中国国资背景公司据报开始制造国产浸没式DUV光刻机

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-07-28 09:30–10:00(Asia/Shanghai),共 192 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[09:30] also seeing a bit of pressure in the a share market, but interesting enough, in terms of bright spots, it's the consumer space right so maybe there is a bit of that rotation.
[09:30] Out of those AI plays here this morning to the likes of a day group Mal and the we tingle when it comes to what we're seeing across.
[09:30] T gauge is here obviously yesterday it was about cxmt we are seeing even that stock come off just a bit here today, but this is what the chips.
[09:30] A sector is seeing here so you are seem like ahua hoong semi smicC is actually going the opposite direction, but most of them are.
[09:30] Ler here on the back of this report right you know this whole it so all happened asml shares on just one report itself.
[09:30] Of what china may be doing, a state back company in china is mass producing these deep ultraviolet.
[09:30] Letthography tools, so you know, this adds to the whole kind of text self sufficiency sort of theme that we've been seeing alongside thexmT.
[09:31] Yesterday, how true and how much it delivers is certainly one thing that the cell side is really mapping out here today, I think most of the cell side.
[09:31] I have chimed in and said, look when it comes to that technological gap between china and western names right now it.
[09:31] Quite wide maa hero our biists to say it's seven to 10 years it would take to actually close it at this point.
[09:31] Right now, markets are going ahead of it the assumption was there was no gap to close they were so far behind in as far as even.
[09:31] A starting point, but now there is right There is something further to close now, I think, is one of the key.
[09:31] information there but this is also coming together on the back of, and I think you probably heard us talk about this from yesterday on this big CxMT listing and we open.
[09:31] Lower 7% were down about 4% now so yvonne just mentioned in the sell side, which is interesting right, so I would imagine a company this big.
[09:31] And at one point yesterday, CXMT was actually China's most valuable company, it was more valuable than 10 a little.
[09:32] It's a close, but a company this big, I'm looking at my terminal and only has three at best four analysts coveringing this.
[09:32] That we know of, which I imagine this is just me speculating that a cell side is props waiting for this to settle, and then they're going to.
[09:32] With their forecast and what have you just because of how quickly the stock has gone up. but yeah, I mean, on the back of that note right.
[09:32] It was something we talked about yesterday, 116 price target on the stock, Mzuho came out, I believe yesterday.
[09:32] As well late yesterday, also a by recommendation, but they're about half the target of nomura and they have about a 70.
[09:32] Target B and P actually has a price target as well of 44. So just a dispersion that range of forecast here, I guess not so much.
[09:32] Reflection of the fundamentals of the company, but really the market dynamics of because it was priced at very, And we're trying to figure out where.
[09:33] Where the equilibrium price is after a couple of days here our bloomberg columnist really mentioned this in her column this morning.
[09:33] She thought this 10 billion IPO was a bit of a flaw because it was priced so low they could have made much more money was her argument here, but certainly.
[09:33] That one thing to look at here today it's not really the cxmT story now it really is all about asml right and let's go bit more about what we got from luric intelligence.
[09:33] Masshiro lakasui did talk about what the threat that this information report is saying to asm, right?
[09:33] And for one the cellic days is saying it could be just a limited threat at this moment to this company, given the fact that.
[09:33] And mentioned here, really the main focus is EUUVs, which ASML excels at trying to run out is just DUVs right so that's only one thing.
[09:33] So, but they did also stress to us right if ASA mail actually had to factor in zero china revenue right.
[09:33] per profitt could drop about 20% right and once again talking about that technological gap, he says it could take about7 to 10 years, really.
[09:34] For china to close that gap maasui, I would imagine is one of the busiest people on lubri intelligence today within that.
[09:34] I believe he will be joining, as we'll see later on in a program to help us really unpack this and also what it means certainly beyond the company.
[09:34] But these footprints and what it means for the broader industry and entire supply chain that markets are currently just selling off selling and asking questions later.
[09:34] You know, the other debate, but certainly related to this, right, in terms of you what parts?
[09:34] The AI story is China showing up either at the frontier, a few steps behind the very frontier, and it brings to mind its open way.
[09:34] Deate on openweight AI and you you've probably seen a lot on social media from the big tech CEOs and these trained parameters that are published.
