Group 1 - The core viewpoint of the report is that China Galaxy has given a "recommended" rating for Zhongke Sanhuan (000970.SZ) based on improved performance driven by increased exchange gains and reduced costs [2] - The report highlights that the impact of export controls in the second quarter was relatively manageable, with expectations for recovery in exports driving production and sales rebound in the third quarter [2] Group 2 - The report identifies key reasons for the positive rating, including the significant improvement in performance due to increased foreign exchange gains and a decrease in expenses and costs [2] - The report also notes potential risks, such as the possibility of domestic economic recovery falling short of expectations and significant declines in downstream demand for rare earth permanent magnets [2]

Core Viewpoint - NVIDIA has launched the new GeForce RTX 5090D v2 in mainland China, replacing the banned RTX 5090D, with a 25% reduction in memory and bandwidth to comply with U.S. export regulations, while maintaining the same price of RMB 16,499 (approximately $2,298) [1][9]. Product Specifications - The RTX 5090D v2 retains the same GB202-240 GPU chip as the RTX 5090D, with a base clock of 2.01 GHz and a boost clock of 2.41 GHz. However, the memory has been reduced from 32GB GDDR7 with a 512-bit interface to 24GB GDDR7 with a 384-bit interface, resulting in a bandwidth decrease from 1792 GB/s to 1344 GB/s, complying with U.S. export regulations limiting bandwidth to below 1.4 GB/s [5][8]. - The CUDA core count remains unchanged at 21,760, but the AI performance has significantly decreased from 3,352 TOPS to 2,375 TOPS, a reduction of approximately 29.15% [7][8]. Market Response - The RTX 5090D v2 is available from various manufacturers such as ASUS, Colorful, and GIGABYTE, with starting prices at RMB 16,499, while some flagship models have prices reaching RMB 17,499 to nearly RMB 19,000 [1][3]. - The previously banned RTX 5090 and 5090D are now in high demand in the second-hand market, leading to price premiums [1].

新华社北京8月14日电 题：美芯片企业出口业务被政府"勒索"的背后 新华社记者陈斯达 美国总统特朗普日前证实，英伟达公司与超威半导体公司（AMD）已同意向美国政府上缴对华芯片销 售收入的15%，以换取企业恢复向中国出口特定芯片的政府许可。 以出口许可相挟，逼迫企业"上贡"。在不少美国法律界和商界人士看来，这种做法不仅"没有先例"， 且"极不寻常"，甚至构成违宪，同时无异于向世人表明美国政府此前限制芯片出口时口口声声的所 谓"国家安全考虑"不过是一个幌子、一个能够"套现"的手段。 变相征"出口税"有违宪嫌疑 不少法律和行业专家认为，美国政府与两大芯片公司达成的方案——对华芯片销售收入按15%比例上缴 政府，可能属于被美国宪法明确禁止的"出口税"，即对出口征收的税费。 《纽约时报》报道指出，英伟达与超威半导体获得对华出口许可的代价是，"将向美国政府输送超过20 亿美元"。 拜登执政时期担任白宫高级经济顾问的彼得·哈勒尔表示，除对英伟达和超威半导体销售芯片征收15% 收入份额的措施存在问题外，美国宪法明确禁止征收出口税。 美国保守派智库美国企业研究所高级研究员暨中国问题专家史剑道表示，两大芯片公司同意支付的15% ...

