以下文章来源于余盛 ，作者余盛 余盛 . 阿斯麦退出中国市场，给了竞争对手可乘之机。 2023 年 12 月，全球第二大光刻机厂商尼康宣布推出浸 润式 ArF 光刻机新品 NSR-S636E ，于 2024 年 1 月开售。在此之前，尼康已中标了上海积塔半导体招 标的 ArFi 浸润入式 DUV 光刻机，说明上海积塔半导体很可能是尼康新款光刻机的首个客户，甚至可 能是共同研发伙伴，就像当年台积电与阿斯麦共同研发浸润式光刻机和 EUV 光刻机一样。尼康的 NSR-S636E 是一款高性能的光刻设备，分辨率≤ 38 纳米，数值孔径（ NA ） 1.35 ，套刻精度（ MMO ）≤ 2.1 纳米，最高可满足 7 纳米工艺的芯片制造需求。 科技、财经和历史类，原创深度评论 2024 年，阿斯麦的股市表现很不好看。年初市值约 2800 亿美元，一年过去，到 2025 年年初，市值却 仍然是 2800 亿美元。由于第三季度的财报披露新增订单量仅为 26 亿欧元，远低于分析师预期的 54 亿 欧元，导致市场信心大跌，阿斯麦的市值在 11 月 15 日跌到年内最低谷的 2591 亿美元。与 7 月 10 日最 高峰的 432 ...

Key Takeaways ASML saw China contribute 27% of Q1 2025 revenues, driven by strong DUV lithography system demand. EUV system exports to China remain restricted under U.S. and Dutch trade controls. ASML stated steady customer behavior but warned of rising uncertainty amid global trade tensions.ASML Holding’s (ASML) sales to China accounted for 27% of first-quarter 2025 total revenues, which was way higher than the earlier expectations of low-20% levels. This increase came mainly from strong demand for Deep ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在如今的半导体产业中，光刻作为芯片制造的核心工艺，愈发受到重视，在这场围绕纳米级精 度的技术竞逐中，ASML的表现尤为瞩目。 但ASML的能力，远不止于制造众所周知的光刻机。在光刻这门微观艺术里，ASML早已构建 出一整套覆盖前后工序、软硬结合的全景光刻解决方案。这是一个由多项硬件模块、软件平台 与优化算法协同运作的技术系统——涵盖光刻机台、光罩优化、光学对准、计算光刻、缺陷检 测，甚至延伸到晶圆厂工艺协同。 可以说，如今的ASML代表的远不止一台设备，而是光刻背后的一整套技术生态。 为推动光刻技术走近大众视野，激发更多人对芯片制造核心工艺的兴趣，ASML中国在2025年6月20 日隆重举办「ASML杯」光刻「芯」势力知识挑战赛。这不仅是一场面向科技爱好者和专业人才的知 识盛宴，更是一扇通往"全景光刻世界"的探索之门。 目前「ASML杯」光刻「芯」势力知识挑战赛的报名已经正式开始， 欢迎点击文末"阅读原文"或扫 描下方二维码 ，参与这场光刻技术盛宴。 半导体行业观察作为行业知名媒体，自然不会错过这场别开生面的光刻技术挑战赛，在深入了解挑战 赛后，我们发现这些光刻 ...

