10月10日，高通公司股价在连续两天的下跌中，跌幅高达7.29%，创下自2025年8月以来的新低。引发 此次股价变动的主要原因是国家市场监督管理总局发布了一则公告：高通因未依法申报收购Autotalks公 司而涉嫌违反反垄断法，面临立案调查。 全球范围内，高通收购Autotalks的举措引发的监管挑战并非孤例。欧盟、美国和英国也曾对这次收购表 达过担忧。这种多辖区的监管协同反映出各国对智能网联汽车关键技术自主可控的普遍焦虑。此次调查 的结果，无疑将对高通的未来在V2X产业的布局造成深远影响。 高通公司此次收购的是一家专注于车联网通信芯片研发的无晶圆半导体公司——Autotalks。此类芯片广 泛应用于智能驾驶和道路安全。收购完成后，Autotalks的技术与团队被整合到高通的骁龙数字底盘平 台，旨在增强其车载通信和自动驾驶辅助系统的能力。然而，由于该收购涉及车载通信的核心技术，此 前在欧美多个地区已引发了一系列反垄断审查。 来源：市场资讯 此次反垄断调查恰逢高通成立40周年。随着公司不断扩展业务领域，从最初的移动芯片到如今覆盖 AI、汽车、物联网等全方位场景，高通的技术解决方案已深入中国智能手机产业链的核心环 ...

CMA数字市场执行董事Will Hayter声称："我们发现，谷歌在搜索及广告领域处于战略性地位，英国超 过90%的搜索活动均发生在其平台上。在综合考虑外界对拟议决定的反馈后，我们今日正式确认，将谷 歌的搜索服务指定为具备战略市场地位。" 当地时间周五，英国竞争与市场管理局(CMA)发布声明称，根据英国新的数字市场竞争制度，确认 Alphabet旗下谷歌在搜索服务领域具有"战略市场地位"。美股盘前，谷歌A股价微跌0.2%。 此次英国的"战略市场地位"认定属于今年早些时候生效的数字市场竞争新规下的一部分。这也使得谷歌 成为了英国首家被纳入这一监管框架的企业，意味着其在线搜索与广告业务将受到更严格的反垄断审 查。 CMA表示，该决定是在为期近九个月的调查后作出的，谷歌在在线搜索和广告领域拥有"显著且根深蒂 固的市场力量"，因此符合战略市场地位( SMS)的认定标准。监管方同时对谷歌搜索结果的公平性、高 昂的广告成本以及AI生成搜索回应提出了关切。 目前尚不清楚具体的监管措施将采取何种形式。CMA表示，针对可能干预措施的磋商预计将在今年晚 些时候启动。 相关措施可能包括：要求谷歌提供更公平的搜索排名机制；给予出版商 ...

Google facing a tougher scrutiny from the UK's antitrust watchdog. The company has been labeled with what it's called strategic market status. It's the first company to receive that designation.The UK watchdog saying it's worried about the tech giant's market power in search and search advertising. The strategic market status label could open the door now for more in enforcement um and penalties. Joe, coming up, uh, denim prices are rising.We're going to hear from Levi Strauss next. But as we head to break, ...

Core Viewpoint - Qualcomm is under investigation in China for allegedly violating antitrust laws related to its acquisition of Israeli V2X chip company Autotalks, marking the second antitrust inquiry the company has faced in China since 2015 [1][2]. Group 1: Acquisition Details - Qualcomm's acquisition of Autotalks, a company specializing in V2X communication chips, was announced in May 2023 and completed in June 2025, integrating Autotalks' technology into Qualcomm's Snapdragon Digital Chassis platform [1][2]. - The estimated transaction value was initially reported between $350 million and $400 million, but later reports indicated the final price was significantly lower than expected [2]. Group 2: Regulatory Context - The investigation stems from Qualcomm's failure to legally declare the acquisition under China's antitrust laws, which could lead to penalties including fines and the requirement to reverse the transaction [2][3]. - This case highlights the increasing scrutiny by Chinese regulators on foreign tech companies' mergers and acquisitions, particularly in critical sectors like automotive, communications, and semiconductors [2][3]. Group 3: Market Implications - Qualcomm's strategic shift from mobile to automotive and IoT markets aims to build a comprehensive ecosystem through its Snapdragon Digital Chassis platform, with Autotalks' V2X chips enhancing its position in smart connected vehicles [3]. - However, such horizontal mergers may raise competition risks, as fewer providers of V2X standards and communication protocols could increase entry costs for other suppliers and reduce bargaining power for automakers [3]. Group 4: Industry Impact - The initiation of this case may serve as a warning for multinational semiconductor companies regarding investment and acquisition strategies in China [4].