据新华社北京8月14日电 美国总统特朗普日前证实，英伟达公司与超威半导体公司（AMD）已同意向 美国政府上缴对华芯片销售收入的15%，以换取企业恢复向中国出口特定芯片的政府许可。 以出口许可相挟，逼迫企业"上贡"。在不少美国法律界和商界人士看来，这种做法不仅"没有先例"， 且"极不寻常"，甚至构成违宪，同时无异于向世人表明美国政府此前限制芯片出口时口口声声的所 谓"国家安全考虑"不过是一个幌子、一个能够"套现"的手段。 变相征"出口税"有违宪嫌疑 不少法律和行业专家认为，美国政府与两大芯片公司达成的方案——对华芯片销售收入按15%比例上缴 政府，可能属于被美国宪法明确禁止的"出口税"，即对出口征收的税费。 《纽约时报》报道指出，英伟达与超威半导体获得对华出口许可的代价是，"将向美国政府输送超过20 亿美元"。 拜登执政时期担任白宫高级经济顾问的彼得·哈勒尔表示，除对英伟达和超威半导体销售芯片征收15% 收入份额的措施存在问题外，美国宪法明确禁止征收出口税。 美国保守派智库美国企业研究所高级研究员暨中国问题专家史剑道表示，两大芯片公司同意支付的15% 销售收入近似于标准税率，此前没有类似先例，且很可能因征收出口 ...

新华社北京8月14日电 题：美芯片企业出口业务被政府"勒索"的背后 美国保守派智库美国企业研究所高级研究员暨中国问题专家史剑道表示，两大芯片公司同意支付的 15%销售收入近似于标准税率，此前没有类似先例，且很可能因征收出口税而涉嫌违宪。他指出，若两 大企业上缴了这笔收入，或导致其他一些跨国企业也将为出口商品缴纳税费。 雅虎财经援引美国国际贸易律师道格拉斯·雅各布森的观点指出，美国宪法明确禁止对出口产品征 税，"在我看来，特朗普政府的做法无疑是在征收违宪的出口税"。 美国国会众议院美中战略竞争特别委员会主席、共和党籍众议员约翰·穆勒纳尔同样质疑此举的合 法性，认为美国不应出现"以上缴收入换取出口许可"的先例。 出口管制实为交易的"开关" 新华社记者陈斯达 美国总统特朗普日前证实，英伟达公司与超威半导体公司（AMD）已同意向美国政府上缴对华芯 片销售收入的15%，以换取企业恢复向中国出口特定芯片的政府许可。 以出口许可相挟，逼迫企业"上贡"。在不少美国法律界和商界人士看来，这种做法不仅"没有先 例"，且"极不寻常"，甚至构成违宪，同时无异于向世人表明美国政府此前限制芯片出口时口口声声的 所谓"国家安全考虑"不过是 ...

Core Points - The U.S. Treasury Secretary, Becerra, highlighted a unique arrangement where U.S. chip companies, like Nvidia, are required to "donate" 15% of their revenue from sales in China to the U.S. government in exchange for export licenses [1][4][5] - This model, reportedly initiated by former President Trump, is seen as a potential template for other industries, allowing U.S. companies to expand in China while providing financial returns to U.S. taxpayers [1][3][4] - The revenue generated from this arrangement is intended to be used for debt repayment, with discussions of potential taxpayer benefits to follow [4][5] Industry Implications - Nvidia and AMD have agreed to this revenue-sharing model to secure the ability to sell their chips in China, which is crucial for their market presence [4][6] - The arrangement reflects a shift in U.S. trade policy, where financial returns are prioritized alongside national security concerns, potentially undermining the traditional rationale for export controls [5][6] - The U.S. government has also implemented tracking measures on exported AI chips to ensure compliance with export restrictions, particularly targeting China [6]

