本文字数：1093，阅读时长大约2分钟 2025.11. 14 11月14日，商务部新闻发言人就荷经济大臣卡雷曼斯就安世半导体问题表态答记者问。 地方国资扎堆出售房产 中方的立场和态度是一贯的。中方已同意荷方派员来华磋商，愿与荷方一道，从维护全球半导体产供 链安全稳定的大局出发，尽快解决当前危机。但要强调的是，希望荷方带着建设性方案来，而不是做 做样子、旧调重弹；奔着解决问题来，而不是创造新的问题和矛盾。希望荷方切实展现与中方真诚合 作的意愿，尽快提出实质性、建设性解决问题的方案。 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 有记者问：荷兰经济大臣卡雷曼斯11月13日接受英国《卫报》采访，谈及安世半导体问题，称"即 使事后来看，仍会作出同样的决定"、"这给各国领导人都是一个警示"。请问商务部对此有何评论？ 答：中方注意到荷兰经济大臣卡雷曼斯近 ...

Core Points - The Dutch government's actions regarding ASML and its semiconductor supply chain have created significant global supply chain risks, with ongoing disputes between the EU and China highlighting the dangers of reliance on a single country for critical technology and materials [1][4][5] - Vincent Karremans, the Dutch Minister of Economic Affairs, remains unapologetic about the government's decisions, asserting that he would act the same way again given the information available [2][4] - The situation has led to a "supply disruption" crisis in the global semiconductor supply chain, with the Dutch government yet to retract its takeover of ASML, despite some easing of tensions between the US and China [7][9] Summary by Sections Government Actions - On September 30, the Dutch government ordered the takeover of ASML's subsidiary, citing "national security" concerns, which was publicly announced on October 12 [4][5] - The US had previously imposed export controls on ASML, which the Dutch government claims did not influence their decision, despite evidence of prior communication between the two governments regarding the matter [5][6] Industry Impact - The actions taken by the Dutch government have led to significant disruptions in the semiconductor supply chain, particularly affecting the automotive industry [1][7] - ASML's parent company, Wintech, has indicated that their planned investment in Germany has been stalled due to the Dutch government's intervention [6] International Relations - The ongoing dispute has strained relations between China and the Netherlands, with China expressing concerns over the impact on the global semiconductor supply chain and urging the Dutch government to take constructive actions [9][10] - Recent discussions between Chinese and German officials have emphasized the need for the Dutch government to correct its course and resolve the situation [10]

Market Overview - The US government shutdown continues, marking the longest in history, causing concerns over economic data delays and impacting investor sentiment [1][2] - Major US stock indices fell, with the Dow down 1.21%, Nasdaq down 3.04%, and S&P 500 down 1.63% [1] - European indices also declined, with the FTSE 100 down 0.36%, DAX 30 down 1.62%, and CAC 40 down 2.10% [1] Economic Data and Federal Reserve - The ongoing government shutdown is expected to result in a lack of key economic data releases, including October inflation figures [2] - The Federal Reserve recently cut the benchmark interest rate by 25 basis points, but future rate cuts remain uncertain [2] - Mixed signals from unofficial data, with the ISM non-manufacturing index and ADP private sector employment data exceeding expectations, while layoffs reached over 150,000, the highest for October since 2003 [2] Corporate Earnings - The earnings season is in full swing, with notable companies such as Cisco, Applied Materials, and Disney set to report [2] - Chinese companies like Tencent, JD.com, and NetEase are also expected to release their earnings this week [2] Commodity Prices - Oil prices fell due to concerns over oversupply and slowing US demand, with WTI crude down 2.02% to $59.75 per barrel and Brent crude down 1.76% to $63.63 per barrel [4] - Gold prices rose, surpassing $4,000 per ounce, driven by increased demand for safe-haven assets amid the government shutdown [5] European Economic Indicators - The European Central Bank is expected to maintain interest rates until Q4 2026, with officials satisfied with current levels despite temporary inflation dips [6] - Key economic data from the Eurozone includes the ZEW economic sentiment index and GDP figures, which are anticipated to reflect cautious optimism [6] UK Economic Outlook - The Bank of England held the benchmark interest rate at 4.0%, with a close vote indicating potential future cuts if inflation continues to decline [7] - Upcoming employment and GDP data will be crucial for assessing the likelihood of rate cuts in December or February [7] Upcoming Events - A busy week ahead with significant economic data releases and corporate earnings reports scheduled [8] - Notable earnings include Barrick Gold, Four Seasons, and Tyson Foods, along with key economic indicators from various countries [8]

Core Viewpoint - The Chinese Ministry of Commerce emphasizes that the responsibility for the current global semiconductor supply chain disruption lies with the Netherlands, urging the EU to increase efforts to resolve the issue and ensure the normal supply of products related to Nexperia [1]. Group 1 - The Chinese government has noted the EU's commitment to work with the Netherlands regarding the Nexperia issue and hopes for a swift resolution to restore normal supply chains [1]. - China has taken concrete measures to ensure the stability of the global semiconductor supply chain, including exemptions for compliant exports intended for civilian use [1]. - The Ministry of Commerce encourages the EU to leverage its influence to prompt the Netherlands to correct its erroneous actions regarding semiconductor supply [1].

Core Viewpoint - The current global semiconductor supply chain disruption is attributed to the Netherlands, and there is an expectation for the EU to influence the Netherlands to rectify its measures to ensure the normal supply of ASML semiconductor products [1]. Group 1 - The EU's Trade and Economic Security Commissioner, Valdis Dombrovskis, has made a statement regarding ASML semiconductor issues, prompting a response from the Chinese Ministry of Commerce [1]. - The Chinese side has taken responsible measures to ensure the stability of the global semiconductor supply chain, including exemptions for compliant exports intended for civilian use [1]. - There is a call for the EU to increase efforts to persuade the Netherlands to withdraw its related measures [1].

