Core Viewpoint - The Dutch government's intervention in ASML's internal affairs and the court's decision to strip Chinese shareholders of their rights are seen as violations of legitimate rights, leading to global supply chain disruptions and raising questions about Europe's institutional credibility [1][2][3] Group 1: Impact on Investment Environment - The actions of the Dutch government undermine the foundation of property rights protection in the Netherlands and Europe, raising concerns about the motivations behind such behavior [2] - The arbitrary alteration of equity structures and corporate governance by public authorities increases "institutional risk premiums," making long-term capital hesitant to invest in the region [2][3] Group 2: Global Supply Chain Risks - The abrupt cessation of wafer supply to ASML (China) by the Dutch government amplifies systemic risks within the global supply chain, affecting various sectors such as automotive electronics and industrial control [2] - The interconnected nature of the global supply chain means that disruptions can lead to order delays, increased costs, and difficulties in finding alternatives, impacting multiple industries [2] Group 3: Geopolitical Context - The U.S. has previously labeled Chinese-backed enterprises as risky, pressuring allies to intervene in normal business activities under the guise of national security, a tactic that has backfired in the case of ASML [3] - The Dutch government's extreme measures have not yielded substantial security benefits and have resulted in a loss of trust from Chinese enterprises and the global market [3] Group 4: Future Relations and Recommendations - The Chinese side advocates for a constructive resolution to the ASML issue, emphasizing the importance of maintaining stable economic relations between China and the Netherlands [4] - The Dutch government is urged to act responsibly and cease interference in corporate matters to preserve the integrity of bilateral trade and supply chain stability [4]

Core Viewpoint - The Chinese government emphasizes the negative impact of the Dutch government's interference in ASML's internal affairs, which has led to a disruption in the global semiconductor supply chain [1][2]. Group 1: Government Response - The Chinese Ministry of Commerce reiterates that the Dutch government's actions, including a court ruling that stripped Chinese companies of their equity in ASML, severely violate the legitimate rights of Chinese enterprises [1]. - The Dutch government's lack of constructive engagement in negotiations has exacerbated the global supply chain crisis [1]. Group 2: Supply Chain Impact - ASML (Netherlands) announced on October 26 that it would stop supplying wafers to ASML (China), resulting in production disruptions for the latter and causing turmoil in the global semiconductor supply chain [1]. - The Chinese government has taken steps to exempt eligible exports to stabilize the semiconductor supply chain and facilitate ASML (China)'s recovery [1][2]. Group 3: Future Expectations - The Chinese side hopes that the Dutch government will adopt a responsible attitude to maintain the stability and security of the China-Netherlands and China-Europe economic and trade relations, and to find constructive solutions to the ASML issue [2]. - The Chinese government remains committed to safeguarding the legitimate rights of enterprises and ensuring the smooth operation of the global semiconductor supply chain [2].

Core Viewpoint - The article discusses the ongoing issues surrounding Nexperia, a semiconductor company, highlighting the impact of Dutch government actions on Chinese enterprises and the global semiconductor supply chain [2][4]. Group 1: Nexperia and Dutch Government Actions - The Dutch government issued an administrative order on September 30, which improperly interfered with Nexperia's internal affairs, leading to a court ruling that stripped Chinese companies of their equity, violating their legal rights [2]. - On October 26, Nexperia (Netherlands) announced a halt in supplying wafers to Nexperia (China), disrupting normal production and causing turmoil in the global semiconductor supply chain [2]. Group 2: China's Response and Global Supply Chain Stability - China announced on November 1 that it would exempt qualified exports to promote the resumption of supply from Nexperia (China), demonstrating a responsible attitude towards global semiconductor supply chain stability [4]. - The article emphasizes that the Dutch side's lack of constructive actions and continued interference will exacerbate negative impacts on the global semiconductor supply chain, which is undesirable for both China and the global industry [4].

