Group 1 - ASML's CEO, Christoph W. F., highlighted the contradictions in the West's export restrictions on lithography machines to China, emphasizing the need for a "subtle balance" in technology export policies [2] - Currently, ASML is prohibited from exporting all EUV lithography equipment and the most advanced DUV lithography equipment to China, creating a significant technological gap, with the equipment available to China being eight generations behind the latest technology [2] - The CEO warned that excessive restrictions could push China to fully develop its own technology, potentially leading to a strong competitor for the West in the long run [3] Group 2 - The ongoing technological competition surrounding lithography machines reflects a strategic struggle amid the restructuring of the global technology supply chain [3] - The article suggests that while technology barriers may slow down development, they cannot stop a nation's determination to achieve technological independence [3] - The ultimate outcome of the technological gap will depend on the strength of research and development capabilities and industry resilience [3]

要闻提示 1.阿斯麦CEO：中国不可能接受被"卡脖子"不如让其保持依赖，以防自主研发形成竞争力 2. 摩尔线程回应75亿现金管理争议 3.村支书卖农产品小米被投诉？小米紧急辟谣！ 4.国家发文禁止亏本卖车，比亚迪、长城、长安、小鹏等多家车企响应 5.百度大搜技术专家王俊峰转岗百度健康，任策略研发部1号位 6.京东招募端侧AI芯片人才：月薪25K-100K 7.手机大厂迟早沦为牙膏厂？罗永浩发文再谈AI手机：让躺着赚钱的大厂睡不着觉 12月13日消息，日前，摩尔线程发布公告，计划使用不超过75亿元的部分闲置募集资金进行现金管理。对于此次现金管理的资金来源，摩尔线程表示，为首 次公开发行股票的募集资金，公司本次募资总额约80亿元，扣除发行费后，实际募集资金净额为75.8亿元。按照此前计划，摩尔线程拟募资80亿元，将投向 3个研发项目，并用于补充流动资金。公告发布后，迅速引发外界热议。 对此，摩尔线程相关负责人称，公司前期已明确披露募资 75 亿的项目计划，有分阶段明确的研发、技术升级等使用安排，将严格按计划推进，项目周期三 年，资金按进度分阶段拨付。因项目分阶段投入，现拟在确保募投顺利、不影响原安排且保障资金安全 ...

【文/观察者网 阮佳琪】 富凯出主意称，西方可以通过拒绝向中国提供"最新和最好的产品"，以维持中方对西方技术的依赖，同 时拖慢中国自主技术进步的速度。 据他透露，目前阿斯麦对华出口的设备，比最新的高数值孔径光刻技术整整落后了八代，技术水平相当 于该公司2013、2014年销往西方客户的产品，技术差距超过十年。 "但问题的关键在于，我们要把这种技术差距拉大到何种程度？是让中国落后5年、10年，还是15 年？"富凯继而担忧称，如果西方过度收紧限制，将中国逼至绝境，迫使中方别无选择、只能彻底摆脱 对西方技术的依赖，反而会倒逼中国决心自主研发替代产品。从长远来看，这将导致西方彻底失去这一 庞大市场。 在专访中，去年接任CEO一职的富凯重申其观点，即"应向中国适度输出技术以防其自主研发形成竞争 力"。他进一步宣称，在对华技术出口限制问题上，西方需要找到一个微妙的平衡点。 "中国绝不会接受在技术方面被'卡脖子'的处境，"他解释道，"如果你是一个拥有14亿人口的大国，就必 然要谋求技术进步，这是不争的事实。" 阿 斯麦首席执行官克里斯托夫·富凯（左）。彭博社视频截图 在先进芯片制造领域，最关键的设备当属将芯片图案打印到硅晶 ...

Group 1 - ASML's new facility in Hwaseong, South Korea, has been completed, covering an area of 16,000 square meters and featuring DUV and EUV lithography equipment remanufacturing centers and advanced technology training centers. This aims to enhance collaboration with local semiconductor companies like Samsung Electronics and SK Hynix. ASML plans to invest 240 billion KRW (approximately 12 billion RMB) in building a semiconductor equipment cluster in Hwaseong by 2025 [2] - CATL's chairman, Zeng Yuqun, announced that the fifth generation of lithium iron phosphate batteries has begun mass production, building on the success of the fourth generation, which leads the industry in high energy density, long lifespan, and high power [2] - Samsung Electronics has set a management goal for its foundry business to return to profitability and achieve a 20% market share by 2027. The foundry has been operating at a loss since 2022, but recent large orders from Tesla and the upcoming revenue contribution from the Texas Taylor wafer fab are expected to improve its overall status [2] - UBTECH has commenced mass delivery of its full-size industrial humanoid robot, Walker S2, with cumulative orders exceeding 800 million RMB since early 2025 [2]

Core Viewpoint - ASML, as the exclusive supplier of EUV lithography equipment, is crucial for companies like TSMC and Intel in producing advanced chips for AI, smartphones, and computers. Despite its leading position, recent market sentiment has turned negative due to concerns over future orders and sales, particularly in the context of a potential "buyer monopoly" with TSMC as its primary customer [1][10]. Group 1: Market Dynamics - The global demand for wafers determines the need for semiconductor equipment, independent of production locations [1]. - ASML's dominance means any company needing DUV or EUV equipment must order from ASML, as competitors like Canon and Nikon hold negligible market shares [1]. - The demand for DUV equipment is expected to weaken in 2025 due to a return to normalcy in the Chinese market, and the transition to 2nm GAA transistor architecture will reduce the need for additional EUV layers [3]. Group 2: Order Characteristics - ASML's orders are characterized by "intermittency," with EUV equipment priced over $200 million and delivery times exceeding 12 months, limiting the customer base to 5-6 companies [4]. - The sales proportion to China dropped from 49% in the first half of 2024 to 27% by the second quarter of 2025, indicating a shift in market dynamics [4][5]. - Management anticipates that the sales proportion from China will stabilize around 25%, aligning with the order backlog structure [5]. Group 3: Customer Relationships - Concerns about ASML's reliance on TSMC are overstated, as both companies have a symbiotic relationship where their successes are interdependent [10]. - TSMC's N2 (2nm) series is projected to be its largest process node, suggesting sustained demand for EUV equipment [10]. - Despite TSMC being ASML's largest customer historically (about 30% of revenue), ASML has other EUV clients, and the demand from DRAM manufacturers will support EUV needs [11]. Group 4: Future Outlook - The recent collaboration between OpenAI and Samsung, aiming to significantly increase DRAM wafer production, highlights the growing demand for storage capacity in the AI sector [12]. - Concerns regarding Intel and Samsung's advanced process capabilities have eased due to investments from the U.S. government and partnerships with companies like Tesla [12]. - The risk-reward ratio for investing in ASML appears favorable when its dynamic P/E ratio is below 25, indicating limited downside risk and potential for significant upside once market uncertainties are resolved [12].