【文/观察者网 熊超然】就在针对中国不断加码"芯片打压"之际，美国政商界、科技界为了各自利益，居然也"大 乱斗"起来。近日，又有一项法案成为其中的焦点。 《华尔街日报》11月13日曾援引知情人士的话称，微软和亚马逊共同支持这项旨在进一步限制英伟达向中国出口 芯片的立法。分析认为，这是英伟达与自己两大客户之间的罕见分歧，凸显了AI竞赛之激烈，各家公司都在争取 有利的政策以保持领先地位，英伟达则试图努力保住利润丰厚的中国市场。 彭博社则指出，即便这项法案最终被扼杀，也不代表美国国会针对中国芯片产业的打压宣告终结，国会山对限制 中国AI发展有着广泛的跨党派共识，议员们已开始着手制定另一项法案，旨在将现有的对华AI芯片销售限制正式 写入法律。 据称，这项更为简单直接的立法，要求负责批准技术出口管制的美国商务部，在30个月内一律拒绝所有向中国出 口性能高于当前允许水平的AI芯片的申请。 报道称，半导体出口管制被视作"国家安全政策领域"，在中美之间的科技和贸易博弈中，已成为焦点议题。总而 言之，这种情况清楚地表明，美国国会极力希望在半导体出口管制这一复杂的领域发挥更大的作用。 当地时间11月20日，彭博社援引知情人士报道 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the electronic industry [1][5][10]. Core Views - The storage shortage and price increase trend is expected to continue throughout 2026, with a focus on profit elasticity exceeding expectations [1]. - The semiconductor sector has reached a new level, with significant growth in sales and improved profit margins, indicating a robust recovery [3]. - The demand for NAND flash memory is projected to rise, particularly in data centers, which are expected to become the largest application market for NAND by 2026 [2]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 1.08%, while the electronic sector saw a slight decline of 0.09%, with consumer electronics down by 2.45% [1][11]. - The semiconductor sales reached a record high of $208.4 billion in Q3 2025, marking a year-over-year increase of 25.1% [3]. Company Performance - SanDisk reported a non-GAAP quarterly revenue growth of 21%, with a gross margin of 29.9%, and a net profit increase of 331% [2]. - Major companies such as NVIDIA continue to show strong growth in AI-related sectors, indicating a sustained demand for computing and storage capabilities [1]. Investment Recommendations - The report suggests focusing on domestic storage manufacturers like Jiangbolong, Demingli, and others, as they are expected to benefit from rising demand and price increases [2]. - Key semiconductor companies recommended for investment include SMIC, Huahong Semiconductor, and others, reflecting their strong market positions and growth potential [3][10].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The report highlights the ongoing restrictions on NVIDIA's chip sales to China, which may impact the competitive landscape in the AI and computing sectors [6][9]. - The launch of the world's first single-cabinet 640-card super node, scaleX640, by Inspur is noted as a significant technological advancement, enhancing performance and efficiency in large-scale computing deployments [6][10]. - The domestic software companies are showing signs of recovery from a low base, with institutional holdings and expectations at low levels, suggesting potential for growth as AI applications evolve [6][17]. Summary by Sections Weekly Highlights - NVIDIA faces new restrictions on chip sales to China, affecting its market presence [9]. - Inspur has introduced the scaleX640 super node, which boasts significant performance improvements and is designed for large-scale deployments [10]. - The performance of overseas SaaS companies has been positively influenced by AI technology applications, with many reporting substantial revenue growth [12]. Market Performance Review - The computer sector experienced a decline of 2.54% in the first week of November 2025, with notable stock performances from companies like Chunzong Technology and Yingfang Software [18][19].

Core Viewpoint - Nvidia's attempts to regain access to the Chinese market face significant challenges due to U.S. government restrictions on the sale of its AI chips, particularly the B30A model, which is designed for training large language models [1][3]. Group 1: U.S. Government Restrictions - The Biden administration, continuing the policies of the Trump administration, has implemented strict export controls on semiconductor technology to China, with Nvidia's AI chips being a focal point of these restrictions [3][4]. - Despite earlier indications from the Trump administration that sales might be permitted, the White House has now informed federal agencies that Nvidia will not be allowed to sell its latest AI chips to China [1][3]. Group 2: Nvidia's Market Position - Nvidia has reportedly provided samples of the B30A chip to several Chinese clients, but the company is now working to modify the chip's design in hopes of persuading the U.S. government to reconsider its stance [1][3]. - The company's market share in China has plummeted from 95% to 0%, with CEO Jensen Huang stating that Nvidia has effectively exited the Chinese market [4][5]. Group 3: Reactions and Future Outlook - Huang has expressed concerns that U.S. policies are detrimental, leading to the loss of access to one of the largest markets globally, and he has indicated a desire to sell Nvidia chips to Chinese customers in the future [4][5]. - In recent statements, Huang has acknowledged that China is rapidly advancing in AI technology, suggesting that the country could surpass the U.S. in this field due to favorable regulatory and cost conditions [5].

