国内资讯外交部：中方反对将科技和经贸问题政治化、工具化、武器化 外交部发言人林剑答记者问。有记者提问，据报道，消息人士称，近期中国官员向美国专家表示，希望 美方放宽对高带宽内存芯片对华出口管制。报道称，该类芯片可用于人工智能技术开发，中方担心美方 管制可能阻碍华为等中企自研人工智能芯片，中方将此要求作为双方贸易协议的一部分。中方能否证 实？对此有何评论？林剑表示，具体问题建议向中方主管部门询问。中方反对将科技和经贸问题政治 化、工具化、武器化，反对对中国进行恶意封锁和打压的立场是一贯、明确的。这种做法扰乱全球产供 链稳定，不符合任何一方利益。 智谱：视觉推理模型GLM-4.5V正式上线并开源 智谱宣布推出开源视觉推理模型GLM-4.5V（总参数106B，激活参数12B），并同步在魔搭社区与 Hugging Face开源。据介绍，GLM-4.5V基于智谱新一代旗舰文本基座模型GLM-4.5-Air，延续GLM- 4.1V-Thinking技术路线，在41个公开视觉多模态榜单中综合效果达到同级别开源模型SOTA性能，涵盖 图像、视频、文档理解以及GUI Agent等常见任务。 京东云JoyScale：目前支持华为 ...

Core Points - The article discusses a groundbreaking agreement between Nvidia and AMD with the Trump administration, allowing them to sell specific AI chips to China while paying 15% of their revenue to the U.S. government [1][8][12] - This agreement signifies a shift in the rules of the U.S.-China tech war, moving from a regulatory framework to a more transactional approach [4][76] Group 1: Agreement Details - The agreement requires Nvidia and AMD to pay 15% of their revenue from sales of specific AI chips in China to the U.S. government [8][9] - This payment is characterized as a "protection fee" rather than a tax or fine, marking a departure from traditional export control practices [2][10] - The agreement allows these companies to obtain long-sought export licenses, fundamentally altering the U.S. export control system [9][10] Group 2: Political and Strategic Implications - The agreement reflects a personal negotiation style of Trump, reducing a significant policy decision to a casual deal-making process [12][13] - It raises concerns about the legality of such a revenue-sharing model, as it may violate constitutional prohibitions against export taxes [51][52] - The agreement has sparked bipartisan criticism in the U.S. Congress, indicating a rare consensus on its potential dangers [46][50] Group 3: Financial Impact on Companies - Nvidia's revenue from China was approximately $17 billion, while AMD's was around $6.2 billion, making the 15% fee a substantial cost [34] - Despite the high cost, the agreement is seen as a preferable alternative to losing access to the Chinese market entirely [36][42] - The market reaction to the news was muted, suggesting that investors had already factored in the political risks associated with the agreement [43][45] Group 4: China's Response - China has advised its companies to avoid using the newly permitted chips due to security concerns, potentially undermining the agreement's effectiveness [61][63] - The Chinese semiconductor industry is rapidly advancing, with local alternatives like Huawei's Ascend 910B chip emerging as competitors to Nvidia's offerings [66][72] - The coordinated response from the Chinese government and industry associations emphasizes the urgency for domestic investment and self-sufficiency in technology [71][72] Group 5: Future Implications - The agreement represents a shift from containment to extraction in U.S. trade policy, allowing technology flow in exchange for financial compensation [77][79] - This new model may set a precedent for future negotiations in various strategic sectors, leading to increased uncertainty in global supply chains [84][85] - The long-term effects of this agreement could destabilize the international trade system, pushing it towards a more fragmented and power-driven landscape [86][87]

