Group 1 - The Chinese Ministry of Commerce initiated anti-dumping investigations against U.S. imported analog chips and highlighted discriminatory barriers against Chinese integrated circuits [1][3] - The timing of these announcements coincided with a planned meeting between Chinese Vice Premier He Lifeng and U.S. Treasury Secretary, indicating a strategic response rather than a spontaneous action [3][5] - The import volume of U.S. analog chips to China surged by 37% from 2022 to 2024, while prices plummeted by 52%, with dumping margins from U.S. companies like Texas Instruments reaching 300%-450% [3][5] Group 2 - China's response is characterized as a counter-strategy to U.S. tactics of using low prices to undermine Chinese industries, signaling that negotiations can occur but must be free of unilateral sanctions [5][9] - The U.S. has added 13 Chinese companies to its "entity list," a tactic seen as a pressure tool to gain leverage in negotiations [7][9] - China publicly questioned the U.S. actions before the talks, indicating that such maneuvers could jeopardize the negotiations [9][11] Group 3 - China's approach is grounded in legal frameworks and international trade rules, asserting that U.S. practices violate World Trade Organization regulations [14][18] - The anti-dumping investigation is based on evidence that U.S. companies are selling chips at unreasonably low prices to eliminate local competition [16][18] - The U.S. has been accused of undermining free trade principles, while China positions itself as a defender of these rules [20][22] Group 4 - China's confidence in its negotiating position stems from its large market, growing industrial capabilities, and the wavering support of U.S. allies [23][26] - China is the largest buyer of chips globally, with over half of U.S. analog chip sales reliant on the Chinese market, making it a critical player for U.S. companies [23][25] - The shift in the global supply chain dynamics has reduced China's dependency on U.S. technology, with significant improvements in domestic production capabilities [28][30] Group 5 - The U.S. strategy of rallying allies against China is facing challenges, as countries like the EU and Japan are hesitant to sacrifice their economic ties with China [30][32] - China's recent actions signal a new baseline for negotiations, emphasizing equality and mutual respect, moving away from coercive tactics [32][34] - The expectation that the U.S. can intimidate China into concessions is no longer viable, indicating a shift in the balance of power in negotiations [34]

wo[Table_Title] Research Report 15 Sep 2025 电子 Technology 美国模拟芯片反倾销立案调查：政策指向、市场影响与企业应对策略 U.S. Analog IC Anti-Dumping Probe: Policy Objectives, Market Impact, and Corporate Response Strategies 姚书桥 Barney Yao 吕小潼 Xiaotong Lyu barney.sq.yao@htisec.com xt.lyu@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 9 月 13 日，商务部发布 2025 年第 27 号公告，决定即日起对原产于美国的特定模拟芯片产品发起反倾销立案调查。 本次调查范围限于 40nm 及以上工艺的通用接口芯片（包括 CAN、RS-485、I²C 接口及数字隔离器等）与栅极驱动芯 片（含低边、半桥/多路及隔离驱动类产品，涉及税则号 854 ...

Core Viewpoint - The Chinese Ministry of Commerce has initiated anti-discrimination and anti-dumping investigations against U.S. chip trade policies, citing concerns over discrimination against Chinese companies and the impact of U.S. restrictions on China's semiconductor industry [2][4]. Group 1: Investigations Initiated - The first investigation will examine whether U.S. chip trade policies discriminate against Chinese companies [4]. - The second investigation targets alleged dumping of U.S. analog chips used in devices such as hearing aids, Wi-Fi routers, and temperature sensors [4]. - The Ministry of Commerce stated that the investigations are in response to applications from domestic industries and comply with Chinese laws and WTO rules [4]. Group 2: Impact of U.S. Policies - The U.S. has implemented a series of restrictions on China regarding chips, including trade discrimination investigations and export controls [4][5]. - The Ministry claims that these "protectionist" practices aim to suppress China's development in advanced computing chips and AI technologies [4]. - Preliminary evidence from applicants indicates that from 2022 to 2024, imports of the investigated products from the U.S. increased by 37%, while import prices decreased by 52%, negatively affecting domestic sales prices and operations [4]. Group 3: Types of Chips Investigated - General interface chips are designed to provide diverse interface types for efficient data transmission and signal conversion [5]. - Gate driver chips enhance the output of gate control signals and manage the conduction and cutoff of power semiconductor devices [5].

