公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ：内容 编译自 semi 。 SEMI今天在其全球半导体设备市场统计 (WWSEMS) 报告中宣布，2025 年第二季度全球半导体设备 营业额同比增长 24%，达到330.7 亿美元。受前沿逻辑、先进高带宽存储器 (HBM) 相关 DRAM 应 用以及亚洲出货量增长的推动，2025 年第二季度营业额环比增长 3% 。 SEMI预测2025年全球半导体设备销售额将创下1255亿美元纪录 根据国际半导体产业协会（SEMI ）此前发布的《2025年中期半导体设备总体预测》，全球半导体制 造设备销售额预计将在2025年创下1255亿美元的新高，同比增长7.4% 。预计增长势头将持续到2026 年，销售额预计将达到1381亿美元，这主要得益于对前沿逻辑、存储器和下一代技术转型的强劲需 求。 SEMI总裁兼首席执行官阿吉特·马诺查（Ajit Manocha）表示： "2025年上半年，全球半导体设备市 场表现强劲，营收超过650亿美元，这得益于2024年创纪录的1170亿美元营收。芯片制造商持续投资 产能，以支持推动人工智能浪潮的先进逻辑和内存创新，并支持旨在增强区域 ...

Group 1 - TMC's stock is experiencing significant sell-offs, down 8.2% amid a broader market decline [1][2] - The pressure on TMC's stock is linked to the U.S. facilitating a trade deal with China, which may weaken TMC's expansion outlook [2][5] - The Trump administration's recent lifting of export licensing requirements for advanced semiconductors to China is aimed at advancing trade talks, potentially impacting TMC's access to rare earth minerals [3][5] Group 2 - TMC has seen substantial gains this year, with a rise of over 500%, as investors anticipate its seabed mining capabilities to play a crucial role in U.S. mineral sourcing [4][6] - The future of TMC's stock valuation may be influenced by the inclusion of mineral access in a U.S.-China trade deal, which could create valuation pressures [5][6] - Despite the recent developments, the U.S. is likely to prioritize domestic mineral sourcing, suggesting that TMC's growth prospects are not entirely compromised [6]

Core Viewpoint - The global semiconductor manufacturing equipment sales are projected to reach a record high of $125.5 billion in 2025, with a year-on-year growth of 7.4%, driven by demand for advanced logic, memory, and technology transformation [1] Group 1: Semiconductor Equipment Sales Forecast - The semiconductor manufacturing equipment sales are expected to continue growing, reaching $138.1 billion in 2026, supported by AI-driven chip innovation and capacity expansion [1] - The wafer fabrication equipment (WFE) sector is projected to grow by 6.2% to $110.8 billion by 2025, with a further increase of 10.2% to $122.1 billion in 2026, primarily due to foundry and memory application sales growth [2] - The backend equipment sector is anticipated to see a strong recovery, with semiconductor test equipment sales expected to grow by 23.2% to $9.3 billion in 2025, and assembly and packaging equipment sales projected to reach $5.4 billion, growing by 7.7% [3] Group 2: WFE Sales by Application - WFE sales for foundry and logic applications are expected to grow by 6.7% to $64.8 billion in 2025, with a further increase of 6.6% to $69 billion in 2026, driven by strong demand for advanced nodes [6] - NAND equipment sales are projected to recover significantly, with a growth of 42.5% to $13.7 billion in 2025, and a further increase of 9.7% to $15 billion in 2026, supported by advancements in 3D NAND stacking technology [6] - DRAM equipment sales are expected to rise by 40.2% to $19.5 billion in 2024, with subsequent growth of 6.4% and 12.1% in 2025 and 2026, respectively, to support AI deployment investments [6] Group 3: Regional Semiconductor Equipment Sales - By 2026, mainland China, Taiwan, and South Korea are expected to remain the top destinations for equipment spending, with mainland China leading despite a projected decline from a record $49.5 billion in 2024 [9] - All regions, except Europe, are anticipated to see significant growth in equipment spending starting in 2025, although increasing trade policy risks may impact growth rates [9]

