Core Viewpoint - The recent tensions between the Netherlands and China, highlighted by the Nexperia incident, underscore the fragility of the semiconductor supply chain and the importance of dialogue to prevent escalation [2][3]. Group 1: Nexperia Incident - The Nexperia situation illustrates the critical nature of the semiconductor industry and the ecosystem's vulnerability, emphasizing the need for responsible actions and dialogue among stakeholders [2]. - Nexperia, owned by China's Wingtech Technology, primarily supplies power control chips to automotive manufacturers like BMW and Volkswagen. The Dutch government's sudden takeover of the company's key decision-making authority led to retaliatory actions from Beijing, disrupting the supply of critical automotive components [2]. - Recent developments indicate a thawing of relations, with China resuming some exports of Nexperia chips and the Dutch government planning to send a delegation to seek a mutually acceptable solution [2]. Group 2: ASML's Position - ASML, as the sole producer of advanced extreme ultraviolet (EUV) lithography machines, plays a pivotal role in the semiconductor industry, providing equipment to major companies like TSMC and Intel [3][5]. - The company reported a net sales figure of €28.3 billion (approximately $33.1 billion) for 2024, with a market capitalization exceeding €350 billion (around $406 billion), making it the most valuable company in Europe [5]. - ASML's success is attributed to significant investments in EUV technology, which required breakthroughs in physics, optics, and materials science, supported by direct investments from major industry players like Intel, TSMC, and Samsung [6]. Group 3: Leadership and Culture - ASML's CEO, Christophe Fouquet, emphasizes the company's strong sense of responsibility within the industry and the importance of long-term vision and restraint in leadership [6][8]. - The company fosters a culture of openness and collaboration, which is seen as a cornerstone of its innovation, allowing employees to communicate freely across all levels [8]. - The leadership style at ASML is characterized by humility and a focus on creating value for customers, recognizing the broader impact of their work on the world [8][9]. Group 4: Geopolitical Context - Geopolitical factors increasingly influence ASML's future, with export controls, subsidies, and strategic alliances playing a critical role alongside technological advancements [8]. - The company recognizes the necessity of adapting to macroeconomic and geopolitical uncertainties while maintaining strong relationships with customers and entering vital markets [9].

【文/观察者网 熊超然】荷兰政府一手酿出"安世之乱"，事件发酵已超过一个月，作为荷兰科技界代表性企业的阿 斯麦（ASML），此时终于就此表态发声。 据彭博社当地时间11月16日报道，阿斯麦首席执行官克里斯托夫·富凯（Christophe Fouquet）当天在接受本国电视 节目《Buitenhof》采访时表示， 荷兰和中国围绕安世半导体所引发的紧张对峙凸显了供应链的脆弱性，同时也表 明对话在防止争端升级方面至关重要。 节目中，他一方面强调半导体产业的重要性及其生态体系的脆弱性，一方面强调各方"展现责任感"十分关键。"关 键在于在局势升级前进行沟通，而这一次可能是反过来了，"他补充说："这事关重大。" 作为全球唯一一家生产尖端光刻机的公司，阿斯麦为包括台积电和英特尔在内的多家半导体厂商提供设备。富凯 认为，荷中两国之间的紧张关系短期内不会对阿斯麦造成影响，并补充说，这场危机最严重的时刻已经过去。 此前，荷兰政府于9月30日以所谓"国家安全"为由突然下令，"强行接管"中国半导体领军企业闻泰科技的全资子公 司安世半导体，但直至10月12日才对外公开。 据报道，当地时间11月13日，荷兰政府表示，将于本周初派遣代表团 ...

The crisis sparked by the recent standoff between the Netherlands and China over chipmaker Nexperia underscores just how fragile the supply chain is, ASML's head said on Sunday. https://t.co/3F3ux0fODk ...