资料图：英伟达创始人、CEO黄仁勋 视觉中国 从拜登政府到特朗普政府，为围堵打压中国科技发展，美国实施了一系列芯片出口限制措施，且不断收 紧，而英伟达的AI芯片则是其"重中之重"。为此，英伟达寻求对华出售"减配特供版"H20芯片，但仍被 特朗普政府紧盯不放。 【文/观察者网 熊超然】为重新挽回心心念念的中国市场，英伟达创始人兼首席执行官黄仁勋近期频繁 发声，甚至有些"卖惨"，但似乎事与愿违。 当地时间11月6日，美国硅谷的新兴科技媒体"The Information"援引三名知情人士独家报道称，尽管美国 总统特朗普今年夏季曾放出"允许"的风声，但如今白宫已通知其他联邦机构，不会允许英伟达向中国出 售其最新的减配版人工智能（AI）芯片。 报道称，英伟达已向其几家中国客户提供了该款名为"B30A"芯片的样品，这款芯片一旦被高效地部署 在大型集群中，可用于训练大型语言模型。报道还援引两名英伟达员工的话称，该公司正努力修改 B30A芯片的设计，并希望美国政府能够重新考虑其立场。 同日，路透社也引述了"The Information"的报道消息，并称白宫方面尚未恢复置评请求。英伟达方面的 发言人则告诉路透社，该公司在中 ...

Core Viewpoint - Chinese internet regulators have instructed companies, including Alibaba and ByteDance, to terminate orders for Nvidia's RTX Pro 6000D, indicating an escalation in Beijing's actions against the use of Nvidia accelerators, which are crucial for AI development in China [1][3]. Group 1: Regulatory Actions - The National Internet Information Office of China has mandated companies to stop testing the RTX Pro 6000D chip and cancel existing orders, despite prior interest from multiple companies to purchase thousands of units [3]. - This decision follows earlier directives from the Chinese government to avoid using the H20 chip, reflecting a broader strategy to limit reliance on foreign technology [3][5]. Group 2: Market Impact - Nvidia's stock price fell by 1% following the news, while competitor Advanced Micro Devices Inc. saw a decline of approximately 0.7% [4]. - The RTX6000 series is not Nvidia's flagship product but is designed specifically for the restricted Chinese market, with domestic companies like Alibaba and Baidu seeking to reduce dependence on foreign chips [5]. Group 3: Product Specifications and Demand - The RTX6000D chip, priced around 50,000 RMB, is perceived to underperform compared to the RTX5090, which is banned from export to China but can still be acquired through gray market channels at less than half the price of the RTX6000D [5][6]. - The RTX6000D features Nvidia's latest Blackwell architecture with a memory bandwidth of 1,398 GB/s, slightly below the U.S. export restriction threshold of 1.4 TB/s [7]. Group 4: Future Prospects - Companies like Alibaba, Tencent, and ByteDance are awaiting confirmation on whether the U.S. will process Nvidia's H20 orders, with hopes for approval of the more powerful B30A chip [6]. - The demand for the RTX6000D has been underwhelming, contrary to optimistic forecasts from analysts, with projections of 150,000 units for the second half of the year [6].

Core Viewpoint - The demand for NVIDIA's latest AI chip RTX6000D, tailored for the Chinese market, is lukewarm, with some major tech companies opting not to place orders [1][3]. Group 1: Product Performance and Market Demand - RTX6000D is primarily used for AI inference tasks, but its price is perceived as not commensurate with its functionality [3]. - Sample tests indicate that RTX6000D's performance lags behind the RTX5090, which is banned for use in China and is priced at less than half of RTX6000D's approximately 50,000 RMB [3]. - Despite optimistic forecasts from sell-side analysts, such as JPMorgan predicting a production of about 1.5 million units in the second half of the year and Morgan Stanley estimating a capacity of 2 million units, the actual demand remains low [3]. Group 2: Supply Chain and Regulatory Environment - Chinese tech giants like Alibaba, Tencent, and ByteDance are awaiting clarity on whether their orders for NVIDIA's H20 chip will be processed, following NVIDIA's re-approval for H20 chip sales in July [3]. - These companies are also hoping for approval from Washington for NVIDIA's more powerful B30A chip [3]. - The RTX6000D, H20, and B30A chips are downgraded versions for sale outside China, developed to comply with U.S. export restrictions aimed at curbing China's technological advancement [3]. Group 3: Recent Developments - NVIDIA has reportedly begun shipping the RTX6000D this week [4]. - A spokesperson for NVIDIA stated that the market is highly competitive, and the company is doing its best to provide the best products [5].

