Core Viewpoint - Taiwan is revising its export control list for strategic high-tech goods, adding categories such as advanced 3D printing equipment, advanced semiconductor equipment, and quantum computers, requiring manufacturers to apply for export licenses before shipping these items [2][4]. Group 1: Export Control Changes - The revised export control list includes 18 new high-tech items, specifically categorized into three types: advanced 3D printing equipment, advanced semiconductor equipment (including complementary metal-oxide-semiconductor integrated circuits, low-temperature cooling systems, scanning electron microscope equipment, and low-temperature wafer testing equipment), and quantum computers [4]. - Manufacturers in Taiwan must apply for export licenses for the newly added controlled items, and if the export transaction is deemed to pose no risk of military expansion, the license will be granted [4].

【文/观察者网 熊超然】荷兰政府一手酿成"安世之乱"，祸乱全球汽车业乃至整个供应链，虽然在传 出"中方已同意予以出口豁免"的消息后，欧洲汽车行业暂时松了口气，但却仍心有余悸。 当地时间11月13日，法国国内发行量最大的报纸之一《费加罗报》报道认为，荷方"捅出的娄子"显然激 怒了中方，而贸易紧张局势的升级也凸显出欧盟在这一事件上的无能为力。10月下旬，当时众多汽车制 造商和供应商担心后新冠疫情时代可能会重现这样的局面——零部件短缺导致生产线瘫痪。 "中国给欧洲上了一堂工业课。"报道指出，手握安世半导体这张"牌"，中方甚至无需动用在稀土精炼方 面的主导力，便可在汽车领域的博弈中"收放自如"。报道同时援引业内研究人士称，中方正在谈判过程 中建立起极具成效的出口管制体系，"中方赢得这些权力博弈的实力已经得到证明"。 安世半导体分公司 资料图 法国蒙田研究所国际研究主任杜懋之（Mathieu Duchâtel）认为，中方同意恢复出口，当前事态发展看 似积极，但对荷兰而言并没有取得真正的"胜利"。 "他们（中方）正一点点建立起一个出口管制体系，其在谈判中极具效果。我们总是回到同一个结论： 中国有实力赢得权力博弈。"杜懋之 ...

Core Viewpoint - The Dutch government's seizure of the Chinese semiconductor company Nexperia has led to a global chip supply crisis, particularly affecting the European automotive industry, which is struggling with supply chain disruptions due to the refusal of Nexperia's European division to supply wafers to its Chinese counterpart [1][6]. Group 1: Supply Chain Disruption - Nexperia's European customers are seeking alternative solutions to bypass the dispute between its European and Chinese operations, referred to as a "temporary patch," which involves purchasing silicon wafers directly from the European factory and shipping them to China for final packaging [1][3]. - The automotive sector is experiencing significant pressure due to chip shortages, impacting production for major companies like Volkswagen, Bosch, Continental, and Honda [3][4]. Group 2: Alternative Solutions - Nexperia (China) is exploring alternative wafer sources, including domestic Chinese semiconductor manufacturers, to mitigate supply chain disruptions [4][6]. - Other potential solutions being considered include sourcing similar chips from companies like Onsemi and STMicroelectronics [3]. Group 3: Regulatory and Diplomatic Context - The Dutch government has frozen Nexperia's assets and intellectual property for one year, which has exacerbated the supply chain crisis and drawn criticism from China [6][7]. - Dutch officials acknowledge the importance of predictable supply chains and are seeking diplomatic dialogue with China to resolve the issues surrounding Nexperia [7][8].

