9月15日， 国家市场监督管理总局 发布公告称，经初步调查，英伟达公司违反《中华人民共和国反垄断 法》和《市场监管总局关于附加限制性条件批准英伟达公司收购迈络思科技有限公司股权案反垄断审查 决定的公告》，市场监管总局依法决定对其实施进一步调查。 受此影响，英伟达美股盘前应声下跌超2%。 （图片来源： 国家市场监督管理总局网站 ） 据了解，该事件的起因可以追溯到2019年，当时英伟达宣布以69亿美元收购以色列芯片厂商Mellanox （迈络思）。由于交易金额巨大且涉及中国市场，需要中国反垄断机构的批准。 2020年， 国家市场监督管理总局 附加限制性条件批准了这项收购。条件包括： 英伟达不得强制捆绑销 售GPU和迈络思产品；必须按照公平、合理、无歧视原则向中国市场持续供应相关产品。 然而，英伟达似乎没有履行承诺。2024年12月9日， 国家市场监督管理总局 发布公告称，因英伟达公司 涉嫌违反《中华人民共和国反垄断法》及相关审查决定公告，市场监管总局依法对英伟达公司开展立案 调查。 历经9个多月的调查，如今已经初步确认了英伟达违反中国 《反垄断法》 以及此前有条件批准收购迈络 思交易的相关协议。 根据调查，英伟达 ...

Core Viewpoint - Nvidia is facing increased regulatory scrutiny in China due to alleged antitrust violations, which adds uncertainty to its business operations in the region, where it generated 13% of its total sales last year [1][2]. Group 1: Regulatory Actions - Chinese regulatory authorities have initiated a further investigation into Nvidia for violating antitrust laws, following an initial investigation that began in December 2022 [1][4]. - The latest investigation is part of a broader effort by China to utilize regulatory tools to enhance its semiconductor capabilities and reduce reliance on foreign competitors [2][10]. Group 2: Market Impact - Following the announcement of the investigation, Nvidia's stock price fell by as much as 2.4% in pre-market trading, reflecting investor concerns about the potential impact on its business in China [1][6]. - Analysts express concern that new measures could restrict Nvidia's ability to sell network solutions to Chinese customers, a business valued at several billion dollars annually [5][10]. Group 3: Historical Context - The last significant antitrust investigation against a foreign tech company in China occurred in 2013, involving Qualcomm, which resulted in a substantial fine [8][10]. - The current situation indicates a shift in China's approach to enforcing antitrust laws against foreign companies, reflecting a growing confidence in its domestic technology sector [10]. Group 4: Financial Implications - Nvidia's revenue in China for the fiscal year 2024 was reported at $10.31 billion, representing a 78% year-over-year increase, which could lead to potential fines ranging from $10.3 million to $1.03 billion if violations are confirmed [10][11]. - If the violations are deemed particularly severe, fines could escalate to between $2.06 billion and $5.015 billion, significantly impacting Nvidia's financial standing [11].

Group 1 - China has initiated anti-dumping investigations against American-made analog chips and anti-discrimination investigations related to integrated circuits on the same day, marking a significant counteraction in the ongoing chip war with the U.S. [1][2] - The U.S. Department of Commerce recently added 32 entities to its export control "entity list," with 23 of them located in China and many involved in the chip business, which may have triggered China's response [2][3] - The ongoing trade talks between China and the U.S. in Spain may be influenced by these actions, suggesting a strategy of "fighting while negotiating" [3][4] Group 2 - Nvidia has been found in violation of antitrust laws by China's State Administration for Market Regulation (SAMR), which has decided to conduct further investigations [8][10] - The investigation relates to Nvidia's acquisition of Mellanox Technologies in 2019, which was approved under certain conditions to prevent anti-competitive practices [12][15] - Nvidia's current supply of H20 chips to China is significantly limited in performance compared to its H200 chips, raising concerns about compliance with fair trade practices [18][17] Group 3 - The anti-dumping investigation targets analog chips produced by U.S. companies, with the investigation period set from January 1, 2024, to December 31, 2024 [31][32] - The application for the investigation cites that U.S. companies have significantly increased their product imports to China while simultaneously lowering prices, adversely affecting domestic producers [36][39] - If the anti-dumping investigation is upheld, it could lead to substantial penalties for major U.S. chip companies, potentially impacting their revenues in China, which exceed $10 billion collectively [41] Group 4 - The Chinese government is also conducting an anti-discrimination investigation against U.S. measures that restrict high-end chips while allowing low-end chips to flood the market, which are seen as discriminatory trade practices [44][45] - The outcome of these investigations could lead to increased tariffs or restrictions on U.S. products if found to be unfair [45][46] - The ongoing investigations and trade tensions highlight the complex dynamics of the U.S.-China trade relationship, particularly in the semiconductor sector [46][47]

