特朗普重返白宫后，再度挥舞关税大棒，试图以极限施压迫使中国让步，美国前财政部长顾问给他泼了 一盆冷水。奥巴马时期担任财政部长顾问的史蒂文·拉特纳，在结束一周的访华行程后，于美国主流媒 体《纽约时报》发表署名文章《我刚从中国回来，我们没有赢》，直言不讳地指出"中国制造业实力强 大，不可能通过加征关税打败中国"。 这番打破美国政客固有论调的表态，是美国精英阶层对中国地位的正视与承认，还是暗藏私心、为美国 后续对华策略"铺路"的话术？ 史蒂文·拉特纳 关税战终成"纸老虎" 特朗普自开启第二任期，对华经贸政策迅速回归"极限施压"轨道，以近乎"拍脑门拉表格"的草率方式， 炮制出所谓"对等关税"，甚至荒唐到对只有企鹅栖息、无人类居住的岛屿商品加征关税。 作为美国眼中"最主要的竞争对手"，中国自然成为这场关税闹剧的重点针对对象。美国率先对中国商品 加征34%关税，还蛮横威胁中国不得反抗，否则将进一步加码制裁。但中国从不惯着霸权行径，美国加 征多少，中国便同步反制多少，坚定将"对等"二字贯彻到底，绝不妥协退让。 拉锯之下，中美双方关税一度攀升至145%，近乎宣告双边正常经贸往来陷入停滞，而美国国内随即陷 入混乱：民众疯狂抢购 ...

中国经济网北京2月17日讯 英集芯(688209.SH)近日发布关于收到中国证券监督管理委员会《立案告 知书》的公告。公司于2026年2月13日收到中国证监会下发的《立案告知书》（编号：证监立案字 00720263号）。因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政 处罚法》等法律法规，中国证监会决定对公司进行立案。 英集芯表示，目前公司各项经营活动和业务均正常开展。在立案调查期间，公司将积极配合中国证 监会的相关调查工作，并严格按照相关法律法规和监管要求及时履行信息披露义务。 证监会网站2月13日发布公告，2026年1月6日，英集芯在上证E互动平台人为策划"自问自答"，信息 披露构成误导性陈述。近日，证监会已对英集芯立案调查。下一步，将在全面调查的基础上依法处理， 切实维护市场健康发展。 英集芯实际募资净额比原拟募资多5.07亿元。公司2022年4月14日披露的招股书显示，公司原拟募 资4.01亿元，拟分别用于电源管理芯片开发和产业化项目、快充芯片开发和产业化项目、补充流动资金 项目。 英集芯的保荐机构（主承销商）是华泰联合证券有限责任公司，保荐代表人是张鹏、田来。英集芯 发行 ...

Group 1 - The core argument is that despite the U.S. imposing tariffs on China during the Trump administration, China has not only remained unscathed but has made significant advancements in various sectors, even surpassing the U.S. in some areas [1] - Steven Ratner, a former advisor during the Obama administration, noted that the U.S. has not won the trade war, highlighting China's progress in fields like electric vehicles, industrial robotics, and pharmaceuticals [1] - China has doubled the U.S. in installed power generation capacity and has a clear cost advantage, while the U.S. lacks coherent industrial policies, which hampers its global competitiveness [1] Group 2 - The U.S. attempts to extend tariff threats to Iran's trade partners, particularly targeting China, which imports 80% of Iran's oil, indicating a miscalculation of China's response [3] - The U.S. struggles with internal issues, including a focus on short-term profits by private capital, which hinders long-term investments in research and innovation, leading to a competitive disadvantage against China [3] - The bipartisan consensus in the U.S. on blaming China for domestic issues reflects a misunderstanding of the root causes of its economic challenges [3] Group 3 - France's call for the EU to impose a 30% tariff on Chinese goods is seen as misguided, as it fails to address the deeper issues affecting European industry, such as the loss of cheap energy sources due to the Russia-Ukraine conflict [5] - France's significant trade relationship with China, particularly in wine and brandy, highlights the potential economic repercussions of its aggressive stance against China [5] - The EU's lack of unity on trade policies towards China suggests that France's actions could harm its own interests while benefiting the U.S. [5] Group 4 - The essence of international competition lies in strengthening domestic capabilities rather than engaging in tariff wars, as emphasized by Ratner [7] - The U.S. and Europe must recognize that protectionism is not a viable solution and that deep cooperation with China is necessary to enhance competitiveness in emerging sectors [7] - The interconnectedness of the global economy means that protectionist measures could ultimately harm the countries that implement them [7]