Market Overview - US stock index futures are all up, with Dow futures rising by 0.29%, S&P 500 futures up by 0.14%, and Nasdaq futures increasing by 0.05% [1] - The German DAX index is down by 0.42%, while the UK FTSE 100 index is up by 0.27%. The French CAC40 index and the European Stoxx 50 index are both down by 0.42% and 0.28%, respectively [2][3] - WTI crude oil has increased by 0.44%, priced at $64.16 per barrel, and Brent crude oil is up by 0.42%, priced at $66.87 per barrel [3][4] Economic Data and Events - The US July CPI and other economic data are set to be released this week, which may reshape the Federal Reserve's interest rate outlook. Investors are closely watching the upcoming economic indicators, including July PPI, retail sales, and consumer confidence [5] - A record proportion of fund managers believe US stocks are "too expensive," with 91% of respondents indicating that current valuations are high, the highest level since 2001 [7] Company News - Apple (AAPL.US) announced an additional $100 billion investment in the US, boosting tech stocks and pushing the US market back to historical highs [5] - C3.ai (AI.US) has cut its revenue forecast by 33% and is restructuring its global sales team after announcing preliminary revenue of approximately $70.3 million, significantly below analyst expectations [10][11] - Niu Technologies (NIU.US) reported a 33.5% increase in Q2 revenue, turning a profit with a net income of 5.9 million RMB, driven by a 53.6% surge in sales in the Chinese market [10] Regulatory and Market Reactions - The return of former FDA vaccine regulator Prasad has led to a decline in biotech stocks, with Capricor Therapeutics (CAPR.US) dropping nearly 9% and Sarepta (SRPT.US) down nearly 5% in pre-market trading [6] - Goldman Sachs reported that 64% of tariff costs are borne by US companies, with only 22% passed on to consumers, indicating a potential impact on inflation rates [8] Cryptocurrency Market - Bitcoin is poised to challenge its historical high, with a target price of $150,000 by year-end, driven by positive macroeconomic conditions and speculative buying [9] - BitMine (BMNR.US) has become a favorite among South Korean retail investors, with a significant increase in Ethereum holdings valued at $3.6 billion [13]

Core Viewpoint - The article discusses the unprecedented arrangement where Nvidia and AMD will pay 15% of their AI chip sales revenue to the U.S. government in exchange for export licenses to China, raising questions about the implications of using national security as a means for financial gain [6][7]. Group 1: Export License Agreement - Nvidia and AMD are expected to pay 15% of their revenue from AI chip sales in China to the U.S. government as a condition for receiving export licenses for their H20 and MI308 chips [6]. - This arrangement is described as unprecedented, with experts noting that no U.S. company has previously agreed to share revenue in exchange for export licenses [6][7]. Group 2: Financial Impact - Nvidia is projected to sell over 1.5 million H20 chips to China by the end of the year, generating approximately $23 billion in revenue [7]. - AMD anticipates $620 million in revenue from chip sales in China for 2024, indicating the significant financial stakes involved [6][7]. - The agreement could potentially yield over $2 billion (approximately 14.4 billion RMB) in revenue for the U.S. government [7]. Group 3: Market Significance - China represents a crucial market for both Nvidia and AMD, with Nvidia earning $17 billion from China, accounting for 13% of its total sales, and AMD generating $6.2 billion, which is 24% of its total revenue [6][7]. - The U.S. government’s actions are seen as a way to maintain competitiveness in the global market while navigating complex geopolitical tensions [7].

1. 8月11日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.29%，标普500指数期货涨0.14%，纳指期货涨0.05%。 高盛：64%关税成本由美企"买单"，消费者仅承担22%。高盛的一项分析显示，迄今为止，关税成本主要由美国企业承担。卡托研究所 经济与贸易事务副总裁斯科特·林奇科姆在推特上分享了高盛这项"尚处初步阶段"的分析结果。数据显示，截至6月，64%的关税成本由 美国企业吸收，22%由美国消费者承担，剩余14%则由外国出口商消化。高盛估算，截至6月，关税已使核心个人消费支出(PCE)价格指 数上升0.2个百分点;在今年剩余时间里，关税还将推动核心PCE再上涨0.66个百分点。高盛表示，这意味着核心PCE通胀率同比将达到 3.2%，"但剔除关税影响后，潜在通胀趋势将温和降至2.4%"。 | ■ US 30 | 44,302.50 | 44,314.00 | 44,196.50 | +126.40 | +0.29% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,398.50 | 6,405.70 | 6,384.80 | ...

