阿斯麦（ASML）今日盘中股价大幅上涨5.04%，引起了市场的广泛关注。
消息面上，近期资本市场投资逻辑正转向“HALO”（重资产、低淘汰率）框架，市场开始重新评估实体资产的价值。作为全球唯一的极紫外光刻机（EUV）供应商，阿斯麦被视为半导体供应链中最不可替代的公司之一，其订单额近期创下历史纪录，凸显了其在AI时代构建物理基础设施中的核心地位与稀缺性。
分析指出，在利率上升、地缘政治分化与AI资本开支增加的多重背景下，制造芯片所需的半导体设备因其高资本与技术壁垒、长生命周期而受到资本青睐。AI芯片对先进制程的刚性需求，直接转化为对阿斯麦等公司先进设备的持续采购，这构成了其股价上涨的核心驱动力。
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