China's home-grown DUV progress not the biggest threat to ASML, analysts say

China has begun manufacturing domestic DUV lithography machines through state-backed Shanghai Yuliangsheng Technology, with plans to produce 5 units in 2026 and 20 in 2027 for SMIC, Hua Hong and CXMT. Analysts caution that commercial viability remains unproven, but warn that US restrictions on ASML's support and services (via the proposed Match Act) could accelerate China's domestic equipment adoption and capability.

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