公司改革清单完成率达 94%，超计划完成进度目标。兴邦公司获国家专 精特新小巨人认定；盛源公司获得高企认定；富源公司成功收获广东省 博士工作站。多项技术达到国际领先水平，并获得多项科技奖项。 中国自 2025 年 4 月初对部分中重稀土金属物项实施出口管制，境外产 品价格有所上涨，体现其战略价值。广晟有色加大研发投入，提高分离 技术回收率减少氨氮排放降低成本，其兴邦公司处于绝对领先地位。即 使境外企业想重建供应链，也难以短期内实现大规模产业化。这种技术 迭代巩固了中国定价权。 公司将依托新峰矿等自有矿权，加快绿色矿山智能化改造，提升资源开 发效率和环保水平。同时，通过探矿权增储和矿区周边资源整合等方式 逐步扩大中重稀土资源掌控量，夯实公司资源战略地位。 广晟有色在 2025 年的战略方向是什么？ 2025 年广晟有色将全面贯彻落实中央经济工作会议精神，定位为公司高质量 发展攻坚突破年。战略方向包括五个方面：一是聚焦服务国家战略，在增强核 心功能上实现新突破；二是聚力价值创造，在增强效率效益上实现新突破；三 是聚力结构优化，在构建现代产业体系上实现新突破；四是聚力科技强企，在 培育和发展新质生产力上实现新突破； ...

Core Insights - Morgan Stanley's report indicates that due to U.S. export controls, China's HBM technology gap is narrowing, with Changxin Storage (CXMT) aiming to produce HBM3/3E by 2027 [1][2]. Group 1: HBM Technology Development - China currently lags 3-4 years behind global leaders in HBM3 technology, but this gap is expected to close due to advancements in AI chip production capabilities [2][3]. - The DRAM technology gap between CXMT and market leaders has decreased from 5 years to 3 years, thanks to significant progress in DRAM technology [2][3]. - The shift towards lower-cost AI inference solutions may enhance China's competitiveness in the HBM and high-end DRAM markets [3][4]. Group 2: Market Dynamics and Competitors - China's semiconductor ecosystem is becoming more competitive, with local solutions emerging across various segments, including chips, substrates, and assembly [4][5]. - Geopolitical tensions are driving the Chinese tech industry to prioritize local components, increasing the market share of Chinese suppliers [5][6]. - By 2027, approximately 37% of wafer manufacturing capacity is expected to be concentrated in China, with notable advancements in advanced memory nodes [5][6]. Group 3: Changxin Storage (CXMT) Updates - CXMT is progressing towards HBM production, with plans to start small-scale production of HBM2 samples by mid-2025 and mass production of HBM3 by 2026 [14][16]. - The company aims to increase its HBM capacity to approximately 100,000 wafers per month by the end of 2026, expanding to 400,000 wafers per month by the end of 2028 [16][19]. - CXMT's DDR5 production is currently at a 3-year lag behind leading competitors, but it is actively working to close this gap [18][19]. Group 4: Hybrid Bonding Technology - China leads in hybrid bonding patents, which are crucial for the future of HBM technology, with significant advancements made by companies like Yangtze Memory Technologies (YMTC) [20][27]. - Hybrid bonding technology is expected to enhance the performance and yield of HBM products, with major manufacturers considering its implementation in future generations [27][28]. Group 5: GPU Market and AI Inference - The introduction of alternative GPU products, such as NVIDIA's downgraded H20 GPU, is expected to impact the HBM market significantly, with potential revenue implications of approximately $806 million [9][12]. - The Chinese GPU market for AI inference is projected to grow at a CAGR of about 10% from 2023 to 2027, driven by increased adoption of workstation solutions [12][13].

Group 1 - The initial agreement between China and the US on tariff issues is perceived by many as a victory for China, but the situation is more complex than it appears [1] - Shortly after the joint statement, the US took action against Huawei's Ascend chips by issuing a "global ban," indicating a shift in focus from tariffs to AI chip restrictions [3] - China has countered with a "rare earth export control pre-filing," which serves as a warning to countries that might cooperate with the US against Huawei [5] Group 2 - In response to the US's unpredictable actions, China has adopted a strategy of reciprocal measures, warning countries against complying with US restrictions on Huawei's Ascend chips [6] - The US's attempt to regain leverage in the AI chip sector backfired, leading to a modification of their stance from a "global ban" to a "risk warning" [7] - The ongoing US-China negotiations highlight the need for China to remain vigilant and strengthen its position, as the competition is not merely about words but about power dynamics [8]