Core Insights - Applied Materials' share prices have increased by 31% from their 52-week lows, reflecting a broader rally in the tech sector, particularly the Nasdaq Composite index, which gained 25% during the same period [1][2] Financial Performance - The company reported a year-over-year revenue growth of 7% and a non-GAAP earnings per share (EPS) increase of 14% for the fiscal 2025 second quarter, despite a slightly lighter top line than expected [2][5] - In comparison, the previous year's quarter saw flat top-line growth and a slower adjusted earnings increase of 5%, indicating a significant improvement in performance [6] Market Dynamics - Applied Materials is experiencing growth despite reduced dependence on the Chinese market, where revenue from semiconductor manufacturing equipment sales has decreased from 43% to 25% year-over-year [5][6] - The global demand for semiconductors is being driven by factors such as artificial intelligence (AI), with predictions of improved demand for advanced chips in the latter half of 2025 and into the following year [7] Industry Trends - Major investments in AI infrastructure, such as the $500 billion Stargate project, are prompting foundries and chipmakers to enhance manufacturing capacities, with Taiwan Semiconductor Manufacturing Company (TSMC) planning a 38% increase in capital expenditures to $40 billion in 2025 [9][10] - TSMC's focus on advanced process nodes, which account for a significant portion of its revenue, is expected to contribute to a 2% increase in global semiconductor equipment spending this year, with a stronger 18% increase anticipated in 2026 [11] Future Outlook - Analysts forecast a 10% increase in Applied Materials' earnings to $9.49 per share for the current fiscal year, with expectations of continued growth in subsequent years [12] - If the company meets consensus earnings expectations, its stock price could potentially rise to $329, representing an 88% gain from current levels, as it trades at a discount compared to the Nasdaq-100 index [14][15]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 moneyDJ ，谢谢。 日本半导体(芯片)制造设备销售续旺，2025年3月份销售额大增约2成，月销售额连5个月4000亿日 圆、单个单月历史次高纪录。 日本半导体制造装置协会(SEAJ)公布的统计数据指出，2025年3月份日本制造晶片设备销售额(3个 月移动目标、包含出口)为4,324.01亿日圆、较去年同月大增18.2%，连续第15个月供货，产能连 12个月达2月份（10%以上）水平，月销售额连续第17个月突破3000亿日圆、连续5个月突破4000 亿日圆，仅低于2024年12月的4433.64亿日圆、创1986年开始进行统计以来历史次高记录。 与前一个月(2025年2月)相比、增长4.9%，3个月来首度出货月增。 SEAJ进一步表示，因预计逻辑/晶圆代工、存储芯片投资将稳健，因此也将2025年度（2025年4月 —2026年3月）日本半导体设备销售额由原先预估的44383亿日元上修至46774亿日元，将同比增 长10.0%。同时，预计AI相关的半导体将继续推升半导体设备需求，因此预计2026年度日本半导 体设备销售额将同比增10.0%至51452 ...

Core Viewpoint - ASML's stock has declined approximately 14% since analysts rated it as a strong buy in early February, and while it appears undervalued, it is currently not a buy due to bearish technical indicators and weak growth expectations for the second quarter [1][14]. Technical Analysis - The downward trend for ASML began with a bearish engulfing pattern in mid-February, and the stock is currently far below its trend line, indicating a lack of support and potential for further declines [3][4]. - The 50-day moving average has remained significantly below the 200-day moving average, indicating a consistent long-term bearish momentum [5]. - Recent price action shows that ASML has fallen below all Fibonacci retracement levels, suggesting that the recent rebound is failing [6]. - There are no signs of improvement in ASML's situation, with bearish indicators persisting [8]. Financial Performance - ASML reported net sales of €7.742 billion for Q1 2025, a year-over-year increase of 46.4%, aligning with expectations, and a dollar growth of 41.77% to $8.82 billion, exceeding forecasts by $35.52 million [11]. - The company’s bookings were €3.936 billion, slightly above the previous year's €3.611 billion, and adjusted earnings per share were $6.83, surpassing expectations by $0.31 [11]. - However, a concerning signal is the significant decline in operating cash flow, which, while historically normal for Q1, raises some alarm [11]. Future Guidance - ASML expects Q2 2025 revenue to be between €7.2 billion and €7.7 billion, representing a 19.3% increase from €6.243 billion in Q2 2024, but this is a significant slowdown compared to Q1's growth rate [12]. - The anticipated gross margin for Q2 is projected to be between 50% and 53%, which is consistent with the previous year's margin of 51.5% [12]. Valuation - The current price-to-sales ratio for ASML is 7.394, down from over 15 in mid-2024, indicating that the stock is undervalued despite the disappointing guidance for Q2 [14]. - The valuation reflects excessive pessimism, as the expected revenue growth remains around average levels, and the stock is trading at a premium of 193% compared to the median price-to-sales ratio in the IT sector [14][15]. - Although the stock may present a long-term investment opportunity, the combination of weak technicals and slowing growth suggests that short-term gains are unlikely [15].