消息面上，英伟达将投资50亿美元于英特尔，每股价格为23.28美元。交易完成后，英伟达将成为英特 尔最大股东之一，持股比例可能达到4%或更高。在数据中心领域，英特尔将为英伟达定制x86 CPU， 由英伟达将其集成至人工智能基础设施平台并投放市场。在个人计算领域，英特尔将生产并向市场供应 集成英伟达RTX GPU芯片的x86 系统级芯片。周四，英特尔(INTC.)收涨逾22%；英伟达(NVDA.US)收 涨逾3% 国信证券日前发布研报称，继北美算力产业链高速增长的业绩兑现催化主线行情之后，半导体在台积电 上修年度业绩指引、中芯国际和华虹半导体在法说会上对未来订单及景气乐观展望的背景下，迎来板块 性快速上涨行情，半导体自主可控再度成为市场焦点。该行指出，商务部对美产模拟芯片发起反倾销调 查，推荐模拟芯片和晶圆代工板块；阿里百度自研算力芯片，国产模型训练逐渐脱钩海外。 芯片股延续近期涨势，截至发稿，华虹半导体(01347)涨7.25%，报62.15港元；中芯国际(00981)涨 3.96%，报72.25港元；晶门半导体(02878)涨3.85%，报0.54港元；宏光半导体(06908)涨3.39%，报0.61港 元 ...

Group 1 - Semiconductor stocks continue to rise, with notable increases in shares of Huahong Semiconductor (+7.25%), SMIC (+3.96%), and others [1] - Nvidia plans to invest $5 billion in Intel, potentially becoming one of its largest shareholders with a stake of 4% or more [1] - Intel will customize x86 CPUs for Nvidia in the data center sector and produce x86 system-on-chip solutions integrated with Nvidia's RTX GPUs for personal computing [1] Group 2 - Guosen Securities reports a rapid increase in the semiconductor sector, driven by TSMC's upward revision of annual performance guidance and optimistic outlooks from SMIC and Huahong Semiconductor [1] - The Ministry of Commerce has initiated anti-dumping investigations on US-made analog chips, highlighting a focus on domestic chip production and wafer foundry sectors [1] - Domestic companies like Alibaba and Baidu are developing their own computing chips, indicating a gradual decoupling from overseas technologies in model training [1]

Core Viewpoint - The M&A market in the Sci-Tech Innovation Board is experiencing significant growth driven by policy incentives and industrial demand, with a notable shift from valuation-driven to industry-driven mergers and acquisitions [1][6]. Group 1: M&A Activity and Trends - As of September 18, 2025, over 70 new M&A transactions have been disclosed, with strategic emerging industries like electronics, new energy, and biomedicine becoming hotspots [2]. - In August 2025 alone, there were 7 major asset restructuring or capital increase acquisition cases, with the semiconductor sector being the dominant player, accounting for 5 of these cases [2]. - Major semiconductor companies like SMIC and Huahong are optimizing their capacity layout through acquisitions, focusing on technology complementarity and capacity synergy rather than mere scale expansion [2]. Group 2: Financial and Policy Environment - The revised M&A regulations by the China Securities Regulatory Commission in May 2025 have significantly shortened the review time for high-quality large-cap company acquisitions and relaxed financial and payment conditions [5]. - The introduction of DeepSeek AI in early 2025 has revitalized the high-tech sector and positively impacted the overall economic environment, facilitating M&A activities [3]. Group 3: Strategic Focus and Future Outlook - The current wave of M&A is characterized by a shift from "valuation-driven" to "industry-driven," with companies focusing on core business and enhancing competitive advantages through industrial chain integration [6]. - The Sci-Tech Innovation Board's M&A activity is positively correlated with the performance of the secondary market, as evidenced by the 41.04% increase in the Sci-Tech 50 Index this year [6]. - Future trends in M&A are expected to include an expansion of cross-border acquisitions and deeper vertical integration in sectors like AI chips and automotive semiconductors, driven by both policy and market incentives [6].