Group 1 - The U.S. Trade Representative reported that China agreed to lift export countermeasures imposed after April, including restrictions on rare earth minerals and magnets, although no changes were made to rare earth export controls [1] - China holds 70% of global rare earth mining and 92% of refining capacity, making it a dominant player in the rare earth supply chain [4] - The U.S. has been slow to develop its rare earth sector due to environmental regulations and high costs, with companies like Neo Performance Materials stating that it takes at least 29 years to establish a rare earth mine in the U.S. [3] Group 2 - Rare earths are critical for high-tech and military industries, used in advanced equipment such as F-35 fighter jets and renewable energy technologies [4] - Recent reports suggest that China issued four rare earth export licenses, the first since imposing restrictions on certain rare earths, which may be a strategic move ahead of negotiations [6] - The U.S. military and energy sectors are heavily reliant on rare earths, and China's control over pricing and supply has led to significant price increases, with dysprosium prices in Europe rising over 200% [6][8] Group 3 - The U.S. has attempted to reduce reliance on Chinese rare earths through various measures, but lacks the necessary separation and purification technology, making it difficult to rebuild the supply chain [6][8] - Analysts indicate that rebuilding a complete rare earth supply chain outside of China could take 10 to 15 years, during which time U.S. industrial security may be compromised [8]

Core Viewpoint - China's export control on rare earth elements is not limited to the United States but extends globally, significantly impacting global prices and creating pressure on companies in various countries, including India [1][3]. Group 1: China's Rare Earth Industry - China has significantly strengthened its control over rare earth exports over the past nine years, allowing for effective implementation of export measures [3][10]. - In 2023, China accounted for two-thirds of global rare earth production, with a production volume of 240,000 tons out of a total of 356,000 tons [7]. - China is the largest exporter of rare earth elements, representing 64% of global export value and 86% of export volume in 2023 [7]. Group 2: Global Impact and Reactions - The rising prices of rare earth elements have led to discomfort among U.S. companies and prompted Indian scholars to advocate for reducing dependence on Chinese rare earth products [1][3]. - Indian scholars suggest measures such as recycling old products for rare earth elements and diversifying import sources, but these measures face significant implementation challenges [5][8]. Group 3: Technological and Strategic Considerations - China monopolizes the refining technology and production capacity of rare earth elements, controlling over 90% of the production of certain rare earth products, particularly heavy rare earth elements [5][10]. - The Chinese government has implemented strict export controls on key technologies related to rare earth extraction and processing, which are expected to have long-term effects on global supply chains [15]. - The establishment of two major state-owned rare earth groups in China has facilitated effective control over the industry, allowing for better management of export regulations [10][15].

5月24日，据路透社报道，知情人士透露，英伟达将面向中国市场推出一款新型人工智能芯片组，其价格将远低于最近受到限制的H20型号，并计划最早于6 月开始量产。 消息人士称，该GPU或图形处理器将属于英伟达最新一代Blackwell架构AI芯片系列，预计定价在6500至8000美元区间（约合人民币46626-57386元），低于 H20型号此前12000-15000美元的售价（约合人民币86080-107600元）。此外，这款芯片将基于英伟达RTX Pro 6000D（一款服务器级图形处理器）打造，采 用传统GDDR7显存而非更先进的高带宽存储器（HBM）。同时，该产品将不会使用台积电先进的半导体封装技术CoWoS。 有关新芯片的定价、参数规格及量产时间均为首次披露。 广发证券此前发布的一份报告显示，新芯片可能命名为6000D或B40，但未透露定价及信息来源。 WIRED 最新出口限制新增对GPU内存带宽的约束——这项衡量主处理器与存储芯片间数据传输速度的关键指标，对需要海量数据处理的AI工作负载尤为重要。 投资银行杰富瑞估算，新规将内存带宽限制在1.7-1.8 TB/s，而H20原本可达4 TB/s。 广发证券 ...

作 者丨倪雨晴 编 辑丨巫燕玲 英伟达一直强调中国市场的重要性，黄仁勋在上次到访北京时就曾表态："我们将继续不遗余 力优化符合监管要求的产品体系，坚定不移地服务中国市场。" 近日，英伟达计划在上海扩大办公区域。英伟达方面向2 1世纪经济报道记者表示: "我们正在 为现有员工租用一个新的办公空间，这是我们在中国持续深耕的努力。但我们遵守当前的出 口管制，不会将任何GPU设计或核心IP发送到中国进行修改。" 目前中国市场占据英伟达1 4%左右的营收比例，去年约为1 7 0亿美元。 日前，黄仁勋在Comp u t e x 2 0 2 5大会上表示，美国对华人工智能芯片出口管制是失败的。他说 道："事实证明，最初制定人工智能扩散规则的那些基本假设存在根本性缺陷。" 黄 仁 勋 还 谈 道 ， 英 伟 达 在 中 国 的 市 场 份 额 已 从 美 国 前 总 统 拜 登 执 政 初 期 的 9 5% 降 至 目 前 的 5 0%。 据参考消息引用媒体报道称，美国芯片巨头英伟达据报将为中国市场推出一款基于Bl a c kwe ll 架构的人工智能芯片， 售价将大幅低于先前的H2 0芯片，预计最快于6月开始量产。 报道称 ...