Core Insights - The White House Opportunity Fund (WHOF) has significantly outperformed the S&P 500 since its new leadership took over, doubling its core investments within nine months, which has surprised traditional financial circles [1][2] - The board of WHOF has faced criticism for potentially distorting capital markets but has defended its strategy, claiming it is better to select winners than to criticize losers [1][2] Investment Strategy - WHOF's initial major investment was in Intel, purchasing shares at $20.47 each in August, which have since nearly doubled in value [3] - The board maintains a "strategic dialogue" with Intel's new CEO, dispelling concerns about potential conflicts of interest [3] - WHOF has also invested in the mining sector through its subsidiaries, acquiring shares in MP Materials and Lithium Americas, both of which have seen significant price increases [6][7] Global Expansion - WHOF is targeting key mineral resources, including rare earths and lithium, with ambitions to control global supply chains [7] - The fund has made a notable investment in Argentina, purchasing Argentine pesos and signing a $20 billion currency swap agreement with the Argentine government [9][7] - WHOF's confidence in Argentina is juxtaposed with the country's historical reputation as a challenging investment environment [9][11] Digital Assets - WHOF has shifted its approach to digital assets, establishing a "strategic Bitcoin reserve" and holding approximately 200,000 bitcoins, which have appreciated in value [12][14] - The board has distanced itself from any personal investments made by the current CEO while highlighting the fund's strong performance in this area [14] Market Impact - WHOF's aggressive investment strategy is seen as a departure from traditional investment practices, positioning it as a "political price setter" rather than a price taker [20][22] - The fund's actions could disrupt global markets and create an uneven playing field for other investors who lack similar state backing [22][24] - WHOF's approach raises concerns for emerging markets, as partnerships with the fund could lead to unfavorable outcomes for local economies if investments do not yield expected returns [24][26] Future Considerations - WHOF faces internal challenges, including a mandatory leadership rotation every four years, which could jeopardize long-term strategies [18][20] - The fund's ambitions to influence the Federal Reserve and its monetary policies indicate a blending of power and capital that could reshape financial landscapes [16][20] - The evolving dynamics of U.S. state capitalism are likely to heighten tensions in global markets, prompting other nations to reconsider their foreign investment policies [28]

Core Points - The Chinese side urges the Dutch government to adopt a responsible attitude and stop interfering in the internal affairs of companies, seeking a constructive solution to the ASML semiconductor issue [1][2][3] Group 1: ASML Semiconductor Issue - The Chinese government has previously responded to concerns regarding the ASML semiconductor issue, emphasizing that the Dutch government's administrative order on September 30 improperly interfered with the internal affairs of ASML [2] - A Dutch court's decision to strip Chinese companies of their equity rights is viewed as a serious infringement on the legitimate rights of Chinese enterprises, exacerbating the global supply chain crisis [2] - ASML (Netherlands) announced on October 26 that it would stop supplying wafers to ASML (China), disrupting normal production and causing turmoil in the global semiconductor supply chain [2] Group 2: Chinese Government's Response - On November 1, the Chinese government announced exemptions for eligible exports to promote the resumption of supply from ASML (China) [2] - The Chinese side expresses a commitment to maintaining the legitimate rights of enterprises and stabilizing the global semiconductor supply chain [3] - The Chinese government hopes the Dutch side will act responsibly to maintain the overall economic and trade relations between China and the Netherlands, as well as the stability and security of the supply chain [1][3]

来源：商务部网站 据商务部网站11月4日消息，商务部新闻发言人就安世半导体相关问题应询答记者问。 问： 近期，各界高度关注安世半导体问题磋商进展，请问商务部对此有何评论？ 答： 此前，中方已就安世半导体相关问题回应了有关记者的评论。我愿再次强调，荷兰政府9月 30日发布行政令，不当干预安世半导体企业内部事务，之后荷企业法庭作出剥夺中国企业股权的 错误裁决，严重侵害中国企业合法权益。此后，荷政府不顾中方多次在磋商中提出的合理诉求， 没有展示出建设性态度和行动且升级全球供应链危机。安世（荷兰）10月26日宣布停止向安世 （中国）供应晶圆，导致后者无法正常生产，造成了全球半导体产供链的动荡和混乱。对此，荷 方应承担全部责任。 中方本着对全球半导体产供链稳定与安全的负责任态度，于11月1日宣布将对符合条件的出口予 以豁免，并努力促进安世（中国）恢复供货。但荷方继续一意孤行，且无解决问题实际行动，这 必将加深对全球半导体供应链的不良影响。这是中方和全球业界不愿看到的。 中方希望，荷方从维护中荷、中欧经贸关系大局和产供链稳定与安全的角度出发，以负责任的态 度与中方相向而行，停止干涉企业内部事务，为安世半导体问题找到建设性 ...

