【导读】弄潮科创引领未来——科创板开市六周年锻造高质量发展新引擎 中国基金报记者赵新亮 中微公司的纳米刻蚀机在晶圆上划过纳米级的电路，君实生物的PD-1抗体正在癌症患者血管中游走 ——这些跨越时空的场景，被科创板编织进同一张创新网络。 六年来，从首批25家企业到如今589家企业星群闪耀，这片改革"试验田"以每小时诞生2.5项专利的速 度，在半导体、生物医药、量子计算的"无人区"插上中国旗帜。 科创板的六年，是中国资本市场深化改革、精准滴灌"硬科技"的生动实践，更折射出中国经济向创新要 动能、向质量要效益的坚定转型。 破冰：锚定"硬科技"，制度包容铺就上市通途 科创板，自诞生起就肩负着破解"卡脖子"难题、畅通"科技－产业－资本"良性循环的时代使命，坚 守"硬科技"定位，科创板以多元包容的制度设计，为不同发展阶段、不同治理结构的科创企业打开了通 往资本市场的希望之门。 "无盈利"也能上市？54家上市时未盈利企业在此找到了答案。 其中，22家企业已成功扭亏为盈，摘掉了特殊标识"U"。生物医药企业泽璟制药便是典型，上市时尚未 盈利，依托核心产品多纳非尼等原研药打开市场，2024年营收突破25亿元，实现了从"研发投入 ...

【导读】 弄潮科创 引领未来——科创板开市六周年锻造高质量发展新引擎 中国基金报记者 赵新亮 中微公司的纳米刻蚀机在晶圆上划过纳米级的电路 ，君实生物的PD-1抗体正在癌症患者血管中游 走——这些跨越时空的场景，被科创板编织进同一张创新网络。 六年来，从首批25家企业到如今589家企业星群闪耀，这片改革"试验田"以 每小时诞生2.5项 专利的速度 ，在半导体、生物医药、量子计算的"无人区"插上中国旗帜。 科创板的六年，是中国资本市场深化改革、精准滴灌"硬科技"的生动实践，更折射出中国经 济向创新要动能、向质量要效益的坚定转型。 破冰：锚定"硬科技"，制度包容铺就上市通途 科创板，自诞生起就肩负着破解"卡脖子"难题、畅通"科技－产业－资本"良性循环的时代使 命，坚守"硬科技"定位，科创板以多元包容的制度设计，为不同发展阶段、不同治理结构的 科创企业打开了通往资本市场的希望之门。 "无盈利"也能上市？54家上市时未盈利企业在此找到了答案。 其中，22家企业已成功扭亏为盈，摘掉了特殊标识"U"。生物医药企业泽璟制药便是典型， 上市时尚未盈利，依托核心产品多纳非尼等原研药打开市场，2024年营收突破25亿元，实现 了 ...

