了其传统房地 产框架 ...
大象转身难
Jing Ji Ri Bao· 2025-08-22 22:14
Core Viewpoint - The article discusses Intel's current struggles and strategic missteps, highlighting its significant financial losses and the consequences of past decisions that have led to its weakened market position [1][2][3][4][5] Financial Performance - In 2024, Intel reported a net loss of $18.8 billion, marking the largest loss in the company's history [1] - The company has been downsizing its workforce, cutting 15,000 jobs in 2024 and planning to reduce another 22,000 in 2025, bringing employee numbers down to levels not seen since 2010 [1] Strategic Missteps - Intel missed the opportunity to supply processors for Apple's iPhone, underestimating the smartphone market's potential, which allowed competitors like ARM to thrive [2] - The company failed to capitalize on the GPU market, with its i740 graphics card quickly exiting due to lack of competitiveness, reflecting a broader misjudgment of emerging technology trends [2] - Intel's management dismissed the importance of adopting extreme ultraviolet lithography technology, leading to delays in advancing their manufacturing processes and losing their competitive edge [3] Organizational Challenges - Intel's reliance on short-term profits and existing technology paths has hindered its ability to adapt to new market trends, resulting in a series of strategic failures [4] - Internal complexities, such as board and shareholder focus on short-term financials, have created resistance to necessary changes, making it difficult for the company to pivot effectively [4] Lessons for the Industry - Intel's situation serves as a cautionary tale for large enterprises, illustrating the risks of prioritizing short-term gains over long-term innovation and adaptability [5] - The article emphasizes that historical patterns of corporate decline can repeat, urging companies to remain vigilant and flexible in the face of rapid technological change [5]
阿斯麦担忧美国关税影响:可能无法在2026年实现增长
Huan Qiu Shi Bao· 2025-07-17 22:36
Core Viewpoint - ASML warns that uncertainties from US tariff policies may hinder its growth prospects for 2026 [1][2] Group 1: Financial Performance - ASML reported a second-quarter sales figure of €7.7 billion, exceeding market expectations of €7.54 billion [1] - The company has adjusted its full-year net sales growth forecast for 2025 to 15%, down from a previous estimate of €30 billion to €35 billion [1] Group 2: Market Conditions - The CEO of ASML, Peter Wennink, noted increasing uncertainties from macroeconomic and geopolitical factors, making it difficult to confirm growth for 2026 [1] - The recent US tariff announcement, which includes a 30% tariff on EU imports starting August 1, has heightened uncertainty for ASML's sales to US clients [1] Group 3: Client Impact - Major clients like Intel and TSMC are experiencing performance impacts due to US export restrictions and tariffs, leading to delayed purchases [2] - ASML's CFO, Roger Dassen, indicated that clients are waiting for clearer guidance on tariffs and export controls before making purchasing decisions [2] Group 4: Future Outlook - Despite the downward adjustment in profit outlook, ASML sees strong demand from AI sector clients for 2026 [2] - There are signs of potential easing in US-China relations, which could benefit ASML if restrictions on sales to China are lifted [2][3] Group 5: Regulatory Environment - The US regulatory environment remains volatile, with an ongoing "Section 232 investigation" that could lead to additional tariffs on the semiconductor industry [3] - ASML has faced restrictions on selling advanced chip manufacturing tools to China, impacting its market potential in that region [3]
欧盟制定《芯片法案2.0》,应对特朗普时代
半导体行业观察· 2025-05-01 02:56
Core Viewpoint - The European Union's (EU) goal to capture 20% of the global semiconductor market by 2030 appears highly unlikely, with current projections estimating only an increase from 9.8% in 2022 to 11.7% by 2030, far below the target [3][4]. Group 1: Current Status and Challenges - The EU's semiconductor industry is currently dominated by a few large companies, which poses risks as delays or failures in individual projects can disproportionately affect the entire sector [4]. - The EU's Chip Act, while ambitious, is not expected to significantly enhance the EU's global market share in semiconductors, as the funding and strategic implementation are insufficient [4][5]. - External challenges such as reliance on imported raw materials, high energy prices, environmental issues, geopolitical instability, and a shortage of skilled labor further complicate the EU's semiconductor ambitions [4][5]. Group 2: Recommendations and Strategic Actions - The European Court of Auditors (ECA) recommends that the EU Commission reassess the Chip Act's goals in light of current resources and global competition, and establish a new semiconductor strategy with clear, achievable targets [5][6]. - The EU should learn from Japan's approach to maintaining strategic industries and consider a more cohesive industrial strategy that emphasizes the importance of semiconductors in economic security [7][8]. - A "Semiconductor Alliance" has been initiated by nine EU member states to enhance competitiveness and strategic autonomy in the semiconductor sector, aiming for better collaboration with the EU Commission [9][10]. Group 3: Future Directions - The EU's semiconductor strategy should focus on leveraging existing strengths, such as the dominance of companies like ASML in critical manufacturing technologies, to navigate the competitive landscape shaped by US-China tensions [7][12]. - Emphasizing the relationship between semiconductors and national defense could influence future budget negotiations within the EU, especially as member states increase defense spending [11][12]. - The EU must adopt a proactive stance rather than a defensive one, ensuring it remains a key player in semiconductor negotiations rather than being sidelined by larger powers [12].
ASML扩招5倍员工!
国芯网· 2025-04-03 04:40
Core Viewpoint - ASML is expanding its workforce in Japan to enhance its EUV technology capabilities, reflecting confidence in the Japanese semiconductor market and supporting local industry advancements [1][2]. Group 1: ASML's Expansion Plans - ASML plans to increase its advanced EUV machine workforce in Japan by five times, indicating a strategic move to meet the growing global demand for high-performance chips [1]. - By 2027, ASML aims to expand its maintenance staff in Japan to 100 personnel to support the increasing number of EUV devices [2]. Group 2: Impact on Japanese Semiconductor Industry - The expansion of ASML's operations is expected to aid in the technological upgrade and talent development of Japan's semiconductor industry [1]. - Japanese semiconductor company Rapidus is set to begin trial production of 2nm technology this month, with a goal of full-scale production by 2027, aligning with ASML's efforts [1]. Group 3: Operational Considerations - Chip manufacturing involves numerous processes, and any downtime during the photolithography stage can lead to significant opportunity losses, estimated by ASML to be thousands of dollars per minute [2]. - ASML's maintenance teams will need to be stationed near client factories to ensure rapid response to any equipment issues [2].