中国正在收紧针对全球半导体公司的所谓并购陷阱。美国芯片巨头英伟达——已经深陷中美贸易紧 张局势——是主要目标，但分析师表示，韩国企业也远非安全。 来源：内容来自 koreajoongangdaily 。 此 案 的 核 心 是 英 伟 达 2020 年 收 购 以 色 列 高 速 互 连 芯 片 及 解 决 方 案 开 发 商 Mellanox 的 交 易 。 Mellanox的InfiniBand技术广泛应用于大型数据中心的建设。 国家市场监督管理总局经过12个月的审查批准了这笔交易，但附加条件包括"无歧视地向中国市场 供应产品"。然而，去年12月，该监管机构突然再次开始调查这笔交易，并在中美两国进行敏感贸 易谈判之际，通知英伟达涉嫌违反反垄断法。据彭博社9月16日报道，美国财政部长斯科特·贝森特 称，这笔交易"时机不当"。 英伟达斥资 69 亿美元收购 Mellanox 被认为是一招妙招，将该公司从一家图形处理器 (GPU) 供 应商转型为一家业务范围更广的人工智能基础设施公司。如今，中国似乎正在冲击英伟达的核心业 务。 SK海力士可能也深陷其中。2021年12月，该公司经过14个月的等待，终于获得国家市 ...

Core Viewpoint - Over the past five years, Beijing's market regulatory authority has focused on antitrust and unfair competition cases, resulting in the handling of 2,690 cases and imposing fines exceeding 200 million yuan [1] Group 1: Regulatory Actions - The Beijing market regulatory authority has established precise regulations in key areas and strengthened review mechanisms [1] - A total of 400 platform enterprises have been covered under the "one-on-one" compliance guidance mechanism [1] - The release of the "Beijing Antitrust Compliance Guidelines" addresses compliance reminders for seven industry sectors, including public utilities and raw materials [1] Group 2: Enforcement in Key Sectors - Increased regulatory efforts in essential sectors such as education, healthcare, and public utilities have been emphasized [1] - The first antitrust enforcement case in the pharmaceutical sector has been initiated, along with actions against monopolistic agreements in dental implant services, which are expected to reduce costs for the public by over 40% [1] Group 3: Regional Cooperation - The market regulatory departments of Beijing, Tianjin, and Hebei have signed a cooperation agreement for antitrust enforcement and fair competition review [1] - Unified review standards and mutual policy checks have been established, with 255 policy documents undergoing cross-checks for fair competition [1]

Core Insights - Over the past five years, Beijing's market regulatory authority has handled 2,690 antitrust and unfair competition cases, with fines exceeding 200 million yuan [1] - The authority has focused on key sectors, establishing compliance guidelines for platform economies and providing one-on-one compliance guidance for over 400 platform enterprises [1] - A comprehensive review mechanism has been developed, including the issuance of antitrust compliance guidelines tailored to Beijing's characteristics and enforcement priorities across seven industry sectors [1] Regulatory Developments - The establishment of a joint meeting system at both municipal and district levels to enhance regulatory collaboration [1] - Implementation of interim measures for fair competition review processes and the establishment of a scientific review mechanism [1] - Strengthened regulatory efforts in essential sectors such as education, healthcare, and public utilities, including the first antitrust enforcement case in the pharmaceutical sector [1] Collaborative Efforts - The signing of a cooperation agreement among the market regulatory authorities of Beijing, Tianjin, and Hebei to unify review standards and share resources [1] - A total of 255 policy documents have undergone cross-review for fair competition among the three regions [1] - Specific cases, such as the dental implant monopoly agreement, have led to significant cost reductions for consumers, estimated to lower expenses by over 40% [1]