Regulatory Measures - On February 16, 2026, the China Securities Regulatory Commission (CSRC) issued multiple regulatory measures, leading to warning letters for three leading securities firms and investigations into four listed companies, including a major player in the chip industry [1][7] - The sudden regulatory storm has exacerbated the already fragile Hong Kong stock market, with the Hang Seng Technology Index experiencing a significant drop [1] Securities Firms Under Warning - The first firm, Caitong Securities, received a warning due to inadequate internal controls in its bond business, failing to properly execute risk management processes and conduct thorough due diligence [3] - The second firm, Pacific Securities, faced similar issues with its bond and asset-backed securities business, lacking proper oversight and failing to track core enterprise operations [5] - The third firm, Zhongtian Guofu Securities, was warned for insufficient internal controls in its bond business, reflecting compliance and risk management vulnerabilities [6] Companies Under Investigation - The first company under investigation is the chip leader, Ingechip, for suspected violations of information disclosure laws, specifically misleading statements made during a self-Q&A session on a public platform [7] - The second company, Tianfeng Securities, is being investigated for failing to timely disclose significant shareholding changes and historical violations related to financing and undisclosed related-party transactions [8] - The third company, Tianji Co., is under investigation for irregularities in goodwill impairment testing and financial disclosures [10] - The fourth company, Lansi Heavy Industry, is facing scrutiny due to the investigation of its vice president for alleged misconduct, creating uncertainty for the company [10] Stocks at Risk of Delisting - Seven stocks have been flagged for delisting risks, with Jiuyou Co. projecting a net loss of approximately 19 million yuan for 2025, falling below the 300 million yuan revenue threshold [12] - Tianjian Technology faces delisting risks due to retrospective adjustments in military product pricing, leading to projected negative net profits and revenues below 300 million yuan [12] - ST Jinling is at risk of delisting with projected negative net assets and is undergoing restructuring, which could lead to bankruptcy if unsuccessful [15][16] - HeXin Instruments anticipates negative net profits and revenues below 100 million yuan, triggering delisting warnings under specific rules [18] - ST Quanwei expects negative net profits and net assets below zero, meeting multiple delisting criteria [19] - ST Zhangjiajie is facing significant losses and has been accepted for restructuring, raising concerns about its ongoing viability [20] - ST Lifang is at risk of mandatory delisting due to financial fraud over three consecutive years, with a notice of potential delisting already issued [22] Conclusion - The recent regulatory actions reflect a clear shift in enforcement focus, emphasizing the importance of compliance and accurate information disclosure across the capital market [26]

Core Viewpoint - The global memory chip shortage is significantly impacting corporate profits, disrupting company plans, and driving up prices across various products, including laptops, smartphones, and automobiles, primarily due to the surge in demand from AI data centers [1][2][3] Group 1: Memory Chip Shortage Impact - Major companies like Tesla and Apple have indicated that the shortage of Dynamic Random Access Memory (DRAM) will limit production, with Apple CEO Tim Cook warning of compressed iPhone profit margins [2][8] - The price of a specific type of DRAM surged by 75% from December to January, leading to daily price adjustments by retailers and middlemen, coining the term "RAMmageddon" to describe the impending crisis [2][8] - The shortage is causing significant disruptions in product lines, with companies like Sony considering delaying the launch of the next-generation PlayStation until 2028 or 2029 [3][9] Group 2: Causes of the Shortage - The root cause of the shortage is the expansion of AI data centers, with companies like Alphabet and OpenAI consuming vast amounts of memory chip capacity [2][11] - Major tech firms are investing heavily in AI infrastructure, with projected spending reaching $650 billion by 2026, significantly altering the global memory market [11][12] - The shift towards AI has led to a reduction in the production capacity of standard DRAM, as manufacturers focus on high-bandwidth memory (HBM) for AI accelerators [11][12] Group 3: Industry Response and Future Outlook - Companies are adjusting their supply contracts more frequently, with Samsung moving to quarterly reviews instead of annual ones due to the ongoing crisis [10] - Analysts warn that the DRAM shortage will continue to affect the electronics, telecommunications, and automotive industries throughout the year, with signs of panic buying emerging in the automotive sector [12] - The rising cost of memory is expected to increase the material cost of low-end smartphones, with DRAM potentially making up 30% of their material list, up from 10% at the beginning of 2025 [12]

