美光公司表示："政府应该考虑对美国半导体工厂的关键投入实行临时关税豁免，包括中小企业、 建筑材料、替换零件以及光刻光刻胶和化学品等原材料。" 作为一家无晶圆厂芯片公司，高通的论点略有不同。它强调了高通作为5G乃至6G标准制定者的重 要性。 该公司辩称，其及其国内客户依赖进口芯片，供应链的复杂性将损害国内需求，从而损害高通及其 作为射频标准全球领先者的地位。 如果您希望可以时常见面，欢迎标星收藏哦~ 继英特尔和台积电后美国芯片巨头美光、高通和德州仪器均已向美国商务部提交意见，寻求 减轻预期的美国半导体进口关税负担或获得豁免。 他们的诉状是根据针对半导体进口的"232条款"调查条款作出的回应。与此同时，全球领先的晶圆 代工厂台积电也呼吁特朗普政府重新考虑或给予其进口关税豁免。 特朗普多次表示，将对进口芯片及相关半导体材料征收25%或以上的高额关税。 所有美国芯片公司的信函都表示支持特朗普总统的芯片制造回流政策，但也凸显了半导体供应链的 复杂性。每封信都以各自的方式试图解释，设计不当的关税可能会损害美国利益，而非达到预期效 果。 这四家公司涉及逻辑、内存、模拟和电源芯片以及芯片设计领域，给人一种协同努力以减少预期关 ...

点击蓝字 关注我们 目 录 行业信息 试 政策信息 1、峰谷电价浮动 60%! 贵州拟调整峰谷分时电价 2、浙江省财政厅等 5 部门关于下达 2025 年中央节能减排补助资金预算 (县域充换电 设施补短板试点具预拨奖励资金)的通知 1、宁德时代发布 75#标准化换电块 将建设八横十纵换电绿网 2、60GWh! 山东时代电池生产基地正式投产 3、北京增发 2 万个新能源小客车指标 4、前４月宁波口岸出口新能源汽车超 7 万辆 5、中国石化等新设能源科技公司 含集中式快速充电站业务 6、国轩高科集中发布六项技术,全固态已进入预量产阶段 7、国家统计局：4月"人工智能+"驱动作用增强 数字产业蓬勃发展 8、宁德时代登陆港交所,"A+H"加速全球化布局 9、黄仁勋：英伟达正在将其 AI 模型应用于自动驾驶汽车 10、国轩高科：公司 G 垣准固态电池已获主流车企认可并应用于多款全新车型的上车测 11、国芯科技合作安波福 推汽车核心芯片国产化 12、中国已有超 3000 万辆新能源汽车 纯电超 2000 万辆 13、巨湾技研完成充电新国标发布后的行业首次公开测试 14、高通与小米签署全新多年协议 15、蔚来能源与沈阳中德 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 继英特尔和台积电后美国芯片巨头美光、高通和德州仪器均已向美国商务部提交意见，寻求 减轻预期的美国半导体进口关税负担或获得豁免。 他们的诉状是根据针对半导体进口的"232条款"调查条款作出的回应。与此同时，全球领先的晶圆 代工厂台积电也呼吁特朗普政府重新考虑或给予其进口关税豁免。 特朗普多次表示，将对进口芯片及相关半导体材料征收25%或以上的高额关税。 所有美国芯片公司的信函都表示支持特朗普总统的芯片制造回流政策，但也凸显了半导体供应链的 复杂性。每封信都以各自的方式试图解释，设计不当的关税可能会损害美国利益，而非达到预期效 果。 这四家公司涉及逻辑、内存、模拟和电源芯片以及芯片设计领域，给人一种协同努力以减少预期关 税制度影响的印象，或者可能让特朗普总统改变主意。 美光科技公司（总部位于爱达荷州博伊西）在其公开信中强调了其作为美国唯一一家规模化内存组 件 制 造 商 的 地 位 ， 以 及 未 来 20 年 在 美 国 投 资 1400 亿 美 元 的 计 划 。 信 中 指 出 ， 半 导 体 制 造 设 备 （SME）必须进口，任何征收的关税都将使美光科技在与竞争 ...