[09:34] open weight here, available for download, the release of Kimmi K3 of course.
[09:35] Moonshot, really ringing a lot of alarm mails over in Washington, including allegations of IP theft, threats of a crackdown but.
[09:35] lincon Valley is actually signaling and singing a different tune this coalition of nearly 180 star.
[09:35] And tech founders calling itself the Little tech association a few days back, signed a letter, a dresss of commercemer secretary, Howard Lutigk saying.
[09:35] American AI leadership requires two things, world leading American open weight models and continued access for US. builders to then.
[09:35] Open models already available worldwide yeah and today Anthropic actually weighed in on this debate right the CEO Dario.
[09:35] That they've never advocated for a ban on open way models and those without quote dangerous capabilities are a public.
[09:35] Yeah, joiningin us now from Washington is Harry Godfrey, executive director ats Little Tech Association, a group representing nearly 200 venture backs.
[09:35] s good morning from the Asia Pacific, Harry, thank you for taking the time, it's probably been a busy last few days ever since.
[09:36] This story broke, but let me start with a simple question, you guys have written a letter to the White House, Howard Lutnick, have you heard back?
[09:36] We've certainly gotten receipt of that letter and we have a good dialogue, I think going on to.
[09:36] It's going to be more conversation in the days and weeks to come you've been very vocal, Harry and of course, and your representatives.
[09:36] In your opposition of a sort of ban, are you worried that there are growing signs in DCc of you know?
[09:36] People really started to support some sort of ban on these Chinese AI models.
[09:36] ly about a week, week and a half ago, we represent about over 200 startups, digital innovators, early stage investors.
[09:36] And we were hearing chatter about the risk of the possibility of a ban here, and that would be an existential threat.
[09:37] Hundreds of companies that utilize a variety of open source models, not just those out of China, but those from all around the world, so what we wanted to make certain in this,
[09:37] was to distinguish between some of the overheated rhetoric we are hearing and some of the regional safety concerns, and that's why we wrote this letter, it's a letter saying.
[09:37] Absolutely, the presumption should be maintain access to open weight models, but let's articulate a framework for how policymakers should think through where.
[09:37] And when and just how to do a light touch security measures where it's absolutely necessary, that's what we were really trying to sort of thread the needle on.
[09:37] Yeah, I think that's an important point to underscore because people talk about this almost.
[09:37] Zero sum game, it's either a one or zero, and you know that's a spectrum of fully open to fully restricted, would you be open?
[09:37] To pun intended intendeded, would you be open to some level of restrictions, but of course, remaining largely open to open weight?
[09:37] Yeah, I think you see us articulating places where we think that greater caution or degree of regulation is reasonable.
[09:38] we talk about specifically natural security uses, critical infrastructure, those are places where I think it's reasonable to have additional conversations.
[09:38] The other place for particular scrutiny is whether we're talking about a openweight model that are broadly accessible or a frontier model and then we have to sort.
[09:38] Start from the position of most of the frontier models actually already exist in closed weight environments, those behind the frontier are more open weight in nature.
[09:38] So there needs to be a sort of distinction in folks's minds about just what the degree of advancement is in these models.
[09:38] that conversationWhat about those concerns of distillation?
[09:38] Kind of respond to those sort of concerns right now, Do you think they're a bit overblown. I think there are two ways to think about this one.
[09:38] Look from a pure like intellectual property theft standpoint, that was a serious issue for big companies and small companies like and certainly companies.
[09:39] The coalition are worried about those sort of issues and absolutely want to go about addressing them so where there is a serious.
[09:39] Allegation of distillation, it should be thoroughly investigated and appropriately adjudicated based upon the evidence that is derived from that.
[09:39] That being said, the development of all these AI models is to a certain extent, and we've heard this from folks as prominent as Jensen Pong.
[09:39] Of prior models in additional research. And so drawing the line to say this is a distillation and this is not, I don't think it's as.
[09:39] or bright a line as possible, and we wouldn't certainly want to see an overreaction happen there in response.
[09:39] So I think we need to go about making sure this is a very deliberate process and that any actions undertaken are proportionportionate to what has actually occurred.
[09:39] ated in the evidence, and Harry, the open dialogue, which to some extent.
[09:39] Having a lot has to do with your letter, and of course, we are having an open dialogue to your point with regulators on your side.
