International financial analysis: in addition to developing heavyweight stocks such as heavy industries, Boeing and 3M, 158 S & P 500 companies including Facebook, apple, Texas Instruments and Qualcomm will announce their financial reports this week. According to the 83 financial reports released so far, although only 40% of the enterprises' revenue is better than expected, lower than 47% of the 10-year historical average, the average profit growth is 3% higher than the same period last year, which is obviously better than the market forecast of 1.6%. In addition, the US stock market has been revised ahead of time, so the probability of future market stabilization is quite large.
On the whole, the strength of US consumption recovery has entered a considerable degree. With the growth of corporate profits and reinvestment, QE policy is transparent, and the debt ceiling interference is no longer, the probability of systemic risk in US stocks is quite low.
During the shock period of US stocks, the global capital flow is worthy of attention. According to EPFR data, after emerging markets set a 21 week continuous outflow of funds, with a total amount of US $52.3 billion, the inflow began to reverse on March 27. Considering that global fund managers' allocation of emerging market positions in March this year hit a new low since 2004, which is 31% lower than the standard value, we should pay attention to the value of follow-up compensation. Recently, the financial market has subverted the "DM in, em out" (entering developed markets and leaving emerging markets). During the period of capital flow, the growth rate has lagged behind, showing moderate risk adjustment and benign rotation, which also reflects that the track of global economic recovery has not been destroyed. In addition, the ECB will launch new easing measures in June, which is expected to increase by 1, Liquidity of 72.5 billion euro, if the benchmark interest rate is reduced by 0.15% to 0.1% at the same time, and the subsequent release of jqe2 by BoJ of the Bank of Japan in July will double the purchase volume of ETFs, so that the global capital will not be in short supply; if the fundamentals continue to recover and the funds are abundant, the long-term continuity is worth looking forward to.
Industry trends and operation strategies:
Recently, the business transformation of the PCB industry in the second half of the year has attracted continuous attention. In addition to benefiting from HDI (high density connector board) and FPC (soft board), which are in great demand for large-scale iPhone 6 capacity, some PCB equipment manufacturers' transformation in recent years is also worth noting.
Taiwan PCB operators have been increasing automation in the long run, due to the rising labor costs in Chinese mainland. The trend of more fine lines has made the importance of AOI (automatic optical inspection) equipment increase rapidly.
The main products of Taiwan's leading AOI manufacturers cover HDI and IC board appearance inspection (AFI), circuit inspection (AOI), PCB drilling and forming inspection, etc. in the past, they mainly used sampling inspection equipment. With the technological breakthrough and brand awareness increasing, they have successfully turned to the in-line mode, breaking through the oligopoly situation of 90% of the total market share of Orbotech and camtek.
In recent years, the company has focused its resources on IC carrier testing equipment. The three major domestic IC board manufacturers have all been their customers. Among them, Xinxing's existing four factories have been completely upgraded and replaced with their equipment. At present, the company has not only obtained orders for the expansion of Xinxing's IC carrier plate testing equipment, but also has continuously increased the company's penetration rate with the continuous increase of Xinxing's carrier capacity expenditure The company will launch new aofi products next month. In addition to the HDI type false number increased to 1 / 5 of that of the same industry, and it has the performance and price competitiveness, the IC carrier aofi type can check the integrity of the circuit first, reduce the measurement points of the electrical test, and effectively reduce the cost of the customer's fixture. At present, it has been tested in the main carrier customer's factory, and the follow-up operation is worth looking forward to.
(Business Times)
(Editor in charge：admin)
