2025.10. 17 本文字数：4088，阅读时长大约6分钟 作者 | 第一财经 彭海斌 失意的张学政已经离开了荷兰。 在中国国庆假期里，安世半导体的CEO张学政被暂停行使职权，闻泰科技（600745.SH）对安世的 持股也被托管。闻泰科技耗资334亿人民币控股安世半导体，现在后者正在渐渐脱离掌控。 来自美国的压力，影响了荷兰政府政策走向，也击碎了安世半导体高管群体之间本就脆弱的互信。在 如何定位安世半导体，怎样发展全球业务等核心议题上，张学政与安世的首席法务官以及首席财务官 等出现严重分裂。 张学政本意要解聘几位高管，但没想到反被几人联手推翻。 推翻张学政的人 张学政成为安世半导体CEO只有五年时间。 2019年12月，闻泰科技以268.54亿元完成对安世半导体79.98%股权的收购。此后，闻泰科技完成 对安世半导体的100%持股。它动用了多种融资手段，前前后后耗资超过330亿元。 这是中国有史以来最大的半导体收购案，也是中国公司首次收购具有全球领先地位的半导体公司。 2020年3月25日，安世的时任首席执行官 Frans Scheper决定提前退休，并卸任董事会成员。同 时，安世董事会主席张学政担任首席 ...

Core Points - Zhang Xuezheng, CEO of Anshi Semiconductor, has been suspended from his duties amid internal conflicts and external pressures, particularly from the U.S. [1][9] - The management team at Anshi Semiconductor is experiencing severe divisions regarding the company's strategic direction and response to geopolitical pressures [9][11] - The Dutch government has imposed conditions on Anshi Semiconductor, including the requirement for a Dutch board member, which has led to tensions with its parent company, Wentai Technology [12][13] Group 1: Company Background - Anshi Semiconductor was acquired by Wentai Technology for 334 billion RMB, marking the largest semiconductor acquisition in Chinese history [3] - The company was previously part of NXP Semiconductors and has a significant production capacity at its Hamburg facility, producing approximately 700 billion semiconductor chips annually [3] Group 2: Management Changes - Zhang Xuezheng's tenure as CEO began in 2020 after the previous CEO, Frans Scheper, retired [3][4] - Stefan Tilger is currently serving as the acting CEO and CFO, recognized for his professional capabilities [4] - Zhang attempted to dismiss several executives in September 2025, but faced backlash and was ultimately suspended [20][21] Group 3: External Pressures - In January 2023, the U.S., Netherlands, and Japan agreed to impose export controls on semiconductor equipment to China, affecting Anshi Semiconductor's operations [8] - Anshi Semiconductor established a new department to engage with the Dutch government to secure its status as a key player in the semiconductor industry [8][11] Group 4: Governance Issues - The Dutch Ministry of Economic Affairs has raised concerns about Anshi's governance structure, demanding the establishment of a supervisory board with veto powers over critical decisions [13][14] - Wentai Technology has resisted these demands, arguing that they would undermine its control over Anshi Semiconductor [13][14] Group 5: Legal Proceedings - Following Zhang's suspension, legal actions were initiated by the remaining executives, leading to a court ruling that upheld the suspension and placed Anshi's shares under independent management [21][22] - The court proceedings have been characterized by a rapid response, with significant implications for the company's governance and operational autonomy [21][22]

张学政本意要解聘几位高管，但没想到反被几人联手推翻。 失意的张学政已经离开了荷兰。 来自美国的压力，影响了荷兰政府政策走向，也击碎了安世半导体高管群体之间本就脆弱的互信。在如何定位安世半导体，怎样发展全球业务等核心议题 上，张学政与安世的首席法务官以及首席财务官等出现严重分裂。 张学政本意要解聘几位高管，但没想到反被几人联手推翻。 在中国国庆假期里，安世半导体的CEO张学政被暂停行使职权，闻泰科技（600745.SH）对安世的持股也被托管。闻泰科技耗资334亿人民币控股安世半 导体，现在后者正在渐渐脱离掌控。 张学政成为安世半导体CEO只有五年时间。 安世的汉堡工厂生产8英寸的晶圆，每月产能约35000片晶圆，该产量每年转化成700亿颗半导体，使之成为针对小信号和二极管分立器件的全球最大晶圆 厂。 2019年12月，闻泰科技以268.54亿元完成对安世半导体79.98%股权的收购。此后，闻泰科技完成对安世半导体的100%持股。它动用了多种融资手段，前 前后后耗资超过330亿元。 这是中国有史以来最大的半导体收购案，也是中国公司首次收购具有全球领先地位的半导体公司。 他也曾管理安世核心晶圆厂之一的德国汉堡工厂。 ...

