最后48小时，美国推出年度许可证，特朗普发令，要跟中国好好搏一把

Core Viewpoint - The semiconductor industry has become a core symbol of national economic strength and technological level, with the U.S.-China competition in this field significantly impacting the global supply chain [1][3]. Group 1: U.S.-China Semiconductor Competition - The U.S. has implemented export controls and technology blockades to curb China's semiconductor industry development, particularly in high-end and AI chip sectors [3][4]. - The introduction of the "annual license" system by the Trump administration is seen as a strategic adjustment rather than a fundamental policy shift, aimed at maintaining operational flexibility for South Korean companies while controlling technology transfer to China [3][4]. Group 2: Impact on South Korean Companies - South Korean semiconductor giants like Samsung and SK Hynix are crucial to the global supply chain, with significant production capacities in China: Samsung's Xi'an factory accounts for 40% of its total NAND flash production, while SK Hynix's Wuxi factory contributes 50% to its DRAM output [1][3]. - The potential over-restriction on these companies could disrupt the stability of the global electronics industry [1]. Group 3: Policy Implications and Future Outlook - The balance created by the U.S. policies allows for some operational flexibility for companies while adhering to the overarching goal of limiting China's semiconductor capabilities [4][6]. - The U.S. has also taken further steps to restrict Chinese access to chip technology, including a presidential order requiring companies with ties to China to divest U.S. chip assets, indicating a continued tightening of controls [4][6]. - The evolving geopolitical landscape is expected to lead to increased complexity in U.S.-China relations, affecting global semiconductor supply chains and investment decisions [6].