高市早苗惹了麻烦，在日本方面的最新反制措施实施后，中方已作出回应。与此同时，美国方面也传出消息称，特朗普已经安排了他的核心盟友计划访问中 国。 在中美贸易关系初步得到缓解后，美国决定利用这一机会加速推动与中国的互动，计划派遣一支代表团前往中国。根据彭博社最近的报道，美国参议员史蒂 夫·戴恩斯将率团访问中国，访问的时间定在明年初，主要到访北京和上海这两个城市。通过这一细节我们可以看出，中日之间的外交摩擦并未影响到中美 之间的沟通节奏。换句话说，尽管高市早苗引发了争议，中方也已对日本发出警告，但这些都不是特朗普最关心的问题。从戴恩斯的行程安排来看，他此行 的目的不仅仅是讨论中美关系，还包括推动经贸合作，而这才是特朗普关注的重点。戴恩斯亲自带队，更体现了特朗普对此次访问的高度重视。 正是因为有这些经验，他比那些仅会纸上谈兵的华盛顿政客更清楚中美之间的实际利益所在。此次特朗普选择戴恩斯亲自带队，时间上也非常有讲究——他 的访问正好与特朗普计划于明年4月访问中国的行程接近，显然这次访问是为特朗普的访华之行做准备。一方面，戴恩斯此行可能是为了跟进中美刚刚达成 的贸易协议，另一方面，也有可能是为了提前商讨特朗普访问时的核心 ...

智通财经APP获悉，美国官员私下表示，他们可能不会很快实施早就承诺要实施的半导体关税措施，这 可能会推迟特朗普总统经济议程中的一个重要内容。据两位直接了解此事的人士以及另一位了解相关对 话的人士透露，这些信息是在过去几天内传达给政府和私营企业相关利益方的。第四位关注此事的人士 也表示，美国政府正采取更为谨慎的态度。 据两位知情人士透露，特朗普的助手们在芯片关税问题上正在拖延时间，他们正努力避免因贸易问题与 中国产生冲突，因为那样可能会导致双方重新爆发贸易战，并扰乱关键的稀土矿产的供应。 这些人士警告称，在美国政府正式批准之前，任何决定都不是最终的，并且还表示可能会随时实施高达 三位数的关税。 特朗普在 8 月份曾表示，美国将对进口半导体征收约 100%的关税，但对在美生产或已承诺在美生产的 公司予以豁免。私下里，在过去的几个月里，华盛顿官员曾告诉人们，政府很快就会推出这些关税。但 随着政府继续就时间安排和其他细节进行辩论，这一指导方针现已发生变化。 发言人Kush Desai说道："特朗普政府仍致力于利用一切行政权力手段，将对我们国家和经济安全至关 重要的制造业迁回国内。任何匿名来源提供的与此相悖的报道都只是 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 11月20日消息，据外媒报道，知情人士透露，美国官员私下表示，他们可能不会很快征收长 期承诺的 半导体 关税，这可能会推迟特朗普经济议程的核心内容。 知情人士表示，官员们在过去几天向政府和私营行业的利益相关者传达了这些信息。他们称，政府正采 取更谨慎的做法。特朗普在八月曾表示，美国将对进口半导体征收约100%的关税，但对在美国制造或 承诺在美国制造的公司予以豁免。 私下里，在过去几个月，美国官员曾告诉人们政府将很快推出关税。但随着政府继续就时机和其他细节 进行辩论，这一指引现在已经改变。不过知情人士告诫称，在政府最终签署之前，任何决定都不是最终 的，并补充说三位数（100%或以上）的关税可能随时征收。 报道援引另外一名关注此事的人士称， 特朗普政府正在采取"更为谨慎的态度"，以避免激怒 中国。 还有两名知情人士则说，特朗普的幕僚团队正"谨慎对待"半导体关税问题，因为他们 正努力避免与中方在贸易问题上发生冲突，以免重燃针锋相对的贸易战，甚至扰乱到关键稀 土矿物的流通。 不过，这些人士也提醒称，在特朗普 ...