Core Viewpoint - The recent export control measures on rare earths by China are a legitimate action based on legal regulations aimed at preventing illegal flows of rare earths to inappropriate uses, thereby safeguarding national and global security [1][2] Group 1: Export Control Measures - The controlled rare earth products include those already listed in China's export control list, such as rare earth magnetic materials and related components, as well as rare earth target materials [1] - The measures are not aimed at specific countries or regions; compliant export applications for civilian use will be approved [2] - China is committed to optimizing the licensing process and considering general licenses and exemptions to facilitate compliant trade [2] Group 2: International Relations and Reactions - The U.S. claims that China's measures will broadly impact various industries, including semiconductors and artificial intelligence, but China argues that this interpretation is exaggerated and misleading [1] - The U.S. has a long history of extraterritorial jurisdiction measures, having implemented multiple semiconductor export controls against China since 2022 [1] - China maintains an open attitude towards equal consultations based on mutual respect in recent trade talks with the U.S. [2]

安世半导体官网10月14日更新消息显示，首席财务官Stefan Tilger将担任临时首席执行官，Achim Kempe将继续担任首席运营官。 | nexperia | | 产品 应用 质量 | | 支持 | 商店 | 工作机会 | | --- | --- | --- | --- | --- | --- | --- | | | 搜索 > | 我正在搜索 ... | | | | | | 关于我们 | | 高级管理团队 | | | | | | 高级管理团队 | | | | | | | | 公司时间线 | | | | | | | | 永续发展 | | | | | | | | 企业社会责任 | > | | | | | | | 全球地点 | > | | | | | | | 经销商/合作伙伴 | > | | Stefan Tilger | | | | | 安世半导体(中国)有限公司全 | > | | 首席财务官,首席执行官(代理) | | | | | 球采购 | | | | | | | | 新闻和活动 | > | | | | | | | 条款和政策 | > | | | | | | | 联系我们 | > | | | | | ...

Core Insights - The Hong Kong stock market saw a net inflow of 198.04 billion HKD from northbound trading on October 13, with 75.98 billion HKD from the Shanghai Stock Connect and 122.06 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Hua Hong Semiconductor (01347) [1] - The most sold stocks were Tencent (00700), Alibaba-W (09988), and SMIC (00981) [1] - Alibaba-W had a buy amount of 102.16 billion HKD and a sell amount of 123.94 billion HKD, resulting in a net outflow of 21.78 billion HKD [2] - SMIC had a buy amount of 54.30 billion HKD and a sell amount of 72.40 billion HKD, leading to a net outflow of 18.10 billion HKD [2] - Tencent had a buy amount of 29.11 billion HKD and a sell amount of 62.19 billion HKD, resulting in a net outflow of 33.08 billion HKD [2] Group 2: Market Trends - The market is experiencing a decline in investor risk appetite due to escalating US-China trade tensions, which has led to a valuation correction in Hong Kong stocks [4] - Despite the current market challenges, there are expectations for stabilization in investor sentiment due to domestic growth-supporting policies and long-term measures to stabilize the stock market [4] - The semiconductor sector is showing divergence, with Hua Hong Semiconductor receiving a net inflow of 13.47 billion HKD, while SMIC faced a net outflow of 5.23 billion HKD [5] Group 3: Company-Specific News - Xiaomi Group-W (01810) saw a net inflow of 8.88 billion HKD despite a nearly 9% drop in its stock price due to safety concerns following a fire incident involving one of its vehicles [5] - Kingsoft (03888) received a net inflow of 2.86 billion HKD amid discussions on export controls related to rare earth materials [5] - Northbound trading sold off tech stocks, with Alibaba-W and Tencent facing significant net outflows of 24.45 billion HKD and 16.23 billion HKD, respectively [6]

Core Viewpoint - The U.S. government has revoked TSMC's authorization to freely ship necessary equipment to its Nanjing plant in mainland China, potentially limiting the production capacity of this mature process chip factory [2][3] Group 1: Impact on TSMC - TSMC confirmed it received notification from the U.S. government that its "Verified End Use" (VEU) authorization for the Nanjing plant will be revoked by December 31 of this year, and the company is assessing the situation and taking appropriate measures [2][3] - The Nanjing plant, which initially focused on 16 to 12nm processes, has shifted to expanding 28nm capacity due to tightening U.S. export controls, with a monthly capacity of 20,000 wafers for 16/12nm and 40,000 wafers for 28/22nm [3][5] - The Nanjing plant generated approximately NT$26 billion in profit for TSMC last year, making it an important source of revenue despite its relatively low contribution percentage [3] Group 2: Broader Industry Implications - The U.S. actions highlight its influence over the electronic component supply chain, even affecting non-U.S. companies operating overseas [4][5] - The shift from blanket approvals to individual license applications creates uncertainty regarding the timeline for obtaining necessary permits for semiconductor operations in mainland China [5] - U.S. officials are reportedly working on solutions to alleviate bureaucratic burdens and expedite the processing of license applications, which have accumulated significantly [5]