Group 1 - The spokesperson Lin Jian criticized the G7 foreign ministers' joint statement for distorting facts and interfering in China's internal affairs, particularly regarding the Taiwan issue, which is deemed a domestic matter for China [1] - Lin emphasized that the situation in the East China Sea and South China Sea remains stable, urging the G7 to stop escalating tensions and undermining regional peace [1] - China maintains a defensive national defense policy and keeps its nuclear capabilities at the minimum level necessary for national security, countering G7's accusations regarding nuclear proliferation [1] Group 2 - China is standardizing and improving its export control system to align with international practices, aiming to maintain world peace and regional stability, while rejecting claims of "overcapacity" and "non-market behavior" as unfounded [2] - The G7 is urged to cease politicizing and weaponizing economic issues to avoid disrupting the international economic order and global supply chains [2] - China calls on the G7 to abandon Cold War mentality and ideological biases, advocating for actions that promote international cooperation and unity [2]

Core Viewpoint - The article discusses China's potential simplification of rare earth export processes to the U.S., while maintaining strict controls on military-related exports, indicating a strategic approach to balance global supply chain stability and national security [1][6]. Group 1: China's Strategy - China aims to ensure stable supply chains while tightening controls on military applications of rare earths, reflecting a dual focus on global stability and national security [1][6]. - The Chinese rare earth industry has been developed over decades, establishing a comprehensive supply chain from resource extraction to application, making it difficult for other countries to bypass China [1][8]. - China's approach to rare earth exports is not a blanket policy but rather a targeted strategy that distinguishes between civilian and military uses [6][11]. Group 2: U.S. Response and Challenges - The U.S. military heavily relies on Chinese rare earths for various technologies, including fighter jets and drones, leading to calls for reducing dependency, but progress has been slow [2][4]. - Despite efforts to rebuild its rare earth industry, the U.S. faces significant challenges, including underdeveloped domestic refining technologies and high costs, which hinder its ability to achieve independence [4][6]. - The U.S. has been vocal about its desire for independence from Chinese rare earths, but its actions have not matched its rhetoric, revealing a lack of preparedness [4][11]. Group 3: Global Implications - European countries, while advocating for risk reduction, have begun negotiating with China for long-term rare earth supply agreements, recognizing their dependence on Chinese resources for military and industrial needs [4][8]. - The article highlights that China's control over rare earths serves as a strategic leverage point in international relations, particularly in the context of U.S.-China trade tensions [8][11]. - The dynamics of the rare earth market illustrate a broader power imbalance, with China holding significant advantages in resource control and industry integration [11][13].

Group 1 - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rules, which will not impose additional export control sanctions on companies with over 50% ownership by entities listed on the U.S. export control "entity list" during this period [2] - This suspension is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [2] - Both sides are committed to enhancing dialogue and cooperation to manage differences and promote mutual benefits in business collaboration [2] Group 2 - The outcomes of the China-U.S. Kuala Lumpur economic and trade consultations include the cancellation of the 10% "fentanyl tariff" on Chinese goods and the continuation of a one-year suspension of the 24% reciprocal tariffs on Chinese products [3] - The U.S. will also suspend the implementation of its 50% export control penetration rules for one year, while China will pause its related export control measures for the same duration [3] - Both parties agreed to extend certain tariff exclusion measures and confirmed cooperation on issues such as fentanyl control, agricultural trade expansion, and specific enterprise case handling [3]

Trade Relations - The US has temporarily suspended the export control "penetration rule" from November 10, 2025, to November 9, 2026 [1] - During this period, companies on the US export control "entity list" will not have their affiliated companies (with over 50% shareholding) subjected to the same export control sanctions [1] - This suspension is considered an important step in implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [1] - Both parties will continue discussions regarding the arrangements after the one-year suspension [1]

