彭博：美国准备对华芯片限制措施 未达到早期方案要求

Investment Rating - The report indicates a cautious investment outlook for the semiconductor industry, particularly regarding U.S. restrictions on exports to China [1][2]. Core Insights - The U.S. government is considering new restrictions on semiconductor equipment and AI memory chip sales to China, which may impact companies like Micron, Samsung, and SK Hynix [1][5]. - The number of Huawei suppliers affected by the new rules will be fewer than previously proposed, with only some suppliers being added to the entity list [1][2]. - Japanese chip stocks surged following the news, with Tokyo Electron Ltd. and Screen Holdings Co. seeing significant price increases of around 10%, and Kokusai Electric Corp. rising by 23% [2]. Summary by Sections U.S. Export Restrictions - The U.S. is planning to implement further restrictions on semiconductor equipment sales to China, with the announcement expected soon [1][2]. - The latest proposal differs from earlier drafts, focusing on a limited number of Huawei suppliers rather than a broader range [1][3]. Impact on Semiconductor Equipment Manufacturers - U.S. semiconductor equipment manufacturers like Lam Research, Applied Materials, and KLA Corporation view the new rules as a partial victory, as they have opposed broader restrictions [3][4]. - The new regulations will also target semiconductor manufacturing equipment companies in China rather than just chip manufacturers [2][4]. International Relations and Compliance - Japan and the Netherlands have resisted U.S. pressure to impose stricter controls, maintaining a more lenient stance compared to the U.S. [4]. - The U.S. has attempted to negotiate with allies to align their export controls with its own, but there has been limited interest from Japan and the Netherlands [4].