Group 1 - The 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War will be commemorated on September 3 in Beijing, with a significant speech by President Xi Jinping [1][2][3] Group 2 - The U.S. government has been ruled to have acted unlawfully in imposing tariffs under the International Emergency Economic Powers Act, which poses a significant setback to Trump's aggressive trade policies [4][5][6] - The ruling maintains that tariffs are a core power of Congress, and the president does not have the authority to impose tariffs through executive orders without congressional approval [5][6] - The decision is set to take effect after October 14, allowing the Trump administration to appeal to the Supreme Court [6] Group 3 - U.S. Treasury and State Department officials have warned that the ruling could lead to "devastating" consequences for international trade negotiations and U.S. economic standing [7][8] - The ruling may also impact ongoing trade negotiations with various countries, as it raises questions about the legality of previously established trade agreements [8] Group 4 - Japan's manufacturing sector continues to shrink, with the August PMI at 49.7, indicating ongoing contraction due to declining overseas orders and investment cuts [11][12] - Japanese manufacturers' pre-tax profits fell by 11.5% year-on-year, primarily due to the impact of U.S. tariffs on the automotive sector [13] - Concerns are growing that the focus on a $550 billion investment mechanism in the U.S.-Japan trade agreement may lead Japanese companies to prioritize investments in the U.S. over domestic development [14] Group 5 - The U.S. has revoked the fast-track compliance status for South Korean chip manufacturers, which will require them to obtain licenses for certain U.S. chip manufacturing equipment exports to China [34][35] - This decision is part of the ongoing tech competition between the U.S. and China, despite a temporary easing of trade tensions [35] Group 6 - India's Prime Minister Modi's visit to Japan highlights the growing semiconductor cooperation between the two nations, aiming to reduce reliance on imports and enhance manufacturing capabilities [37][40] - The collaboration is expected to strengthen India's position in the global semiconductor supply chain while leveraging Japan's advanced technology [40] Group 7 - Tesla's sales in Europe have continued to decline, with significant drops in new car registrations reported in France, Sweden, and Denmark, attributed to increased competition and a lack of new models [60][61][66] - The brand's loyalty is reportedly declining due to CEO Elon Musk's political affiliations, which have alienated some consumers [67][69] - The used car market for Tesla vehicles has seen a surge in sales, negatively impacting new car sales and brand perception [71][70]

Core Insights - OpenAI's new model GPT-5 faced significant backlash, leading to the reversion of ChatGPT's default model to a previous version, indicating a major setback for the company [1] - CEO Sam Altman expressed concerns about the U.S. underestimating the complexity and severity of China's AI development, emphasizing that the U.S.-China AI competition is multifaceted and cannot be simplified to a mere ranking of who is ahead [1][2] - OpenAI's decision to release open-weight models was influenced by competition from Chinese models, particularly open-source systems like DeepSeek, marking a strategic shift towards increasing technology accessibility [6][7] U.S.-China AI Competition - Altman warned that U.S. policies, such as semiconductor export controls, may not effectively address the rapid advancements in China's AI ecosystem, suggesting that relying solely on policy measures is unrealistic [2] - Despite the U.S. government's attempts to control AI development through export restrictions, China is building a comprehensive AI technology ecosystem that could circumvent these measures [2][3] - China's response to U.S. export controls reflects a commitment to developing a self-sufficient semiconductor supply chain, while still needing advanced AI processors [3][4] OpenAI's Strategic Shift - OpenAI's release of open-weight models, including gpt-oss-120b and gpt-oss-20b, represents a significant change in strategy, aimed at enhancing developer engagement and countering competition from Chinese open-source models [6][7] - The initial reception of these open-weight models has been mixed, with some developers noting a lack of core functionalities compared to OpenAI's commercial products [7] - Altman acknowledged that the open-weight models are optimized for specific applications, particularly for building local coding agents, with the potential for future adjustments based on market demands [7][8]

Core Viewpoint - The controversial proposal by President Trump to impose a revenue-sharing scheme on AI chip sales from Nvidia and AMD to China is raising market concerns about potential erosion of U.S. corporate profits and innovation advantages [1] Group 1: Market Reactions - Investors are worried that the revenue-sharing model may extend beyond Nvidia and AMD, potentially affecting more semiconductor leaders and their fundamentals [1] - Analysts express skepticism about the precedent set by the U.S. government in imposing penalties on chip exports, yet acknowledge that receiving 85% of revenue is better than receiving nothing [2] Group 2: Technical Performance - Nvidia's H20 AI chip, approved for export to China, has significantly reduced performance compared to its predecessor H100, particularly in AI training tasks [2] - However, the H20 chip has been optimized for AI inference, showing competitive performance in certain scenarios, which may provide Nvidia with a unique advantage in the Chinese market [2] Group 3: Government Revenue Initiatives - The Trump administration's revenue-sharing agreement with Nvidia and AMD is seen as a potential model for similar initiatives across other industries [4] - The U.S. government is exploring various revenue sources, including the sale of "gold cards" for immigration and "golden shares" in companies, to bolster its fiscal position [6] Group 4: Legislative Concerns - The move has raised eyebrows among hardliners in Congress, who question the legal basis of such revenue-sharing agreements and their implications for national security [6] - Concerns are growing that this could set a precedent for further government fees on U.S. companies engaged in international trade [3] Group 5: Future Implications - The long-term impact of these revenue-sharing measures on U.S. corporate profits and innovation remains uncertain, with some experts warning of potential negative consequences [7] - The Trump administration argues that these measures could enhance U.S. influence and market share in the AI sector, although skepticism persists regarding their effectiveness [7]