Core Viewpoint - ASML's CEO stated that the company has not been impacted by the ongoing tensions between The Netherlands and China regarding the Dutch government's acquisition of chipmaker Nexperia [1] Company Summary - ASML, a Dutch chip-gear manufacturer, remains unaffected by geopolitical issues involving the Netherlands and China [1]

Core Viewpoint - H&H International Investment's portfolio value increased by approximately 28% to around $14.7 billion as of Q3 2025, compared to $11.5 billion at the end of June 2025 [2] Portfolio Changes - The portfolio structure has changed, with Apple (AAPL) remaining the largest holding at 60.42%, followed by Berkshire Hathaway (BRK.B) at 17.78%, which saw a significant increase of 53.53% [4][5] - Other notable holdings include Pinduoduo (PDD) at 7.72%, Occidental Petroleum (OXY) at 4.36%, Alibaba (BABA) at 3.38%, and Google (GOOG) at 3.00% [4] - The number of holdings increased from 8 to 11 since Q1 2025, maintaining over 10 holdings thereafter [4] Significant Transactions - In Q3 2025, H&H International Investment initiated a position in ASML, completing the "AI quartet" with existing holdings in Nvidia, Microsoft, and TSMC [5][6] - The investment in Berkshire Hathaway was notably increased, with its market value reaching approximately $2.6 billion by the end of Q3 2025 [11] Insights on Major Holdings - Apple remains a core holding, with a slight reduction in shares but a significant increase in market value to $8.9 billion [7] - Berkshire Hathaway is viewed positively, with the belief that its cultural values and business model are strong, making it a preferable investment compared to mutual funds [12][13] - Pinduoduo is considered a "risky investment," with the potential for significant growth, although the investor expresses uncertainty about its business model [20][26] AI and Technology Investments - The inclusion of ASML and the existing positions in Nvidia, Microsoft, and TSMC signify a strong focus on the AI ecosystem [14] - Concerns about Nvidia's market dominance and the potential impact of AI on traditional search businesses like Google were expressed [19][20] Investment Philosophy - The investor emphasizes the importance of understanding business models and cultural fit when selecting investments [8][29] - There is a recognition of the need to adapt to changing market conditions and the potential risks associated with emerging technologies like AI [36][38]

Group 1 - The portfolio's stock selection in Q3 2025 was broadly negative across sectors, indicating performance headwinds faced by the investment style [2] - The commentary reflects on the overall challenges in the market that impacted the portfolio's performance [2] - The management's insights suggest a need for strategic adjustments in response to the prevailing market conditions [2]

Core Viewpoint - The article discusses the recent decline in the U.S. stock market, driven by uncertainty surrounding the Federal Reserve's monetary policy and the impact of incomplete employment data due to a government shutdown [1][2][4]. Economic Data and Federal Reserve - The October employment report, which was supposed to be released on November 7, was not published due to the government shutdown, leading to a lack of unemployment rate data [3]. - Analysts express concerns that the absence of complete economic data complicates the Federal Reserve's decision-making process regarding interest rate cuts, contributing to a pessimistic outlook among investors [4][5]. - The market's expectation for a rate cut in December has shifted from being almost certain to a more uncertain stance, influenced by differing opinions among Federal Reserve officials [5]. Stock Market Performance - Major U.S. stock indices experienced significant declines, with the Dow Jones dropping approximately 300 points, the Nasdaq falling over 1.5%, and the S&P 500 decreasing by about 1% [2]. - Notable declines in individual stocks include Tesla down 5.73%, Arm down 5.36%, and Disney's stock plummeting nearly 10% despite better-than-expected earnings due to revenue shortfalls [6][7]. Market Sentiment - The article highlights a general sense of volatility in the market as investors react to the uncertain economic landscape and the Federal Reserve's potential policy shifts [4][5].

Core Viewpoint - The article discusses the current state of AI stocks, highlighting that while many have inflated valuations, there are a few undervalued companies with strong fundamentals that present good investment opportunities. Group 1: AI Stock Valuations - Many AI stocks, such as Nvidia and Palantir Technologies, have seen their valuations become excessive, with Nvidia trading at over 50 times earnings and Palantir at a staggering $420 billion despite low revenue generation [2][3] - Investors may be hesitant to invest in AI stocks due to these high valuations, which do not reflect the companies' current financial performance [2] Group 2: Undervalued AI Stocks - ASML is highlighted as a key player in the tech sector, dominating the market for extreme ultraviolet photolithography machines, with profit margins around 29% and a price-to-earnings ratio of 36, lower than the sector average [4][5] - Taiwan Semiconductor Manufacturing (TSMC) is noted for its leadership in chip production, reporting a 41% year-over-year sales increase to $33.1 billion, with profit margins around 46% and trading at 32 times trailing earnings [8][9][11] - Alphabet is considered undervalued, trading at less than 28 times trailing earnings, with significant assets like YouTube and Google Search, and a promising AI chatbot, Gemini, which enhances its business prospects [12][13][14] Group 3: Market Performance and Future Outlook - ASML's stock has risen nearly 54% in the past year, indicating strong market performance, with expectations for further growth due to its critical role in chip development for AI [7] - TSMC's market cap is around $1.2 trillion, but it is suggested that it deserves a higher valuation given its competitive advantages [11] - Alphabet's market cap stands at $3.5 trillion, and it is argued that it should be valued even higher due to its diverse business model and AI capabilities [14][15]

