【文/观察者网 熊超然】当地时间8月29日，美国商务部下属工业与安全局（BIS）发布一份声明称，韩 国芯片制造商三星电子和SK海力士的中国分公司以及英特尔半导体（大连）有限公司，将失去作为"经 验证最终用户"的快速合规资格，这意味着它们需要获得许可才能将某些美国芯片制造设备运往其在中 国的工厂。 声明称，该决定将在当地时间9月2日公布120天后，即12月31日正式生效。BIS打算批准出口许可申 请，以允许这些企业继续在中国运营现有工厂，但不打算批准任何扩大产能或升级技术的申请。美国商 务部负责工业和安全事务的副部长杰弗里·凯斯勒（Jeffrey Kessler）在声明中宣称："特朗普政府致力于 堵塞出口管制漏洞，特别是那些使美国公司处于竞争劣势的漏洞。" 香港《南华早报》9月1日报道指出，此举标志着中美之间日益激烈的科技竞赛又向前迈进了一步，尽管 两国同意暂停加征关税后，经济紧张局势有所缓和，但美方仍在扩大其半导体出口管制制度。而随着美 国撤销部分在华外资芯片厂使用美国技术的豁免，中国推动经济自力更生的努力正在提振半导体行业的 信心与前景，业内人士预计将会有更多自研技术出现。 韩国芯片大厂三星和SK海力士 资 ...

8月11日，一则关于英伟达与美国超威半导体公司(AMD)的消息在全球科技界掀起波澜。据报道， 这两家美国芯片巨头为换取对中国市场的出口许可，被迫同意将其在中国人工智能(AI)芯片销售收入的 15%上缴美国政府。这一史无前例的安排，不仅引发美国股市震荡，更将美国政府与本国高科技企业的 矛盾推至台前。表面上看，这是美国以国家安全为由对技术出口的管控，但究其本质，却暴露出美国政 策制定者对科技企业利益的漠视，以及对全球市场竞争规则的粗暴干预。 美国政府的这种政策干预突破常规安全管制，直接以行政手段侵蚀企业盈利能力与创新根基。 从财务层面看，分成机制对企业利润形成硬性切割。据美国投资研究机构伯恩斯坦公司数据，英伟 达H20芯片2025年对华销售额预计将达到150亿美元至230亿美元，按15%比例分成，美国政府可从中获 得22.5亿美元至34.5亿美元，这意味着企业年利润减少的规模，足以覆盖一项关键芯片架构的研发投 入。英伟达2025财年二季度中国区营收37亿美元，当期需上缴约5.55亿美元；而该企业每年将营收的 25%投入研发，这部分资金的流失直接压缩了企业的研发空间，制约了产品迭代速度。 法律层面的争议也进一步加剧 ...

Core Viewpoint - The article discusses the recent statements made by NVIDIA CEO Jensen Huang regarding the company's position in the Chinese market and the implications of U.S. government restrictions on semiconductor sales to China [2]. Group 1: NVIDIA's Position and Statements - Jensen Huang emphasized that the U.S. government should not worry about the Chinese military using NVIDIA chips to enhance their capabilities, stating that China has sufficient computing power and does not rely on U.S. technology [2]. - Huang criticized the U.S. government's long-standing restrictions on semiconductor companies selling advanced AI chips to Chinese customers, indicating that these policies have significantly impacted NVIDIA's market share in China, which has reportedly halved [2]. - The article notes that recent restrictions imposed by Washington on NVIDIA's chip sales to China began in April and are expected to result in losses amounting to billions of dollars for the company [2].

（文/方周 编辑/吕栋） 此前，路透社、《金融时报》等外媒发布消息称，黄仁勋近期将访华并计划出席7月16日在北京举行的 中国国际供应链促进博览会，期间或与高层领导会面。英伟达公司一名高管还透露称，该公司首席执行 官黄仁勋将于7月16日在北京举行媒体吹风会。 英国《金融时报》援引知情人士报道称，"英伟达计划最早于今年9月推出一款专为中国设计的全新人工 智能（AI）芯片"，预计黄仁勋将重申英伟达对中国市场的承诺，以应对美国政府实施的芯片出口管 制。 知情人士还称，该款全新芯片是英伟达现有Blackwell RTX Pro 6000处理器的修改版本，将去除一些最 先进的技术，例如改善互连性能以及加速数据传输的高带宽内存（HBM）和NVLink，以符合美国总统 特朗普收紧的出口管制规定。 7月14日，英伟达创始人兼CEO黄仁勋年内第三次现身中国大陆，与小米集团创始人、董事长兼CEO雷 军的两张合影流出。 照片中，在北京高达35度的气温下，黄仁勋依旧身穿标志性的皮衣，两人面带微笑，表现亲密，身后是 一处古色建筑；另一张照片中，二人站在一辆小米汽车旁，对着镜头比出大拇指。 有媒体就此照片向英伟达方面求证，对方回应称"不是 ...

