WINGTECH(SH:600745) Sou Hu Cai Jing·2025-10-25 19:44Core Viewpoint - The recent failed negotiations between the Netherlands and China regarding ASML have led to significant repercussions for the semiconductor industry, highlighting the shifting power dynamics in global supply chains and the increasing assertiveness of Chinese companies [1][6]. Group 1: Company Actions - ASML China issued a strong statement rejecting the dismissal of its VP, asserting that the decision has no legal standing in China [1]. - The company announced a new policy to conduct all transactions in RMB instead of USD, marking a significant shift in the semiconductor industry's long-standing dollar-based settlement practices [5]. - ASML China's communication to employees and clients emphasized that operations would remain unaffected and that local management would continue to direct the workforce [5]. Group 2: Industry Implications - The East Dongguan factory of ASML has become a critical production hub, accounting for over 70% of the company's global output, with a peak capacity of 90 billion units annually [3]. - The urgency of European automakers for ASML's chips underscores the dependency of the automotive industry on these components, with significant implications for production timelines and supply chain stability [5][6]. - The intervention by the European Commission reflects the growing realization among Western nations of their reliance on Chinese supply chains, particularly in the semiconductor and rare earth sectors [6][8]. Group 3: Geopolitical Context - The Netherlands' attempt to assert control over ASML by citing national security concerns has backfired, revealing the limitations of their strategy in the face of China's production capabilities [3][8]. - The situation illustrates a broader trend where political maneuvers against commercial interests can lead to unintended consequences, as seen in the rapid escalation of tensions between the Netherlands and China [8]. - The ongoing negotiations and pressures highlight the precarious position of European countries caught between U.S. policies and their own economic needs, particularly in the semiconductor sector [6][8].