宏观要闻： 2.第十一批国家组织药品集中采购工作日前启动，经过三阶段筛选，55个品种纳入第十一批集采报量范 围。据相关负责人介绍，采购坚持"集采非新药、新药不集采"的原则，科学确定采购品种。集采药品都 是已经上市多年、过了专利保护期、多家企业生产的品种，也就是说临床使用成熟的"老药"才会纳入集 采范围，创新药不会被纳入集采。 3.英伟达官方微信公众号发布的文章显示，英伟达正在提交重新销售H20GPU的申请，美国政府已向英 伟达保证将授予许可证，并且英伟达希望尽快启动交付。 1.据新华社报道，中央城市工作会议7月14日至15日在北京举行。会议指出，我国城镇化正从快速增长 期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量提质增效为主的阶段。城市工作要深刻 把握、主动适应形势变化，转变城市发展理念，更加注重以人为本；转变城市发展方式，更加注重集约 高效；转变城市发展动力，更加注重特色发展；转变城市工作重心，更加注重治理投入；转变城市工作 方法，更加注重统筹协调。 2.国家统计局公布数据显示，经初步核算，上半年国内生产总值660536亿元，按不变价格计算，同比增 长5.3%。分产业看，第一产业增加值31172 ...

智通财经APP获悉，信达证券发布研报称，7月15日，英伟达(NVDA.US)创始人兼CEO黄仁勋在接受央 视记者采访时表示，公司正在提交恢复对华销售H20GPU的申请，美国政府已明确保证将授予许可证， 英伟达希望尽快开始交付。H20作为英伟达面向中国市场的主力合规AI芯片，其恢复供应或将满足国内 积压的部分算力需求。此前因许可证不确定性导致的产业链订单延迟与观望情绪有望缓解，英伟达核心 供应商的订单可见度与出货节奏或将回归明朗，H2起业绩增长动能有望继续增强。 信达证券主要观点如下： 美国政府批准H20出口许可，英伟达将发布RTX PRO GPU 7月15日，英伟达创始人兼CEO黄仁勋在接受央视记者采访时表示：1)公司正在提交恢复对华销售 H20GPU的申请，美国政府已明确保证将授予许可证，英伟达希望尽快开始交付。2)英伟达还将发布一 款全新、完全合规的RTX PRO GPU，专为计算机图形、数字孪生和人工智能设计。 H20限制三个月后解禁，有利于国内AI大模型训练和推理 半导体国产替代进程不及预期，下游需求发展不及预期。 根据美国现行和之前的出口规定，H20也是英伟达可以向中国出口的最先进的AI芯片。H20 ...

Core Viewpoint - The semiconductor industry in China is expected to accelerate domestic substitution due to new customs regulations regarding the origin of integrated circuits, which will recognize the wafer fabrication location as the origin for import declaration [1][5]. Market Overview - From April 8 to April 22, 2025, the CSI 300 Index increased by 5.42%, while the Shenwan Electronics Index rose by 4.06%, ranking 29th among Shenwan's primary industry indices [2]. - The global semiconductor sales reached $54.92 billion in February, showing a year-on-year increase of 19.0% but a month-on-month decrease of 2.8% [2]. - China's semiconductor sales in February amounted to $15.06 billion, reflecting a year-on-year growth of 6.6% and a month-on-month decline of 3.2% [2]. Storage Industry Insights - The DRAM market is entering a new price increase cycle, with average spot prices for DDR3, DDR4, and DDR5 rising by 1.15%, 2.25%, and 2.81% week-on-week as of April 22, 2025 [3]. - NAND product prices for 256GB and 512GB SSDs remained stable week-on-week, but year-to-date prices increased by 11.84% and 11.45%, respectively [3]. - Major storage manufacturers, including SanDisk, plan to raise product prices due to recovering demand driven by AI and smart terminals [3]. End-user Demand Trends - In February 2025, domestic smartphone shipments reached 19.66 million units, a year-on-year increase of 37.9% [4]. - In March 2025, China's automobile sales totaled 2.92 million units, up 8.2% year-on-year, with new energy vehicle sales growing by 40.1% [4]. - Global PC shipments in Q1 2025 were 58.95 million units, reflecting a year-on-year increase of 4.8% [4]. Industry Events - The China Semiconductor Industry Association announced new customs regulations on April 11, 2025, which will impact the import declaration of integrated circuits [5]. - NVIDIA's H20 GPU has been banned from export to China and Israel without a license, as per U.S. government regulations [5]. - TrendForce predicts that the contract prices for memory chips will see an expanded increase in Q2 2025 due to changes in supply and demand strategies [5]. Investment Recommendations - The electronic industry is rated as "outperforming the market," with a focus on AI-related companies, domestic substitution in semiconductor equipment, and potential price increases in the storage sector [6].