TSMC(US:TSM) 半导体行业观察·2025-09-04 01:24Core Viewpoint - The U.S. has revoked the "Verified End User" (VEU) status for Taiwan Semiconductor Manufacturing Company (TSMC) and other South Korean companies, tightening restrictions on semiconductor equipment exports to China, particularly affecting TSMC's operations in Nanjing [2][3]. Group 1: Policy Changes - The U.S. Department of Commerce will require export licenses for sending U.S.-made semiconductor manufacturing tools to TSMC's factory in Nanjing starting December 31 [2]. - The revocation of VEU status also applies to South Korean memory chip manufacturers SK Hynix and Samsung, which operate chip factories in China [2][3]. - The U.S. aims to close "Biden-era loopholes" in export controls, reflecting a broader strategy to strengthen control over semiconductor technology exports to China [3][4]. Group 2: Financial Impact - TSMC's Nanjing facility contributes less than 3% to the company's total revenue and represents a small portion of its global capacity, suggesting minimal financial impact from the policy change [3]. - Following the announcement, SK Hynix and Samsung's stock prices fell, while TSMC's stock remained stable [5]. Group 3: Strategic Implications - The policy shift indicates the U.S. government's commitment to preventing China from enhancing its local chip production capabilities and developing domestic technology and talent [4]. - The U.S. is likely to restrict companies from expanding their supply chain presence in China, particularly in strategic sectors like semiconductors [4].