特朗普最近可能感到有些不安，因为他惯用的"关税大棒"在对中国的施压中未能达到预期效果。2025年 8月12日，中美两国分别宣布决定暂停互征的24%关税，为期90天，仅保留10%的基础税率。表面上 看，这只是一个技术性延期，实则反映了两国经济实力的微妙博弈。协议签署后不久，贝森特财长便对 中国经济发起了猛烈抨击，称中国是"最不平衡"的经济体，指责中国的商品低于成本出售，并给中国贴 上了"非市场经济"的标签。这样的指责听起来似乎有些自相矛盾：如果中国企业真如他说的那样亏本卖 货，全球经济体系恐怕也承受不起这种规模的补贴，这与常识显然不符。 更有趣的是，在美国政府提出这些指责的同时，他们却要求像英伟达这样的公司，必须将从中国卖出的 芯片收入的15%上交给美国政府，才能获得出口许可。如此双重标准，不禁让人质疑美方的逻辑与立场 是否站得住脚。尽管如此，贝森特的强硬言辞并没有掩盖住美国面临的经济压力。在协议的具体条款 中，美国主动将香港和澳门的商品也纳入关税暂停范围，这无疑是承认当前美国的经济困境。根据数据 显示，普通美国家庭在超市购物时常常因为商品价格上涨而感到为难，尤其是在2025年7月，美国CPI 同比上涨了4.9 ...

目前美国白宫拒绝就此事发表评论。 8月19日消息，据彭博社报道，美国总统特朗普总统的政府正在就收购英特尔 10% 的股份进行谈判。若该计划 实施，美国政府将成为英特尔公司的最大股东。 据知情人士向彭博社透露，特朗普政府将把《芯片与科学法案》提供给英特尔的一部分补贴转化为购买股份的 资金。根据英特尔与美国商务部达成的协议，英特尔将通过《芯片与科学法案》获得约 109 亿美元的资金。英 特尔目前的估值约为 1000 亿美元，也就是说，如果这些资金转换为股权的话，也就相当于10%股权。 不过，需要指出的是，在今年1月特朗普政府上台之后，就一直反对向在美国建厂的芯片制造企业提供补贴，而 是通过关税手段来推动芯片制造商在美国建厂，并希望过会废除或修改《芯片与科学法案》，这也导致了后续 芯片法案补贴的发放暂停。截至今年1月，英特尔只收到了 22 亿美元的补贴。目前，尚不清楚这 22 亿美元是否 会被计入美国政府投资的一部分。 如果这一说法最终得到证实，这将使美国政府成为迄今为止英特尔最大的股东。但这样的行为也不是史无前例 的，因为美国国防部最近向稀土生产商MP Materials Corp.投资了4亿美元，使五角大楼成为 ...

Group 1 - The acquisition deal value for Swiss companies has surged by 465% in 2025, reaching 16.7 billion USD [1] - Private equity firms are particularly active in the Swiss market [1] - Advent has agreed to acquire Zurich-listed chip manufacturer U-blox Holding AG for a transaction value of 1.05 billion Swiss francs [1]

Core Viewpoint - The company has received a patent for an innovative core preparation technology related to low-drift pressure chips based on SOI, which is expected to enhance its competitive edge and support future business applications [2]. Summary by Relevant Categories Patent and Technology - The company announced the receipt of a patent certificate from the National Intellectual Property Administration for a method and system for efficiently preparing low-drift pressure chips based on SOI [2]. - This patented technology is currently not in mass production and will not have a significant impact on the company's operating performance in the short term [2]. Business Impact - The patent is expected to help the company leverage its proprietary intellectual property and technological innovation advantages [2]. - The development is significant for enhancing the company's core competitiveness, promoting market expansion, and fostering research and development innovation [2].

Core Viewpoint - The article discusses the potential imposition of high tariffs on semiconductor products by the U.S. government, which could significantly impact the semiconductor industry and supply chain dynamics [1][3]. Group 1: Tariff Announcement - U.S. President Donald Trump plans to announce tariffs on semiconductor products within two weeks, with potential rates exceeding 100% [1]. - Trump suggested that the actual tariff rates could be as high as 200% or 300%, indicating a significant escalation in trade policy [1][3]. Group 2: Impact on Industry - The lack of a clear timeline or rules regarding the tariffs forces semiconductor manufacturers, electronics brands, and AI companies to create contingency plans that may never be utilized, consuming resources and slowing down actual investments [4]. - The ongoing uncertainty regarding whether these tariffs will be implemented creates a dilemma for companies, potentially leading them to hastily shift production to the U.S. without a guarantee of the promised tariff adjustments [4]. Group 3: Investigation and Compliance - The U.S. Department of Commerce has been investigating the semiconductor and pharmaceutical industries since April, as part of a national security review under Section 232, which allows for tariff adjustments based on national security concerns [3][6]. - The timeline for the conclusion of this investigation remains uncertain, adding to the complexity and unpredictability for the affected industries [6].