2025.09.18 本 文字数：2301，阅读时长大约4分钟 作者 | 第一财经 后歆桐 美联储如期公布9月利率决议，降息25个基点，点阵图并暗示年内还有两次降息，完全符合市场预期。 虽然点阵图预示明年或仅降息1次，随后等到2027年再降息一次，2028年停止降息，但美联储主席鲍威 尔表示，点阵图显示为个人预测并非计划，政策未设定预设路径。 中金公司发布研报称，美联储9月降息25个基点，符合市场预期。美联储较好回应了市场的关切，但也 保持了克制。此前期待的降息50个基点并未出现，决策者对于下一步降息存在较大分歧。由于就业数据 过于疲软，预计联储或将于10月再次降息，但在这之后，通胀升温将使降息门槛越来越高，货币宽松空 间也将受限。当前美国经济的症结并非需求不足，而是成本上升。 据芝商所"美联储观察"（CME Fedwatch）分析，美联储10月维持利率不变的概率为12.3%，降息25个基 点的概率为87.7%。美联储12月维持利率不变概率为1.1%，累计降息25个基点的概率为19.0%，累计降 息50个基点的概率为79.9%。 日股再创历史新高 日经225指数18日开盘即快速拉涨，截至9点半左右，已上涨0. ...

Group 1 - The Hong Kong stock market showed mixed performance with the Hang Seng Index and Hang Seng China Enterprises Index turning negative, while the Hang Seng Tech Index rose over 1% at one point [1] - The largest ETF tracking the Hang Seng Tech Index (513180) followed the index upward, with leading stocks such as Hua Hong Semiconductor, Horizon Robotics, SMIC, Baidu Group, Meituan, and NIO showing strong gains [1] - The Federal Reserve's decision to cut interest rates by 25 basis points and the expectation of two more rate cuts this year were highlighted, with a focus on the uncertainty surrounding future rate cuts due to the changing economic landscape in the U.S. [1] Group 2 - East Money Securities noted that for Chinese assets, the interest rate cut is a positive development, and the focus remains on domestic factors [2] - The semiconductor sector gained attention, with Hua Hong Semiconductor rising over 10% and SMIC increasing by over 7%, driven by the focus on self-sufficiency in semiconductors [2] - Baidu's Kunlun chip winning a bid for China Mobile's procurement project indicates ongoing commercialization of domestic AI chips, with applications expanding in leading internet companies [2]

2025.09. 18 本文字数：2301，阅读时长大约4分钟 作者 | 第一财经 后歆桐 美联储如期公布9月利率决议，降息25个基点，点阵图并暗示年内还有两次降息，完全符合市场预 期。虽然点阵图预示明年或仅降息1次，随后等到2027年再降息一次，2028年停止降息，但美联储 主席鲍威尔表示，点阵图显示为个人预测并非计划，政策未设定预设路径。 中金公司发布研报称，美联储9月降息25个基点，符合市场预期。美联储较好回应了市场的关切，但 也保持了克制。此前期待的降息50个基点并未出现，决策者对于下一步降息存在较大分歧。由于就 业数据过于疲软，预计联储或将于10月再次降息，但在这之后，通胀升温将使降息门槛越来越高， 货币宽松空间也将受限。当前美国经济的症结并非需求不足，而是成本上升。 据芝商所"美联储观察"（CME Fedwatch）分析，美联储10月维持利率不变的概率为12.3%，降息 25个基点的概率为87.7%。美联储12月维持利率不变概率为1.1%，累计降息25个基点的概率为 19.0%，累计降息50个基点的概率为79.9%。 日股再创历史新高 日经225指数18日开盘即快速拉涨，截至9点半左右，已上涨0. ...

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut in September, aligning with market expectations, and indicated two more potential cuts by year-end [1] - The dot plot suggests only one rate cut in the following year, with further cuts not expected until 2027, but Chairman Powell emphasized that the dot plot reflects individual forecasts rather than a set plan [1] - Market analysis indicates a high probability (87.7%) of a 25 basis point cut in October, while the likelihood of maintaining rates in December is only 1.1% [1] Group 2: Japanese Stock Market Performance - The Nikkei 225 index reached a historical high, driven by gains in the real estate and technology sectors, with Resonac Holdings leading with an 11% increase [3] - Economists expect the Bank of Japan to maintain stable policy rates during its meeting, but a potential rate hike of 25 basis points is anticipated in October [3] - The resignation of Prime Minister Shinto Abe may create opportunities for the Japanese stock market if a new leader adopts more expansionary fiscal and monetary policies [3] Group 3: South Korean Stock Market Trends - The KOSPI index rose by 0.84%, nearing its historical peak, with significant contributions from major companies like SK Hynix and Hanwha Aerospace [4] - The South Korean government stated that the impact of the Federal Reserve's rate cut on Korea is limited, while monitoring trade negotiations and household debt [4] - Ongoing corporate governance and capital market reforms are contributing to the upward trend in the South Korean stock market [4] Group 4: Asian Market Overview - The MSCI Asia-Pacific index reached a four-year high, with a year-to-date increase of over 20%, outperforming the S&P 500 index [6] - Analysts from T. Rowe Price and Franklin Templeton warn that the market may be underestimating the impact of tariffs on corporate profits, which could suppress exports in the coming months [6][7] - Concerns are raised regarding the potential risks to the Asian technology sector, particularly in semiconductor industries, due to reliance on exports [7]