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-dumping investigation against imported analog chips originating from the United States, responding to a formal request from the Jiangsu Semiconductor Industry Association, which represents the domestic analog chip industry [1][2]. Group 1: Investigation Details - The investigation was officially announced on September 13, 2025, and will cover the period of dumping from January 1, 2024, to December 31, 2024, while the period for assessing industry damage will span from January 1, 2022, to December 31, 2024 [2]. - The Ministry of Commerce confirmed that the total production of the applicant's relevant analog chips meets the qualifications required for initiating an anti-dumping investigation under Chinese law [1][2]. Group 2: Market Impact - Preliminary evidence submitted by the applicant indicates that the import volume of the investigated products from the U.S. increased by 37% from 2022 to 2024, while the import prices decreased by 52%, negatively impacting the sales prices of domestic products and causing harm to the domestic industry [2]. - The Ministry of Commerce's spokesperson criticized the U.S. government's actions, claiming they violate World Trade Organization rules and harm the legitimate rights of Chinese enterprises [2][3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's financial aggregates are large, and future monetary policy should focus on optimizing the structure while maintaining reasonable aggregate growth [2][18]. - China's fiscal policy still has sufficient room for maneuver, with a special treasury bond issuance expected to leverage significant credit [3][19]. - The Fed is expected to cut interest rates, but the policy path after September remains uncertain [4][5]. - Industrial product prices are unlikely to rebound sustainably, and PPI may decline again after the fourth quarter [33]. - The domestic bond market is expected to be highly volatile in August - September, and the RMB exchange rate is expected to be moderately strong [34]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter [1]. - In August 2025, the manufacturing PMI was 49.4%, and the non - manufacturing PMI for business activities was 50.3% [1]. - Social financing and credit in August 2025 showed significant changes, with an increase in M1 growth and a narrowing M1 - M2 gap [1][2][18]. - CPI in August 2025 was - 0.4% year - on - year, and PPI was - 2.9% year - on - year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's financial aggregates are large, and future monetary policy will focus on structural optimization [2][18]. - China - US economic and trade talks will discuss issues such as tariffs and TikTok [2]. - China's fiscal policy has sufficient room, with a special treasury bond issuance to leverage credit [3][19]. - The Fed is expected to cut interest rates, but the post - September policy path is uncertain [4][5]. 3.2.2 Metals - Gold and silver prices reached new highs, and Thai gold exports to Cambodia increased [6]. - Metal inventories in the LME showed significant changes, with some increasing and some decreasing [7]. 3.2.3 Coal, Coke, Steel, and Minerals - A second round of coke price cuts is planned, and coal prices have fallen [9]. - Indonesia's seizure of a nickel mine has raised supply concerns [9]. 3.2.4 Energy and Chemicals - China's new LNG device was delivered, and international oil prices rebounded due to supply concerns [10]. - The EU may reduce its dependence on Russian natural gas [10]. - The US natural gas net long position increased, and the WTI crude oil net long position decreased [12]. 3.2.5 Agricultural Products - China's summer grain purchase was progressing smoothly, and US coffee prices rose [13]. - Most agricultural product prices in China declined, and Pakistan plans to purchase sugar [13][14]. - Speculators' net short positions in US soybeans and corn increased [14]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank adjusted the evaluation method for primary dealers in open - market operations and carried out reverse repurchase operations [16]. - The central bank will conduct a large - scale term reverse repurchase operation to maintain liquidity [16]. - There are large - scale reverse repurchase and treasury cash deposits maturing this week [17]. 3.3.2 Important News - China - US economic and trade talks were held in Spain [18]. - China's financial data showed strong support for the real economy, and there was a shift in household deposits [18][19]. - China's fiscal policy has sufficient room, and debt - related issues are being addressed [19][20]. - China opposes US export control measures and launches investigations [21][22][23]. - Policies to promote private investment and industry stability are being introduced [23][24]. - The real estate industry is in the stage of risk clearance, and banks have adjusted mortgage policies [25]. - Brokerage bond issuance reached a new high, and there were bond - related events and credit rating changes [26][27]. 3.3.3 Bond Market Summary - The inter - bank bond market showed a differentiated trend, with long - term bonds recovering [28]. - The exchange bond market had mixed performances, and convertible bond indices rose [28][29]. - Interest rates in the money market and bond issuance yields showed various changes [29][30][31]. - European and US bond yields generally increased [31]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index showed a slight increase [32]. 3.3.5 Research Report Highlights - Industrial product prices are unlikely to rebound sustainably, and PPI may decline again [33]. - The domestic bond market will be volatile, and the RMB exchange rate is expected to be moderately strong [34]. - The market is in a complex situation with different signals from prices [34]. 3.3.6 Today's Reminders - A large number of bonds will be listed, issued, paid, and redeemed on September 15 [35]. 3.4 Stock Market News - The Beijing Stock Exchange will switch stock codes for listed companies [36]. - The pattern of the public fund market has changed, with growth in the bond - holding scale of some institutions [36][37].