在申报条件方面，明确企业在何种条件下需要进行经营者集中申报，包括构成经营者集中的情形、达到 国务院规定的申报标准、未达到申报标准但申报的情形、豁免申报的情形等。 在申报材料方面，明确企业申报时应当提交的具体文件、资料以及相关要求和说明，帮助申报企业规 范、准确填写申报表格和相关材料，提高申报效率。 今年10月1日起，市场监管总局发布的《经营者集中申报规范》正式施行。 根据《中华人民共和国反垄断法》规定，经营者集中达到国务院规定的申报标准的，经营者应当事先向 市场监管总局申报反垄断审查，未申报或者申报后获得批准前不得实施集中。 这一规范旨在便利企业规范、高效申报，助力企业投资并购，明确了经营者集中申报的申报条件、申报 材料、申报流程的相关要求。 市场监管总局反垄断二司相关负责人介绍，由于经营者集中反垄断申报专业性较强，申报企业普遍希望 获得全面、详细的业务指导，以尽快取得反垄断审批，完成投资并购交易。市场监管总局积极响应企业 诉求，研究制定申报规范，整合先前较为分散、效力不高的申报指导性文件，吸收最新法律规定和审查 实践，对企业如何申报经营者集中作出统一、明确要求，并于近期正式发布了这一规范。 这位负责人表示， ...

Core Points - The recent talks in Madrid between Chinese and American economic leaders resulted in a basic framework consensus on key trade issues, including the TikTok situation, investment barriers, and promoting economic cooperation [1][2][3] - Both sides expressed a commitment to maintaining a stable and healthy economic relationship, emphasizing mutual respect and equal negotiation [2][4] Group 1: Economic Cooperation - The discussions highlighted the importance of a stable and healthy Sino-American economic relationship, which is crucial for both parties [2][3] - The Chinese side emphasized the need to respect corporate intentions and market principles while addressing the TikTok issue, indicating a willingness to negotiate without compromising core principles [5][6] Group 2: TikTok and Technology Issues - The Chinese government reiterated its opposition to politicizing technology and trade issues, asserting that it will not sacrifice principles or corporate interests for any agreement [5][6] - There was a consensus on addressing TikTok's operational and data security concerns through authorized operations and intellectual property rights, while ensuring compliance with Chinese laws [5][6] Group 3: Regulatory Environment - The Chinese side called for a fair and non-discriminatory business environment for Chinese companies operating in the U.S., including TikTok [6] - The ongoing U.S. sanctions and the expansion of the entity list were criticized by the Chinese representatives, who labeled these actions as unilateral bullying and contrary to international norms [7][8] Group 4: Future Negotiations - The talks are seen as a step towards resolving significant economic differences, with both sides encouraged to continue dialogue and seek further agreements [8] - Experts suggest that the U.S. should abandon unilateral sanctions and respect China's concerns to foster a more stable economic relationship [8]

Core Viewpoint - Nvidia (NVDA.US) experienced a pre-market drop of over 2%, trading at $173.9 due to an announcement from the State Administration for Market Regulation regarding an antitrust investigation [1] Group 1: Company Actions - The State Administration for Market Regulation has initiated a further investigation into Nvidia for allegedly violating the Anti-Monopoly Law of the People's Republic of China [1] - The investigation is linked to Nvidia's acquisition of Mellanox Technologies, which was previously subject to antitrust review conditions [1]