Core Viewpoint - The U.S. Department of Commerce plans to revoke the blanket exemption for major semiconductor manufacturers like TSMC, Samsung, and SK Hynix, which allows them to use U.S. technology in their factories in mainland China without individual license applications, increasing operational burdens for these companies [1][2]. Group 1: Impact on Semiconductor Manufacturers - The tightening of chip equipment licensing by the U.S. primarily targets China's high-tech industry but adversely affects the operations of global semiconductor manufacturers in China [2]. - China is the largest semiconductor equipment market, accounting for 38% of the global market share in 2024, with U.S. companies like Applied Materials and Lam Research relying on China for 30% to 40% of their revenue [2]. - Samsung's NAND flash factory in Xi'an contributes 30% to 40% of its total NAND production, while SK Hynix's investment in Chinese semiconductor equipment is projected to increase tenfold in 2024, with its Wuxi DRAM factory generating approximately $9 billion in sales, a 64.3% increase [2]. Group 2: Comparison with Rare Earths - The U.S. attempts to equate chip manufacturing equipment with China's rare earth materials management, which is fundamentally flawed as chip equipment is primarily for civilian high-tech industries, unlike rare earths that have military applications [1][2]. - The U.S. strategy to link chip equipment licensing with China's rare earth controls is seen as a mischaracterization of the nature of these resources [1]. Group 3: Global Semiconductor Supply Chain Dynamics - The U.S. does not have absolute control over the semiconductor manufacturing industry, as American chip equipment companies hold only about one-third of the global market share, requiring cooperation from countries like the Netherlands and Japan to enforce restrictions [3]. - The restrictions are catalyzing a "de-Americanization" of the global supply chain, with companies like ASML and Tokyo Electron benefiting from the market gap left by U.S. companies [3]. - Chinese domestic equipment manufacturers are making significant progress, with market share for domestic equipment rising from 16% in 2020 to 28% in 2024, driven by innovations such as the 5nm etching machine validated by TSMC [3]. Group 4: Long-term Implications - The U.S. efforts to completely isolate China from the semiconductor industry are seen as unrealistic, as reversing China's existing capabilities is a significant challenge [4]. - Despite pressures, global semiconductor companies continue to engage with the Chinese market, with firms like NVIDIA launching China-specific GPU versions and maintaining their business scale in China through local R&D [4][5]. - The rapid technological advancements of Chinese equipment manufacturers, achieving over 30% annual iteration rates, are undermining U.S. attempts to disrupt the semiconductor supply chain [5].

Core Viewpoint - The article discusses the ongoing tensions between the U.S. and China regarding the semiconductor industry, highlighting the U.S. accusations against Chinese chip manufacturers and the implications of export controls on both countries' tech sectors [1][3][5]. Group 1: U.S. Accusations and Export Controls - U.S. Commerce Secretary Raimondo criticized Chinese chip companies, claiming they are not producing advanced chips for AI training and smartphones as they assert [1]. - The U.S. Department of Commerce reports that China's annual production of AI training chips is approximately 200,000 units, significantly below the market demand of around 1.5 million units [5]. - Raimondo called for stricter export controls on chips to China, citing the need to prevent technology theft, amidst a backdrop of increasing restrictions since 2019 [3][5]. Group 2: Impact on Semiconductor Industry - The U.S. semiconductor industry has seen a decline in domestic manufacturing share from 37% in 1990 to 11% currently, while China's share has increased from 7% to 24% during the same period [7]. - Major players in the 10nm and below logic chip market, TSMC and Samsung, dominate with 69% and 31% market shares respectively, creating a monopolistic environment [7]. - U.S. sanctions have not only affected Chinese firms but have also disrupted the global semiconductor supply chain, impacting U.S. companies with supply chain issues and market share losses [11]. Group 3: China's Semiconductor Advancements - Despite U.S. restrictions on advanced equipment exports, Chinese companies like Northern Huachuang and Zhongwei Semiconductor have made significant progress in back-end equipment technologies [14]. - Zhongwei Semiconductor's 5nm etching machine has been successfully integrated into TSMC's production line, indicating advancements in China's chip manufacturing capabilities [16]. - China's 12-inch wafer production capacity is expanding at a rate of 30% annually, particularly in the mature process nodes of 28nm and above, positioning China to capture a significant share of the international market [16]. Group 4: Competitive Position and International Relations - Chinese AI chips, such as Huawei's Ascend series, demonstrate competitive performance, achieving 60% of NVIDIA's H100 inference performance while reducing training costs by 40% [18]. - China has implemented export controls on rare earth materials, crucial for semiconductor manufacturing, impacting U.S. companies reliant on these materials, particularly in the automotive sector [22]. - China has signed a $280 billion chip order with ASEAN and African nations, diversifying its market dependencies and strengthening its position in the global semiconductor landscape [24]. Group 5: U.S. Allies and Internal Dissent - U.S. allies are reconsidering their positions, with the Netherlands refusing to fully comply with U.S. directives on DUV lithography machine exports, citing domestic business impacts [25]. - Major companies like Samsung and SK Hynix have lobbied against restrictions on China, warning that such measures could cripple the global automotive industry [27]. - Internal dissent in the U.S. is growing, with former officials questioning the effectiveness of sanctions and the potential for significant job losses in the semiconductor sector [27].