Core Viewpoint - The controversial proposal by President Trump to impose a revenue-sharing scheme on AI chip sales from Nvidia and AMD to China is raising market concerns about potential erosion of U.S. corporate profits and innovation advantages [1] Group 1: Market Reactions - Investors are worried that the revenue-sharing model may extend beyond Nvidia and AMD, potentially affecting more semiconductor leaders and their fundamentals [1] - Analysts express skepticism about the precedent set by the U.S. government in imposing penalties on chip exports, yet acknowledge that receiving 85% of revenue is better than receiving nothing [2] Group 2: Technical Performance - Nvidia's H20 AI chip, approved for export to China, has significantly reduced performance compared to its predecessor H100, particularly in AI training tasks [2] - However, the H20 chip has been optimized for AI inference, showing competitive performance in certain scenarios, which may provide Nvidia with a unique advantage in the Chinese market [2] Group 3: Government Revenue Initiatives - The Trump administration's revenue-sharing agreement with Nvidia and AMD is seen as a potential model for similar initiatives across other industries [4] - The U.S. government is exploring various revenue sources, including the sale of "gold cards" for immigration and "golden shares" in companies, to bolster its fiscal position [6] Group 4: Legislative Concerns - The move has raised eyebrows among hardliners in Congress, who question the legal basis of such revenue-sharing agreements and their implications for national security [6] - Concerns are growing that this could set a precedent for further government fees on U.S. companies engaged in international trade [3] Group 5: Future Implications - The long-term impact of these revenue-sharing measures on U.S. corporate profits and innovation remains uncertain, with some experts warning of potential negative consequences [7] - The Trump administration argues that these measures could enhance U.S. influence and market share in the AI sector, although skepticism persists regarding their effectiveness [7]

他称，中国股市的上行趋势仍有持续动力。投资者对中国股票的情绪持续向好，估值相较全球及区域同 行仍具吸引力;预计下半年将有更多刺激措施出台，以及中美有望达成全面贸易协议，为后市提供进一 步上行动力。 中国股市近日走强，沪指更升穿3600点，刷新超过3年半高位。景顺亚太区环球市场策略师赵耀庭认 为，这主要得益于中美贸易关系回暖，以及第二季GDP数据超出预期，其上行趋势仍有持续动力，人工 智能依然是中国市场的亮点。 赵耀庭指出，中国GDP数据超预期提升国内资金的风险偏好，推动股市资金流入，增强对目前政策组合 的信心，为有针对性的政策支持留出更多空间。但由于出口订单前置，后续有望回归常态，因此股市的 持续上涨将更多依赖于消费结构转型，尤其是服务业扩张、体验驱动型消费以及医药和绿色科技领域的 创新。 赵耀庭提到，人工智能依然是中国市场的亮点。中国采取了不同的路径，更加注重AI的实际应用、推 动大规模普及及面向用户的工具开发。近期的一个重要利好是美国政策转向，允许如英伟达 (Nvidia)H20等AI芯片出口中国。 他续说，新消费也是中国市场的驱动力，中国的消费故事正从单纯的多买东西转向更深层次的体验和情 感层面;中国已 ...