Core Viewpoint - The U.S. Department of Commerce plans to revoke the blanket exemption for major semiconductor manufacturers like TSMC, Samsung, and SK Hynix, which allows them to use U.S. technology in their factories in mainland China without individual license applications, increasing operational burdens for these companies [1][2]. Group 1: Impact on Semiconductor Manufacturers - The tightening of chip equipment licensing by the U.S. primarily targets China's high-tech industry but adversely affects the operations of global semiconductor manufacturers in China [2]. - China is the largest semiconductor equipment market, accounting for 38% of the global market share in 2024, with U.S. companies like Applied Materials and Lam Research relying on China for 30% to 40% of their revenue [2]. - Samsung's NAND flash factory in Xi'an contributes 30% to 40% of its total NAND production, while SK Hynix's investment in Chinese semiconductor equipment is projected to increase tenfold in 2024, with its Wuxi DRAM factory generating approximately $9 billion in sales, a 64.3% increase [2]. Group 2: Comparison with Rare Earths - The U.S. attempts to equate chip manufacturing equipment with China's rare earth materials management, which is fundamentally flawed as chip equipment is primarily for civilian high-tech industries, unlike rare earths that have military applications [1][2]. - The U.S. strategy to link chip equipment licensing with China's rare earth controls is seen as a mischaracterization of the nature of these resources [1]. Group 3: Global Semiconductor Supply Chain Dynamics - The U.S. does not have absolute control over the semiconductor manufacturing industry, as American chip equipment companies hold only about one-third of the global market share, requiring cooperation from countries like the Netherlands and Japan to enforce restrictions [3]. - The restrictions are catalyzing a "de-Americanization" of the global supply chain, with companies like ASML and Tokyo Electron benefiting from the market gap left by U.S. companies [3]. - Chinese domestic equipment manufacturers are making significant progress, with market share for domestic equipment rising from 16% in 2020 to 28% in 2024, driven by innovations such as the 5nm etching machine validated by TSMC [3]. Group 4: Long-term Implications - The U.S. efforts to completely isolate China from the semiconductor industry are seen as unrealistic, as reversing China's existing capabilities is a significant challenge [4]. - Despite pressures, global semiconductor companies continue to engage with the Chinese market, with firms like NVIDIA launching China-specific GPU versions and maintaining their business scale in China through local R&D [4][5]. - The rapid technological advancements of Chinese equipment manufacturers, achieving over 30% annual iteration rates, are undermining U.S. attempts to disrupt the semiconductor supply chain [5].

证券研究报告 | 2025年06月15日 医药生物周报（25 年第 23 周） 优于大市 炎症性肠病数据梳理，关注具备创新资产的标的 本周医药板块表现弱于整体市场，化学制药板块领涨。本周全部 A 股上涨 1.42%（总市值加权平均），沪深 300 上涨 0.88%，中小板指上涨 1.62%， 创业板指上涨 2.32%，生物医药板块整体上涨 1.13%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药上涨 1.67%，生物制品上涨 1.00%，医疗服务上涨 0.73%，医疗器械上涨 1.11%，医药商业上涨 1.13%，中药上涨 0.39%。医药生物市盈率（TTM）34.41x，处于近 5 年历史估值的 72.02%分位数。 核心观点 行业研究·行业周报 医药生物 优于大市·维持 | chenxibing@guosen.com.cnpengsiyu@guosen.com.cn | | | --- | --- | | 0755-81982939 S0980521120001 | 0755-81982723 S0980521060003 | 炎症性肠病的临床数据展示出良好的临床疗效。炎症性肠病（IBD）为一种 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 投资逻辑 光刻机是晶圆制造最核心设备之一，技术难度最高且当前国产化率最低。 在半导体制造领域，光刻机是延续摩尔定律的核心装备。当前最高端的产品为ASML 研发 的EUV 光刻机，能支持7nm甚至更先进工艺，是延续摩尔定律的核心突破，正推动半导体产业持续迭代。全球光刻机市场呈现出明显的寡头垄断格局。ASML、 Nikon 和Canon三家公司长期占据全球光刻机市场的主导地位。其中，ASML 凭借其在高端光刻机领域的技术优势，2024 年占据了全球光刻机市场61.2%的份额，特 别是在EUV 光刻机领域，ASML 是全球唯一的供应商。尼康和佳能则主要集中在中低端光刻机领域。 中国光刻机需求量较大，但国产化率极低。 中国目前是 ASML 光刻机最大的客户，2024 年因晶圆厂扩产景气度及超额备货的因素中国区收入占比爆发增长至41%。海外制裁持续加剧，核心科技受制于人，国产替代势在 必行。 光学系统为光刻机最核心部件。 光刻机光学部件指直接参与光的传输和处理过程精密零部件。一台光刻机主要由以下系统组成： 光学系统 ...