Core Insights - Over the past five years, Beijing's market regulatory authority has handled 2,690 antitrust and unfair competition cases, with fines exceeding 200 million yuan [1] - The authority has focused on key sectors to establish precise regulations and strengthen review mechanisms, including the release of compliance guidelines for the platform economy [1] - A one-on-one compliance guidance mechanism has been established for over 400 platform enterprises, along with specific compliance reminders for seven industry sectors [1] Regulatory Developments - The establishment of a joint meeting system at both city and district levels aims to enhance fair competition review processes [1] - New institutional documents have been created, including interim measures for reviewing major policy measures and procedures for fair competition reviews [1] Sector-Specific Actions - Increased regulatory efforts in essential sectors such as education, healthcare, and public utilities have been noted, including the first antitrust enforcement case in the pharmaceutical sector [1] - A significant case involving a dental implant monopoly has led to the inclusion of dental services in centralized procurement, expected to reduce costs for the public by over 40% [1] Regional Cooperation - The market regulatory authorities of Beijing, Tianjin, and Hebei have signed a cooperation agreement for antitrust enforcement and fair competition reviews, aiming for unified review standards and policy mutual checks [1] - A total of 255 policy documents have undergone cross-checks for fair competition reviews among the three regions [1]

Core Viewpoint - The Chinese market is poised to become the largest contributor to Apple's "Apple Tax" as the company faces regulatory challenges globally while maintaining standard commission rates in China, unlike the reduced rates in the US and EU [2][5][14]. Group 1: Apple's Financial Performance - Apple's total revenue for the third fiscal quarter of 2025 reached $94.04 billion, marking the strongest quarterly revenue growth since December 2021 [2]. - The services segment, including iCloud, Apple Music, and App Store, generated $27.42 billion, a 13% year-over-year increase, significantly exceeding market expectations [2]. - Services accounted for 25.6% of total revenue but contributed 41% to gross margin, with a gross margin of 75.5%, far surpassing the hardware business's 37% [2]. Group 2: Regulatory Challenges - Apple's "Apple Tax," a commission on digital goods and services sold through the App Store, is facing global scrutiny, with antitrust lawsuits initiated by the US Department of Justice and other countries [3][4]. - The company has begun implementing low or zero commission models in the US and EU, while maintaining standard rates in China [4][5]. - The EU has imposed significant fines on Apple for restricting developers from directing users to third-party payment options, with a €500 million fine issued in April 2025 [6][12]. Group 3: Market Dynamics in China - In 2024, China's App Store ecosystem is projected to generate $23 billion in sales, making it the second-largest market after the US [5][12]. - The estimated "Apple Tax" contribution from China in 2024 is $6.44 billion, second only to the US's $14.8 billion, indicating a higher relative burden in China compared to the US and Europe [14]. - By 2025, China's "Apple Tax" is expected to reach $7.2 billion, potentially surpassing the US and Europe by 2026, as the country maintains the highest commission rates globally [16][17]. Group 4: Legal Actions and Consumer Sentiment - In 2024, a landmark antitrust lawsuit was filed by consumers in China against Apple's in-app purchase policies, with the Shanghai Intellectual Property Court ruling against the plaintiffs [17]. - Another lawsuit was initiated by a small app developer in Beijing, alleging unfair monopolistic practices by Apple, which is currently awaiting judgment [18].

9月16日，全球最大的独立广告交易平台之一Magnite在美国对谷歌提起反垄断诉讼。 诉讼称，谷歌非法垄断广告交易市场和出版商广告服务器市场，通过一系列排他性和自我偏袒措施，将 出版商和广告主锁定在其广告技术生态中，从而扼杀竞争。 诉状还指出，谷歌通过收费、延迟惩罚和操纵拍卖机制削弱了头部竞价等创新模式，同时通过收购 DoubleClick、AdMeld等潜在威胁进一步消除了市场竞争。 Magnite首席执行官迈克尔·巴雷特（Michael Barrett）在一份声明中表示，多年来谷歌偏袒自身业务，置 开放网络的健康于不顾，给出版商、广告商以及像Magnite这样的合作伙伴造成了损害。 大型独立广告交易平台纷纷起诉谷歌 Magnite并非唯一挑战谷歌的公司，过去两个月内还有其他两家大型独立广告交易平台接连起诉谷歌。 今年8月，OpenX指控"操纵"的数字广告拍卖非法损害了谷歌竞争对手的利益，并减少了出版商、广告 商和消费者的选择。OpenX首席执行官约翰·金特里（John Gentry）称不便对正在进行的诉讼发表评 论，但OpenX致力于"确保公平竞争"。 在OpenX提诉几周后，PubMatic也提起了类似 ...

