<p>ASML 的标志在智能手机上显示，背景中可见 ASML 芯片。</p>
<p>Nurphoto | Nurphoto | Getty Images</p>
<p>在对中国的出口限制和美国关税不确定性之下，ASML 的市值在不到一年内蒸发了超过 1300 亿美元。</p>
<p>根据 S&amp;P Capital IQ 的数据，ASML 的股票在去年 7 月创下每股超过 1000 欧元的历史高点，市值达到 4295 亿美元，但在周二收盘时跌至不到 2970 亿美元。</p>
<p>由于美国对中国的芯片出口限制收紧以及特朗普总统自上任以来对该行业的关税威胁，半导体股票自去年以来一直波动不定。ASML 和其他欧洲半导体公司感受到了压力。</p>
<p>ODDO BHF 的股票研究负责人 Stephane Houri 在周三接受 CNBC 的《欧洲早间版》采访时表示：“所有设备制造商都在下跌，因为他们集中在对……美国对中国的限制的担忧上。”</p>
<p>Houri 还表示，关税讨论和关于公司是否在人工智能上过度投资的辩论引发了人们对 “需求是否未达到许多人预期水平” 的质疑。</p>
<p>ASML 是半导体供应链中最重要的公司之一。它设计的工具被称为极紫外光刻（EUV）机，制造商如台积电会购买这些设备，而这些设备是制造世界上最先进芯片所必需的。</p>
<p>该公司最近开始交付下一代这些机器，称为高数值孔径（High NA）。</p>
<p>ASML 被广泛视为全球唯一能够生产这些 EUV 机器的公司，这使其拥有了广泛的护城河。</p>
<p>但 ASML 从未能够将其最先进的机器运送到中国，这切断了这家荷兰公司的潜在销售。ASML 首席执行官 Christophe Fouquet 在 1 月告诉 CNBC，他预计到 2025 年，“我们在中国的业务比例将低于 2023 年和 2024 年”。</p>
<p>ASML 并不是唯一面临关税和中国挑战的公司。全球的芯片股票都受到与中国和关税相关的全球市场不确定性的压力。</p>
<p>美国和欧洲之间的贸易和关税协议可能会为投资者消除一些不确定性。</p>
<p>Houri 补充道：“如果最终与特朗普总统以及……欧洲和许多其他国家达成协议，他们可能会从市场的缓解中受益，尤其是在该行业。”</p>
<p>尽管外部压力对 ASML 造成了影响，分析师们对该股票仍然相对看好。根据 LSEG 汇总的分析师预测，ASML 的目标价格略高于 779 欧元。这意味着与周二的收盘价相比，约有 17% 的上涨空间。</p>
<p>本月，富国银行在与 ASML 管理层会晤后向客户发布了一份报告。该投资银行的分析师表示，ASML“对 2025 年和 2026 年的增长机会持积极态度”，强调了三星和英特尔等正在投资下一代芯片制造工具的公司。</p>

阿斯麦

<p>ASML 因美国对中国的出口限制和关税不确定性，市值损失超过 1300 亿美元。该公司的股票在去年七月曾达到超过 1000 欧元的峰值，但此后已跌至不到 2970 亿美元。尽管面临这些挑战，分析师们仍然保持乐观，目标价超过 779 欧元，显示出潜在的 17% 的上涨空间。ASML 在半导体供应链中至关重要，生产先进的极紫外光（EUV）机器，但在对中国的销售上面临限制。潜在的美欧贸易协议可能会缓解一些市场不确定性</p>