Core Viewpoint - The State Administration for Market Regulation (SAMR) has determined that NVIDIA has engaged in illegal concentration of operators, leading to further investigation to assess competitive harm and formulate an administrative penalty plan [2][5]. Group 1: Investigation Details - SAMR announced that after a preliminary investigation, NVIDIA violated the Anti-Monopoly Law of the People's Republic of China and the conditional approval announcement regarding NVIDIA's acquisition of Mellanox Technologies [2][5]. - The further investigation will evaluate the competitive harm and is based on the Operator Concentration Review Regulations that took effect on April 15, 2023 [5][6]. - NVIDIA is required to submit relevant documents and materials to SAMR within 30 days of receiving the written notice, and SAMR must complete the further investigation within 120 days of receiving these submissions [5][8]. Group 2: Background on the Acquisition - NVIDIA's acquisition of Mellanox was completed in March 2019, making Mellanox a wholly-owned subsidiary of NVIDIA, with both companies holding monopolistic positions globally [6][7]. - The acquisition was approved with additional restrictive conditions by SAMR in April 2020, requiring NVIDIA and Mellanox to fulfill seven obligations over six years, including fair supply of products to the Chinese market [7][8]. Group 3: Potential Penalties - The Anti-Monopoly Law stipulates severe penalties for illegal concentration, including orders to cease the concentration, divest assets, and fines of up to 10% of the previous year's sales if competitive harm is found [8]. - For cases of particularly malicious or severe violations, fines can be increased to between two to five times the standard penalty, potentially reaching up to 50% of the previous year's sales [8].

Market Overview - Major global stock indices showed mixed performance, with the Nasdaq rising by 0.94% and the S&P 500 increasing by 0.47%, while the Shanghai Composite Index fell by 0.26% [1] Trade Policies - The U.S. Department of Commerce announced a process to include more steel and aluminum derivative products under tariffs authorized by the Trade Expansion Act of 1962, with an application window opening on September 15, 2025 [2] - The U.S. government announced a reduction in import tariffs on Japanese automobiles to 15%, effective from September 16 [4] Corporate Actions - Elon Musk purchased approximately $1 billion worth of Tesla stock through a trust, coinciding with discussions on a compensation plan that could be valued at up to $1 trillion if targets are met [7] - CoreWeave, a cloud service provider, signed a new order with NVIDIA valued at $6.3 billion, which allows the company to sell reserved cloud computing capacity to its clients [11] Regulatory Developments - NVIDIA is under further investigation for violating antitrust laws in China, following initial findings of non-compliance with the country's antitrust regulations [8] - Alphabet, Google's parent company, saw its market capitalization surpass $3 trillion, driven by optimism in the AI sector and favorable antitrust rulings, marking it as the fourth U.S. company to reach this milestone [9] Economic Commentary - Former St. Louis Fed President, Jim Bullard, expressed interest in the Federal Reserve Chair position and indicated that a cumulative rate cut of 75 basis points by year-end is reasonable [3]

Group 1: US-China Relations and Technology - US and China reached a basic framework consensus to resolve the TikTok issue, reduce investment barriers, and promote economic cooperation [2] - The Chinese government will approve TikTok's technology exports and intellectual property usage rights [2] Group 2: Company Developments - Xiaomi announced the launch of its 17 series smartphones, directly competing with Apple's iPhone [2] - Google’s market capitalization surpassed $3 trillion for the first time, joining Nvidia, Microsoft, and Apple as the only companies to achieve this milestone [3] - Nvidia is under further investigation by China's market regulator for violating antitrust laws [4] - Amazon Web Services (AWS) denied reports of layoffs in its Greater China region, stating it continues to actively recruit talent [4] - CoreWeave signed a $6.3 billion order with Nvidia for cloud computing capacity [7] - Hesai Technology signed a laser radar order worth over $40 million with a leading US Robotaxi company [9] - JD.com acquired a stake in robotics developer PasiNi Technology [10] Group 3: Product Launches and Innovations - Amazon's overseas shopping WeChat mini-program celebrated its sixth anniversary with a nearly 60% increase in active users [6] - DingTalk launched its first AI hardware, the DingTalk A1, designed for efficient voice communication recording and analysis [12] - Huawei announced a product launch event for its new wearable audio products on September 24 [13]