格隆汇11月20日｜据路透社报道，知情人士透露，美国官员私下表示，他们可能不会很快征收长期承诺 的半导体关税，这可能会推迟特朗普经济议程的核心内容。知情人士表示，官员们在过去几天向政府和 私营行业的利益相关者传达了这些信息。他们称，政府正采取更谨慎的做法。特朗普在八月曾表示，美 国将对进口半导体征收约100%的关税，但对在美国制造或承诺在美国制造的公司予以豁免。私下里， 在过去几个月，美国官员曾告诉人们政府将很快推出关税。但随着政府继续就时机和其他细节进行辩 论，这一指引现在已经改变。不过知情人士告诫称，在政府最终签署之前，任何决定都不是最终的，并 补充说三位数（100%或以上）的关税可能随时征收。 ...

Core Insights - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points [1] - Mergers and acquisitions, along with semiconductor cleanroom-related stocks, showed significant gains this week, driven by heightened expectations for U.S. production expansion [1][2] - The focus remains on infrastructure opportunities in regions like Xinjiang and Tibet, as well as on mergers and acquisitions and small-cap construction transformation stocks [1] Construction Sector Performance - In the week from September 22 to September 26, the construction index fell by 1.67%, while the CSI 300 index rose by 0.74%, leading to a 2.42 percentage point underperformance of the construction sector [5] - Among sub-sectors, only the architectural design sector recorded a positive return of 1.02%, while other sub-sectors experienced declines [5] - Notable individual stock performances included Huajian Group (+23.17%), Haibo Heavy Industry (+17.25%), Suzhou Planning (+12.08%), *ST Huawang (+11.95%), and Yaxiang Integration (+11.89%) [5] Infrastructure Development - In Sichuan, the number of newly awarded projects reached 218, amounting to approximately 72.2 billion yuan, reflecting a year-on-year growth of 22.20%, with infrastructure orders growing by 25.88% [3] - Despite the increase in new projects, the commencement of construction has been hindered by land approval and project red line issues, leading to revenue pressure in the first half of the year [3] - A recent meeting emphasized the need to accelerate project initiation and completion in the remaining months of the year, suggesting a potential improvement in the fundamentals for Sichuan Road and Bridge [3] Material Indicators - The cement shipment rate was reported at 50.83%, with a week-on-week increase of 2.50 percentage points, while the asphalt plant operating rate was at 40.10%, up by 5.7 percentage points [4] - The recovery in cement and asphalt rates indicates a positive outlook for the conversion of physical workload in infrastructure projects [4]

Core Viewpoint - MediaTek has launched its new flagship mobile SoC, the Dimensity 9500, which will debut in the vivo X300 series smartphones [1] Group 1: Product Features - The Dimensity 9500 utilizes TSMC's N3P process and features a full big-core CPU design, including the world's first Arm C1 series CPU cluster and G1-Ultra GPU, along with new dual NPU and ISP image processing units [1] - The CPU architecture consists of 1 C1-Ultra super core at 4.21GHz, 3 C1-Premium super cores, and 4 C1-Pro big cores, supporting 4-channel UFS4.1 flash storage [3] - Single-core performance has improved by 32% and multi-core performance by 17% compared to the previous generation, with peak power consumption for super cores reduced by 55% and multi-core peak power consumption down by 37% [3] Group 2: Performance Metrics - MediaTek's lab data shows the Dimensity 9500 achieving a GeekBench single-core score of 4007 and a multi-core score of 11217 [4] - Real-world testing by @Zealer reported a single-core score of 3610 and a multi-core score of 10765, indicating that Android flagship performance is now comparable to Apple's current flagship [4] Group 3: Market Position and Future Plans - The first smartphones featuring the Dimensity 9500 are expected to launch in Q4 2025, with vivo's X300 series and OPPO's Find X9 series confirmed to use the new chip [6] - MediaTek is negotiating with TSMC to produce some chips in the U.S. to mitigate potential tariff risks, particularly for automotive and sensitive application chips [7] - MediaTek has announced further collaboration with TSMC to be among the first to adopt TSMC's 2nm process technology, with a new SoC design expected to achieve an 18% performance increase and a 36% reduction in power consumption compared to the current N3E process [7]