[09:40] Overreaction, it was quite a strong word that you use as well, existential risk just theoretical.
[09:40] ThoughtWhat if Chinese models disappeared tomorrow, What would happen and why. Just take us through.
[09:40] What sort of effects would we see with your members?
[09:40] I think that well, the wonderful thing about Openway that folks need to understand first, I think the process of applying particular labels, this is a Chinese model, this is a Europe.
[09:40] Pan model is a little bit of a misnomer, it's an oversimpl of conversation, yes a set of these models are coming out of China.
[09:40] Some are coming in United States, some are coming out of Europe and elsewhere around the world once somebody has an openweight model, they download those weights, they utilize them.
[09:40] I think it ceases to be from a pop country of origin, so even if tomorrow Chinese model suddenly disappeared was.
[09:41] and any additional production, you'd already have the open weight models that existed there to build upon, and so I don't think that that would necessarily impact.
[09:41] But over the longer term, we do really believe that the sort of dynamic of competition is so critical to continue.
[09:41] ILet me be really clear about this. The little tech Association is comprised overwhelmingly of companies based in the United.
[09:41] of America, we want to see the United States win this AI race. And the only way we think that is possible is if we out in.
[09:41] Our competition and the way we out innovate that the only way we ensure that there is that sort of relentless and constant innovation.
[09:41] If there is real and clear competition around this, and that requires having both open weight and closed weight models out there so no matter where.
[09:41] Coming from what we think is critically important is make ensuring that theres continued access to openweight models, that's why at the end of the day we wrote the letter.
[09:41] Harrie, you also mentioned that you say that rural hospitals, defense equipment suppliers, cyber.
[09:42] Security or cyber attack response teams as the people and groups who need these models. So can you clarify a little bit that.
[09:42] Fense supplier should be able to use a Chinese model The ability to go into the Chinese model.
[09:42] To understand what is in that, to then take it, deconstruct it, take out an esecur risk that they may identify.
[09:42] Host it on a local server, I think what we were really talking about there was the ability to have access to a model that isn't hosted anywhere else that somebody.
[09:42] But actually bring it entirely inside their fence line, it's the same reason why open source models are so important in the healthcare industry as well.
[09:42] Of a healthcare provider with extremely sensitive patient information to keep that information entirely inside the fence line rather than having to go to a close.
[09:42] W model that exists beyond that fence line is so important. So from a security standpoint, one of the real benefits of open weight models is the ability to actually.
[09:43] That inside defense line posts that on their own service in their own systems rather than relying upon someone else to do that wherever.
[09:43] That host may be whether that is in the United States or elsewhere around the world of the day, how do you think?
[09:43] The information that we have now, how do you think regulation changes moving very, very short term, perhaps?
[09:43] We've been really encouraged to see how the conversations evolved over the past seven days.
[09:43] We heard a week, a week and a half ago about chatter coming out of Washington about the possibility of sort of a blanket ban on access to Oklahoma.
[09:43] So we were deeply troubled by that, so on Wednesday we issued this letter stating, here's why it is so important to maintain open weight access to.
[09:43] In weight models here are some reasonable security parameters that you can think about from there 48 hours later, we saw an additional letter come through.
[09:43] A variety of companies, including NVDdia, Microsoft, Me, and then I think we've seen the conversation continue from there, we saw open AI and Google.
[09:44] Over the weekend, expressed their support for it, and then as I think you all noted in the intro as well, just today we saw anthropic Dar.
[09:44] I the day come out and say we've always been in support of this and so you know we are cautiously optimistic that.
[09:44] ACon has turned that there has emerged very quickly, a broad consensus about the importance of maintaining access to open.
[09:44] modelsI think from here, it's about moving through some of the finer more details around safety dynamics around.
[09:44] Continued competition to innovation how do we continue forward from there Lta is going to continue to be engaged in that because that's of the utmost interest to us.
[09:44] Harry, it's great to have you thanks for staying late for us ha goofffrey, there executive director at little tech association as we were talking.
[09:44] Kreea market has resumed trade here after of course that trading halt was triggered so that circuit breaker has been lifted, this is what we're seeing across that market here.
[09:45] Right now we fell as much as 8% obviously dragged down by of course, these chip makers here like some esky hex and the like.
