Core Viewpoint - The U.S. Department of Commerce's decision to remove Intel Semiconductor (Dalian) Co., Samsung China Semiconductor Co., and SK Hynix Semiconductor (China) Co. from the "validated end-user" list is seen as a self-serving action that could significantly disrupt the stability of the global semiconductor supply chain [1] Group 1: Impact on the Semiconductor Industry - The semiconductor industry is characterized by high globalization, having developed a complex interdependent structure over decades [1] - The Chinese government urges the U.S. to correct its actions to maintain the security and stability of the global supply chain [1] - The Chinese government will take necessary measures to protect the legitimate rights and interests of its companies [1]

Core Viewpoint - The U.S. Department of Commerce has removed Intel Semiconductor (Dalian) Co., Samsung China Semiconductor Co., and SK Hynix Semiconductor (China) Co. from the "validated end-user" list, which China views as a self-serving action that could negatively impact the global semiconductor supply chain [1][2]. Group 1 - The semiconductor industry is highly globalized, having developed a complex interdependent structure over decades [1]. - China's response emphasizes that the U.S. action is seen as an attempt to manipulate export controls for its own interests, which could disrupt the stability of the global semiconductor supply chain [1][2]. - China urges the U.S. to correct its actions immediately to maintain the security and stability of global industrial and supply chains [2].

Core Viewpoint - The Chinese Ministry of Commerce expressed strong opposition to the U.S. decision to remove Intel Semiconductor (Dalian), Samsung China Semiconductor, and SK Hynix Semiconductor (China) from the "validated end-user" list, emphasizing the negative impact on the global semiconductor supply chain [1] Group 1: U.S. Actions - The U.S. Department of Commerce removed three major semiconductor companies from the validated end-user list on August 29 [1] - This action is perceived as a unilateral move by the U.S., aimed at exerting control over the semiconductor industry [1] Group 2: Global Semiconductor Industry - The semiconductor industry is characterized by a high degree of globalization, with interdependent relationships among companies [1] - The Chinese government highlighted that the current industry structure is a result of market dynamics and corporate choices over decades [1] Group 3: Chinese Response - The Chinese Ministry of Commerce urged the U.S. to correct its actions to ensure the stability and security of the global supply chain [1] - China plans to take necessary measures to protect the legitimate rights and interests of its companies [1]

来源：商务部 商务部新闻发言人就美国撤销三星等三家在华半导体企业"经验证最终用户"授权答记者问 问： 8月29日，美国商务部将英特尔半导体（大连）有限公司、三星中国半导体有限公司以及SK海力士半导体（中国）有限公司移 出"经验证最终用户"授权名单。请问中方对此有何评论？ 答： 中方注意到有关情况。半导体是高度全球化的产业，经过数十年发展，已形成你中有我、我中有你的产业格局，这是市场规律和企 业选择共同作用的结果。美方此举系出于一己之私，将出口管制工具化，将对全球半导体产业链供应链稳定产生重要不利影响，中方对 此表示反对。 中方敦促美方立即纠正错误做法，维护全球产业链供应链的安全稳定。中方将采取必要措施，坚决维护企业正当权益。 中方注意到有关情况。半导体是 高度全球化的产业，经过数十年发 展,已形成你中有我、我中有你的产 业格局,这是市场规律和企业选择共 同作用的结果。美方此举系出于一己 之私，将出口管制工具化，将对全球 I NET 8月29日,美国商务部将英特尔半 导体（大连）有限公司、三星中国半 导体有限公司以及SK海力士半导体 (中国) 有限公司移出"经验证最终用 户"授权名单。请问中方对此有何评 论？ ...