Group 1 - The China Rare Earth Industry Index increased by 0.22% as of May 26, 2025, with notable stock performances including Xiangdian Co. up 4.43%, Antai Technology up 3.24%, and China Rare Earth up 2.15% [1] - The Rare Earth ETF (516150) saw a rise of 0.65% [1] - The Rare Earth ETF recorded a trading volume of 10.5294 million yuan during the session, with an average daily trading volume of 43.5161 million yuan over the past year, ranking first among comparable funds [3] Group 2 - The Rare Earth ETF's scale increased by 100 million yuan over the past three months, placing it among the top two in terms of new scale among comparable funds [3] - The latest share count for the Rare Earth ETF reached 1.662 billion, marking a six-month high and ranking first among comparable funds [3] - The ETF experienced a net inflow of 27.2791 million yuan recently [3] Group 3 - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Rare Earth ETF is 29, which is in the 9.41% percentile over the past year, indicating a valuation lower than 90.59% of the time in the past year, thus at a historical low [3] - Following China's implementation of export controls on rare earths, there is an expectation of increased overseas demand leading to a surge in overseas rare earth prices, while domestic deep processing enterprises are poised for growth due to certain products being exempt from these controls [3] - It is anticipated that the central prices of rare earths will rise both domestically and internationally, with short-term overseas prices expected to exceed domestic prices, and mid-term prices likely to converge [3] Group 4 - As of April 30, 2025, the top ten weighted stocks in the China Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, and others, accounting for a total of 54.89% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF Linked Fund (014111) [4]

相关产品： 科创芯片ETF南方(588890)，场外联接(A类：021607；C类：021608)；半导体ETF南方 (159325)。 中银证券认为，美国进一步收紧AI芯片出口管制措施，短期内会给国内相关企业造成压力，但长期来 看则有望促进国产软硬件生态的协同发展。 中信证券指出，建议未来6—12个月跟踪半导体板块的两条主线为：1）若后续关税政策反转，关注估值 便宜且后续盈利预测有望修复的公司。2）中短期防御性标的，关注受关税政策影响相对较小的AI板块 和半导体软件板块。 科创芯片ETF南方(588890)紧密跟踪上证科创板芯片指数，上证科创板芯片指数从科创板上市公司中选 取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本，以反 映科创板代表性芯片产业上市公司证券的整体表现。指数前十大权重股分别为中芯国际、海光信息、寒 武纪、澜起科技、中微公司、芯原股份、恒玄科技、沪硅产业、思特威、华润微。 截至2025年5月26日 10:23，科创芯片ETF南方(588890)上涨0.97%，盘中换手7.22%，成交4035.67万元。 跟踪指数上证科创板芯片指数(000685)上涨0. ...

自从前段时间H20被禁之后，我们一直都很关注 特供中国的阉割版Blackwell的信息，之前也写过两篇 文章，都是根据外资投研的两篇研报中的信息。 这篇文章，则是根据路透社最新的一个报告，有兴趣的朋友可以点击后面的原文链接，原报道的作者是 Liam Mo and Fanny Potkin 正文 路透社5月24日消息， 英伟达计划为中国市场推出一款新型AI芯片，价格较此前受限的H20型号大幅降 低，预计售价6500至8000美元（H20售价1万至1.2万美元），最早6月启动量产。该芯片基于 Blackwell架构，采用RTX Pro 6000D服务器级处理器和常规GDDR7内存，未使用台积电先进封装技 术CoWoS，性能参数因美国出口限制而调整，带宽接近新规上限（1.7-1.8 TB/s）。 美国自2022年对AI芯片实施出口管制后，英伟达已三次为中国市场定制产品。此次新芯片是H20被禁 后的替代方案，原计划改进H20的方案未通过审批。受制裁影响，英伟达在华市场份额从95%暴跌至 50%，竞争对手华为的昇腾910B芯片正加速抢占市场。英伟达CEO黄仁勋警告，若美国持续限制，更 多中国客户将转向华为。 H20停售 ...