据美国《国家利益》12月26日报道，曾被美方高调吹捧为"锁死中国科技供应链绞索"的"50%穿透原则"，已全面停摆。这一旨在通过股权穿透实施"连坐 式"管制的规则，仅推行数月便仓促暂停。 所谓"50%穿透原则"，核心是将被列入管制清单的中国企业，其控股超50%的子公司全部纳入限制范围，以无限扩大管制边界。美方本想借此切断中国科技 企业的产业链联系，却未曾想，高科技产业"利润支撑研发"的底层逻辑，让这场封锁沦为对美国企业的"自伤式打击"。 更致命的是，规则催生的合规噩梦的持续内耗。为核查中国客户的股权结构，美企不得不耗费巨资雇佣法务与咨询师，将本应用于创新的资金，浪费在无尽 的股权穿透核查中。 美企既不敢在规划中彻底排除中国市场，又怕政策突变导致备货积压；若放弃中国市场布局，又可能错失政策松动的窗口期。这种不确定性彻底打乱了市场 预期，让美企在紧盯竞争对手的同时，还要时刻揣摩政府政策风向，内耗不断侵蚀美国科技竞争力的根基。 如今，中国供应链的稳定性与可靠性已成为全球共识。华为在封锁中推出鸿蒙系统、稳住34%的全球电信设备市场份额，便是中国科技自主实力的最佳证 明。中国企业早已对美国技术脱敏，无论美方政策如何翻覆， ...

Group 1 - The domestic AI large model industry is experiencing a critical phase of accelerated technological productization and deepening capitalization processes [2] - Volcano Engine released the Doubao Model 1.8 and Seedance 1.5 Pro, achieving significant technological breakthroughs and reducing enterprise usage costs through innovative business models [2] - The daily token processing volume has surpassed 50 trillion, indicating robust operational capacity in the AI sector [2] Group 2 - The issuance of L3-level autonomous driving vehicle permits marks a transition to conditional commercialization in China, with specific models from Chang'an and BAIC gaining approval for limited road use [3] - The vehicles are subject to speed limits and the responsibility for vehicle operation lies with manufacturers during normal system operation, reflecting a cautious regulatory approach [3] - This development will provide essential practical evidence for improving technical standards, legal regulations, and insurance systems in the autonomous driving industry [3] Group 3 - Domestic GPU companies are actively pursuing capital market listings to support intensive R&D and market expansion, with Tensu Zhixin planning to raise $300 to $400 million through the Hong Kong Stock Exchange [4] - Other companies like Birran Technology and Kunlun Chip Technology are also advancing their listing processes, indicating a significant shift towards capital market-driven growth in China's semiconductor industry [4] - This trend highlights the acceleration of the self-sufficiency process in key design aspects of the semiconductor sector [4]

Core Insights - The semiconductor polishing liquid is a critical consumable in the chemical mechanical polishing (CMP) process, essential for achieving global planarization of wafer surfaces through chemical etching and mechanical grinding [1][8] - The global market for CMP polishing liquids is projected to reach $3.2 billion in 2024, surpassing $3.5 billion in 2025, and is expected to reach $4.5 billion by 2028, driven by the upgrade of the optoelectronic industry and the expansion of third-generation semiconductor applications [1][8] - In China, the market for semiconductor polishing liquids is anticipated to grow from approximately 6 billion yuan in 2024 to 10.5 billion yuan by 2028, with domestic companies like Anji Technology and Dinglong Co. making significant breakthroughs [1][8] Industry Overview - Semiconductor polishing liquids, composed of nano-sized abrasives, oxidizers, complexing agents, and deionized water, are designed to achieve micron or nano-level precision removal of materials such as silicon, copper, and tungsten [2][3] - The industry is characterized by a dual structure of overseas dominance and domestic breakthroughs, with foreign companies leading in high-end markets while local firms strive to catch up [1][9] Policy Background - China has implemented multiple policies to support the domestic semiconductor polishing liquid industry, focusing on R&D support, capacity building, standardization, and application promotion [4][5] Industry Chain - The semiconductor polishing liquid industry chain includes upstream raw materials (abrasives, oxidizers), midstream production (companies like Anji Technology and Dinglong Co.), and downstream consumption primarily in integrated circuit manufacturing [5][6] - The integrated circuit manufacturing sector is the core consumer market, with significant demand driven by advancements in logic and memory chips [6] Market Dynamics - The advanced packaging sector is emerging as a key growth driver for the semiconductor polishing liquid market, with the market size expected to exceed 110 billion yuan by 2025, reflecting a compound annual growth rate of 25.6% [6][7] - The demand for specialized polishing liquids is increasing due to the stringent requirements of new chip structures and advanced packaging technologies [6][7] Competitive Landscape - The Chinese semiconductor polishing liquid market is dominated by international players like Cabot and Hitachi, while local companies such as Anji Technology and Dinglong Co. are making strides in market share and technological advancements [9][10] - Anji Technology leads with over 40% market share in copper polishing liquids, while Dinglong Co. has a nearly 30% share in polishing pads [9][10] Future Trends - The industry is expected to focus on technological advancements, supply chain autonomy, and green transformation, with an emphasis on developing low-defect formulations for advanced processes [11][12] - Companies will prioritize the development of customized products for emerging applications, while also addressing the challenges of high-purity raw material production [11][12] - Environmental considerations will drive the development of eco-friendly polishing liquids and sustainable manufacturing processes [13]