Group 1 - ASML's new facility in Hwaseong, South Korea, has been completed, covering an area of 16,000 square meters and featuring DUV and EUV lithography equipment remanufacturing centers and advanced technology training centers. This aims to enhance collaboration with local semiconductor companies like Samsung Electronics and SK Hynix. ASML plans to invest 240 billion KRW (approximately 12 billion RMB) in building a semiconductor equipment cluster in Hwaseong by 2025 [2] - CATL's chairman, Zeng Yuqun, announced that the fifth generation of lithium iron phosphate batteries has begun mass production, building on the success of the fourth generation, which leads the industry in high energy density, long lifespan, and high power [2] - Samsung Electronics has set a management goal for its foundry business to return to profitability and achieve a 20% market share by 2027. The foundry has been operating at a loss since 2022, but recent large orders from Tesla and the upcoming revenue contribution from the Texas Taylor wafer fab are expected to improve its overall status [2] - UBTECH has commenced mass delivery of its full-size industrial humanoid robot, Walker S2, with cumulative orders exceeding 800 million RMB since early 2025 [2]

Core Concept - The article discusses the concept of "wide moats," which refers to companies with durable competitive advantages that protect them from rivals and support lasting profitability [1][3]. Group 1: Companies with Wide Moats - Lam Research Corporation (LRCX), ASML Holding N.V. (ASML), NVIDIA Corporation (NVDA), and Moody's Corporation (MCO) are highlighted as examples of companies with wide economic moats [2]. - These companies operate in industries with significant barriers to entry, which help safeguard their market positions and promote consistent revenue growth [2][3]. Group 2: Competitive Advantages - Firms with wide economic moats benefit from brand power, cost efficiency, network effects, regulatory protection, and economies of scale, making it difficult for newcomers to capture market share [3]. - Such companies typically maintain robust pricing power, steady profit margins, and ample capacity to reinvest in growth, reinforcing their long-term dominance [3][4]. Group 3: Investment Appeal - Investing in wide-moat companies is appealing due to their ability to generate stable, long-term returns, especially during economic slowdowns and market volatility [4][5]. - These firms tend to produce reliable cash flows, weather market fluctuations effectively, and reward shareholders through consistent dividends and stock price appreciation [5]. Group 4: Lam Research Corporation - Lam Research specializes in wafer fabrication equipment, particularly in etch and deposition technologies critical to semiconductor manufacturing, benefiting from deep expertise and long-term customer relationships [7]. - The company is positioned to capitalize on the growing semiconductor memory market driven by advancements in AI, machine learning, and cloud computing, leading to increased demand for memory chips [8][9]. Group 5: ASML Holding N.V. - ASML is a vital supplier to the semiconductor industry, holding a near-monopoly on extreme ultraviolet (EUV) lithography, essential for producing advanced chips at 3nm and below [10][11]. - The company's High-NA EUV technology is critical for future chip manufacturing, with sustained demand expected as chipmakers ramp up production of smaller, more powerful chips [12][13]. Group 6: NVIDIA Corporation - NVIDIA leads in graphics processing units (GPUs) and AI, with a technological moat that ensures its competitive edge through substantial R&D investment and a strong software ecosystem [14]. - The company is expanding its market presence in enterprise AI and data centers, driven by increasing demand for GPUs as businesses shift towards cloud solutions [15][16][17]. Group 7: Moody's Corporation - Moody's is a leader in credit ratings and analytics, benefiting from regulatory reliance on its ratings and a strong reputation, creating high barriers for new entrants [18]. - The company is pursuing growth through strategic acquisitions, diversifying its revenue streams and enhancing its presence in various markets, including banking and insurance [19][21].