Group 1 - The Hang Seng Technology Index rose over 1.5%, driven by strong performance in the robotics and semiconductor sectors [1] - Key stocks in the Hang Seng Technology Index ETF (513180) include Hua Hong Semiconductor, ASMPT, SMIC, Horizon Robotics, Baidu, and Meituan, with Hua Hong Semiconductor up over 12% and SMIC up over 7% [1] - Southbound funds recorded a net inflow of HKD 9.44 billion on September 17, with SMIC and Hua Hong Semiconductor attracting net purchases of HKD 407 million and HKD 237 million respectively, indicating continued investor interest in self-sufficiency in technology [1] Group 2 - The Federal Reserve's decision to cut interest rates by 25 basis points is seen as beneficial for technology growth sectors in both A-shares and Hong Kong stocks, as it is expected to enhance valuation and reduce financing costs [1] - The semiconductor sector is regaining market focus following TSMC's upward revision of annual performance guidance and optimistic outlooks from SMIC and Hua Hong Semiconductor regarding future orders [1] - The Hang Seng Technology Index has surpassed the 6300-point mark, with expectations of continued inflows from southbound funds and a potential revaluation of technology assets driven by AI narratives [2]

国信证券指出，半导体自主可控再度成为市场焦点。与此同时，Deepseek、阿里先后表态对国产算力的 适配力度和采购比重都有所加大，而国内先进制程的配套能力也在不断提升，本土算力链正经历戴维斯 双击。我们对于2025年电子板块在"宏观政策周期、产业库存周期、AI创新周期"共振下"估值扩张"的乐 观判断。 （文章来源：21世纪经济报道） 9月17日，A股市场全天震荡走强，三大指数探底回升。芯片产业链全天持续走强，"芯片一哥"中芯国 际盘中股价创历史新高，兴图新科、利扬芯片、波长光电、峰岹科技、利和兴等5股斩获20CM涨停， 精智达、长盈精密、中巨芯等个股涨超10%。 消息面上，SEMI报告显示，25Q2全球半导体设备出货金额达到330.7亿美元，同比增长24%。中国大陆 销售额达113.6亿美元，同比下滑2%，环比增长11%，以约34.4%的份额稳居全球第一大半导体设备市 场。 ...

Group 1 - The Shanghai Composite Index rose by 1.52% last week, with the electronics sector increasing by 6.15%, and the components sub-sector up by 11.33% [1] - The North American computing industry is experiencing rapid growth, with semiconductor companies like TSMC revising their annual performance guidance upwards, and optimistic outlooks from SMIC and Hua Hong Semiconductor regarding future orders [1] - Domestic computing capabilities are improving, with companies like Deepseek and Alibaba increasing their procurement of domestic computing power, indicating a positive trend for the local supply chain [1] Group 2 - The Ministry of Commerce of China has initiated an anti-dumping investigation into imported simulation chips from the U.S., which is expected to enhance price competition and accelerate domestic substitution [2] - The investigation period is set from January 1, 2024, to December 31, 2024, with the investigation expected to conclude by September 13, 2026, unless extended [2] - The focus of the investigation includes general interface chips and gate driver chips using 40nm and above process technology, with recommendations for companies like SMIC and Hua Hong Semiconductor [2] Group 3 - Alibaba and Baidu have begun using internally designed chips for training AI models, indicating a shift towards domestic chip development [3] - Alibaba mentioned a "backup plan" in response to global AI chip supply and policy changes during its latest earnings call [3] - Baidu's Kunlun chip has secured significant market share in a major procurement project, reflecting the gradual decoupling of China's AI development from Western semiconductor ecosystems [3]