中国现在对锑和镓的管控，不是 "突然发难"，而是吃够了 "被卡脖子" 的亏后，才下的 "护家底" 棋。之 前美国卡中国芯片脖子，从光刻机到高端芯片设计软件，能禁的都禁了，就是想把中国高科技产业摁在 低端。可他们忘了，高端产业是 "双向依赖"—— 你卡我芯片的脖子，我手里攥着你造芯片的 "原料命 门"。不是中国想跟谁对着干，而是不想再像过去那样，把稀缺资源低价卖出去，最后反而被别人用这 些资源造出来的产品 "卡自己脖子"。 提到中国的战略资源，很多人先想到稀土 —— 毕竟这东西是新能源、军工的 "味精"，少了它高端产业 就玩不转。可最近大家发现，中国悄悄给另一类资源上了 "紧箍咒"，比稀土还让西方高科技产业坐不 住：锑和镓。这俩名字听着像 "冷门金属"，却是现代工业的 "隐形骨骼"，没它们，芯片、5G、新能源 汽车这些光鲜的高科技，压根撑不起来。 先搞明白这俩 "宝贝" 到底是干啥的。锑这东西，看着不起眼，却是半导体产业的 "稳定器"—— 芯片里 的晶体管要靠锑来 "掺杂"，调整电流传导的效率，没有高纯度锑，芯片要么跑起来不稳定，要么直接 报废。还有新能源汽车的电池，特别是钠离子电池，锑基电极能大幅提升续航，现 ...

Core Viewpoint - The article discusses the recent developments in the semiconductor industry, particularly focusing on NVIDIA's H20 chip resuming exports to China and its implications for the domestic semiconductor sector and investment opportunities [1][2]. Summary by Sections Recent Developments - NVIDIA's H20 chip has resumed exports to China, with CEO Jensen Huang announcing immediate deliveries and the launch of the RTX Pro GPU for industrial digital twin scenarios [1]. - Despite strong performance in the Hang Seng Technology Index, domestic semiconductor indices like the Guozheng Chip Index showed weakness [1]. Historical Context of Semiconductor Restrictions - In October 2022, NVIDIA was prohibited from selling flagship AI chips A100 and H100, leading to the development of the A800 and H800, which had a performance reduction of about 30% but met basic needs [2]. - In October 2023, further restrictions included the A800 and H800, prompting NVIDIA to create the H20, L20, and L2 chips, with H20's performance being only 15%-30% of H100 but with increased memory [2]. - By April 2025, the H20 chip will also be banned from sales to China, with analysts estimating NVIDIA could lose $13.5 billion in revenue due to these restrictions [2]. Market Trends and Domestic Growth - The semiconductor sector has shown resilience, benefiting from the "domestic substitution" and "self-sufficiency" concepts, with IDC data indicating that China's chip market will exceed 900,000 units in the first half of 2024, with local AI chip brands accounting for 20% of the market [3]. - TrendForce forecasts a decrease in the proportion of outsourced chips in China's AI server market from 63% in 2024 to 42% in 2025, while local suppliers' share is expected to rise to 40% [3]. Future Prospects - The article emphasizes the urgency for NVIDIA regarding the H20 chip's export status, as the domestic semiconductor industry is focused on increasing the localization rate of computing chips across the supply chain [4]. - Despite current challenges, the domestic chip sector is expected to improve its market share through software and hardware advancements [5]. - The semiconductor sector is anticipated to see a potential rebound, especially with the IPOs of companies like Muxi Co. and Moore Threads, which are positioned to enhance GPU chip design capabilities [5]. Conclusion - The article concludes that selling underperforming semiconductor-themed funds is not advisable at this time, as the industry is poised for growth driven by domestic innovation and market dynamics [6].

Group 1: Shareholder Concerns - The major shareholder has pledged 55,068,600 shares, accounting for 39.44% of their holdings, but this will not affect their control over the company [2] - The company emphasizes that shareholder returns will be considered in future dividend plans, which will be based on operational performance and funding needs [2][3] Group 2: Dividend Plan - The proposed dividend for the 2024 fiscal year is 0.70 CNY per 10 shares, totaling approximately 43,601,234.46 CNY (before tax), pending approval at the 2024 annual general meeting [3] Group 3: Business Performance and Market Conditions - The company has diversified its overseas business across over 30 countries, reducing reliance on any single market [5][7] - The first quarter of 2025 saw performance fluctuations due to adjustments in the photovoltaic industry and delays in customer capacity expansions [5][6] Group 4: Future Growth and Strategy - The company is focusing on high-end intelligent equipment manufacturing, particularly in the photovoltaic sector, and is committed to maintaining a robust operational strategy [7] - The company is actively monitoring industry trends and will adapt its strategies to leverage opportunities while addressing potential challenges [7]