华盛顿的贸易迷局：昔日剧本已失效 在2025年8月一个闷热的深夜，前总统特朗普再次成为焦点，他在社交媒体上向中国发出了令人瞠目结舌的呼吁——将美国大豆的年度采购量提升至惊人的 8800万吨，是原有2200万吨的四倍。这个数字如同一个不切实际的白日梦，几乎相当于美国大豆全年出口量的两倍，暗示着中国需要吞下美国根本无法供应 的巨量库存。 然而，现实却是一记响亮的耳光。中国港口，800万吨的美国大豆如同一座座沉默的山丘，无人问津。2025年上半年，美国对华大豆出口额仅为可怜的300万 吨，同比暴跌88%，跌至20年来的冰点。美国未售出的大豆库存高达4200万吨，足够中国消费一整年。 昔日依赖中国市场的美国豆农们，如今却陷入了绝望。曾经，中国是美国大豆的最大买家，占据其出口量的60%。如今，来自中国的订单几近归零，中西部 农业州一片萧条景象，破产潮蔓延。在爱荷华州，一位农场主望着堆积如山、无人问津的大豆，绝望地咒骂道："当初投票给特朗普？我真是后悔死了！" 原因很简单：选择多了。中国早已改变了将鸡蛋放在一个篮子里的策略。2025年1月至6月，巴西对华大豆出口飙升至3186万吨，独占中国市场七成份额。阿 根廷则更加精明 ...

Core Insights - Beijing Saiwei Electronics Co., Ltd. has initiated small-batch trial production of MEMS-OCS after receiving a purchase order from a client, marking a significant milestone for its subsidiary, Silex Microsystems Technology (Beijing) Co., Ltd. [1] - The MEMS-OCS is manufactured using 8-inch MEMS technology and is designed to enhance the performance and stability of optical networks while reducing system costs and power consumption [1] - Silex Beijing has been increasing its R&D investment to develop MEMS processes and wafer manufacturing capabilities, aiming to provide high-quality services to various sectors, particularly local Chinese clients [1] Company Developments - The successful validation and order for MEMS-OCS indicate a positive trajectory for Silex Beijing in the MEMS market [1] - The MEMS-OCS device consists of a micro-mirror array that allows precise control of light paths, which is crucial for applications in data centers and supercomputing systems [1] - The company is focused on establishing a "Pure-Foundry" model to enhance domestic capabilities in MEMS technology and accelerate the process of domestic substitution [1]

Group 1 - The report emphasizes a positive market outlook with a "dual-driven" strategy, highlighting the importance of technology and the recovery of PPI as key growth drivers [1][10][11] - The A-share market is characterized by significant "incremental market" features, with increased trading volume and active capital flow, indicating a robust market environment [1][14][16] - The report identifies liquid cooling as a promising sector, expected to exhibit strong growth and favorable risk-reward characteristics, positioning it as the next significant opportunity after optical modules and PCBs [1][10][12] Group 2 - The report analyzes the current enthusiasm in popular sectors, noting that financial technology and ground weaponry are relatively crowded, while AI computing chains remain less crowded [2][18][19] - From a valuation perspective, sectors such as AI applications, robotics, aerospace equipment, PCBs, and photolithography machines are identified as having relatively high valuations, while insurance, smart driving, non-ferrous metals, liquor, and photovoltaics are seen as undervalued [2][23][25][26] Group 3 - The report outlines the current industry outlook, indicating that electronics and basic chemicals are entering a favorable phase, while sectors like comprehensive and steel are exiting [3][30][31] - Specific secondary industries expected to perform well include apparel and home textiles, consumer electronics, chemical products, and non-liquor sectors [3][30][31] Group 4 - The report provides configuration recommendations focusing on technology, military, anti-involution, PPI recovery, and stable dividends, suggesting a diversified approach to investment [4][32][33] - Key sectors for investment include liquid cooling, robotics, gaming, AI applications, and military technologies, alongside cyclical sectors benefiting from PPI improvements [4][33]

Core Viewpoint - NVIDIA has initiated the design plan for its own HBM (High Bandwidth Memory) Base Die, which is expected to start small-scale trial production in the second half of 2027, potentially reshaping the competitive landscape of the next-generation HBM market [2][3]. Group 1: NVIDIA's Strategy - NVIDIA's move to self-design the HBM Base Die aims to provide customers with more modular options on its NVLink Fusion open architecture platform, thereby enhancing its ecosystem control [3]. - The design process will utilize a 3nm process node, which is anticipated to impact the HBM ecosystem significantly [2]. Group 2: Market Dynamics - Currently, SK Hynix holds the highest market share in HBM, primarily using its own design solutions for HBM Base Die [2]. - SK Hynix has announced the provision of new 12-layer HBM4 samples to major clients, featuring a capacity of 36GB and a bandwidth exceeding 2TB per second, representing over a 60% increase compared to the previous generation HBM3E [3]. Group 3: Technical Challenges - The integration of UCIe high-speed interfaces for communication with GPUs and CPUs will significantly increase the design complexity of the Base Die [2]. - ASIC companies like Creative already possess complete IP and design platforms, which may provide an advantage in the evolving HBM landscape [2].

Group 1 - China has made significant financial commitments to strengthen its economy, focusing on consumer spending, childbirth, housing, and transportation subsidies [3][18][20] - The government has implemented a total of 300 billion yuan in subsidies, with various initiatives aimed at stimulating consumption and supporting families [18][20] - The country is transitioning from a manufacturing powerhouse to a consumption-driven economy, with nearly 50 trillion yuan in annual consumption and over 20 trillion yuan in imports [29][30] Group 2 - The Chinese economy has shown resilience, with a notable increase in domestic savings and a 12.8% rise in household savings in the first half of the year [23][25] - The state-owned enterprises play a crucial role in the economy, with their assets accounting for 67% of the national GDP, providing a foundation for financial stability and investment [25][27] - The shift in macroeconomic policy emphasizes improving living standards and promoting consumption, which is expected to lead to significant economic transformation by 2025 [29][30][32]