Core Viewpoint - The Chinese government has initiated two investigations against the U.S. regarding semiconductor trade policies, indicating a shift in strategy amid ongoing tensions in the semiconductor sector [1][6]. Group 1: Anti-Dumping Investigation - The Ministry of Commerce announced an anti-dumping investigation into U.S. semiconductor companies, focusing on general interface chips and gate driver chips manufactured using 40nm and above technology nodes [2][4]. - The investigation was prompted by the Jiangsu Semiconductor Industry Association, citing that U.S. manufacturers, including Texas Instruments, ADI, Broadcom, and ON Semiconductor, have been engaging in dumping practices with price reductions exceeding 300% and an average market share of 41% in China [2][4]. - The investigation period covers from January 1, 2022, to December 31, 2024, and aims to assess the impact of these practices on the domestic industry [2]. Group 2: Anti-Discrimination Investigation - The Ministry of Commerce has launched an anti-discrimination investigation against the U.S. for its restrictive measures on high-end chips, which are perceived as discriminatory and aimed at stifling China's technological advancements [5][6]. - The U.S. has implemented various restrictions, including tariffs and export controls, particularly targeting Chinese companies in the semiconductor and AI sectors, which has led to a significant impact on China's access to advanced technologies [6][7]. - The timing of the investigation is strategic, coinciding with recent U.S. actions to form a coalition against China and new technology restrictions imposed on Chinese firms [7][8]. Group 3: Anti-Monopoly Investigation - The National Market Supervision Administration has initiated an investigation into NVIDIA for allegedly violating commitments made during its acquisition of Mellanox Technologies, which raises concerns about compliance with anti-monopoly regulations [9][10]. - The investigation reflects a shift in China's regulatory stance towards foreign semiconductor companies, indicating a more assertive approach in enforcing compliance with local laws [10]. - NVIDIA's role in the semiconductor market is critical, as its products are foundational for advanced AI systems, making it a focal point in the ongoing U.S.-China tech competition [10][12]. Group 4: Broader Implications - The ongoing investigations and trade measures signify a deepening divide in the semiconductor ecosystem between the U.S. and China, with potential repercussions for global supply chains and market dynamics [1][12]. - The dual investigations may lead to increased tariffs or import bans on U.S. semiconductor products, prompting a shift towards domestic sourcing in China [4][8]. - The complex interplay of competition and interdependence in the semiconductor industry raises questions about the sustainability of current trade relationships and the future of technological collaboration [12].

Core Viewpoint - Nvidia is launching downgraded versions of its chips for the Chinese market to comply with U.S. export restrictions, but demand for these chips is declining among Chinese buyers [1][2]. Group 1: Product Demand and Market Response - The RTX6000D chip, tailored for AI inference tasks, is facing low demand as major Chinese tech companies view it as lacking cost-effectiveness [1]. - Chinese companies, including Alibaba, Tencent, and ByteDance, are awaiting confirmation on orders for the H20 chip, which Nvidia recently regained sales permission for [1]. - The B30A chip, which significantly outperforms the H20, is still pending export approval, with expectations that it will have six times the performance of H20 at double the price [1][2]. Group 2: Market Predictions and Analyst Opinions - Demand for the RTX6000D is weak, contrasting with previous optimistic forecasts from analysts, such as JPMorgan's prediction of 1.5 million units to be produced in the second half of the year [3]. - Nvidia's spokesperson acknowledged the competitive market but asserted that they provide the best products [3]. Group 3: Regulatory Environment and Geopolitical Context - Since October 2022, the U.S. government has implemented strict export controls on advanced chips to China, pushing companies like Nvidia to develop compliant products [5]. - The H20 chip, while slower in training AI models, is competitive in inference tasks, reflecting the challenges Nvidia faces in meeting both regulatory requirements and market expectations [5]. - Nvidia's revenue from the Chinese market was reported at $17 billion, accounting for 13% of its total sales as of January 26 [6]. Group 4: Ongoing Investigations and Future Implications - Nvidia is under investigation by Chinese regulators for alleged antitrust violations, which could impact its operations in the region [9]. - The U.S. government has recently added several Chinese entities to its export control list, indicating a continued tightening of regulations [10]. - Analysts suggest that ongoing U.S. export controls could lead to retaliatory measures from China against American companies, highlighting the tense geopolitical landscape [10].