Core Viewpoint - The U.S. government's unprecedented revenue-sharing agreement with AI chip giants Nvidia and AMD, requiring them to pay 15% of their sales revenue from China in exchange for export licenses, may serve as a model for other industries in the future [1][2]. Group 1: Revenue Sharing Model - The revenue-sharing model disrupts traditional practices by requiring chip manufacturers to share a portion of their sales revenue from China to obtain export licenses [2]. - Nvidia and AMD have agreed to pay 15% of their sales revenue from specific chips (H20 for Nvidia and MI308 for AMD) to the U.S. government [1][2]. - This approach aligns with the Trump administration's strategy of demanding specific actions from companies, such as investments in the U.S., in exchange for benefits like tariff exemptions [2]. Group 2: National Security Concerns - U.S. Treasury Secretary Becerra downplayed concerns that the revenue-sharing arrangement poses national security risks, stating that the semiconductor products involved are of a lower tier and do not include advanced chips [3]. - The H20 chip, designed specifically for the Chinese market, is less powerful than Nvidia's mainstream GPU chips and was previously banned for export to certain countries, including China, due to national security concerns [3]. Group 3: Market Impact and Policy Considerations - Allowing Nvidia to sell the H20 chip in China could position the company as a leader in Chinese technology and provide significant revenue opportunities, potentially unlocking billions in sales [5]. - Prior to its ban, Nvidia had projected quarterly sales of over $8 billion for the H20 chip, indicating substantial market potential [5]. - Comments from Trump and Becerra suggest a possible policy reversal compared to the Biden administration's stricter measures, which made it more difficult for China to access advanced chips [5].

Core Viewpoint - Nvidia and AMD have reached an unusual agreement with the U.S. government to pay 15% of their sales revenue from the Chinese market, which is considered unprecedented [1] Group 1: Agreement Details - The agreement involves Nvidia and AMD agreeing to pay a percentage of their revenue from sales in China to the U.S. government [1] - This arrangement is seen as a potential shift towards a "pay-to-play" framework, raising concerns among U.S. lawmakers [1] Group 2: Legal and Economic Implications - There are questions regarding the legality of this policy, as the U.S. Constitution prohibits Congress from imposing taxes on goods exported from any state [1] - Analysts predict that this fee could compress profit margins for chip manufacturers, with Bernstein analysts estimating a decline in processor gross margins by 5 to 15 percentage points for exports to China [1] - Overall gross margins for Nvidia and AMD may decrease by approximately 1 percentage point due to this agreement [1]

Core Viewpoint - The U.S. government has secretly installed trackers in AI chips and other goods being exported to monitor their delivery to restricted destinations, particularly targeting China [1][5]. Group 1: Export Control Measures - The U.S. has been expanding export controls on chips and related equipment to curb China's technological development [1][5]. - The U.S. Department of Commerce's Bureau of Industry and Security is involved in these tracking actions, along with the Department of Homeland Security and the FBI [4]. Group 2: Tracking Implementation - Trackers have been installed in Dell and AMD servers, with some being large enough to resemble a smartphone [2]. - The installation of trackers can occur with or without the knowledge of the companies involved, depending on whether they are under investigation [2][4]. Group 3: Industry Reactions - Dell stated it was unaware of the U.S. government's actions regarding tracker installations in its products [5]. - NVIDIA and AMD have not commented on the matter, while Supermicro declined to disclose details for security reasons [4][5]. Group 4: Broader Implications - The secretive nature of the tracker installations indicates a heightened effort by the U.S. to restrict advanced chip exports to China [5]. - There are proposals in Congress for U.S. chip companies to incorporate location verification technology in their products to prevent unauthorized exports [5].

● 新华社北京8月12日电 商务部新闻发言人12日表示，根据出口管制相关法律法规规定，商务部于2025年4月4日和9日分别发布 了第21号和22号公告，将28家美国实体列入出口管制管控名单，禁止向其出口两用物项。为落实中美经 贸高层会谈共识，决定自2025年8月12日起，对于2025年4月4日被列入出口管制管控名单的16家美国实 体，继续暂停上述相关措施90天；对于2025年4月9日被列入出口管制管控名单的12家美国实体，停止执 行相关措施。 有记者问：我们注意到，中美斯德哥尔摩经贸会谈联合声明提到中方将采取或者维持必要措施，暂停或 取消针对美国的非关税反制措施。请问在出口管制管控名单方面有何考虑？商务部新闻发言人作出上述 回应。 发言人说，出口经营者如需向上述实体出口两用物项，应当根据《中华人民共和国两用物项出口管制条 例》相关规定向商务部提出申请；商务部将依法依规进行审查，符合规定的将准予许可。 ...