Core Viewpoint - The article discusses recent developments in the A-share market, including significant corporate mergers and regulatory changes, while providing insights from various brokerage analysts on market trends and investment strategies. Group 1: Corporate Mergers and Acquisitions - Haiguang Information plans to absorb and merge with Zhongke Shuguang through a share exchange, with trading of both companies' stocks suspended starting May 26, 2025, for up to 10 trading days [2][3] - Haiguang Information has a total market value exceeding 310 billion yuan, while Zhongke Shuguang's market value is over 90 billion yuan, with a combined shareholder count of over 437,000 [2][3] Group 2: Regulatory Changes - The People's Bank of China and the State Administration of Foreign Exchange have proposed a unified foreign currency management policy for funds raised from overseas listings, allowing for flexible currency conversion and usage [4] - The State Administration for Market Regulation has drafted guidelines to regulate commission and fee structures on online trading platforms, aiming to protect the rights of platform operators [5] Group 3: Market Analysis and Predictions - CITIC Securities notes that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong market and the influx of quality assets [13] - Shenwan Hongyuan predicts a short-term adjustment within a high central tendency market, with a focus on sectors like pharmaceuticals and precious metals [14] - China Galaxy emphasizes the need to identify structural opportunities amidst rapid sector rotation and cautious investor sentiment [15] - Zhongjin Investment highlights the importance of new domestic demand growth, focusing on sectors like social services and retail [16] - Huatai Securities suggests that the market will maintain a volatile trend due to mixed economic data and reduced likelihood of additional policy stimulus [21][22] - Dongwu Securities anticipates a new "East rises, West falls" trading opportunity if the US dollar index breaks previous lows, which could benefit the Chinese market [23]

Core Viewpoint - Nvidia's stock price has rebounded due to the easing of tariff concerns and a significant deal with Saudi Arabia, marking it as the third company among the "Big Seven" in the U.S. stock market to achieve positive year-to-date performance [1][3]. Group 1: Stock Performance - Nvidia's stock rose by 4% on Wednesday, accumulating over 16% increase for the week, and achieving a year-to-date increase of approximately 0.7% [1]. - Among the "Big Seven" tech companies, only Nvidia, Meta Platforms (12.7%), and Microsoft (7.2%) have recorded positive year-to-date performance, while others like Apple and Tesla have seen declines of over 15% and 13% respectively [5][4]. Group 2: AI Chip Sales and Trade Relations - Nvidia plans to sell over 18,000 AI chips to Saudi Arabia, which may help mitigate the negative impact of U.S.-China trade restrictions on its revenue [3]. - Analysts suggest that the easing of tariff issues has created a favorable environment for Nvidia, positioning it as a significant winner in the tech sector [3]. - The U.S. Department of Commerce has announced the withdrawal of the "final rule" on AI chip export controls, which may not ease restrictions on China but could influence Nvidia's global sales strategy [6]. Group 3: Future Outlook and Challenges - The potential shift to bilateral trade negotiations under the Trump administration may introduce uncertainty for Nvidia, as different rules could apply to various countries, complicating long-term strategic planning [7]. - Nvidia's CEO has expressed concerns that overly aggressive export controls could backfire, indicating the delicate balance the company must maintain in navigating trade policies [7].

Core Viewpoint - The CPO concept stocks experienced significant fluctuations, with Jiulian Technology rising over 10% following news about Nvidia's efforts to develop a new AI chip compliant with U.S. export regulations to maintain its market share in China after the ban on H20 chips [1] Group 1: Stock Performance - Jiulian Technology saw a rise of over 10% [1] - Other companies such as Shijia Photon, Taicheng Light, Shengyi Electronics, Bochuang Technology, Yuanjie Technology, Dekeli, and Xinyismeng all increased by over 5% [1] Group 2: Market Context - The U.S. government has banned the sale of H20 chips to the Chinese market, prompting Nvidia to accelerate the development of a new AI chip [1] - The new chip aims to comply with U.S. export regulations while allowing Nvidia to retain its market presence in China [1]

Group 1 - Xi Jinping emphasized the need for forward-looking planning in economic and social development during the "14th Five-Year Plan" period, focusing on adjusting and optimizing economic layout in response to international developments [1] - The Chinese government plans to increase central financial investment to support the construction of foundational and public data infrastructure projects [4] Group 2 - The China Securities Regulatory Commission is investigating its vice chairman Wang Jianjun for serious violations of discipline and law [2] - The U.S. has terminated the tax exemption policy for small packages from China, leading some foreign brands to stop shipping to the U.S. and small to medium enterprises to exit the U.S. market [12] - Nvidia is accelerating the development of a new AI chip that complies with U.S. export regulations to maintain its market share in China after the U.S. government banned the sale of H20 chips [13] Group 3 - Zijin Mining announced plans to spin off Zijin Gold International for a listing on the Hong Kong Stock Exchange [18] - Huibo Yuntong intends to acquire control of Baode Computer System Co., leading to a stock suspension [19] - The actual controller of Yong'an Pharmaceutical is under investigation, impacting the company's operations [20]

Core Viewpoint - The Trump administration is seeking to prevent China from acquiring American chips by tightening export controls and collaborating with allies to align restrictions on semiconductor technology [1][2]. Group 1: Export Controls and International Cooperation - The U.S. government plans to incorporate export controls into trade agreements, urging countries to choose sides between the U.S. and China, emphasizing the importance of democratic values [1]. - Recent meetings between U.S. officials and representatives from Japan and the Netherlands focused on aligning semiconductor equipment maintenance restrictions for companies like Tokyo Electron and ASML with U.S. regulations [2]. - The Trump administration is considering sanctions against specific Chinese companies and tightening export regulations on AI chips, particularly from Nvidia [2]. Group 2: Domestic Production and Industry Challenges - The U.S. faces significant challenges in its automotive industry if it loses access to chips from suppliers like TSMC, which could halt production [1]. - The administration is increasing efforts to boost domestic production capabilities in sectors such as aluminum, steel, and semiconductors, highlighting the need for building data centers and drones [1].