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic chip replacement [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, priced between $6,500 and $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power alternatives continues to rise due to geopolitical tensions and export restrictions [3]. Summary by Sections Industry Dynamics - NVIDIA's new chip B40 will not utilize CoWoS technology and will replace HBM with GDDR7 memory, resulting in a bandwidth of 1.7TB/s, down from 4TB/s in the H20 model. The expected shipment volume for 2025 is 1 million units [2][5]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," which integrates 19 billion transistors and will debut in the Xiaomi 15S Pro. The company has invested over 13.5 billion yuan in the chip's development [5]. - AMD is selling its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support while maintaining relationships with key clients [6]. - TSMC has declined offers to build factories in India, opting instead to collaborate with Powerchip for wafer fabrication [6]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by AI-related investments, with memory-related investments increasing by 57% [6]. - GigaDevice plans to issue H shares to enhance its global strategy and brand image [6]. - NVIDIA has introduced NVLink Fusion technology, allowing third-party processors to work with NVIDIA chips, marking a significant shift in its ecosystem [6]. - Qualcomm is re-entering the data center market, expanding its CPU offerings beyond mobile and PC [6]. - TSMC plans to increase wafer prices, with a 10% rise expected for 2nm wafers [6]. - NVIDIA has launched the NVIDIA DGX Cloud Lepton platform, providing GPU resources to AI developers globally [7]. - GlobalWafers America has officially opened a new semiconductor wafer manufacturing facility in Texas, with plans for further investment [7]. - Samsung is developing a new product that combines NAND flash with DRAM memory, targeting commercialization by 2027 [7].

Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][24] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][43] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][25] Industry Data - The top three films at the box office are "Dumpling Queen" with a revenue of 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40%), and "Life Opens the Door" with 25.13 million yuan (16.70%) [4][58]

证 券 研 究 报 告 政策计算机行业周报（20250519-20250523） 推荐（维持） 高阶智驾渗透率持续提升，商业化进程提速 行业研究 计算机 2025 年 05 月 25 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 2025-05-18 《计算机行业周报（20250506-20250509）：鸿蒙 PC 一小步，国产系统一大步》 2025-05-11 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 ❑ 本周板块走势回顾。本周（5 月 19 日-5 月 23 日）计算机（中信）指数下降 3.00%，创业板指数下降 0.88%，上证指数下降 0.57%。板块周涨幅前三为慧 博云通（69.00%）、*ST 迪威（16.89%）、盛视科技（16.42%），板块周跌幅前 三为汉鑫科技（-12.15%）、宏景科技（-10.68%)、科蓝软件（-10.28%）。 ❑ 高阶智驾渗透率有望加速，助力车厂提升竞争力。2024-2 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 [Table_Title] [Table_Title] 关税不确定性再起，OpenAI 入局随身 AI 硬件 传媒行业周报系列 [Table_Title2]2025 年第 20 周 ► 市场行情回顾 [Table_Summary] 2025 年第 20 周（实际交易日为 2025.5.19-2025.5.23）上证指 数下跌 0.57%，沪深 300 指数下跌 0.18%，创业板指数下跌 0.88%。恒生指数上涨 1.1%，恒生互联网指数下跌 1.29%，行业 落后恒生指数 2.39pct。SW 传媒指数下跌 0.16%，领先创业板指 数 0.72pct，在申万一级 31 个行业涨跌幅排名中位列第 14 位。 子行业中游戏、体育和广告营销位列前三位，分别为上涨 2.75%、上涨 0.65%和上涨 0.12%。 ► 核心观点&投资建议 贸易不确定性再起，特朗普威胁对欧盟加征 50%关税。据新华 社，美国总统特朗普 23 日表示，美欧贸易磋商"毫无进展"， 计划自 6 月 1 日起对欧盟进口商品加征 50%关税，称欧盟在贸易 上 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 CRN ，谢谢 。 自去年以来，高通凭借其与 Arm 兼容的 Snapdragon X 系列处理器进军 PC 市场，这得益于戴尔 科技、惠普公司、联想等多家供应商的日益采用。 这家总部位于加州圣地亚哥的芯片设计公司以其智能手机芯片而闻名，它在 2021 年收购了芯片设 计初创公司 Nuvia，表示希望重新进军个人电脑领域，为笔记本电脑等类型的设备带来"CPU 性能 和电源效率的阶梯式改进"。 高通为个人电脑提供神经处理单元 (NPU) 并非新鲜事。毕竟，NPU 是骁龙 X 系列系统级芯片的 关键组件，而 NPU 的卓越性能也帮助高通去年赢得了微软 Copilot+ PC 项目首批设备处理器的供 应合同。 然而，我没有预见到，根据戴尔的图片，高通会为笔记本电脑提供独立的 NPU 产品，该产品由安 装在电路板上的两个公司的 Cloud AI 100 数据中心处理器组成。 戴尔表示，这两颗 Cloud AI 100 处理器结合在一起，推理卡总共拥有 32 个 AI 核心、64 GB 板 载 LPDDR4x 内存，使其能够在高达 75 瓦的热范围内以每秒超 ...

