内容提要： 美国USTR宣布2027年6月起对中国半导体加征关税，延迟18个月实施，短期影响有限。2024年中国集成电路出口1600亿美元，主要流向 中国香港、韩国、中国台湾、越南等亚洲市场，对美出口占比仅约5%。产品以中低端集成电路为主。即使关税落地，直接冲击小，但需 警惕欧盟、日韩等跟进集体加税，可能放大产业链风险，导致国内中低端半导体生产过剩。 一、美国宣布18个月后对中国半导体产品加征关税。 2025年12月24日，美国贸易代表办公室（USTR）正式宣布，将于2027年6月23日起对进口自中国的半导体产品加征关税。具体税率将在 生效前至少30天公布，目前暂维持0%税率。 这项公告源于拜登政府发起、由美国贸易代表办公室（USTR）牵头的一项针对中国半导体进口美国长达一年的调查。调查结论认为， 中国通过不公平补贴和市场行为，意图主导全球半导体市场，损害美国贸易利益。 美国贸易代表办公室在一份声明中表示："中国以半导体行业为目标，意图占据市场主导地位，这种做法不合理，阻碍或限制了美国贸 易，因此必须采取行动。" 当然，调查背景可追溯至特朗普上一任期。特朗普曾多次威胁对进口芯片征收高额关税，甚至提到100%的 ...

Core Viewpoint - The article discusses the strategic importance of the semiconductor industry and the U.S. government's efforts to increase domestic chip production to at least 50% of its usage, aiming to regain leadership in the global semiconductor market [2][4]. Group 1: U.S. Semiconductor Industry Goals - The U.S. government has set a clear target for the semiconductor industry, aiming for at least 50% of chips used in the country to be manufactured domestically [2]. - This initiative is part of a broader strategy to reverse the decline in the U.S. share of global semiconductor manufacturing, which fell from 37% in 1990 to 10% in 2022 [4]. Group 2: Policy Measures and Investments - The U.S. has implemented various policies to encourage semiconductor manufacturing, including the "CHIPS and Science Act" and proposed tariffs on semiconductor imports [4]. - Major semiconductor companies like TSMC and Samsung are investing heavily in U.S. manufacturing facilities as a result of these policies [4]. Group 3: Market Growth Projections - Global semiconductor sales are projected to exceed $600 billion for the first time in 2024, reaching $630.5 billion, with an expected growth of 11.2% to $701 billion in 2025 [4]. - The Americas region is identified as the fastest-growing market, with a year-on-year growth rate of 44.4% [4].

Core Viewpoint - Intel is facing significant challenges, including a drastic decline in stock price and operational losses, prompting both government and private investment interest to stabilize the company [2][4][5]. Group 1: Government Involvement - The Trump administration is in discussions to acquire approximately 10% of Intel's shares, potentially making the U.S. government the largest shareholder of the chip manufacturer [2][4]. - The government is considering converting funds from the CHIPS and Science Act into equity investments, which could involve $10.9 billion in approved subsidies for commercial and military production [4]. - This initiative represents a historic move for the U.S. government to directly hold equity in a major tech company [4]. Group 2: Private Investment - SoftBank has announced a $2 billion investment in Intel at a price of $23 per share, making it the fifth-largest shareholder [2][4]. - Following the announcement of SoftBank's investment, Intel's stock price rose over 5% in after-hours trading [2]. Group 3: Financial Performance - Intel's stock price has plummeted by 60% in 2024, marking its worst performance in history [4]. - The company's Q2 2025 financial report revealed revenues of $12.9 billion but a net loss of $2.9 billion, with a gross margin falling below 30% [4][5]. - The foundry services segment reported a quarterly loss of $3.2 billion, and free cash flow was negative at $1.1 billion [4]. Group 4: Strategic Challenges - Intel's technological lag, particularly in advanced process nodes below 7nm, has resulted in a loss of market share, with the U.S. global chip production share dropping from 37% in 1990 to 12% [5]. - The company has missed opportunities in the AI sector, with Nvidia capturing 90% of the data center AI chip market while Intel holds less than 3% [5]. - Plans for a $20 billion advanced factory in Ohio have been delayed multiple times due to financial issues, with the latest production timeline pushed to 2031 [6]. Group 5: Broader Industry Context - The U.S. government is pushing for semiconductor industry revitalization through the CHIPS Act, but foreign companies are facing slow and costly expansion in the U.S. [8]. - The administration's investment strategy aims to ensure the U.S. maintains competitiveness in advanced manufacturing and high-end computing chips [8]. - Analysts suggest that government intervention may allow for greater oversight of Intel's operations, particularly concerning its dealings in China [9].