<p>An icon of ASML is displayed on a smartphone, with an ASML chip visible in the background.</p>
<div class="lb-trans"><p>ASML 的标志在智能手机上显示，背景中可见 ASML 芯片。</p>
</div><p>Nurphoto | Nurphoto | Getty Images</p>
<div class="lb-trans"><p>Nurphoto | Nurphoto | Getty Images</p>
</div><p>More than $130 billion of value has been wiped off of ASML in under a year amid restrictions on exports to China and U.S. tariff uncertainty</p>
<div class="lb-trans"><p>在对中国的出口限制和美国关税不确定性之下，ASML 的市值在不到一年内蒸发了超过 1300 亿美元。</p>
</div><p>Shares of ASML, which is seen as a critical cog in the semiconductor supply chain, hit a record high of over 1,000 euros a piece in July last year for a market capitalization of $429.5 billion, according to data from S&amp;P Capital IQ. That fell to just under $297 billion at the Tuesday close price.</p>
<div class="lb-trans"><p>根据 S&amp;P Capital IQ 的数据，ASML 的股票在去年 7 月创下每股超过 1000 欧元的历史高点，市值达到 4295 亿美元，但在周二收盘时跌至不到 2970 亿美元。</p>
</div><p>Semiconductor stocks have been volatile since last year due to tightening U.S. chip export restrictions to China and U.S. President Donald Trump's threat of tariffs on the sector since he took office. ASML and other European semiconductor firms have felt the heat.</p>
<div class="lb-trans"><p>由于美国对中国的芯片出口限制收紧以及特朗普总统自上任以来对该行业的关税威胁，半导体股票自去年以来一直波动不定。ASML 和其他欧洲半导体公司感受到了压力。</p>
</div><p>&#34;All the equipment manufacturers in the space have come down because they are concentrating all the fears around … the U.S. restrictions to China,&#34; Stephane Houri, head of equity research at ODDO BHF, told CNBC's &#34;Europe Early Edition&#34; on Wednesday.</p>
<div class="lb-trans"><p>ODDO BHF 的股票研究负责人 Stephane Houri 在周三接受 CNBC 的《欧洲早间版》采访时表示：“所有设备制造商都在下跌，因为他们集中在对……美国对中国的限制的担忧上。”</p>
</div><p>Houri also said tariff discussions and debate over whether companies are over-investing in artificial intelligence, bringing up questions over whether &#34;demand is not at the level that many people expect.&#34;</p>
<div class="lb-trans"><p>Houri 还表示，关税讨论和关于公司是否在人工智能上过度投资的辩论引发了人们对 “需求是否未达到许多人预期水平” 的质疑。</p>
</div><p>ASML is one of the most important companies in the semiconductor supply chain. It designs tools, known as extreme ultraviolet lithography (EUV) machines, that are purchased by manufacturers like TSMC and are required to make the world's most advanced chips.</p>
<div class="lb-trans"><p>ASML 是半导体供应链中最重要的公司之一。它设计的工具被称为极紫外光刻（EUV）机，制造商如台积电会购买这些设备，而这些设备是制造世界上最先进芯片所必需的。</p>
</div><p>The company recently started shipping the next generation of these machines, known as high numerical aperture, or High NA.</p>
<div class="lb-trans"><p>该公司最近开始交付下一代这些机器，称为高数值孔径（High NA）。</p>
</div><p>ASML is widely seen as the only company in the world that can produce these EUV machines, giving it a wide moat.</p>
<div class="lb-trans"><p>ASML 被广泛视为全球唯一能够生产这些 EUV 机器的公司，这使其拥有了广泛的护城河。</p>
</div><p>But ASML has never been able to ship its most advanced machines to China, which has cut off potential sales for the Dutch firm. ASML CEO Christophe Fouquet told CNBC in January that, in 2025, he expects the &#34;ratio of our business in China to be lower than what it has been&#34; in 2023 and 2024.</p>
<div class="lb-trans"><p>但 ASML 从未能够将其最先进的机器运送到中国，这切断了这家荷兰公司的潜在销售。ASML 首席执行官 Christophe Fouquet 在 1 月告诉 CNBC，他预计到 2025 年，“我们在中国的业务比例将低于 2023 年和 2024 年”。</p>
</div><p>ASML is not alone in facing challenges from tariffs and China. Chip stocks across the world have felt pressure from the uncertainty in global markets linked to China and tariffs.</p>
<div class="lb-trans"><p>ASML 并不是唯一面临关税和中国挑战的公司。全球的芯片股票都受到与中国和关税相关的全球市场不确定性的压力。</p>
</div><p>A trade and tariffs deal between the U.S. and Europe could remove some uncertainty for investors.</p>
<div class="lb-trans"><p>美国和欧洲之间的贸易和关税协议可能会为投资者消除一些不确定性。</p>
</div><p>&#34;If there is an agreement in the end with President Trump and ... Europe and many other countries, they probably will benefit from the relief in the market, and notably in the sector,&#34; Houri added.</p>
<div class="lb-trans"><p>Houri 补充道：“如果最终与特朗普总统以及……欧洲和许多其他国家达成协议，他们可能会从市场的缓解中受益，尤其是在该行业。”</p>
</div><p>Despite the external pressures weighing on ASML, analysts are still relatively bullish on the stock. ASML has a target price of just over 779 euros, according to a average of analyst calls collated by LSEG. That implies around 17% upside from the Tuesday closing price.</p>
<div class="lb-trans"><p>尽管外部压力对 ASML 造成了影响，分析师们对该股票仍然相对看好。根据 LSEG 汇总的分析师预测，ASML 的目标价格略高于 779 欧元。这意味着与周二的收盘价相比，约有 17% 的上涨空间。</p>
</div><p>This month, Wells Fargo published a note to clients after a meeting with ASML management. The analysts at the investment bank said ASML &#34;remains positive on growth opportunities&#34; in 2025 and 2026, highlighting companies such as Samsung and Intel who are spending on next-generation chipmaking tools.</p>
<div class="lb-trans"><p>本月，富国银行在与 ASML 管理层会晤后向客户发布了一份报告。该投资银行的分析师表示，ASML“对 2025 年和 2026 年的增长机会持积极态度”，强调了三星和英特尔等正在投资下一代芯片制造工具的公司。</p>
</div>

由于中国和关税的影响，关键芯片公司阿斯麦的市值自峰值以来已经蒸发了 1300 亿美元