Core Viewpoint - Citigroup analysts find ASML Holding's stock attractive due to recent positive developments in the news [1] Group 1: Market Conditions - ASML, a Dutch chip manufacturing equipment supplier, previously expressed uncertainty about guaranteeing growth by 2026 due to President Trump's tariff policies, disappointing investors [1] - A recent agreement between the EU and the US sets a 15% tariff cap on semiconductor exports, improving the market outlook [1] Group 2: Key Client Developments - Intel, a key customer of ASML, has shown improved news, with the US government planning to hold a 10% stake in Intel [1] - NVIDIA announced a $5 billion investment in Intel as part of a collaboration to develop customized data center and personal computing products [1]

Core Viewpoint - Malaysia's export growth has slowed in August despite an increase in manufactured and agricultural product exports, raising concerns about future export prospects due to uncertainties related to U.S. semiconductor tariffs and trade measures [1] Export Performance - In August, Malaysia's export value increased by 1.9% year-on-year, reaching 131.6 billion ringgit (approximately 31.36 billion USD), compared to a revised growth of 6.5% in July [1] - The trade surplus for August was 16.13 billion ringgit, an increase from the trade surplus of 14.61 billion ringgit in July [1] Import Trends - Malaysia's imports decreased by 5.9%, amounting to 115.47 billion ringgit [1] Analyst Concerns - Analysts express ongoing concerns regarding Malaysia's export outlook due to the downward risks posed by U.S. semiconductor tariffs and trade measures targeting specific industries [1]

Core Viewpoint - The article discusses the recent adjustments to the U.S. tariff policy, particularly focusing on the implications for semiconductor tariffs and trade agreements with foreign partners [1][2][5]. Group 1: Tariff Adjustments - On September 5, President Trump signed an executive order to adjust the scope of import tariffs and implement trade and security framework agreements with foreign partners [2][3]. - The executive order allows for the adjustment of tariffs based on agreements with foreign trade partners, including the potential reduction of "reciprocal tariffs" to zero for certain products [3][4]. - Products eligible for zero "reciprocal tariffs" include those that cannot be produced in the U.S. or are insufficient to meet domestic demand, specific agricultural products, aircraft and parts, and non-patented pharmaceuticals [3]. Group 2: Semiconductor Tariffs - Trump indicated that a "fairly substantial" semiconductor tariff is forthcoming, although specific details were not disclosed [7]. - He emphasized that companies like Apple, which manufacture in the U.S., may be exempt from these tariffs, suggesting a strategic approach to encourage domestic production [7][8]. - The potential for a 100% tariff on semiconductor products was previously mentioned, with exemptions for companies committed to U.S. manufacturing [8]. Group 3: Trade Agreements with Japan - A trade agreement with Japan has been formalized, reducing tariffs on Japanese automobiles and parts from 25% to 15% [6]. - The agreement includes a baseline tariff of 15% on nearly all Japanese goods entering the U.S., with differentiated treatment for specific sectors such as automotive and aerospace products [6]. - Japan is expected to increase its procurement of U.S. agricultural products significantly, including a 75% increase in U.S. rice purchases and an annual total of $8 billion in various U.S. agricultural products [6].

Core Viewpoint - Semiconductor stocks experienced a decline despite market trends, with Nvidia (NVDA.US) dropping over 2% and AMD (AMD.US) falling more than 4% due to new tariff announcements from the U.S. government targeting companies that do not relocate production to the U.S. [1] Group 1: Market Reaction - Nvidia (NVDA.US) shares fell by more than 2% [1] - AMD (AMD.US) shares decreased by over 4% [1] Group 2: Government Policy - Trump announced that the U.S. government will impose tariffs on semiconductor companies that do not shift production to the U.S. [1] - Companies that invest in the U.S. or plan to build factories may be exempt from these tariffs [1] - The tariffs will be "considerable but not excessive" according to Trump [1]