市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 15 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 周五 A 股三大指数集体收跌，截止收盘，沪指收跌 0.12%，深成指收 跌 0.43%，创业板指收跌 1.09%。沪深两市成交额 25205.98 亿元。申 万行业方面，有色金属、房地产、钢铁领涨，通信、综合、美容护理 领跌；概念板块方面，金属锌、金属铅、存储芯片涨幅居前，足球概 念、PEEK 材料、乳业跌幅居前。港股方面，恒生指数收涨 1.16%，恒 生科技指数收涨 1.71%；海外方面，美国三大指数涨跌不一，道指收 跌 0.59%，标普 500 收跌 0.05%，纳指收涨 0.44%。 【重要新闻】 【商务部决定自 2025 年 9 月 13 日起就美国对华集成电路领域相关 措施发起反歧视立案调查】商务部新闻发言人答记者问表示，近年来， 美国在集成电路领域对华采取一系列禁止和限制措施，包括 301 调查 和出口管制措施等。这些保护主义做法涉嫌对华歧视，是对中国发展 先进计算芯片和人工智能等高科技产业的遏制 ...

Core Viewpoint - The article discusses the recent aggressive semiconductor export control measures introduced by the U.S. Department of Commerce, which effectively bans the use of Huawei's Ascend 910 series chips globally, labeling it as a violation of U.S. export control regulations, with severe penalties for non-compliance [2][4]. Group 1: U.S. Export Control Measures - The U.S. Department of Commerce has issued guidelines that classify the use of Huawei's Ascend chips as a violation of export controls, threatening legal consequences for any organization or individual that complies with these measures [4][6]. - The measures are described as unilateral bullying and protectionism, which undermine the stability of the global semiconductor supply chain and infringe on the rights of other countries to develop advanced computing and AI technologies [4][8]. Group 2: China's Response - China firmly opposes the U.S. measures, asserting that they violate international law and the basic principles of international relations, and emphasizes the need for cooperation and mutual benefit in technological development [4][8]. - The Chinese government warns that any organization or individual that assists in enforcing U.S. measures may face legal repercussions under Chinese law, specifically referencing the Anti-Foreign Sanctions Law [4][8]. Group 3: Implications for Global Semiconductor Industry - The article highlights the potential disruption to the global semiconductor industry caused by U.S. actions, which could lead to a significant impact on supply chains and technological collaboration [4][9]. - It notes that the U.S. accusations against Huawei's chips are seen as unfounded and part of a broader strategy to maintain technological dominance and suppress China's advancements in the semiconductor sector [9][11].