Core Viewpoint - Nvidia is launching downgraded versions of its chips for the Chinese market to comply with U.S. export restrictions, but demand for these chips is declining among Chinese buyers [1][2]. Group 1: Product Demand and Market Response - The RTX6000D chip, tailored for AI inference tasks, is facing low demand as major Chinese tech companies view it as lacking cost-effectiveness [1]. - Chinese companies, including Alibaba, Tencent, and ByteDance, are awaiting confirmation on orders for the H20 chip, which Nvidia recently regained sales permission for [1]. - The B30A chip, which significantly outperforms the H20, is still pending export approval, with expectations that it will have six times the performance of H20 at double the price [1][2]. Group 2: Market Predictions and Analyst Opinions - Demand for the RTX6000D is weak, contrasting with previous optimistic forecasts from analysts, such as JPMorgan's prediction of 1.5 million units to be produced in the second half of the year [3]. - Nvidia's spokesperson acknowledged the competitive market but asserted that they provide the best products [3]. Group 3: Regulatory Environment and Geopolitical Context - Since October 2022, the U.S. government has implemented strict export controls on advanced chips to China, pushing companies like Nvidia to develop compliant products [5]. - The H20 chip, while slower in training AI models, is competitive in inference tasks, reflecting the challenges Nvidia faces in meeting both regulatory requirements and market expectations [5]. - Nvidia's revenue from the Chinese market was reported at $17 billion, accounting for 13% of its total sales as of January 26 [6]. Group 4: Ongoing Investigations and Future Implications - Nvidia is under investigation by Chinese regulators for alleged antitrust violations, which could impact its operations in the region [9]. - The U.S. government has recently added several Chinese entities to its export control list, indicating a continued tightening of regulations [10]. - Analysts suggest that ongoing U.S. export controls could lead to retaliatory measures from China against American companies, highlighting the tense geopolitical landscape [10].

Group 1 - Nvidia's new AI chip RTX6000D, designed for the Chinese market, is facing weak demand, with some major tech companies choosing to delay orders due to high pricing and insufficient cost-performance ratio [1] - Major Chinese tech firms like Alibaba, Tencent, and ByteDance are awaiting confirmation on the processing of their H20 chip orders, which Nvidia has not yet resumed despite regaining sales permission in July [1][2] - The RTX6000D is intended to fill the market gap left by the H20 chip, which was banned for sale to China in April but has not yet resumed shipping [2] Group 2 - Analyst expectations for RTX6000D's demand have been overly optimistic, with JPMorgan predicting a production of 1.5 million units and Morgan Stanley estimating 2 million units for the second half of the year [2] - The RTX6000D is based on Nvidia's latest Blackwell architecture, featuring a memory bandwidth of 1398GB/s, slightly below the 1.4TB/s threshold set by recent U.S. export restrictions [2] - The H20 chip, priced between $10,000 and $12,000, has a superior memory bandwidth of 4TB/s but has not restarted shipments due to unresolved issues related to a recent agreement requiring Nvidia to remit part of its sales to the U.S. government [3]

Core Viewpoint - Nvidia is under investigation by the State Administration for Market Regulation (SAMR) of China for allegedly violating the Anti-Monopoly Law during its acquisition of Mellanox Technologies, failing to comply with the restrictive conditions set in 2020 [2][3][4]. Investigation Background - In 2020, SAMR approved Nvidia's acquisition of Mellanox with additional restrictive conditions, which Nvidia allegedly did not effectively implement during the integration process, leading to the current investigation [3][4]. Investigation Basis - The investigation is based on Articles 45 and 46 of the Anti-Monopoly Law of the People's Republic of China and the announcement regarding the approval of Nvidia's acquisition with restrictive conditions [4]. Product Development and Market Impact - Nvidia is rumored to be developing a new AI chip, the B30A, specifically for the Chinese market, expected to be released in Q4 2025, featuring next-generation high bandwidth memory and TSMC's N4P process [4][5]. - The B30A chip is anticipated to have approximately half the computational power of the H300 chip, which is currently generating significant revenue for Nvidia in China [5]. - Nvidia's CEO Jensen Huang indicated that the ability to supply new products to Chinese AI data centers depends on U.S. government decisions, highlighting the uncertainty surrounding the approval of the new chip [4][5]. Market Dynamics - Chinese tech companies are eager to purchase Nvidia chips, but the Chinese government aims for semiconductor self-sufficiency, complicating long-term reliance on Nvidia [5]. - Previous statements from former U.S. President Trump indicated that only chips with performance 30% to 50% lower than top-tier products would be allowed for export to China, adding to the uncertainty regarding the new chip specifications [5].