Group 1 - Recent developments indicate a potential thaw in US-China relations, with a pause on "reciprocal tariffs" and renewed communication channels [1][3] - The article emphasizes the need to focus beyond tariffs to address the broader and more damaging non-tariff sanctions imposed by the US [1][3] - The US has a long history of sanctions against China, which have expanded significantly over the past decade, particularly in non-military sectors [3][5] Group 2 - The US has established a complex and extensive sanctions regime against China, which includes various legislative measures aimed at restricting technological and economic cooperation [5][6] - Key legislative acts such as the "2021 US Innovation and Competition Act" and the "2022 Chips and Science Act" have institutionalized measures against Chinese technology and supply chains [6][8] - The US has increasingly utilized "blacklists" to restrict Chinese companies, with over 1,000 entities listed under various sanctions categories, impacting sectors like AI, semiconductors, and aerospace [10][11] Group 3 - The article outlines the US's strategy of forming international coalitions to counter China's technological advancements, including initiatives like the "Tech Democracy Alliance" [20][22] - The US has been actively encouraging allied nations to adopt similar sanctions and restrictions against China, creating a global framework for economic and technological containment [22][23] - Recent legislative actions in the US Congress have been characterized as a systematic approach to economically and politically isolate China [9][23] Group 4 - The article discusses the implications of US sanctions on Chinese companies, highlighting the challenges faced in legal recourse and the opaque nature of the US judicial process [26][30] - It notes that the US government often employs vague and broad criteria for sanctions, making it difficult for affected companies to defend themselves [30][31] - The increasing frequency and variety of sanctions have created a challenging environment for Chinese firms, with an average of one new sanction measure introduced every three days over the past two decades [34][36] Group 5 - The article calls for a strategic response from China to counter US sanctions, advocating for a comprehensive framework to address the challenges posed by non-tariff measures [40][42] - It emphasizes the importance of enhancing domestic capabilities and international cooperation to mitigate the impact of US sanctions [42][43] - The need for a proactive approach in negotiations and policy formulation is highlighted, aiming to reclaim lost ground in the face of US economic aggression [41][44]

据国外媒体报道称， 近日ASML CEO接受媒体采访时表示，中国早已研发国产光刻设备。 在这位CEO看来，尽管中国在赶超ASML的技术方面还有很长的路要走，但美国出台的打压措施只会适 得其反，让中国"更努力取得成功"。他还称，与其打压中国等竞争对手，不如将注意力放在创新上。 来源：快科技 在这之前，中国科学院成功研发除了突破性的固态DUV(深紫外)激光，可发射193nm的相干光，与目前 主流的DUV曝光波长一致，能将半导体工艺推进至3nm。 加入"中国IC独角兽联盟"，请点击进入 中国科学院的这种技术最终获得的激光平均功率为70mW，频率为6kHz，线宽低于880MHz，半峰全 宽(FWHM)小于0.11pm(皮米，千分之一纳米)，光谱纯度与现有商用准分子激光系统相当。 投稿 、 商务合作 请微信 dolphinjetta 基于此，甚至可用于3nm的工艺节点。 是说芯语，欢迎关注分享 这种设计可以大幅降低光刻系统的复杂度、体积，减少对于稀有气体的依赖，并大大降低能耗。 相关技术已经在国际光电工程学会(SPIE)的官网上公布。这种全固态DUV光源技术虽然在光谱纯度上已 经和商用标准相差无几，但是输出功率、频率都 ...

Core Viewpoint - Trevi Therapeutics, Inc. has successfully closed a public offering of 20,010,000 shares at a price of $5.75 per share, raising approximately $115.1 million in total proceeds before expenses [1]. Group 1: Offering Details - The public offering included 2,610,000 additional shares due to the underwriters' full exercise of their option to purchase more shares [1]. - The offering was managed by Morgan Stanley, Leerink Partners, Stifel, and Cantor as joint book-running managers [2]. - The shares were offered under a shelf registration statement filed with the SEC, which was declared effective on August 15, 2023 [3]. Group 2: Company Overview - Trevi Therapeutics is a clinical-stage biopharmaceutical company focused on developing Haduvio™ (oral nalbuphine ER) for treating chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and refractory chronic cough (RCC) [5]. - Haduvio functions as a kappa agonist and mu antagonist (KAMA), targeting opioid receptors involved in controlling chronic cough [5].

Teva Pharmaceutical Industries (TEVA) 2025 Conference June 04, 2025 09:20 AM ET Speaker0 Good morning. Welcome to the Jefferies Healthcare Conference in New York, day one. My name is Dennis Thing, biotech analyst, here at Jefferies. I have the great pleasure of having Teva here with us. Welcome. So maybe to I think there's a little bit of feedback, but maybe just help level set us in terms of where the business is right now and how the business has evolved over the last several years and some of the investm ...