China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);</li>
<li>The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;</li>
<li>The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in <strong>disfavor</strong> of China. </li>
</ul>


In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);
The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;
The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in disfavor of China. 


China's Near-Term Semiconductor Bottleneck Isn't ASML

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>The year 2023 began with a significant downturn in the semiconductor market.</li><li>Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.</li><li>Supply outpaced demand, and the market turned into a period of oversupply.</li></ul>

The year 2023 began with a significant downturn in the semiconductor market.Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.Supply outpaced demand, and the market turned into a period of oversupply.

Semiconductor Outlook 2024: AI's Adolescence

<ul><li>Welcome to the Halloween Earnings Edition. It's a spooky time in markets.</li><li>So far, there’s been a lot of volatility this earnings season, specifically around the Magnificent 7. Let’s discuss.</li><li>I won’t discuss each company specifically, but I will focus on the high-level capex commentary.</li></ul>

Welcome to the Halloween Earnings Edition. It's a spooky time in markets.So far, there’s been a lot of volatility this earnings season, specifically around the Magnificent 7. Let’s discuss.I won’t discuss each company specifically, but I will focus on the high-level capex commentary.

Halloween Earnings Season 🎃 (Hyperscalers, TXN, VICR, SK Hynix, KLAC, MXL, INTC, AWE, ACMR, BESI)

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

<ul>
<li>Welcome back to Monday Delights!</li>
<li>This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li>
<li>The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li>
</ul>


Welcome back to Monday Delights!
This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.


Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）</li>
<li>300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）</li>
<li>ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)</li>
</ul>


BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）
300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）
ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)


[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

United States

ACM Research, Inc. develops wet processing technology. The Company produces equipment for a range of applications in integrated circuits and wafer level packaging, as well as offers coating, developer, wet stripping, scrubber, and plating systems. ACM Research serves customers worldwide.

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ACM Research (ACMR US)

China's Near-Term Semiconductor Bottleneck Isn't ASML

China's semiconductor bottleneck isn't lithography tools in the near term, it is etchers. We see ST pressure, MT opportunity and LT challenge from...

Blue Lotus Research Institute

Semiconductor Outlook 2024: AI's Adolescence

Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

Fabricated Knowledge

Halloween Earnings Season 🎃 (Hyperscalers, TXN, VICR, SK Hynix, KLAC, MXL, INTC, AWE, ACMR, BESI)

Welcome to the Halloween Earnings Edition. It's a spooky time in markets. So far, there’s been a lot of volatility this earnings season,...

Fabricated Knowledge

Monday Delight: 03/02/25

Welcome back to Monday Delights! This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that...

Contrarian Cashflows

[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China's Near-Term Semiconductor Bottleneck Isn't ASML

China's semiconductor bottleneck isn't lithography tools in the near term, it is etchers. We see ST pressure, MT opportunity and LT challenge from...

Blue Lotus Research Institute

Semiconductor Outlook 2024: AI's Adolescence

Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

Fabricated Knowledge

Halloween Earnings Season 🎃 (Hyperscalers, TXN, VICR, SK Hynix, KLAC, MXL, INTC, AWE, ACMR, BESI)

Welcome to the Halloween Earnings Edition. It's a spooky time in markets. So far, there’s been a lot of volatility this earnings season,...

Fabricated Knowledge

Monday Delight: 03/02/25

Welcome back to Monday Delights! This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that...

Contrarian Cashflows

[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

​Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Blue Lotus Research Institute

Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...