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 ...

Core Viewpoint - The Chinese Ministry of Commerce issued a stern warning globally against any cooperation with the U.S. in banning Huawei chips, stating that such actions would be illegal and carry consequences [1][3]. Group 1: U.S. Actions and China's Response - The U.S. is attempting to globally ban advanced Chinese computing chips, including Huawei's Ascend chips, under the pretext of "presumed violations of U.S. export controls," which China views as unilateral bullying and protectionism [1][3]. - China asserts that the U.S. misuse of export controls to suppress China violates international law and damages the legitimate rights of Chinese enterprises [3][4]. - The warning from China highlights the significance of Huawei's Ascend chips, indicating their excellence and the progress made by China's semiconductor industry despite U.S. sanctions [3][4]. Group 2: China's Strategy and Industry Outlook - China is determined to protect its domestic chip industry and will employ all necessary measures to ensure its stable development in the face of U.S. sanctions [4][8]. - The Chinese semiconductor industry is encouraged to intensify efforts in response to U.S. fears and sanctions, suggesting that such actions indicate China's progress [6][8]. - The Ministry of Commerce's warning serves as a global alert, indicating that any country aiding the U.S. will face strong countermeasures from China [8].

Group 1 - Senator Rand Paul argues that the Trump administration exaggerated the trade deficit with China, suggesting that trade deficits do not have significant economic implications, as both countries have prospered despite the deficit [1] - The current economic dynamics between China and the U.S. can be simplified as a game between a seller with monopoly power (China) and a buyer with monopoly power (the U.S.), with U.S. businesses struggling to find alternatives to Chinese suppliers in the short term [3] - China dominates the rare earth market, accounting for over 60% of global production and 92% of processing, which poses risks to U.S. industries reliant on these materials, particularly in military and high-tech sectors [3] Group 2 - Rare earth elements are critical for various industries, including electronics and defense, as they enhance the capabilities of materials used in military equipment [6] - The U.S. faces increasing internal economic and political challenges, with agricultural states urging improved relations with China, while the military-industrial complex pushes for a tougher stance, complicating the political landscape for future administrations [6] - The U.S. unilateral tariff policies have led to backlash from traditional allies, damaging its international reputation and complicating trade relations [6]

【文/观察者网 刘程辉】"黄仁勋说美国的芯片限制失败了，而且不只他一个人这么认为。"美国消费者 新闻与商业频道（CNBC）5月22日发文指出，同英伟达首席执行官黄仁勋一样，许多分析师和业内人 士也表示，美国为遏制中国人工智能发展而实施的芯片限制令，实际上"弊大于利"，对美国企业造成的 伤害更大，反而令中国这样的竞争对手加速发展，缩小了与美国在人工智能实力上的差距。 文章称，尽管取代英伟达绝非易事，中国竞争对手在尖端技术上仍落后数年，但许多分析师和业内人士 警告称，在美国出口限制的刺激下，中国企业正在迎头赶上。 事实上，芯片专家也认为管制措施对美国弊大于利。DGA集团合伙人兼中国区高级副总裁保罗·特里奥 洛（Paul Triolo）表示："这些管制措施有双重影响，它们降低了美国公司进入中国市场的能力，反过来 又加速了中国本土行业的创新步伐。" "在切断龙头企业与中国庞大市场联系的同时，你正在为自己创造竞争对手。"他补充道，"关键在于， 管制措施激励了中国实现供应链自给自足，这是他们此前从未设想过的。" 上个月，美国政府进一步收紧了对华芯片出口限制，将"中国特供版"H20芯片也纳入了管制清单。 美国对先进半导体技 ...

Group 1 - The Ministry of Commerce of China announced the final ruling on anti-dumping investigations against imported copolymer formaldehyde from the US, EU, Taiwan, and Japan, confirming that dumping exists and has caused substantial damage to the domestic industry [1] - The investigation revealed that the imported copolymer formaldehyde is priced lower than domestic products, disrupting normal sales for domestic companies, which are crucial for sectors like new energy vehicles and high-end medical devices [3] - The anti-dumping measures are part of a normal legal procedure aimed at maintaining fair market competition and protecting domestic enterprises from unfair trade practices [3] Group 2 - The US has imposed high tariffs on imports, with European goods facing a 34.5% tariff and Japanese goods a 35.5% tariff, while specific companies from Taiwan enjoy significantly lower rates [3] - The ongoing trade tensions and tariffs are part of a broader strategy by China to assert control over global supply chains and respond to US actions, particularly in the rare earth sector [6] - Recent discussions in the US regarding imposing tariffs on port equipment have faced strong opposition from the US port industry, which argues for tax policy adjustments instead of high tariffs on Chinese products [8]

【环球时报驻美国特约记者 戴润芝 环球时报记者 陈子帅 张旺 陈庆瑞】中方接连表态，抨击美国发布 意在打压中国人工智能（AI）的指南。中国商务部新闻发言人21日发表谈话称，美国商务部近日发布 指南，以所谓推定违反美出口管制为由，企图在全球禁用中国先进计算芯片，包括特定的华为昇腾芯 片。美方措施是典型的单边霸凌和保护主义做法，严重损害全球半导体产业链供应链稳定，剥夺其他国 家发展先进计算芯片和人工智能等高科技产业的权利。中方密切关注美方措施执行情况，将采取坚决措 施维护自身正当权益。19日，中国商务部新闻发言人在回答相关提问时表示，给别人"下绊子"，不会让 自己跑得更快。这种以单边保护主义手段，妄图围堵、孤立其他国家的做法，终将损害美自身产业竞争 力，其结果只能是搬起石头砸自己的脚。21日接受《环球时报》记者采访的专家表示，中国商务部的连 续表态，一方面是对美国荒诞的芯片政策进行抨击，更好地让国际社会认清事情本质；另一方面是在中 美将继续就经贸问题进行协商的背景下，希望美方能够与中国相向而行，为双方达成有利于两国、有利 于国际经济合作、有利于世界福祉的协定作贡献。 外媒关注中方法律警告 中国商务部新闻发言人19 ...