Core Viewpoint - Nvidia (NVDA.US) and AMD (AMD.US) have agreed to pay 15% of their revenue from advanced computer chip sales to China to the U.S. government, as part of a deal involving AI application chips, including Nvidia's H20 and AMD's MI308 [1][2]. Group 1 - The U.S. government, led by President Donald Trump, had previously suspended the sale of H20 chips to China in April, but Nvidia announced last month that the U.S. would allow the company to resume sales soon [1]. - The U.S. Department of Commerce has begun issuing licenses for the sale of H20 chips to China, indicating a shift in policy [2]. - Nvidia's spokesperson stated that the company complies with U.S. government rules for participating in the global market, expressing hope that export control rules will enable competition in China and globally [2]. Group 2 - The agreement for chip manufacturers to pay 15% of their sales revenue to the U.S. is a condition for obtaining export licenses for their semiconductor products, including AMD's MI308 chip [2]. - U.S. Commerce Secretary Howard Lutnick mentioned that the plan to resume sales of AI chips is part of negotiations with China regarding rare earth issues, highlighting the strategic importance of these technologies [2]. - Lutnick emphasized that allowing Chinese companies to use U.S. technology aligns with American interests, even if the most advanced technologies are restricted from export [2].

该发言人补充道："虽然我们已经好几个月没有向中国运送H20了，但我们希望出口管制规则能让美国 在中国乃至全球范围内参与竞争。" AMD尚未回应媒体的置评请求。 据报道，这些芯片制造商同意这项安排，作为获得其半导体产品(包括AMD的MI308芯片)出口许可证的 条件。报道称，特朗普政府尚未决定如何使用这笔资金。 美国商务部长霍华德.卢特尼克上个月表示，计划恢复销售人工智能芯片是美国与中国就稀土问题进行 谈判的一部分。他在接受采访时称H20是英伟达的"第四佳芯片"。 卢特尼克表示，让中国企业使用美国技术符合美国的利益，即便最先进技术被禁止出口，这些企业仍继 续采用美国的"技术栈"。 一位美国官员周日透露，英伟达(NVDA.US)和AMD(AMD.US)已同意将其向中国销售先进计算机芯片的 15%营收上缴给美国政府。该协议涉及用于人工智能(AI)应用的先进芯片，包括英伟达H20和AMD MI308。 美国总统唐纳德.特朗普领导的政府在4月份暂停了向中国出售H20芯片的业务，但英伟达上个月宣布， 美国表示将允许该公司恢复销售，并希望很快就能开始发货。 另一位美国官员上周五表示，美国商务部已开始发放向中国销售H20芯片 ...

Core Viewpoint - The agreement between NVIDIA, AMD, and the Trump administration involves a 15% revenue payment from AI chip sales to China to secure export licenses, reflecting a "technology for resources" strategy in US-China trade negotiations [1][3]. Group 1: Agreement Details - NVIDIA's H20 chip and AMD's MI308 chip will each contribute 15% of their sales revenue to the US government as a condition for export licenses [3]. - NVIDIA's H20 chip sales in China are projected to reach $12 billion in 2024, contributing approximately $1.8 billion to the US government [5]. - If AMD's MI308 chip resumes sales, it could contribute over $900 million annually based on an estimated $6.2 billion in sales [5]. Group 2: Market Impact - The agreement may provoke China to implement reciprocal measures, such as imposing similar "technology access fees" on US companies or enhancing security reviews [5][7]. - Chinese domestic chip manufacturers are rapidly increasing their market share, with Huawei's Ascend 910C chip outperforming NVIDIA's H100, and local firms like Cambrian seeing a 4200% revenue increase [5][6]. - Morgan Stanley predicts that China's chip self-sufficiency could rise from 34% in 2024 to 82% by 2027 [5]. Group 3: Strategic Implications - The return of the H20 chip may provide short-term benefits for Chinese companies, but long-term risks remain due to the ongoing push for domestic alternatives [6]. - Analysts suggest that the US's "technology containment" strategy may inadvertently accelerate China's innovation efforts [6]. - The Chinese Ministry of Commerce has not officially responded to potential countermeasures, but industry insiders anticipate adjustments in tariffs and data security reviews [7].

