Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) opened on July 16, 2025, in Beijing, marking the first national-level exhibition focused on supply chains globally [2] - The theme of this year's expo is "Linking the World, Creating the Future," attracting over 500 enterprises from 55 countries and regions [2] - The expo features six major areas including advanced manufacturing, smart vehicles, green agriculture, clean energy, digital technology, health living, and supply chain services, showcasing China's commitment to maintaining global supply chain stability [3][4] Group 1: China's Role in Global Supply Chains - China has transitioned from being the "world's factory" to a "global supply chain hub," deeply integrating into the global industrial division of labor [3] - In 2024, China's manufacturing value added is projected to exceed 40.5 trillion yuan, accounting for 30% of the global total, maintaining its position as the world's largest manufacturer for 15 consecutive years [3] - The participation of international giants like Apple, McDonald's, and Nvidia at the expo highlights China's significant role in the global supply chain [3] Group 2: Policy and Infrastructure Support - China is reducing foreign investment restrictions and has opened up its manufacturing sector, providing broader opportunities for global enterprises [4] - The China-Europe Railway Express has operated over 87,000 trains, reaching 217 cities in 25 European countries, enhancing connectivity between Asia and Europe [4] - China is actively involved in setting international rules in emerging fields such as digital economy and green low-carbon initiatives, promoting a fair global economic governance system [4] Group 3: Resilience and Diversity of Supply Chains - The expo showcases a diverse ecosystem of participants, including international giants and specialized small and medium enterprises, reflecting the resilience of China's supply chain [5] - China possesses a complete industrial system with 41 major industrial categories, making it the only country with all industrial categories recognized by the United Nations [5] - The digital technology area at the expo illustrates the full industrial chain from chip design to end application, demonstrating China's robust risk resistance and rapid response capabilities [5] Group 4: Open Cooperation and Future Directions - The Chain Expo emphasizes a "chain" mindset, focusing on showcasing and collaborating across the entire industrial chain [6] - The expo promotes an open cooperation model, advocating for reducing barriers and enhancing collaboration rather than isolation [5][6] - In the first half of this year, China's goods trade import and export reached 21.79 trillion yuan, reflecting a year-on-year growth of 2.9%, underscoring the benefits of open cooperation [5]

近日，两家汽车芯片大厂德州仪器、恩智浦接连公布今年第二季度财报，并对第三季度业绩给出了相对 保守的展望。 具体来看，7月22日，德州仪器公布今年第二季度营收为44.48亿美元，同比增长16%；略超市场预期。 展望第三季度，德州仪器预计公司营业收入将在44.5亿美元至48亿美元之间。尽管分析师平均预期为 45.7亿美元，但部分预测高达48亿美元。同时，公司预计三季度每股收益指引中值为1.48美元，低于分 析师预期的1.50美元。 在业绩电话会议上，德州仪器CEO Haviv Ilan表示："关税和地缘政治正在扰乱和重塑全球供应链。汽车 行业的复苏势头疲软。" 德州仪器高管还透露，公司在第二季度初期确实看到了美国强劲需求，以及一些客户可能为了应对国际 形势变化影响而增加库存，但是第二季度过后，公司的芯片订单水平已回落到正常复苏期间的预期范 围。 展望2025年全年，德州仪器仍有信心年度营收峰值突破200亿美元。 不过，受三季度业绩指引不及预期等影响，德州仪器股价7月23日盘前一度下跌逾11%，抹去了今年以 来大部分涨幅。 另一家全球汽车芯片大厂恩智浦则于7月21日公布了2025年最新季报。 今年第二季度，恩智浦实 ...

Core Insights - The global supply chain is undergoing significant restructuring, influenced by policies from major economies that directly affect its layout and security [1][3][6] - The China International Supply Chain Promotion Expo showcased various companies, including Airbus and Tesla, highlighting the importance of efficient supply chains in supporting product development [2][11] - The 2025 Global Supply Chain Promotion Report indicates that while there are challenges, the overall trend favors cooperation over division, with more promoting factors than retreating ones [3][4][6] Group 1: Supply Chain Dynamics - Major economies are focusing on enhancing their supply chain resilience and security through various policies, although some exhibit protectionist tendencies [6][16] - The report identifies five key trends in global supply chains: improved infrastructure connectivity, inclusive international trade rules, emphasis on supply chain resilience, significant technological innovation, and enhanced financial services accessibility [3][4] - The supply chain resilience index has shown a decline since 2022, indicating challenges in maintaining robust supply chains despite some recovery in 2024 [6][7] Group 2: Industry Participation and Innovation - The expo featured Airbus collaborating with ten supply chain companies to present a comprehensive view of the aircraft industry chain, emphasizing the integration of upstream and downstream sectors [2][5] - Tesla's participation highlighted its reliance on a localized supply chain, with a 95% localization rate for its Model 3 and Model Y vehicles produced in Shanghai [11][14] - The emergence of new technologies, such as AI and green technologies, is driving the digital and sustainable transformation of global supply chains [6][15] Group 3: Geopolitical Influences - Despite uncertainties in US-China trade relations, American companies, including Nvidia and Tesla, continue to engage actively in the Chinese supply chain [8][11] - Geopolitical factors and protectionism are impacting supply chain stability, with concerns over unfair treatment of Chinese companies in antitrust regulations [16][17] - The importance of multilateral cooperation in addressing supply chain disruptions caused by tariffs, environmental issues, and geopolitical conflicts is emphasized [15][16]