美国财政部近日公布了2025年3月的国际资本流动报告(TIC)。报告显示，自本世纪初以来，中国的美债持有量首次低于了英国，从而被后者超越，退居成为 了美国第三大海外"债主"。美国财政部的数据显示，美国银行和托管机构记录在案的中国持有的美国国债规模在3月底降至了7650亿美元，低于前一个月的 7840亿美元。同期英国持有的美国国债则增加了近300亿美元，至7790亿美元。这一变化使得英国成为了仅次于日本的美国第二大海外"债主"，中国则退居 至了第三位。 国际信用评级机构穆迪近日宣布，由于美国政府债务和利率支付比例增加，该机构决定将美国主权信用评级从Aaa下调至Aa1，同时将美国主权信用评级展 望从"负面"调整为"稳定"。此前，由于美国财政实力下行风险加剧、政治两极分化等因素，穆迪于2023年11月将美国政府的评级展望从"稳定"下调至"负 面"，并维持Aaa评级。穆迪预计，2035年联邦赤字将达到GDP的近9%，高于2024年的6.4%，主要原因是债务利息和福利支出增加，同时收入相对较低。 中国人民大学重阳金融研究院报告指出，当前美国国家信用走向显性危机，2025年或成美债崩盘元年。特朗普政府的税收相应政策将在未 ...

Group 1 - The core viewpoint of the articles revolves around the ongoing trade tensions between China and the U.S., which continue to impact market sentiments and the exchange rate of the Chinese yuan [2][3] - Goldman Sachs predicts that strong Chinese exports will lead to an appreciation of the yuan, estimating the USD/CNY exchange rate to reach 7.2 in three months, 7.1 in six months, and 7.0 in twelve months [2] - Analysts express skepticism about the yuan's appreciation, emphasizing that it relies on significant corporate foreign exchange settlement expectations, which are currently weak [3] Group 2 - The potential for continued trade disputes suggests that the yuan's exchange rate will remain influenced by these tensions, with a stable range projected between 6.3 and 7.3 [3][4] - If trade tensions escalate, both the yuan and the dollar could face downward pressure, but the dollar may be more adversely affected, potentially leading to capital flows favoring yuan assets [4] - As of the current period, the dollar index has fallen below 100, down over 8% this year, while the offshore yuan has only appreciated by 1.8%, indicating relative stability in the yuan [4]

Core Viewpoint - Analog Devices (ADI) is expected to report a strong Q2 performance with a revenue growth of 16.3% year-over-year, reaching $2.51 billion, contrasting with a 33.8% decline in the same period last year [1] Group 1: Financial Performance Expectations - The adjusted earnings per share (EPS) for Analog Devices is projected to be $1.70 [1] - In the previous quarter, Analog Devices exceeded analyst expectations with a revenue of $2.42 billion, a year-over-year decline of 3.6% [1] - Analysts expect Q2 revenue to reach $2.51 billion, a year-over-year increase of 16% and a quarter-over-quarter increase of 3.4% [2] Group 2: Market and Sector Analysis - Morgan Stanley highlights strong growth in the industrial and automotive sectors for Analog Devices, despite uncertainties related to semiconductor tariffs [2] - The industrial sector revenue is anticipated to be $1.15 billion, with a year-over-year growth of 15.1%, while the automotive sector is expected to generate $0.75 billion, growing 12.6% year-over-year [2] - Citigroup has raised its target price for Analog Devices from $235 to $260, citing strong order growth in the analog chip market, particularly in the industrial sector [3] Group 3: Competitive Positioning - Analog Devices has a higher exposure to the industrial market (45% of revenue) compared to Texas Instruments (34%), but may adopt a more conservative financial outlook due to tariff uncertainties [3] - Morgan Stanley considers Analog Devices to be one of the most defensive analog chip companies due to its high-quality business mix and robust profit margins [3] - Cantor Fitzgerald maintains a "neutral" rating but has increased its target price from $230 to $250, expecting the company to deliver an "outperforming report" [4]

中方强调，美方措施涉嫌构成对中国企业采取的歧视性限制措施。任何组织和个人执行或协助执行美方 措施，将涉嫌违反《中华人民共和国反外国制裁法》等法律法规，须承担相应法律责任。 创新发展、合作共赢是大势所趋。中方敦促美方立即纠正错误做法，遵守国际经贸规则，尊重其他国家 科技发展权利。中方支持全球企业按照市场原则，深入开展科技合作，实现互利共赢，共同推动科技创 新造福世界各国人民。中方密切关注美方措施执行情况，将采取坚决措施维护自身正当权益。 商务部回应美国企图全球禁用中国先进计算芯片：将采取坚决措施维护自身正当权益 智通财经5月21日电，商务部新闻发言人就美国企图全球禁用中国先进计算芯片发表谈话。中方注意 到，美国商务部近日发布指南，以所谓推定违反美出口管制为由，企图在全球禁用中国先进计算芯片， 包括特定的华为昇腾芯片。美方措施是典型的单边霸凌和保护主义做法，严重损害全球半导体产业链供 应链稳定，剥夺其他国家发展先进计算芯片和人工智能等高科技产业的权利。 中方认为，美方滥用出口管制，对中国进行遏制打压，违反国际法和国际关系基本准则，严重损害中国 企业正当权益，危害中国发展利益。 ...