Core Viewpoint - The Chinese government emphasizes that the Dutch government's recent actions regarding ASML have severely infringed upon the legitimate rights of Chinese enterprises and have escalated the global supply chain crisis [1] Group 1: Government Actions and Responses - The Dutch government issued an administrative order on September 30, which improperly intervened in the internal affairs of ASML, leading to a court ruling that stripped Chinese companies of their equity [1] - On October 26, ASML (Netherlands) announced the cessation of wafer supply to ASML (China), disrupting normal production and causing turmoil in the global semiconductor supply chain [1] - The Chinese government announced on November 1 that it would exempt qualified exports to promote the resumption of supply from ASML (China) [1] Group 2: Call for Constructive Solutions - The Chinese government urges the Dutch side to adopt a responsible attitude and cease interference in corporate internal affairs to find constructive solutions to the ASML issue [1] - The Chinese government expresses a commitment to safeguarding the legitimate rights of enterprises and stabilizing the global semiconductor supply chain [1]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中方本着对全球半导体产供链稳定与安全的负责任态度，于11月1日宣布将对符合条件的出口予以豁 免，并努力促进安世(中国)恢复供货。但荷方继续一意孤行，且无解决问题实际行动，这必将加深对全 球半导体供应链的不良影响。这是中方和全球业界不愿看到的。 中方希望，荷方从维护中荷、中欧经贸关系大局和产供链稳定与安全的角度出发，以负责任的态度与中 方相向而行，停止干涉企业内部事务，为安世半导体问题找到建设性解决方法。同时，中方将坚定维护 企业合法权益，并努力稳定全球半导体供应链的稳定畅通。 格隆汇11月4日丨商务部新闻发言人就安世半导体相关问题应询答记者问。问：近期，各界高度关注安 世半导体问题磋商进展，请问商务部对此有何评论？ 答：此前，中方已就安世半导体相关问题回应了有关记者的评论。我愿再次强调，荷兰政府9月30日发 布行政令，不当干预 ...

中方本着对全球半导体产供链稳定与安全的负责任态度，于11月1日宣布将对符合条件的出口予以豁 免，并努力促进安世（中国）恢复供货。但荷方继续一意孤行，且无解决问题实际行动，这必将加深对 全球半导体供应链的不良影响。这是中方和全球业界不愿看到的。 中方希望，荷方从维护中荷、中欧经贸关系大局和产供链稳定与安全的角度出发，以负责任的态度与中 方相向而行，停止干涉企业内部事务，为安世半导体问题找到建设性解决方法。同时，中方将坚定维护 企业合法权益，并努力稳定全球半导体供应链的稳定畅通。 问：近期，各界高度关注安世半导体问题磋商进展，请问商务部对此有何评论？ 答：此前，中方已就安世半导体相关问题回应了有关记者的评论。我愿再次强调，荷兰政府9月30日发 布行政令，不当干预安世半导体企业内部事务，之后荷企业法庭作出剥夺中国企业股权的错误裁决，严 重侵害中国企业合法权益。此后，荷政府不顾中方多次在磋商中提出的合理诉求，没有展示出建设性态 度和行动且升级全球供应链危机。安世（荷兰）10月26日宣布停止向安世（中国）供应晶圆，导致后者 无法正常生产，造成了全球半导体产供链的动荡和混乱。对此，荷方应承担全部责任。 （原标题：商务部： ...

Core Viewpoint - The Chinese Ministry of Commerce has criticized Nexperia (Netherlands) for halting wafer supply to Nexperia (China), causing disruptions in the global semiconductor supply chain, and has called for responsible actions from the Dutch side to stabilize the situation [1][6]. Group 1: Supply Chain Impact - Nexperia (Netherlands) announced on October 26 that it would stop supplying wafers to Nexperia (China), leading to production disruptions [1]. - The Chinese government has stated that it will exempt eligible exports to facilitate the recovery of Nexperia (China) and stabilize the global semiconductor supply chain [1][6]. - Despite potential disruptions from European wafer supply, Nexperia (China) is expected to continue delivering products to domestic semiconductor clients [2]. Group 2: Alternative Suppliers - Several Chinese wafer manufacturers, including Wuxi Xin Jie Neng and Hangzhou Silan Microelectronics, are capable of supplying wafers to Nexperia (China) [2]. - Shanghai Ding Tai Jiang Xin Technology, part of Wingtech Technology, is also likely to provide wafers to Nexperia (China), with a significant investment of 12 billion yuan in a 12-inch wafer production facility [4]. Group 3: Production and Certification Challenges - Nexperia (China) may require 6 to 12 months to certify new wafer suppliers due to strict safety requirements, complicating the production scheduling process [4]. - Most Chinese wafer manufacturers primarily produce medium and low-voltage products, while foreign companies like Infineon and STMicroelectronics can produce high-voltage products, potentially limiting Nexperia (China)'s options [5]. Group 4: Market Reactions - Following positive news regarding the potential resumption of chip shipments from Nexperia (China), stock prices of European automakers such as Volkswagen, Mercedes-Benz, and Volvo rose by at least 3% [6]. - Nexperia (Netherlands) welcomed recent statements from China and the U.S. that removed obstacles to chip shipments but refrained from commenting on Nexperia (China)'s plans to accelerate its independence [6]. Group 5: Company Statements and Legal Issues - Nexperia (China) has assured customers of sufficient inventory to meet demand until the end of the year and is actively validating new wafer production capacities [7]. - Nexperia (China) refuted claims of contract violations, stating that Nexperia (Netherlands) owes 1 billion yuan to its packaging and testing factory in Dongguan [7].