Core Viewpoint - The leading company in the RF front-end sector, Zhaosheng Microelectronics (卓胜微), is facing a patent infringement lawsuit initiated by Murata Manufacturing Co., Ltd. in Germany, with the lawsuit amounting to approximately 8.2 million RMB (1 million euros) [1] Group 1: Legal Actions and Responses - Zhaosheng Microelectronics has quickly initiated a response system to the lawsuit, forming a specialized team of domestic and international experts to contest Murata's claims [1] - In July 2024, Zhaosheng Microelectronics proactively filed a request for invalidation of Murata's "elastic wave device patent" with the National Intellectual Property Administration, which was declared invalid in January 2025 [1][2] - The invalidation of the patent is seen as a significant breakthrough for domestic companies in international patent disputes, reinforcing Zhaosheng's competitive advantage in the SAW filter sector [1] Group 2: Patent Validity and Strategic Positioning - In April 2025, Murata launched multiple patent infringement lawsuits in China and South Korea, but Zhaosheng Microelectronics clarified that the patents in question lack essential innovation and are based on previously invalidated patents [2] - Zhaosheng Microelectronics has been building a systematic layout for risk resistance since several years ago, transitioning from a Fabless model to a Fab-Lite model in 2019 to reduce reliance on overseas foundries [2] Group 3: Research and Development Investments - In 2024, Zhaosheng Microelectronics invested 999.7 million RMB in R&D, accounting for 22.22% of its revenue, with an average annual growth rate of 49% in R&D investment over the past three years [3] - As of June 2025, the company has obtained a total of 156 patents, establishing a robust patent protection network that aligns with its technological development [3] - The company has achieved large-scale production of its self-built 6-inch filter production line, with its core product MAX-SAW reaching international mainstream performance levels [3]

Core Viewpoint - Xiaomi's transformation over the past five years is a gradual process involving significant investment and strategic shifts, rather than a sudden change [1][4]. Group 1: Transformation Strategy - Xiaomi has shifted from being an opportunity-driven internet company to a mission-driven smart manufacturing and hardcore technology company [1][3]. - The company has committed to a five-year plan to invest 100 billion RMB in research and development, with actual investments reaching approximately 1020-1050 billion RMB, and a new plan to double this investment to 200 billion RMB [1][3][4]. - In 2023 alone, Xiaomi's R&D investment exceeded 30 billion RMB, highlighting the importance of sustained investment in technology [1][3]. Group 2: Product Development and Market Positioning - The Xiaomi 17 series showcases numerous leading technologies, marking a shift from following trends to setting them, with many features surpassing those of competitors like Apple [2][4]. - Xiaomi's strategy includes a bold rebranding of its smartphone line to emphasize its competitive stance against Apple, reflecting a commitment to high-end market positioning [5][6]. - The company aims to enhance its product offerings in high-end sectors, including automotive and chip development, with significant investments and a focus on quality [2][5]. Group 3: Supply Chain and Innovation - The introduction of new domestic materials in the Xiaomi 17 series signifies a new phase in supply chain autonomy, with plans to replicate this model in other key areas like imaging sensors and battery materials [2][9]. - Xiaomi's approach combines deep self-research with domestic partnerships, aiming for innovation in materials science and technology [9][10]. Group 4: Market Challenges and Future Outlook - The competitive landscape in the smartphone market is intense, with Xiaomi targeting a 20% market share over the next five years, emphasizing a long-term strategy [11][12]. - Despite challenges in the high-end market, Xiaomi remains committed to learning and improving, with a focus on delivering high-quality products and experiences [10][12].