Core Viewpoint - Huang Renxun, founder of Nvidia, emphasized the impossibility of a complete decoupling in the global supply chain during his visit to Beijing, highlighting the unique importance of the Chinese market for Nvidia [1][3]. Group 1: Nvidia's Position in the AI Market - Huang stated that the Chinese AI market is irreplaceable for Nvidia, and not participating could lead to unpredictable and unfavorable consequences [3]. - He acknowledged that regardless of Nvidia's involvement, the AI market in China will continue to progress, driven by innovative companies like Huawei [3]. - Huang expressed admiration for Huawei, viewing it as a competitor rather than an adversary [3]. Group 2: Global Supply Chain Dynamics - Huang's comments sparked discussions in Taiwan about the interdependence of global supply chains, countering the notion of a complete decoupling [3][4]. - Taiwanese media personalities noted that Huang's insights reflect the complex reality of technological competition between the US and China, which cannot be simplified into a binary opposition [3]. Group 3: Political Implications in Taiwan - The remarks raised questions about the feasibility of Taiwan's "non-red supply chain" strategy proposed by its leadership, suggesting it may be overly idealistic [4]. - Critics pointed out that Huang's assertion challenges the Taiwanese government's approach to economic decoupling from China, urging a reevaluation of their strategy [4]. - The commentary highlighted concerns that pursuing such a decoupling strategy could harm Taiwan's industries and citizens' welfare [4].

Group 1 - The CEO of Texas Instruments (TXN.O) stated that tariffs and geopolitical factors are disrupting and reshaping global supply chains [1]

Group 1 - The core viewpoint is that tariffs initiated by President Trump are disrupting global supply chains [1] - Industrial demand continues to recover [1] - Sales of automotive chips are experiencing a quarter-over-quarter decline [1]

Group 1 - The third China International Supply Chain Promotion Expo concluded on July 20 in Beijing, featuring major multinational companies like Nvidia, L'Oreal, Schneider Electric, and Medtronic for the first time [1] - The expo served as a platform for enhancing communication and cooperation in the supply chain, with over 40 leaders from Fortune 500 companies and international organizations attending, and 172 overseas delegations, which is 2.2 times more than the previous edition [1] - The increase in foreign exhibitors highlights the growing global confidence in the Chinese market and supply chain [1] Group 2 - PwC's global chairman emphasized that the expo focuses on innovation and cooperation, contributing to the sustainable development of global manufacturing and international supply chains [2] - McDonald's highlighted the expo as a crucial platform for expanding supply chain partnerships, establishing collaborations with 11 suppliers this year, and noting that half of its new stores globally are opened in China [4] - Chinese suppliers have been exporting products like fries to McDonald's restaurants in Japan and Singapore, with approximately 8,000 tons exported annually to these markets over the past two years [4] Group 3 - Sanofi views the expo as an important opportunity to showcase its industrial ecosystem and establish partnerships, exploring innovative collaborations across the entire chain from R&D to patient accessibility [5] - Executives and experts agree that no single country can fulfill all roles in the supply chain, emphasizing the need for global cooperation for mutual benefit [5] - Siemens' executive noted that the expo is becoming a vital platform for deep integration across supply chain segments, facilitating green international expansion for Chinese companies [5]

