Investment Rating - Industry investment rating: Overweight [1] Core Views - Nvidia is under further investigation for antitrust violations by the State Administration for Market Regulation, leading to a decline in its stock price and raising investor concerns about its risks in the Chinese market [3][12] - Nvidia has invested $5 billion in Intel stock, which has positively impacted Intel's stock price [5][14] - The investigation of Nvidia may create uncertainties in the global semiconductor industry and redefine the rules and landscape of the China-U.S. semiconductor supply chain, potentially accelerating the development of domestic chip companies [5][14] Summary by Sections 1. Computer Industry Views - Nvidia's antitrust violations have prompted further investigation by the State Administration for Market Regulation, causing a drop in its stock price and investor concerns about risks in the Chinese market [3][12] 2. Market Review 2.1 Computer Sector Performance - The computer industry index increased by 1.12%, outperforming the Shanghai Composite Index by 2.43 percentage points and the CSI 300 Index by 1.56 percentage points, while underperforming the ChiNext Index by 1.22 percentage points. Year-to-date, the computer industry index has risen by 26.57% [16][17] 2.2 Computer Stock Performance - Notable performers in the computer sector include Information Development, Tianze Information, and Kaipu Cloud, with recommendations to focus on investment opportunities in financial IT, industrial software, and trusted computing [19] 3. Technology Software Industry News 3.1 Computing Power - Huawei has launched the world's strongest computing power supernodes and clusters, supporting significant advancements in AI development [22] 3.2 Low-altitude Economy - The second International Low-altitude Economy Expo will be held in July 2026, focusing on the high-quality development of the low-altitude economy [23] 3.3 Automotive Intelligence - Hong Kong is accelerating the development of autonomous driving with government support, aiming for commercial operations [24] 3.4 Cybersecurity - New regulations require timely reporting of cybersecurity incidents, emphasizing the need for improved security operations among enterprises [25][27] 3.5 Data Elements - The National Data Bureau is advancing the construction of data element pilot zones to enhance data circulation and value [26] 3.6 Artificial Intelligence - The Zhangjiang AI Innovation Town aims to become a hub for AI innovation, providing various support measures for startups [28]

Core Viewpoint - Nvidia is facing multiple challenges in the Chinese market, including an ongoing antitrust investigation and the impact of U.S. chip export restrictions, which have hindered its ability to sell high-end chips in China [3][4][9]. Group 1: Antitrust Investigation - The State Administration for Market Regulation (SAMR) announced on September 15 that Nvidia is under further investigation for potential violations of China's antitrust laws, following an initial investigation that began in December of the previous year [4]. - The investigation is linked to Nvidia's acquisition of Mellanox Technologies, which was approved with specific restrictive conditions to prevent anti-competitive practices [5][4]. - Potential penalties for Nvidia could include fines based on its previous year's sales, with fines potentially reaching up to five times the standard amount if severe violations are confirmed [7]. Group 2: Market Challenges - Nvidia's high-end GPUs have been effectively cut off from the Chinese market due to U.S. export bans, leading to a significant decline in its revenue from China [6][9]. - The company has faced scrutiny over security issues related to its H20 chip, which has further complicated its market position in China [9][10]. - Despite Nvidia's optimistic projections for the Chinese AI market, estimating it could be worth $50 billion, the company is struggling to capitalize on this potential due to regulatory and competitive pressures [9]. Group 3: Competitive Landscape - The rise of domestic chip manufacturers in China poses a significant threat to Nvidia, as these companies are increasingly filling the gap left by Nvidia's restricted products [11]. - Nvidia's other business segments, such as gaming and professional visualization, are not substantial enough to offset losses from its AI chip business [10]. - The recent performance of domestic competitors, such as Cambrian, highlights the growing challenge Nvidia faces in maintaining its market share in China [11].

Core Viewpoint - The State Administration for Market Regulation (SAMR) has determined that NVIDIA has engaged in illegal concentration of operators, leading to further investigation to assess competitive harm and formulate an administrative penalty plan [2][5]. Group 1: Investigation Details - SAMR announced that after a preliminary investigation, NVIDIA violated the Anti-Monopoly Law of the People's Republic of China and the conditional approval announcement regarding NVIDIA's acquisition of Mellanox Technologies [2][5]. - The further investigation will evaluate the competitive harm and is based on the Operator Concentration Review Regulations that took effect on April 15, 2023 [5][6]. - NVIDIA is required to submit relevant documents and materials to SAMR within 30 days of receiving the written notice, and SAMR must complete the further investigation within 120 days of receiving these submissions [5][8]. Group 2: Background on the Acquisition - NVIDIA's acquisition of Mellanox was completed in March 2019, making Mellanox a wholly-owned subsidiary of NVIDIA, with both companies holding monopolistic positions globally [6][7]. - The acquisition was approved with additional restrictive conditions by SAMR in April 2020, requiring NVIDIA and Mellanox to fulfill seven obligations over six years, including fair supply of products to the Chinese market [7][8]. Group 3: Potential Penalties - The Anti-Monopoly Law stipulates severe penalties for illegal concentration, including orders to cease the concentration, divest assets, and fines of up to 10% of the previous year's sales if competitive harm is found [8]. - For cases of particularly malicious or severe violations, fines can be increased to between two to five times the standard penalty, potentially reaching up to 50% of the previous year's sales [8].

受该消息影响，英伟达美股周一盘前跌超2%。 | 178.595 今 开 201 177.820+ 最高 | 177.770 | | --- | --- | | 最低 176.450 昨 收 177.170 +0.650 +0.37% | | | 成交额 222.02亿 市盈率TTM 50.66 总市值 · 4.32万亿 | | | 成交量 1.25亿股 市盈率(静) 60.48 总股本 | 243.00亿 | | 0.53% 市净率 1 43.15 流通值 换手率 | 4.18万亿 | | 52周最高 184.470 委 比 | 235.02亿 | | 52周最低 86.609 量 比 == 0.66 振 幅 -- | 1.21% | | 历史最高 184.470 股息TTM == 0.040 平均价 177.744 | | | 历史最低 0.031 股息率TTM 0.02% 每 手 | 1 HR | | beta系数 1 2.162 | | 9月15日，市场监管总局发文称英伟达公司违反反垄断法，依法决定对其实施进一步调查。 市场监管总局在公告中指出，近日，经初步调查，英伟达公司违反《中华人民共和国反垄断法》 ...

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 ...

英伟达，被进一步调查！ 大家好，关注一下英伟达的突发消息。 9月15日盘后，据市场监管总局网站，近日，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。 2024年12月9日，国家市场监管总局曾发布消息称，近日，因英伟达公司涉嫌违反《中华人民共和国反垄断法》及《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》（市场监管总局公告〔2020〕第16号），市场监管总局依法对英伟达公司开展立案 调查。此次调查是针对2020年英伟达以69亿美元收购迈络思的交易。 2020年4月，国家市场监督管理总局依法附加限制性条件批准英伟达收购迈络思。英伟达提交了解决该交易带来竞争问题的措施，作出了明确承诺，其中 就包括"交易双方和集中后实体应依据公平、合理、无歧视原则向中国市场继续供应英伟达GPU加速器、迈络思高速网络互联设备和相关软件、配件"等。 受消息影响，英伟达盘前直线跳水，跌约2%，受此拖累，纳斯达克指数期货盘前跳水转跌。 目前，中美 ...