[09:45] Still seeing quite a bit of pressure here and really just in the last 45 minutes or so we did also hear from some of the regulators in Koreaea.
[09:45] So that they may be preparing or will prepare additional measures to curb demand for leverage ets, including the likes of impose.
[09:45] Investment limits on individual investors, so they might be still have some sort of curbs in place here because it seems.
[09:45] The latest curves did fail to work i'm now, which i guess explain why despite.
[09:45] P we're seeing. I'm looking at volumes. actually, We're down about 40%, so we're 40% lighter than usual, which I think with the uncertainty of not.
[09:45] But what will eventually be banned and allowed in the market. I wouldn't understand why people would be staying away for now and just waiting for this.
[09:45] Exactly what frank Zimra said right from Sakjem in terms of the indicators, they're still tracking this deleveraging process in Korea.
[09:46] We're not quite there yet in terms of finding a floor because everything that he's seeing when it comes to outflows and some of these leverage ETFs to even margin debt.
[09:46] Some of that, but not not quite there yet All right we have plenty where to come this is Bloomberg.
[09:47] 🎼
[09:47] Making money isn't about drowning and emotions about understanding what.
[09:47] 🎼happening markets are the best way to glean signal from noise. and thats what we try to do every morning. This is blueberg surveillance.
[09:47] All right, we're about 18 minutes.
[09:48] Into the second day of trading on cxmT and what a first day it was, so we settled around 466% to the up.
[09:48] I note the IPO price was at about 8, we did about 50, we're at about 48, 50 currentlys.
[09:48] That actually stacks up again, some of the best opening days, I feel like I'm talking about movies here for companies that raise at least a billion dollar.
[09:48] FromThis is in mainland China, specifically, suffice to say that this one has stacked up quite well.
[09:48] It's certainly one for the history books for sure, and you take a look at a deep Sihs billionaire founder, Yang Wenfang.
[09:48] He's also one of the big winners in the blockbuster IPO of the chinese chipmaker cxmT so his investment firms were allocated.
[09:48] Shars among local hedge funds let's get more on this with our managing editor for asia finance investing in wealthen, so tell us the details and how.
[09:49] Juicy were these returns for the hedge funds so as and many of his peer funds making a windfall from this IP.
[09:49] Liang's two hedge funds, ningboa high flyer and also Zhujiang high flyer those alone.
[09:49] Paper gains 820 million yuan from that 466% pop yesterday.
[09:49] weren't even the ones that got the biggest allocation, so there were one amongst 100 private and hedge funds that got.
[09:49] ocsThe mutual funds in China's industry also got more allocation funds like E.
[09:49] And also UB quantant, which is another big hedge fund as well I can just imagine some of the banquets last night on the back of their first.
[09:49] talk to us about that the other funds in the industry and what was behind this craz Yeah so hedge funds actually have a tradition.
[09:49] Habit of buying into IPOs is because of China's A market where you see these crazy first.
[09:50] Da pops and the share prices, and that's a good way for them to make returns on the retail side of it, the other side which is like.
[09:50] 1en times the order book value compared with SpaceX, that's the kind of size and scale.
[09:50] You saw from this IPO yesterday okay, I wonder if that's why they ditched the fundraising round because they made so much money under.
[09:50] That's not the story but yeah, deepse is involved in this to, the hedge fund specifically Lulu Chan, thank you so much, our managing editor for.
[09:50] Asia well investing and welfare just to note some of the things and themes that Lulu mentioned, right, so I think surely Reren out of our bloomloer campaign.
[09:50] Has talked about how it wasn't exactly a successful IPO because they did leave money on a table and some of the hedge funds, of course.
[09:50] 🎼Benefited from that, that's really more the regulatory structural perspective of the Chinese market, and separately's we also have a wealth angle on this.
[09:51] As well in the case for our reporter Die, of course, this has written about that, so just to mention, we'll talk about this later, markets of doing this, this is one.
[09:52] In case you missed it on the pulse.
[09:52] Is to keep on listening to our customers, to keep on adapting the model to what they are looking.
[09:52] For in terms of products, in terms of experience, that mante keeping that very unique.
[09:52] E of our should be very relevant in the medium to long term, of course.
[09:52] Everyday bringingring you up to the minute global news whenever and wherever it happens.
