邀请：分析师通道- 2026年全球晶圆制造设备支出（WFE）的上行 下行风险

Simon Coles, CFA+44 (0)20 3555 4519Barclays, UKRelevant ResearchGlobal Semiconductors: Upside/downside risks for 2026 WFE (3 June 2025)ASM - Outpacing the rest - upgrade to OW (3 June 2025)ASML - Stepping aside for now - downgrade to EW (3 June 2025)Meet the AnalystsEuropean Technology Hardware Simon Coles is a Director and sector head of EuropeanTechnology Hardware covering semiconductors andtelecom equipment. The team focuses on technologytransitions and geopoliticalshifts,including Chinalocalisation, supported by extensive field trips. In less than2 years of sector coverage, Simon ranked #6 in the 2024European Technology Hardware Extel Survey. Simonjoined Barclays in 2012 and has over 10 years’ experiencein equity research, previously covering European telecomsand towers. Simon studied Natural Sciences and holds anMSc in Financial Computing, both at University CollegeLondon, and is a CFA Charterholder.View Analyst PageTom O'Malley is a Director and Equity Research analystcovering U.S. Semiconductors & Semiconductor CapitalEquipment. He joined Barclays in 2014 as a member of theSemiconductor team and went on to lead coverage ofSMID Cap Semis. Tom took over coverage of theSemiconductor & Semiconductor Capital Equipmentfranchise at the end of 2023. Prior to joining Barclays, Tomworked at Ernst & Young in Advisory Services and earned aB.S. in Finance and English minor from Lehigh University.View Analyst Page Tom O'Malley+1 212 526 0692BCI, USU.S. Semiconductors & Semiconductor Capital EquipmentThis event is intended for Barclays institutional investor clients only. This event is strictly and solelyfor the benefit of the intended recipients. Please do not forward this invitation to any other partywithout written consent from Barclays Research. Barclays' Investment Bankers are permitted toattend this event. Participant comments are not for attribution.If your firm is in-scope for research unbundling under MiFID II and you require further informationregarding pricing to participate in this Barclays Research content event, please contact your salesrepresentative.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies coveredin its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that couldaffectthe objectivity of this report. Investors should consider this report as only asingle factor in making their investment decision.Any views or opinions by Barclays research analysts have been previously published in researchreports available to our clients on Barclays Live. Click here to view the guide to the Barclaysfundamental equity research rating system.For analyst certifications and important disclosures including, where applicable, foreignaffiliatedisclosures, and the date and time when the production of each recommendation was completed andfirst disseminated, please refer to the full document(s) included in this email or go to our Researchportal on Barclays Live. To access conflict of interest disclosures relating to issuers covered byBarclays Research, please see https://publicresearch.barclays.com.Barclays Events Terms of Service | Barclays Events Privacy NoticeDisclaimer:BARCLAYSThis communication has been prepared by Barclays.“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” meansBarclays Bank PLC, Barclays PLC and any of their subsidiaries,affiliates,ultimate holding companyand any subsidiaries oraffiliatesof such holding company.CONFLICTS OF INTERESTBARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course ofofferinginvestment bankingproducts and services to clients, Barclays may act in several capacities (including issuer, marketmaker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty andcalculation agent) simultaneously with respect to a product, giving rise to potential conflicts ofinterest which may impact the performance of a product.BARCLAYS POSITIONSBarclays may at any time acquire, hold or dispose of long or short positions (including hedging andtrading positions) and trade or otherwiseeffecttransactions for their own account or the account oftheir customers in the products referred to herein which may impact the performance of a product.FOR INFORMATION ONLYTHIS DOCUMENT IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE.This information has been prepared by the Research Department within the Investment Bank ofBarclays. The information, analytic tools, and/or models referenced herein (and any reports or resultsderived from their use) are intended for informational purposes only. Barclays has no obligation toupdate this information and may cease provision of this information at any time and without notice.NO OFFERBarclays is notofferingto sell or seekingoffersto buy any product or enter into any transaction. Anyofferor entry into any transaction requires Barclays’ subsequent formal agreement which will besubjec