最近全球经贸圈最炸裂的一幕，不是美国又在太平洋搞军演，也不是日本新首相高市早苗放什么狠话，而是法国突然掀了桌子——直接摊牌。 回过头看，之前闹得满城风雨的电动汽车关税风波，就是它先点的火。 现在它不满足于小打小闹，想拉整个欧盟下水，搞一场全面围堵。 理由？简单粗暴——看着中欧贸易逆差数字涨到眼红。 2024年，欧盟对华逆差3045亿欧元；2025年，这个窟窿又扩大到3200亿欧元左右。 法国人坐不住了，觉得中国货"抢"了他们的市场，必须动手。 但法国人开的方子，实在歪得离谱。 第一招，就是"一刀切"加税。 不管你是卖螺丝钉、纺织品，还是光伏板、家电，统统加30%。 这种懒政式操作，等于把复杂问题简化成蛮力对抗。 第二招更阴，居然想照搬1985年美国对付日本的"广场协议"。 当年美国联合几个盟友，硬生生把日元逼升值，结果日本出口成本飙升，制造业一蹶不振，经济陷入"失去的三十年"。 现在法国人想如法炮制，鼓动欧盟联手施压，让欧元对人民币一次性贬值20%到30%，说白了，就是逼人民币被动升值，削弱中国制造的价格优势。 这算盘打得噼里啪啦响，可刚落地，自家后院就起火了。 2月9号那天，法国政府直属的智库"高等战略与规 ...

几年前，当某些限制措施一层层加码时，很多人心里都打了个问号：这场围绕芯片的博弈，到底谁会先疼得咧嘴？ 时间给出了最直接的答案，而且剧情反转得有点快。当初挥出的拳头，似乎正结结实实地反弹到自己身上。这波操作，到底图啥？又带来了什么？ 一开始，那边的策略很明确。从将一些中国科技公司列入名单，试图切断获取先进芯片的渠道，到后来推出巨额补贴法案，吸引芯片工厂到本土建厂，同 时严格限制那些最顶尖的制造设备对华出口。 这一套组合拳，目标清晰，就是想在技术爬坡的关键阶段，设置路障。这个思路在历史上并不陌生，过去在一些高端装备和材料领域，我们也曾遇到过类 似的情况，比如曾经连维修都需要看人脸色的高端装备，以及被国外企业开出天价的生物技术原料，核心逻辑无非是，通过掌控最关键的技术环节，来锁 定全局的主动权。 美芯封锁三年，谁先顶不住？中国砍单3500亿，订单回流国产！马斯克警告：游戏才刚开始 一家中国主要的芯片制造商，营收因此大幅增长，在全球的排名稳步提升，已经坐到了前三的位置。 这种依靠自主突破实现市场替代的剧情，我们并非第一次看到。比如在需要大量计算的核心部件领域，我们从完全依赖进口到实现自主可控，最终产品不 仅满足国内需 ...

2026年初，一份海关数据像一颗深水炸弹，炸懵了所有盯着国际金融的人。 中国从俄罗斯进口的实物黄金，达到了惊人的25.3吨，总价值32.9亿美元。 如果觉得这个数字不够刺激，那换一种说法：比去年同期暴涨了800%。 一边是俄罗斯像甩烫手山芋一样往外抛黄金，一边是中国像收白菜一样照单全收。 这画面太违和了——黄金不是压箱底的家当吗？不是各国央行藏着掖着的"终极货币"吗？怎么到了中俄这儿，成了大宗商品在交易？ 事出反常必有妖。 这25.3吨金砖从西伯利亚的金库一路跨境运到中国，背后藏着的，是一盘足以撼动美元霸权的大棋。 很多人第一反应是：俄罗斯是不是穷疯了？连祖传的金条都拿出来卖？ 答案是：确实有点"紧"，但远没到"疯"的程度。 时间拨回2022年，西方国家一口气冻结了俄罗斯3000多亿美元的外汇储备，还把它踢出了SWIFT系统。更狠的是，连伦敦金银市场协会都不让它进场交易 了。 这意味着什么？意味着你仓库里堆着上千吨金条，在国际市场上却换不来一毛钱现金。 可国家机器要转啊。军费、社保、基建，哪一样不要真金白银？光靠能源出口已经不够用，尤其当石油和天然气的结算也被层层设卡的时候。 25.3吨，听起来吓人，但放在它 ...

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Core Viewpoint - The stock price of Zhaoyi Innovation (03986) surged over 17%, reaching a new high of 435 HKD, driven by positive market sentiment following Kioxia's strong earnings forecast, which highlights the growing demand for NAND flash memory in data centers due to AI applications [1] Company Summary - Zhaoyi Innovation is positioned as a platform chip design company benefiting from the convergence of three favorable trends: AI, domestic substitution, and an upward storage cycle [1] - The company is expected to achieve revenues of 9.203 billion, 11.386 billion, and 13.878 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 1.610 billion, 2.589 billion, and 2.769 billion CNY for the same years [1] Industry Summary - Kioxia, a Japanese flash memory manufacturer, has released an annual earnings forecast that exceeds market expectations, indicating a significant shift in the NAND flash market driven by AI applications [1] - Kioxia plans to implement a revised pricing strategy for North American customers starting in Q1 2026, with an expected average selling price (ASP) increase of approximately 50% [1] - Morgan Stanley estimates that Kioxia's adjusted gross margin will reach 66% in the first quarter [1]