[09:52] a Saudiaudi Arabia and this is Bulberg.
[09:52] Yeah, just to note some newslines coming through here out of Southeast Asia, you have the Philippine Paso and the Malaysian Rnge.
[09:53] Respectively, the governors of central banks that have been commenting in the last 30 minutes to start with the Philippines here with Governor Eliliot Riman.
[09:53] Talking about how they have intervened in the Fx markets in small amounts, he's also giving some guidance here in as far as inflation and obviously.
[09:53] Weak or peso could lead to inflation rising now separately back Nagaara, the governor also speaking.
[09:53] At a briefing in kL this time discussing to macrocker that the growth is set to stay firm, inflation in their case remaining.
[09:53] Mageable but may grow in terms of GDP growth at the upper end of the 4 to 5% for acid from the backbe.
[09:53] Look at some of the lithography related stocks, of course, given to the reaction we're seeing based from that the report from the information.
[09:53] And some of the breakthroughs we've seen in DUV in China, and we're getting, as you can see, some reaction across the supply chain there.
[09:53] Across mainland, China, very quickly, mainland markets are doing this, we're coming off a week open.
[09:54] I should note, we are still looking at a week open there in the first 25 minutes, we're still 1. a5% of the downside, the outperformance that Soja noted.
[09:54] In offshore China continues today with 1.6% of the upside hangang S T index on aggregate, China has done.
[09:54] Very well against US. markets over the last three four weeks, we'll see of course, whether that tree can continue, we have lots more ahead, this is the China show.
[09:55] Very famous dogs you have they look like balloon kind of figures to some extent, how do you make those in the case of the balloon dog?
[09:55] Blew up a balloon dog, so I had this balloon, which is kind of like a latex type.
[09:55] 🎼Of a piece, molded it, cast it, and then blew that up in scale and put it into.
[09:56] Clay and eventually had that transformed into stainless steel So when you have a balloon dog, let's say, a regular size one.
[09:56] Or then a big one, did people say, Jeff, you're crazy, were you shocked that people were willing to pay very high prices for this when I was making?
[09:56] My first balloon dog, one of the purchasers was Eli Bro, and originally I thought I could make a balloon dog.
[09:56] For around 300,000 that I could manufacture. It's a large piece over 10 feet long.
[09:56] Or 12 feet long, 10 feet high, but it turned out that the fabricator came back to me and said, you know, Jim.
[09:56] I can't do it for 300000. It's going to be 650,000, but eventually then they raise the.
[09:56] ice againAnd they finally brought it up to 1.6 million. and I told Eli that this is.
[09:57] The reality of it, I showed him everything, and he ended up paying for the production costs.
[09:57] 🎼Oh hello there just wanted to say Prier is back We been scouring the frontiers of science and technology.😊
[09:57] 🎼Explain the difference between the next gold rush and whatever this thing is, and in season two we're cupping the stakes.
[09:57] More danger now that is some high grade uranium mineralization we used have a stable climate on this earth right now, we do not.
[09:57] More science, we're pushing the envelope of technology in multiple directions, software, hardware, chemistry, physics.
[09:57] 🎼The cable is like very cold and more CEOs that can nail the photo shoots of.
[09:57] 🎼stakeWhile the problems are economic, the solutions are too and yes, we will be talking about.
[09:57] There is a lot of humanoid hype out there, but our future doesn't run on hype it runs on innovation.
[09:58] 🎼Watch season two on all these lovely channels morning Good morning this is Bberg Savan We back to the opening trade.
[09:58] 🎼It's Bloomberg money. This is the Asia trade. This is Wall Street week. Wecom to balance of how. You're watching Bloomberg deal. We to Bloomberg this weekend.
[09:58] 🎼This is Bloomberg television bringing you up to the minute news whenever and wherever it happens. I'm David Go in as.
[09:58] Colorado, and this is Bloomberg.
[09:58] All right, shots of espresso for everyone here this morning as we continue to.
[09:58] All this sort of sell off across the region here as you can see in shenzhen, that's where we're feeling it and really kind of echoing what we're seeing across the rest.
[09:59] Of asia we're down some4 on the chin next year this morning csi 300 onshore stocks seeing more pressure than offshore here, which is interesting as well.