中美贸易暂歇，中国对荷兰实施稀土出口逐案审批等新规

Group 1 - The meeting between Chinese leaders and US President Trump resulted in the cancellation of a 10% tariff on fentanyl and the suspension of multiple export controls and investigations, which has been positively received as it avoids a destructive trade war [1] - Starting December 1, China will implement stricter export controls on rare earth elements to the Netherlands, requiring export licenses for goods containing ≥0.1% Chinese-sourced rare earths, and case-by-case approval for 14nm chip production equipment [1] Group 2 - ASML, a key player in advanced lithography machines, is facing a critical inventory shortage, with neodymium-iron-boron magnets only sufficient for 8 weeks of production, risking a monthly production decrease of 15 to 20 EUV lithography machines and an annual loss of €3.2 to €4.3 billion [2] - The core components of lithography machines rely heavily on rare earth elements, with the EUV lithography machine's magnetic levitation stage requiring neodymium-iron-boron magnets doped with dysprosium and terbium to achieve high coercivity, ensuring wafer positioning accuracy within ±2 nanometers [2] - The lens systems produced by Zeiss also depend on high-purity lanthanum glass, with 90% of this supply sourced from China, highlighting the critical nature of rare earth elements in the semiconductor manufacturing process [2]