据称，为换取对华出口许可，英伟达与AMD已同意向美国政府上缴其特定芯片在华销售收入的15%。 该协议涉及英伟达H20和AMD MI308芯片，分析师预估仅英伟达H20在2025年的销售额便可达230亿 美元。此种以收入分成换取出口许可的方式，对美国公司而言尚属史无前例。 据媒体最新报道，英伟达和美国超微公司 (AMD.US)同意向美国政府上缴其中国芯片销售收入的 15%，作为特朗普政府批准半导体出口许可证的条件。这一史无前例的安排标志着美国出口管制政策 的重大转变。 知情人士透露，两家芯片制造商上周获得了向中国市场出口的许可证，但必须满足这一财务条件。美国 政府官员表示，英伟达需分享H20芯片在华销售收入的15%，AMD则需上缴MI308芯片同等比例的收 入。 根据Bernstein分析师估算，基于英伟达此前的业绩指引，该公司2025年预计向中国销售约150万片 H20芯片，产生约230亿美元收入。这意味着英伟达可能需向美国政府支付超过30亿美元。 相关出口管制专家表示，此前从未有美国公司同意支付收入份额来获得出口许可证。但这一安排符合特 朗普政府的一贯做法，即敦促企业采取国内投资等措施，以避免关税并为美国带 ...

Group 1: Market Overview - The communication sector outperformed the market in July 2025, with the communication index rising by 6.87% compared to a 4.85% increase in the Shanghai Composite Index, ranking 10th among 31 primary industries [1][14]. - Key performers in the sector included optical devices, optical modules, IDC, and optical fiber cables, with notable stock increases from companies like Shijia Photon (46.23%), Chunz中科技 (42.16%), and NewEase (40.42%) [1][24]. Group 2: Fund Holdings Analysis - As of Q2 2025, the total market value of funds heavily invested in the communication sector reached 122.5 billion yuan, accounting for 3.98% of the total fund holdings, with a quarter-on-quarter increase of 1.2 percentage points [1][30]. - The concentration of holdings in the top ten communication stocks increased, with these stocks representing 89% of the total market value in the communication sector [1][33]. Group 3: Global Computing Power Trends - The demand for computing power continues to rise, driven by significant capital expenditures from North American cloud providers, with OpenAI and Oracle collaborating on a 4.5GW data center project [2][40]. - NVIDIA's GB300 and CPO switches have officially launched, benefiting the computing power supply chain, while major optical module companies like NewEase and Zhongji Xuchuang are forecasting substantial growth in H1 2025 [2][50]. Group 4: Domestic AI Development - The approval of high-end chips like NVIDIA's H20 for export to China is expected to alleviate chip shortages, while domestic AI infrastructure is rapidly evolving, with major players like Alibaba Cloud and Huawei Cloud leading the market [3][44]. - The domestic AI IaaS market is experiencing significant growth, with increased demand for computing power from telecom operators and the introduction of new open-source models by Alibaba [3][44]. Group 5: Investment Recommendations - The report recommends focusing on optical devices and modules, as well as companies involved in copper connectivity, due to the sustained high demand for computing power infrastructure [4][5]. - Long-term investments in the three major telecom operators are suggested, as they maintain stable operations and increasing dividend payouts [4][5].