Market Overview - On November 11, the A-share market experienced a collective adjustment, with the Shanghai Composite Index falling by 0.39% to 4002 points, the Shenzhen Component Index down by 1.03%, and the ChiNext Index decreasing by 1.4% [1] - Over 2500 stocks in the market declined, while the focus shifted to sectors such as cultivated diamonds, photovoltaic equipment, and consumer goods, with declines noted in storage chips and automotive chips [1] Stock Performance - Notable gainers included *ST Dongyi (+4.98%), ST Zhongyu (+5.05%), and HeFu China (+10.00%), with *ST Xingguang showing a significant increase of 45.19% [2] - The stock *ST Dongyi has achieved 21 trading limits in 26 days, while ST Zhongyu has maintained 18 consecutive trading limits [2] - The top three stocks by net buying on the day were Juhua Technology, Sifangda, and Dayou Energy, with net purchases of 448 million, 163 million, and 114 million respectively [5] Sector Highlights - The cultivated diamond sector is gaining attention due to advancements in semiconductor technology, particularly in the use of cultivated diamonds for high-end chip manufacturing [13] - The coal mining sector, represented by Dayou Energy, is undergoing strategic restructuring with the involvement of state-owned assets, which has positively impacted its stock performance [15][16] Institutional Activity - Institutional net buying was significant in stocks like Sifangda and Moen Electric, with net purchases of 110 million and 82 million respectively [7] - Conversely, the top net selling stocks included Snowman Group and Dayu Energy, with net sales of 281 million and 236 million respectively [6] Key Trading Stocks - Yijing Optoelectronics and Aok Group both saw significant trading activity, with Yijing Optoelectronics achieving a trading limit and a turnover rate of 38.46% [17] - The stock Sifangda, which focuses on cultivated diamonds, also saw a trading limit with a turnover rate of 22.42% and a total transaction volume of 1.48 billion [9]

中国连续胜利，美国进入低谷时刻，中美博弈发生了深刻变化，联合国安理会也上演了一幕精彩的对决，时代的潮流似乎发生 了转变。 新加坡国立大学东亚研究所所长、美国教授希睿德曾经说过一句话："这个世界上，除了中美以外，其他都是小 国。"作为全球最重要的双边关系，中美爆发军事冲突的可能性不大，因为没有一方愿意冒险玉石俱焚。但是这并不意味着两国 能和平共处。在经贸、科技等领域，中美之间的对抗越来越激烈，尤其是美国对全球加税和中国对稀土的重拳出击。自从特朗 普成为美国总统以来，很多人开始注意到，中国已经在没有开火的情况下，连续打了两场"翻身仗"，中美的实力和影响力正在 悄悄发生变化。 一、搬石头砸脚——中国的智慧反击战术 今年9月29日，美国商务部突然发布了一项出口管制措施，规定：如果某个实体被列入 美国的"实体清单"，那么它持股50%或以上的子公司也将自动受到同等制裁。这项规则被称为"50%穿透性规则"。简单来说，就 是如果某个公司被美国制裁，那么它的控股子公司也将受到制裁。于是，针对中国企业的"明抢"开始了。去年12月，闻泰科技 被美国列入了"实体清单"，而安世半导体是闻泰科技的全资子公司，总部设在荷兰。今年9月底，荷 ...

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has announced a one-year suspension of the "Affiliates Rule" related to export controls, while also removing Arrow Electronics' Chinese and Hong Kong entities from the Entity List [1][3]. Group 1: Regulatory Changes - BIS has decided to suspend the implementation of the "Affiliates Rule" for one year, starting from November 10, 2025, to November 9, 2026, after which the rule will be indefinitely extended unless further changes are made [1]. - The removal of Arrow China Electronics Trading Co., Ltd. and six associated Hong Kong entities from the Entity List indicates a significant regulatory shift [3][7]. Group 2: Company Background and Compliance - Prior to the official announcement, BIS granted Arrow Electronics a temporary license to resume normal transactions with its Chinese affiliates, effective until February 14, 2026, or the date of the official announcement [4]. - Arrow Electronics has provided detailed transaction tracking and compliance documentation to demonstrate that it is not involved in the procurement of electronic components for drone systems linked to the Houthi movement in Iran [5][6]. Group 3: Misidentification Issues - The vice president of Arrow Electronics indicated that the entity listed as "Arrow Electronics (Hong Kong) Co., Ltd." is likely a counterfeit company misusing the Arrow brand name, rather than a legitimate subsidiary [4][8]. - BIS has retained the listing of the alleged counterfeit entity while removing the legitimate Arrow entities, highlighting the complexities in regulatory identification [8].