Core Viewpoint - The National Market Supervision Administration of China has initiated further investigations into NVIDIA for alleged violations of the Anti-Monopoly Law and conditions related to its acquisition of Mellanox Technologies, confirming initial findings of misconduct [2][4]. Group 1: Investigation Details - NVIDIA was previously under investigation since December 2024 for suspected violations of the Anti-Monopoly Law and conditions set during the approval of its acquisition of Mellanox Technologies [4]. - The latest announcement indicates that NVIDIA has been preliminarily confirmed to have violated Chinese anti-monopoly laws and the conditions of the acquisition approval [4][5]. Group 2: Market Position and Practices - NVIDIA currently holds approximately 90% of the global AI chip market for data centers, driven by the surge in demand for AI chips [5]. - Allegations suggest that NVIDIA has been engaging in bundling sales practices to suppress competition, offering better pricing and faster delivery only to customers using its products [5][6]. Group 3: Global Investigations - Other countries, including France and the EU, have also begun investigations into NVIDIA's practices, with reports indicating potential abuse of market dominance in the AI chip sector [6]. - The French competition authority has confirmed an investigation into NVIDIA's alleged anti-competitive behavior, highlighting the risks associated with its market position [6]. Group 4: Financial Implications - If found in violation, NVIDIA could face fines ranging from 1 billion to 10 billion USD based on its 2023 revenue in China, which was 10.4 billion USD [15]. - The maximum penalty could reach up to 50 billion USD if the violations are deemed particularly severe, although the historical maximum fine in China was 6.088 billion RMB [16][19].

Group 1: Industry Investment Rating - The investment rating for the zinc industry is to maintain a sideways trend [1] Group 2: Core Viewpoints - The report provides a detailed analysis of the zinc market's fundamentals, including price, trading volume, open interest, premium and discount, inventory, etc., and assesses the trend strength of zinc as neutral [1][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Price**: The closing price of SHFE zinc main contract was 22,310 yuan/ton, up 0.02%; the closing price of LME zinc 3M electronic disk was 2,956 dollars/ton, up 1.76% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 97,830 lots, down 5,773; the trading volume of LME zinc was 14,507 lots, up 4,935 [1] - **Open Interest**: The open interest of SHFE zinc main contract was 92,003 lots, down 5,694; the open interest of LME zinc was 218,799 lots, up 13,993 [1] - **Premium and Discount**: Shanghai 0 zinc premium was -70 yuan/ton, down 5; LME CASH - 3M premium was 30.17 dollars/ton, up 4.17 [1] - **Inventory**: SHFE zinc futures inventory was 51,371 tons, up 5,466; LME zinc inventory was 50,150 tons, down 375 [1] 2. News - Market regulators have launched a further anti - monopoly investigation into NVIDIA for violating the restrictive conditions of its acquisition of Mellanox [2] - More than a dozen mainstream automakers, including SAIC, BYD, Changan, Xiaomi, and Li Auto, have promised to strictly implement the "60 - day payment term" principle [2] 3. Trend Strength - The trend strength of zinc is 0, indicating a neutral outlook [3]

Core Viewpoint - Nvidia is under investigation by China's State Administration for Market Regulation for potential violations of antitrust laws related to its acquisition of Mellanox Technologies, particularly concerning supply commitments to the Chinese market and bundling practices [3][10]. Group 1: Violation Facts - In 2020, Nvidia acquired Mellanox for $6.9 billion, with conditions imposed by the Chinese authorities to prevent bundling sales of GPUs with Mellanox's network equipment [7]. - Nvidia has reportedly ceased supplying several GPU products to China since 2022, which may violate its previous commitments and could be seen as an abuse of its dominant market position in the high-end GPU market [8]. Group 2: Potential Penalties - Under antitrust laws, Nvidia could face fines up to 10% of its previous year's sales in China, estimated to be around $1 to $1.5 billion [9]. - If the situation is deemed particularly severe, Nvidia could incur punitive fines of 2 to 5 times the original penalty, or be required to divest parts of its business to restore market competition [9]. - Nvidia may also be mandated to rectify its business practices by lifting bundling agreements and resuming supply commitments [9].

Core Viewpoint - Google is facing significant pressure from the U.S. Department of Justice (DOJ) to divest its advertising technology business, specifically the AdX trading platform, in response to antitrust concerns raised in both the U.S. and Europe [1][2]. Group 1: Legal and Regulatory Actions - The DOJ is seeking a "complete technical separation and divestiture" of the AdX platform following a court ruling that found Google illegally monopolized two advertising technology markets [1]. - A two-week hearing is scheduled to discuss whether Google must split off parts of its business, with the judge allowing limited disclosure of Google's internal assessments regarding the feasibility of such a separation [1]. - The European Union has also imposed a €3 billion ($3.5 billion) fine on Google for anti-competitive practices, marking the second-highest penalty against the company by Brussels regulators [2]. Group 2: Google's Business Considerations - Google had previously considered a business divestiture but indicated that the DOJ's proposal is significantly different from its own plans [1]. - The company operates various advertising services, including purchasing services for marketers and sales services for publishers, alongside the AdX trading platform [1]. - Prior to the lawsuit filed in 2023, Google proposed separating its website and application advertising auction business into an independent company while remaining under the Alphabet structure [1].