Group 1 - The US and China held trade talks in Madrid on September 14, focusing on unilateral tariffs, export controls, and TikTok [1][3][8] - The US Department of Commerce added 32 entities to its export control list, including 23 from mainland China, with 13 related to semiconductors and integrated circuits [4][5] - China initiated two investigations against the US regarding discriminatory practices in the integrated circuit sector and anti-dumping measures on imported simulation chips [1][6] Group 2 - The trade talks in Madrid are seen as a significant diplomatic opportunity for Spain, enhancing its status as a strategic negotiation center [2][3] - The ongoing trade war has impacted global economic stability, with the US extending the tariff truce for another 90 days, set to expire in November [3][4] - The Chinese semiconductor industry is facing challenges due to US export restrictions and price undercutting from American firms in the simulation chip market [6][7]

Core Points - The Ministry of Commerce of China has announced an anti-dumping investigation into imported analog chips from the United States, effective from September 13, 2025 [1] - The investigation was initiated following a formal request from the Jiangsu Semiconductor Industry Association, which highlighted the impact of U.S. imports on the domestic analog chip industry [1] - The investigation is expected to conclude by September 13, 2026, with a possible extension of six months under special circumstances [1] Group 1 - The Ministry of Commerce has also launched an anti-discrimination investigation regarding U.S. measures affecting the integrated circuit sector, starting from September 13, 2025 [2] - Preliminary evidence suggests that U.S. measures against China in the integrated circuit field are discriminatory and violate China's foreign trade laws [2] - The spokesperson emphasized that U.S. protectionist measures, including Section 301 investigations and export controls, are detrimental to China's high-tech industries and the global semiconductor supply chain [2] Group 2 - The Ministry of Commerce will conduct the investigations with principles of fairness, justice, and transparency, inviting all stakeholders affected by U.S. measures to participate [2] - China is committed to taking necessary actions to protect the legitimate rights and interests of its enterprises [2]

2025-09-14 09:20:13 作者：狼叫兽 从进口数量来看，相关产品进口总量呈显著增长趋势。2022年至2024年，此类芯片的进口数量分别为 11.59亿颗、12.99亿颗和15.90亿颗，增长幅度持续扩大。 此外，中国半导体行业协会与中国机电产品进出口商会也发表声明，表示支持商务部对美相关产品和措 施展开调查。 声明中指出，商务部于9月13日发布公告，决定对自美国进口的部分模拟芯片发起反倾销调查，并就美 国在集成电路领域对中国采取的相关措施开展反歧视调查。我们对此表示坚决支持。 半导体产业的持续健康发展，离不开公平、公正的市场环境。我们主张并鼓励企业通过不断推进技术创 新、加强产业链协同、开展平等互利的国际合作，在市场规则基础上实现良性竞争，共同推动行业进 步。 中国半导体行业协会表示，将积极配合调查机关的工作，坚决维护公平贸易秩序和产业的合法权益。 9月14日消息，昨日晚间，商务部宣布对原产自美国的部分模拟芯片产品启动反倾销调查程序。 根据江苏省半导体行业协会提交的申请材料，涉及的美国企业共有四家，分别为德州仪器、ADI、博通 和安森美。该协会提供的初步证据表明，在申请调查期间，来自美国的相关产 ...

Group 1 - The US and China held talks in Madrid regarding economic and trade issues on September 14 [2] - The 2025 China International Service Trade Fair concluded with over 900 achievements in sectors such as construction, IT, and finance, attracting nearly 2000 offline exhibitors and 5600 online exhibitors [2] - The National Food and Strategic Reserves Administration reported that over 100 million tons of wheat have been purchased nationwide during the summer grain purchasing season [2] Group 2 - From January to August, China's railway construction saw an investment of 504.1 billion yuan, a year-on-year increase of 5.6%, contributing to domestic demand and economic recovery [2] - The China Communications Enterprise Association expressed strong support for the Ministry of Commerce's anti-dumping investigation against US-originated chips [2] - The A-share merger and acquisition market has seen increased activity, with foreign institutions like Morgan Stanley and Goldman Sachs entering as major shareholders before public announcements [2] Group 3 - The second phase of the self-regulatory supervision platform for investment banking business is set to launch on September 22, 2025 [2] - China Merchants Bank (Europe) signed a 110 million yuan financing agreement with Baudouin International Engine Company in France, marking the first RMB financing in the southern region of France [2] - Zijin Mining announced the production launch of a lithium carbonate project in Argentina, with plans for an annual capacity of 40,000 tons in the second phase [2]

Group 1 - The Ministry of Commerce of China announced an anti-dumping investigation into imported related analog chips originating from the United States, effective from September 13, 2025 [1] - The investigation was initiated following a formal application submitted by the Jiangsu Semiconductor Industry Association on July 23, 2025, citing concerns over the impact of U.S. imports on the domestic industry [1] - The investigation is expected to conclude by September 13, 2026, with a possible extension of six months under special circumstances [1] Group 2 - The Ministry of Commerce also announced the initiation of an anti-discrimination investigation into U.S. measures affecting the integrated circuit sector, starting from September 13, 2025 [2] - Preliminary evidence suggests that U.S. measures in the integrated circuit sector are discriminatory against China, violating the Foreign Trade Law of the People's Republic of China [2] - The spokesperson emphasized that U.S. protectionist measures, including the 301 investigation and export controls, are detrimental to China's high-tech industries and the stability of the global semiconductor supply chain [2]