Group 1 - The U.S. Department of Commerce announced the revocation of exemptions for South Korean chip manufacturers Samsung and SK Hynix, making it more difficult for them to produce chips in China. The restrictions will take effect in 120 days [1][3] - The U.S. plans to issue licenses for companies to continue operating existing facilities in China but will not grant permits for capacity expansion or technology upgrades, aiming to close export control loopholes that disadvantage U.S. manufacturers [1][3] - A significant portion of Samsung and SK Hynix's memory chip production capacity relies on China, with overseas factories accounting for 10% of global computer memory output and 15% of storage chip production [3] Group 2 - SK Hynix stated it would maintain close communication with the South Korean and U.S. governments to mitigate business impacts, while the South Korean government is working to reduce the effects on its companies [3][4] - The new measures may allow Chinese domestic companies to fill the gap left by South Korean manufacturers, potentially increasing the market space for local chip producers [3][4] - The Chinese Ministry of Commerce emphasized the need for the U.S. to abandon zero-sum thinking and to create a favorable environment for mutual cooperation between U.S. and Chinese enterprises [4]

Core Viewpoint - The rare earth sector experienced a significant pullback on August 26, 2025, but market sentiment remains high, with active capital positioning during this correction window [1] Group 1: Market Activity - The rare earth ETF (516780) saw a notable increase in trading volume, with a total transaction value of 622 million yuan on August 26, marking a new single-day record since its inception [1] - The ETF attracted a net inflow of 268 million yuan on the same day, setting a record for single-day net inflow since December 2024, indicating strong demand for allocation [1] - As of August 26, 2025, the rare earth ETF's total size surpassed 3 billion yuan, reaching 3.228 billion yuan, which is a 265% increase since May 31, 2025 [2] Group 2: Industry Performance - A leading company in the rare earth sector reported a more than 1900% year-on-year increase in net profit and over 5600% in net profit excluding non-recurring items for the first half of 2025, confirming positive improvements in the industry fundamentals [1] - The overall activity in the rare earth market has improved compared to the same period last year, driven by the recovery of orders from production enterprises, which has led to rising prices for mainstream rare earth products [1] - Since June 2025, multiple favorable factors such as export controls, supply-side reforms, and expanding demand from emerging industries have significantly improved the supply-demand dynamics and price levels in the rare earth industry [2] Group 3: Policy and Future Outlook - The clarity of supply-side reform policies and stricter regulations, along with the continuous rise in light rare earth prices since July 2025, suggest that the rare earth sector may have further upward momentum [2] - Despite short-term pullback pressures due to previous gains, the long-term outlook for the rare earth sector remains positive, with the rare earth ETF (516780) being a suitable tool for investors to capitalize on the reshaping industry landscape [2]

Core Viewpoint - The company acknowledges the increasing demand for indium phosphide (InP) substrates driven by the growth in the optical communication market, while also confirming that InP is subject to export controls as per national regulations [1] Group 1: Market Demand and Supply - The market demand for InP substrates has significantly increased due to the rising prosperity of the downstream optical communication sector [1] - There is a reported shortage of InP, with downstream buyers expressing a willingness to purchase regardless of price [1] Group 2: Export Regulations - InP substrates are classified under export control items according to the announcement by the Ministry of Commerce and the General Administration of Customs on February 4, 2025 [1] - The company has complied with national laws and regulations by applying for the necessary export licenses for products under export control [1] - A subsidiary of the company, Xinyao, has received approval for certain orders after following the required reporting procedures [1]