Core Viewpoint - Huang Renxun, CEO of Nvidia, emphasizes the uniqueness and vitality of the Chinese market, highlighting its innovation capabilities and the scale of its consumer base [2][3]. Group 1: Nvidia's Market Perspective - Huang Renxun describes China as a one-of-a-kind market with unparalleled vitality, innovation, and development momentum [2]. - He notes that Nvidia has been in China for 30 years, recognizing the country's exceptional engineering talent and large consumer base [2]. - Huang warns that not participating in the Chinese market could lead to unpredictable and potentially negative long-term consequences [2]. Group 2: AI Development Insights - Huang states that AI is a complex system requiring innovation at all levels, and Nvidia's chips are just the foundation of this system [2]. - He praises DeepMind's R1 model for its innovative approach to AI, which showcases the adaptability of researchers and developers in China [2]. - Huang expresses optimism about China's innovation capabilities, stating that even with limited resources, Chinese engineers can adapt and excel [2]. Group 3: Global Supply Chain Commentary - Huang highlights China's supply chain as one of the best in the world, noting its scale, complexity, and diversity [2]. - He mentions that China not only operates its own supply chain but also develops technology and products to assist other countries in building their supply chains [2]. - Huang asserts that a complete decoupling of global supply chains is impossible due to their inherent complexity and interdependence [2]. Group 4: Collaborations and Competitions - Huang discusses his long-standing collaboration with Lei Jun of Xiaomi, working together on various projects including AI and autonomous driving software [3]. - He acknowledges Huawei's significant innovation and capabilities, viewing them as both a competitor and a respected entity in the industry [3]. - Huang indicates that regardless of Nvidia's presence, the AI market in China will continue to progress, with or without the company [3]. Group 5: Stock Transactions - Following Nvidia's stock price reaching a new high, Huang executed a plan to sell 75,000 shares, valued at approximately $12.94 million [3]. - Earlier in the year, he had disclosed a plan to sell 6 million shares under a 10b5-1 trading plan to ensure transparency and avoid insider trading allegations [3].

Core Viewpoint - The article highlights the competitive landscape between Nvidia and Huawei, emphasizing Huawei's significant capabilities and the strength of China's supply chain and innovation in AI technology [1][2][3][4]. Group 1: Nvidia and Huawei Relationship - Nvidia's CEO Huang Renxun acknowledges Huawei as a formidable competitor with extensive scale and technological capabilities, expressing admiration and respect for the company [1]. - Huang believes that regardless of Nvidia's presence, China's AI market will continue to progress, with Huawei capable of developing its own solutions [1]. Group 2: China's Supply Chain - Huang describes China's supply chain as one of the top two globally, noting its scale, complexity, and diversity, which he considers a world-class achievement [2]. - He emphasizes that China not only operates its own supply chain but also develops technologies and products to assist other countries in building their supply chains [2]. - The diversification of global supply chains presents significant opportunities for China to promote its manufacturing technologies worldwide, while complete decoupling of global supply chains is deemed impossible due to their inherent complexity [2]. Group 3: Innovation in AI - Huang expresses confidence in China's innovation capabilities, stating that the pace of innovation cannot be hindered, and Nvidia will play a crucial role in this development [3][4]. - He describes AI as a complex system requiring innovation at multiple levels, and highlights the impressive innovation from DeepSeek, particularly their R1 model, which optimizes AI model operations [3]. - Despite H20 not being Nvidia's top product, its architecture is credited with defining the current AI revolution, showcasing its continued relevance and effectiveness [4]. Group 4: Collaboration with Lei Jun - Huang mentions a long-standing collaboration with Lei Jun, co-founder of Xiaomi, which includes joint projects in artificial intelligence and autonomous driving software [5].

Core Insights - Nvidia's CEO Jensen Huang highlighted the uniqueness and vitality of the Chinese market during his appearance at the China International Supply Chain Promotion Expo, emphasizing its innovation capabilities and the scale of its consumer base [1][3] - Huang expressed optimism about China's AI development, stating that the country's innovation pace is unstoppable and that Nvidia aims to contribute significantly to this progress [3] - Huang acknowledged the impressive capabilities of Chinese companies like Huawei and their potential to advance AI solutions independently of Nvidia [4] Market and Industry Analysis - The Chinese market is described as unparalleled in terms of its dynamism, innovation, and the number of skilled engineers, with a consumer base that is one of the largest globally [3] - Huang noted that the global supply chain system, in which China plays a crucial role, is complex and interconnected, making complete decoupling unlikely [3] - The collaboration between Nvidia and Xiaomi has been ongoing for years, focusing on AI and autonomous driving software, indicating strong partnerships within the Chinese tech ecosystem [4] Company Actions - Following Nvidia's stock price reaching a new high, Huang sold 75,000 shares worth approximately $12.94 million as part of a pre-planned stock sale under the 10b5-1 rule, which aims to prevent insider trading [4]