Core Viewpoint - Nvidia has experienced remarkable growth of 1,321% over five years, establishing itself as a leader in the AI sector, but Qualcomm is emerging as a potential rival due to its focus on Edge AI and cost-effective chip solutions [1][2][3]. Group 1: Nvidia's Market Position - Nvidia continues to dominate the AI and semiconductor sectors despite a -13.04% year-to-date performance dip, benefiting from data centers and enterprise software solutions [2]. - The company has a market cap that surpasses most tech giants, solidifying its position in the AI race [1]. Group 2: Qualcomm's Strategic Shift - Qualcomm is reinventing itself by focusing on Edge AI, aiming to bring artificial intelligence closer to users through smartphones, PCs, and electric vehicles [3]. - The company's expertise in low-power, high-efficiency chips positions it well for the anticipated shift towards more hands-on AI systems [3]. Group 3: Growth Predictions for Qualcomm - Predictions indicate Qualcomm stock could see a maximum increase of +48.70% over the next 12 months, with an average projected growth of +13.23% [4]. - Recent advancements by DeepSeek in developing affordable AI models could enhance Qualcomm's market position, as the company reported a 17% year-over-year revenue growth and a 21% earnings per share increase in Q2 FY2025 [7]. Group 4: Electric Vehicle Market Potential - The electric vehicle industry is projected to grow at a steady annual rate of 6.01% by 2029, reaching a market volume of approximately US$990.4 billion [8]. - Lower-cost AI solutions are expected to be favored by automakers for scaling smart car features, aligning with Qualcomm's focus on cost-effective chip solutions [9]. Group 5: Partnerships and Future Outlook - Qualcomm has previously collaborated with major automakers like BMW and Mercedes-Benz, indicating potential for future high-profile partnerships in the automotive sector [9]. - With a strong foothold in the automotive industry and a focus on affordable chip solutions, Qualcomm may capitalize on the next wave of AI adoption, similar to Nvidia's trajectory [10].

在Computex 2025的首日能看出，全球计算领域的势力格局正开始发生转变。 NVIDIA与超大规模云服务商开放合作，Qualcomm重返数据中心，Arm巩固了在AI领域的地位，这 些动向清晰地表明，这些公司正在突破产品思维的局限，将目光投向更长远的战略布局。 NVIDIA与超大规模云服务商开放合作 NVIDIA在首日发布的最重要的公告聚焦于NVLink Fusion平台。这家芯片巨头宣布将开放其行业领 先的NVLink网络技术知识产权，让超大规模云服务商将他们的半定制芯片整合到NVIDIA的合作伙 伴生态系统中。 分析师观点 "这一举措解决了超大规模云服务商面临的核心挑战——如何在NVIDIA系统的基础上，通过半定制 的基础设施实现纵向扩展与横向扩展，" Counterpoint研究副总裁Neil Shah 指出，"同时也让 NVIDIA实现NVLink技术的商业化变现与规模化应用，巩固其行业黄金标准的地位。" 该公司还宣布在台湾建成规模更大的"NVIDIA Constellation"园区，并将其定位为第二总部。这样的 战略布局旨在靠近核心合作伙伴（TSMC、Foxconn等）并获取更多人才，反映出N ...