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].

当地时间9月14日至15日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝 森特以及贸易代表格里尔在西班牙马德里举行会谈。双方以两国元首通话重要共识为引领，就双方关注 的经贸问题进行了坦诚、深入、富有建设性的沟通，就以合作方式妥善解决TikTok相关问题、减少投 资障碍、促进有关经贸合作等达成了基本框架共识。双方将就相关成果文件进行磋商，并履行各自国内 批准程序。 中国商务部国际贸易谈判代表兼副部长李成钢15日说，关于TikTok问题，中国一贯反对将科技和经贸问 题政治化、工具化、武器化，绝不会以牺牲原则立场、企业利益和国际公平正义为代价，寻求达成任何 协议。中方将坚决维护国家利益和中资企业合法权益，依法依规开展技术出口审批。同时，中国政府充 分尊重企业意愿，支持企业在符合市场原则基础上，开展平等商业谈判。 美股方面，道琼斯指数涨0.11%，标普500指数涨0.47%，纳斯达克综合指数涨0.94%。标普500指数、纳 指创收盘新高。 大型科技股普涨，谷歌涨超4%并成为第四家市值超过3万亿美元的美股上市公司，特斯拉涨超3%，英 伟达则跌0.04%。热门中概股多数上涨，纳斯达克中国金龙指数收涨 ...

Group 1: U.S. Market Developments - The U.S. plans to expand tariffs on more steel and aluminum derivatives [3] - The U.S. aims to increase its strategic uranium reserves to reduce dependence on Russia and boost nuclear energy prospects [3] - Trump announced a second military strike against Venezuelan drug traffickers in international waters [3] Group 2: Stock Market Performance - The Dow Jones Industrial Average rose by 0.1%, while the S&P 500 increased by 0.47% and the Nasdaq gained 0.94%, with both the S&P 500 and Nasdaq reaching new closing highs [4] - Tesla shares increased by 3.5%, while Nvidia experienced a slight decline [4] - The Hang Seng Index closed up 0.22% at 26,446.56 points, with significant gains in the lithium battery sector and pharmaceutical outsourcing stocks [5] Group 3: Economic Indicators - The U.S. dollar index fell by 0.28% to 97.34 points, while the yield on the 10-year U.S. Treasury bond was reported at 4.044% [3][7] - Gold prices reached a historic high of $3,678.89 per ounce, up 0.98%, and silver rose by 1.21% to $42.67 per ounce [7] - WTI crude oil prices increased by 1.09% to $63.27 per barrel, and Brent crude rose by 0.91% to $67.48 per barrel [7] Group 4: International Trade and Relations - India and the U.S. are set to hold trade negotiations in New Delhi [3] - A basic framework consensus was reached between China and the U.S. to address TikTok-related issues and reduce investment barriers [13]

近日，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。 ...