中国在矿物质领域的主导地位让管制政策具有立竿见影的效果。 数据显示，中国矿物质储量占全球总量的37%，但精炼分离环节占比超过70%。 特别是用于光刻机的高纯度重矿物质，中国掌控着全球87%的冶炼产能。 ASML供应链数据显示，其光刻机磁体库存仅能维持8-12周生产，而重新设计生产 线至少需18个月。 管制政策出台后，ASML陷入前所未有的供应链危机。 公司内部评估显示，若矿物质供应中断持续，EUV光刻机产能可能下降30%。 2025年10月9日，中国商务部连续发布第61号和第62号公告，对含中国矿物质成分的境外物项及相关技术实施出口管制。 政策核心在于"长臂管辖"原则：无论产品在何地生产，只要含有0.1%及以上中国重矿物质成分或使用中国矿物质技术，出口都需中方审批。 审批标准严格 区分民用与军用，向军事用户或用于大规模杀伤性武器研发的出口申请将直接被拒。 在光刻机的磁悬浮系统中，钕铁硼永磁体提供强大磁场，确保晶圆台和掩膜台实现纳米级精度的同步运行。 光源系统中，铥是下一代EUV光源的核心材 料，铽用于光学隔离器，铷则用于激光定位与检测晶圆。 光学镜头和掩膜版等关键部件同样离不开矿物质支持。 每台EUV光刻机的 ...

Core Insights - The Chinese semiconductor industry is strengthening its foundation by focusing on the basic "nutrient" aspects of the supply chain rather than relying solely on a single technological breakthrough [2] - A recent announcement from the Ministry of Commerce requires approval for the export of products containing 0.1% or more of Chinese rare earth elements, directly impacting semiconductor equipment giants like ASML and Applied Materials [2] - The domestic production of key materials, such as EUV photoresists, is increasing, with the localization rate surpassing 30% for critical photoresists [4] Resource Management - The new policy on rare earth exports is a strategic move to control resources essential for semiconductor manufacturing, particularly for equipment that relies heavily on rare earth elements [2] - The establishment of a domestic EUV photoresist R&D platform in Wuxi aims to break the monopoly of foreign companies in the high-end photoresist market [4] Technological Breakthroughs - The industry is not only focusing on acquiring EUV lithography machines but is also exploring differentiated process paths, such as New Kylin's "non-lithographic compensation" strategy, which maximizes the performance of existing DUV lithography machines [7] - New Kylin's approach involves a complex process cycle to compensate for precision gaps, demonstrating a significant shift in manufacturing strategy [7] Process Integration - New Kylin has standardized high-difficulty operations, resulting in a series of equipment that supports the entire manufacturing process, achieving an 85% yield rate for 5nm logic chips in collaboration with SMIC [9] - This breakthrough indicates that the Chinese semiconductor industry can develop new pathways for advanced processes without relying on external equipment [9] Design Tools Development - The launch of EDA software by New Kylin's subsidiary, Qiyunfang, marks a significant step in breaking international monopolies in design tools, enhancing operational efficiency by 30% and reducing hardware development cycles by 40% [11] - The integration of this EDA software with domestic operating systems and databases facilitates a seamless design-manufacturing connection [13] Ecosystem Resilience - The Chinese semiconductor ecosystem is evolving into a robust structure, with rare earths and materials forming the soil, non-lithographic processes as the main trunk, and design tools as the branches [15] - This interconnected ecosystem allows for sustained vitality even in the face of localized disruptions, positioning China to redefine the competitive landscape in the global semiconductor industry [15]