该事件追溯至2024年12月9日，当时，据报道，因英伟达公司涉嫌违反《中华人民共和国反垄断法》及《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》（市场监管总局公告〔2020〕第16号），市场监管总局依法对英伟达公司开展立案调查。 如果最终确实是英伟达涉嫌垄断，那么要接受怎样的处罚呢？ 根据《反垄断法》第58条的规定，若企业在收购过程中违反承诺，行为具有排除、限制竞争效果，可能会面临上一年度销售额10%以内的罚款。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 9月16日消息，据报道，近日英伟达发言人回应了此前市场监管总局依法对其实施进一步调查的决定。 英伟达发言人表示 "我们在各方面都遵守法律。我们将持续与相关政府机构合作，协助他们评估出口管制对商业市场竞争的影响。" 9月15日，市场监管总局发布了初步调查公布，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。 如 ...

Core Viewpoint - The Chinese market is poised to become the largest contributor to Apple's "Apple Tax" as the company faces regulatory challenges globally, while other regions like the US and EU have begun to implement lower or zero commission rates for third-party payments [2][5][12]. Group 1: Apple's Financial Performance - Apple's total revenue for the third fiscal quarter of 2025 reached $94.04 billion, marking the strongest quarterly revenue growth since December 2021 [2]. - The services segment, which includes iCloud, Apple Music, and the App Store, generated $27.42 billion, a 13% year-over-year increase, significantly exceeding market expectations [2]. - Although services account for only 25.6% of total revenue, they contribute 41% to gross margin, with a gross margin of 75.5%, far surpassing the hardware business's 37% [2]. Group 2: Regulatory Challenges - Apple's "Apple Tax," a commission on digital goods and services sold through the App Store, is facing global scrutiny, with antitrust lawsuits initiated by the US Department of Justice and regulatory actions in over 15 countries [3][4]. - The company has begun to lower its commission rates in the US and EU, moving towards a model with zero or low commissions for third-party payments [4][6]. - In 2025, the EU fined Apple €500 million for restricting developers from directing users to third-party payment options, marking a significant regulatory setback [6]. Group 3: Market Dynamics in China - In 2024, China's App Store ecosystem is projected to generate $23 billion in sales of digital goods and services, making it the second-largest market globally, following the US [5][12]. - The estimated "Apple Tax" contribution from China in 2024 is $6.44 billion, second only to the US's $14.8 billion, indicating a growing financial burden on Chinese developers [14]. - The "Apple Tax" in China represents 10% of Apple's revenue in the region, compared to 8.8% in the US and 4.6% in Europe, highlighting China's relatively higher tax burden [14]. Group 4: Future Projections - By 2025, the "Apple Tax" from China is expected to reach $7.2 billion, with projections of $8.1 billion in 2026 and $9 billion in 2027, indicating a steady increase in contributions [17]. - If current trends continue, China could surpass the US and Europe in "Apple Tax" contributions by 2026, driven by a higher tax rate and significant market size [17]. Group 5: Legal Actions and Consumer Sentiment - Chinese consumers and small developers have begun to challenge Apple's practices, with ongoing antitrust lawsuits aimed at the company's App Store policies [17][18]. - A notable case involved a consumer lawsuit against Apple, which was initially dismissed but is currently under appeal, reflecting growing discontent with the "Apple Tax" [18][19].