Group 1 - The core issue regarding the semiconductor supply chain disruption is attributed to the Netherlands, with China urging the EU to increase efforts to persuade the Netherlands to withdraw related measures to ensure normal supply of ASML semiconductor products [1] - China emphasizes its responsible attitude towards the global semiconductor supply chain's safety and stability, having already implemented measures to exempt compliant exports for civilian use [1] - The Chinese government welcomes the EU's continued influence in encouraging the Netherlands to correct its erroneous practices [1]

Core Viewpoint - The Chinese Ministry of Commerce emphasizes that the root cause of the current global semiconductor supply chain disruption lies with the Netherlands, urging the EU to increase efforts to persuade the Netherlands to withdraw related measures to ensure the normal supply of products from Nexperia [1] Group 1 - The EU's Trade and Economic Security Commissioner, Valdis Dombrovskis, has made statements regarding Nexperia, indicating a need for dialogue and resolution [1] - The Chinese government has taken concrete measures to exempt compliant exports for civilian use, demonstrating a responsible attitude towards global semiconductor supply chain stability [1] - China welcomes the EU's continued influence in encouraging the Netherlands to correct its erroneous practices [1]

Core Viewpoint - The Chinese Ministry of Commerce emphasizes that the responsibility for the current chaos in the global semiconductor supply chain lies with the Netherlands, urging the EU to increase efforts to resolve the issue and restore normal supply of products related to ASML [2] Group 1 - The Chinese government has noted the EU's acknowledgment of the need to work with the Netherlands regarding the ASML semiconductor issue [2] - The Ministry of Commerce has taken concrete measures to ensure the stability of the global semiconductor supply chain, including exemptions for compliant exports intended for civilian use [2] - The Chinese side encourages the EU to leverage its influence to prompt the Netherlands to correct its erroneous practices promptly [2]

Core Insights - The semiconductor industry is facing a significant cost increase due to a 90% price hike in hexafluorotungsten, a critical gas used in chip manufacturing, starting in 2025 [1][3] - The price of tungsten, the raw material for hexafluorotungsten, has surged approximately 95% in China, reaching 280,000 RMB per ton [3] - The supply chain is undergoing a fundamental shift, with tungsten accounting for about 60% of the cost of hexafluorotungsten, making it highly sensitive to price changes [3][10] Industry Impact - Hexafluorotungsten is essential in semiconductor manufacturing, particularly in chemical vapor deposition processes, where it deposits high-purity tungsten films on wafers [7][8] - The global semiconductor industry consumes 7,000 to 8,000 tons of hexafluorotungsten annually, highlighting its critical role in producing logic chips, DRAM, and 3D NAND flash memory [8] - China's dominance in tungsten mining, with over 80% of global production, positions it as a key player in the semiconductor supply chain [10] Company Developments - China Shipbuilding Special Gas is a leading supplier of hexafluorotungsten, with an annual capacity of 2,000 tons and a global market coverage of 70.31% [10][12] - Other Chinese companies, such as Nanda Optoelectronics and Haohua Technology, are also expanding their presence in the hexafluorotungsten market [12] - Major tungsten producers like Xiamen Tungsten and Zhangyuan Tungsten are well-positioned in the supply chain, controlling the entire process from mining to deep processing [12] Market Dynamics - The Korean government plans to subsidize domestic production of key semiconductor materials to mitigate supply chain risks starting in 2025 [12] - The semiconductor industry is cyclical, and current high demand may decrease, leading to uncertainty in tungsten prices and their impact on hexafluorotungsten [12][14] - The volatility in hexafluorotungsten prices is prompting the semiconductor industry to reassess supply chain dependencies and consider diversification strategies [14]

Core Viewpoint - The U.S. government is pushing for a significant reduction in reliance on Taiwan for semiconductor production, proposing a "chip 50-50" plan to redistribute chip manufacturing back to the U.S. to mitigate security risks [1][10]. Group 1: U.S. Government Actions - The U.S. Commerce Secretary has suggested that the U.S. should reduce its dependence on Taiwan's chip production by half, which has sparked strong reactions from Taiwan's political and public spheres [1]. - A new tariff proposal is being considered by the U.S. government, which would impose tariffs on imported electronic devices based on the estimated value of the chips they contain, aiming to encourage domestic manufacturing [2][4]. - The Trump administration is contemplating a requirement for semiconductor companies to maintain a 1:1 ratio of chips produced domestically to those imported, with potential tariff penalties for non-compliance [2][4]. Group 2: Challenges Faced by TSMC and Samsung - TSMC's factory in Arizona has reportedly incurred losses of approximately 1.7 trillion Korean won (about 8.65 billion RMB) over the past four years, raising concerns about its future profitability as it enters mass production [6]. - Samsung is investing 24 trillion Korean won (approximately 122.2 billion RMB) in a wafer foundry in Texas, but is facing challenges due to a lack of large-scale orders, making its situation more precarious than TSMC's [8]. Group 3: Broader Implications for the Semiconductor Industry - The U.S. Treasury Secretary has indicated that the U.S. is working to diversify its semiconductor supply chain to reduce risks associated with Taiwan's dominance in high-end chip production [9][10]. - The potential for the U.S. government to acquire stakes in semiconductor companies, such as Intel, is being discussed as a means to stabilize domestic chip production [10][11]. - The ongoing discussions and proposed policies could complicate the already intricate tariff system, potentially leading to increased operational challenges for semiconductor manufacturers [4].