彼时市场监管总局评估认为，此项经营者集中对全球和中国GPU加速器、专用网络互联设备和高速以太网适配器市场，具有或者可能具有排除、限制竞争效 果。 据南都此前报道，2024年12月9日，市场监管总局依法对英伟达公司开展立案调查。 英伟达于1998年在美国设立，在美国纳斯达克证券交易所上市，主要从事图形处理器的研发、生产和销售。被收购方迈络思，于1999年在以色列设立，在美 国纳斯达克证券交易所上市，主要从事网络互联产品的研发、生产和销售。 2019年3月10日，交易各方签署协议，英伟达拟收购迈络思全部股份。集中完成后，迈络思成为英伟达的全资子公司。 南都讯记者黄莉玲李玲根据9月15日国家市场监管总局消息，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。 根据申报方提交的附加限制性条件承诺方案，市场监管总局要求英伟达、迈络思和集中后实体履行如下义务： （一）向中国市场销售英伟达GPU加速器与迈络思高速网络互联设备时，不得以任何方式强制进行搭售，或者附加任何其他不合理的交 ...

Core Viewpoint - Hainan Airport's stock price experienced a slight decline on August 7, 2023, closing at 3.85 yuan, reflecting a drop of 0.03 yuan or 0.77% from the previous trading day [1] Financial Performance - In Q1 2025, the company reported a revenue of 1.09 billion yuan and a net profit attributable to shareholders of 100 million yuan [1] Business Operations - Hainan Airport is a significant player in the aviation industry, with its main business activities including airport operation management, ground services, and commercial retail [1] Recent Developments - The company received approval from the State Administration for Market Regulation for the acquisition of 238 million shares of Hainan Meilan International Airport Co., Ltd., with a total transaction value of 2.339 billion yuan [1] - Hainan Airport successfully issued corporate bonds worth 500 million yuan with a coupon rate of 2.25% and a maturity of 5 years [1] Market Activity - On August 7, 2023, there was a net outflow of 139 million yuan in principal funds, accounting for 0.4% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 251 million yuan, representing 0.71% of the circulating market value [1]

Core Viewpoint - Li Ka-shing, the 96-year-old Hong Kong business tycoon, has decided to soften his stance amid the US-China rivalry by extending the sale negotiation period and inviting mainland Chinese capital to join a deal primarily dominated by US and European interests [1][3] Group 1: Transaction Background - In March, Li Ka-shing's CK Hutchison Holdings announced plans to sell 43 overseas ports, including two critical ports at either end of the Panama Canal, which are considered strategic assets [3][12] - The initial buyers were led by US asset management giant BlackRock and Swiss-Italian shipping giant MSC, raising concerns in financial and political circles due to the strategic importance of these ports [3][12] Group 2: Regulatory and Political Dynamics - The transaction initially bypassed Chinese regulatory scrutiny, with Li Ka-shing seemingly attempting to maintain neutrality by selling to US capital [7][12] - The Chinese government expressed strong discontent, particularly opposing the transfer of Panama Canal ports to US-led control, leading to negotiations with BlackRock and MSC regarding compliance with Chinese antitrust reviews [7][12] Group 3: Recent Developments - CK Hutchison confirmed that while the exclusive negotiation window with BlackRock has expired, discussions are ongoing, and a major mainland strategic investor, likely China COSCO Shipping Group, will be invited to join the consortium [9][12] - This shift indicates that Li Ka-shing acknowledges the necessity of Chinese participation for the deal to proceed, moving away from a solely Western-oriented transaction [9][12] Group 4: Strategic Implications - Li Ka-shing faces the reality that BlackRock cannot dominate the Panama ports without Chinese regulatory approval, especially given the current tense US-China relations [12][14] - The port operations are heavily reliant on Chinese exports, and any perceived threat to China's strategic interests could jeopardize the future operations of these ports [12][14] - The arrangement allows BlackRock and MSC to remain significant stakeholders while accommodating Chinese interests, resulting in a compromise where no party fully achieves its initial objectives [14]