ASML Holding(US:ASML) Xin Lang Cai Jing·2025-12-23 17:11Group 1 - The U.S. is pressuring the Netherlands to expand semiconductor equipment export controls, aiming to prohibit ASML from providing installation and after-sales services for existing lithography machines in mainland China, which could paralyze thousands of precision lithography machines in Chinese factories [1][3] - ASML's CEO has publicly opposed U.S. pressure, stating that pushing China to become fully self-reliant could lead to stronger competition, suggesting that maintaining some dependency might be more beneficial [1][3] - ASML's financial report reveals that orders from China amount to approximately €10.2 billion, accounting for nearly 40% of its total revenue, highlighting the significance of the Chinese market [3] Group 2 - Despite increasing U.S. restrictions since 2019 targeting advanced lithography machines, ASML's sales to China have not decreased, indicating the immense value of the Chinese market for global companies [3][5] - ASML has indicated that if the Dutch government cannot ensure its commercial autonomy, it may consider relocating its core business to another country, prompting the Netherlands to initiate a substantial subsidy plan to retain ASML [5] - The ongoing "lithography machine game" underscores the importance of self-reliance in technology, as China has developed a robust industrial system and is making strides in producing its own EUV lithography machines, expected to achieve mass production by 2026 [5][9] Group 3 - China's technological advancements are rapidly progressing across various fields, including breakthroughs in precision steel and autonomous technologies, indicating a shift from following to leading in high-tech sectors [7][9] - The liver care market, previously dominated by Western brands, is now being disrupted by Chinese innovations, exemplified by the launch of a new liver care product that significantly undercuts the prices of similar imported products [7] - The perception of China's competitiveness in technology has shifted, with Western commentators recognizing that the global competitive landscape is undergoing fundamental changes due to China's advancements [9]