Core Viewpoint - TSMC is taking measures to avoid using semiconductor manufacturing equipment from mainland China in its advanced 2nm chip production line to mitigate potential restrictions from the U.S. government [1][2] Group 1: TSMC's Strategic Decisions - TSMC plans to completely stop using mainland Chinese semiconductor manufacturing equipment in its 2nm production line to avoid U.S. regulatory risks [1] - The 2nm chip production line is set to begin mass production this year, starting in Hsinchu, Taiwan, and later expanding to Kaohsiung [1] - TSMC is also advancing the construction of its third factory in Arizona, which will handle the production of advanced chips [1][6] Group 2: Regulatory Influences - A potential U.S. regulation, led by Senator Mark Kelly, aims to prohibit chip manufacturers receiving U.S. funding from using equipment from "foreign entities of concern," which is widely interpreted to target Chinese suppliers [2] - TSMC is conducting a comprehensive review of all chip manufacturing materials and chemicals to reduce reliance on the mainland Chinese supply chain [2] Group 3: Industry Implications - The move by TSMC reflects a broader trend of "domestic manufacturing" that extends beyond chip production to the entire semiconductor supply chain [5] - The U.S. government is pushing to prevent Chinese equipment manufacturers from entering the global market, as some Chinese equipment is nearing competitive levels [5] - TSMC's actions may accelerate the self-research and development efforts of mainland Chinese equipment manufacturers, potentially reshaping the global semiconductor supply chain in the long term [6] Group 4: Economic Impact - TSMC's significant investments in the U.S., including a $300 billion investment for a major wafer plant in Arizona, could have substantial implications for Taiwan's economy [7] - The Taiwanese government and industry are expressing concerns over the potential economic impact of TSMC's investments in the U.S. [7]

Group 1 - Nvidia's CEO Jensen Huang revealed that the company is negotiating with the U.S. government regarding the export of a new AI chip to China, named B30A, which is expected to outperform the previous H20 chip [1] - The H20 chip was designed as a "downgraded version" of Nvidia's flagship H100 chip, with performance only 15%-30% of the H100, and was subject to U.S. export controls [1] - In July, it was reported that Nvidia would resume sales of the H20 chip in China after receiving approval from the Trump administration, which included a requirement for Nvidia to pay 15% of its sales revenue from China to the U.S. government [1] Group 2 - The B30A chip is based on Nvidia's latest Blackwell architecture and is expected to have half the original computing power of the flagship B300 chip, featuring high bandwidth memory and NVLink technology for high-speed data transfer [2] - Concerns regarding potential "backdoor" vulnerabilities in the H20 chip have led to discussions about U.S. companies cooperating with the government to avoid export restrictions [2] - Nvidia has instructed key suppliers, including Samsung and Anker, to halt production related to the H20 chip amid ongoing U.S. export control measures against China [4]

Core Viewpoint - The discussion emphasizes the increasing complexity and politicization of global supply chains, driven by geopolitical tensions, technological changes, and other challenges, necessitating a focus on supply chain resilience and stability [4][7]. Group 1: Current Situation - The structure of global industries and supply chains has become more complex and politicized due to factors such as great power strategic competition, geopolitical conflicts, technological changes, global pandemics, and climate change [4]. - Countries have implemented various national policies and trade measures aimed at enhancing the resilience and security of their supply chains [4]. Group 2: Types of Measures - **Unilateral and inward-looking measures**: Some countries impose trade and investment restrictions on specific foreign goods, provide subsidies to domestic industries, and conduct security reviews of their supply chains, which often violate multilateral rules and increase economic costs [5]. - **Regional and "small multilateral" arrangements**: Countries establish closer ties with a limited number of partners through bilateral or multilateral mechanisms, which can create new barriers for non-participants and lack clear rules [6]. - **Multilateral mechanisms for rule coordination**: Some nations attempt to use platforms like the WTO and G20 to promote trade openness and cooperation in supply chain resilience, although these initiatives often remain conceptual without binding agreements [6]. Group 3: Importance of Multilateralism - The need for responsible nations to engage in multilateral discussions is highlighted, as unilateral measures can lead to a cycle of trade distortions and further disruptions in global supply chains [7]. - Strengthening multilateral mechanisms and promoting rule-based arrangements for supply chain security and stability is seen as a constructive way forward [7]. Group 4: Suggestions for Moving Forward - A call for like-minded WTO members to take a proactive role in initiating informal working groups or "small multilateral" initiatives to enhance focus on supply chain issues [8]. - Suggested elements for a global arrangement include reforming WTO rules, opposing decoupling measures, clarifying conditions for supply chain stability measures, and establishing supply assurance obligations for dominant countries in key supply chains [9][10].