See page 5 for analyst certification and important disclosures, including non-US analyst disclosures. J P M O R G A N Asia Pacific Equity Research 27 August 2025 Semiconductor/SPE Chinese WFE outlook from SPE manufacturers' perspective Our global team expects demand for WFE in China in CY2025 to show flat to single-digit growth YoY (see August 17 report by Billy Feng and others), a more bullish stance than the market. Below we summarize the outlook of non-Chinese semiconductor production equipment manufactu ...

公司分析 - Applied Materials是人工智能时代半导体生产的关键环节 未来一段时间内可能持续受益于行业顺风 [1] - 尽管行业前景乐观 公司股价已下跌近30% [1] 行业趋势 - 半导体行业在人工智能发展推动下呈现增长态势 [1] 注：原文中大量内容涉及作者背景、免责声明等与公司/行业无关信息 已按要求跳过