Group 1 - The core viewpoint of the article emphasizes the importance of deepening China-Europe semiconductor economic and trade cooperation, highlighting the mutual benefits and the need to maintain global semiconductor supply chain security amidst rising geopolitical tensions [3][4]. - The meeting held on May 27 involved representatives from over 40 China-Europe semiconductor companies, discussing the need for a fair, stable, and transparent policy environment to support cooperation [3][4]. - Japan has proposed purchasing U.S. semiconductor products worth tens of billions of dollars as part of tariff negotiations, indicating a strategic move to reduce its trade deficit with the U.S. [4]. Group 2 - A-share CPO concept stocks saw significant rebounds, with Cambridge Technology rising over 7%, and other companies like Bochuang Technology and Dekeli also experiencing gains of over 6% [2]. - Chinese semiconductor equipment manufacturers have made steady progress in technological innovation, with the self-sufficiency rate of semiconductor equipment expected to reach 13.6% by 2024 [5]. - The demand for domestic AI chips is projected to increase, with expectations that the market share of domestic chips in AI servers will rise to 40% by 2025 [5][6].

Group 1 - The core viewpoint is that U.S. export controls on chips to China are unlikely to halt the development of China's chip industry, but rather accelerate its self-research and increase the domestic chip supply rate, while boosting the local AI chip market share [1][4]. Group 2 - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has announced a comprehensive upgrade of export controls on AI chips to China, including a global ban on Huawei's Ascend chips, restrictions on U.S. technology for Chinese large models, and enhanced supply chain scrutiny [2]. Group 3 - In response to U.S. restrictions, China is accelerating the self-research of AI chips and developing a self-sufficient supply chain that does not rely on foreign manufacturers, with Huawei's Ascend ecosystem rapidly expanding and domestic AI chip market share continuously increasing [4]. - Despite U.S. limitations, China's chip industry maintains strong growth momentum, with local AI chip suppliers expected to accelerate the process of supply chain self-sufficiency and further expand their domestic market share under policy support [4]. - The Chinese government is promoting the development of the chip industry through policy support and financial investment, such as the 300 billion yuan investment in AI chip research and development under the 2025 "New Infrastructure 2.0" plan [4]. Group 4 - U.S. chip companies are facing significant challenges due to export control measures, with NVIDIA's market share in China dropping from 95% at the beginning of the Biden administration to 50% currently [4]. - The export control measures have resulted in substantial economic losses for U.S. chip companies, with NVIDIA incurring significant inventory impairment costs due to restrictions on H20 chip exports and potentially facing greater revenue losses [4]. Group 5 - The U.S. export control measures aim to restructure the global semiconductor supply chain but have led to increased global efficiency losses and uncertainty [4]. - The global technology order is shifting from "unipolar hegemony" to "multipolar competition," with emerging market countries like China gradually enhancing their position in the chip industry [5].

Group 1 - GAC Group launched its flagship SUV, Haobo HL, and introduced "Smart Driving Insurance" to address trust issues in the smart driving industry [1] - The Haobo HL features hardware redundancy and algorithm upgrades for enhanced safety, equipped with laser radar and Orin-X chips, capable of predicting road conditions in advance [1] - The introduction of "Smart Driving Insurance" offers up to 3 million yuan coverage for smart driving system liability accidents, aiming to shift the responsibility from users to the company [1] Group 2 - GAC's "technology + insurance" model may create a new commercial path for smart driving, marking a transition to reliability verification in the industry [2] - The release of 12 vehicle-grade chips indicates GAC's strategic ambition to reduce reliance on international chip manufacturers, as the domestic automotive chip import dependency is at 95% [2] - GAC's "Ecological Co-construction Plan" aims to collaborate with domestic chip companies to develop alternatives, positioning itself as a system integrator [2] Group 3 - The strategy includes diversifying supply chain risks by incorporating domestic chips, which are 30%-50% cheaper than imported ones, thus lowering procurement costs [3] - GAC's initiatives in smart driving insurance and chip ecosystem aim to enhance brand image and establish standards in the automotive industry [3] - The construction of the chip ecosystem faces challenges, including the need for a mature industry ecosystem and balancing cooperation with competition among technology providers [3]