Core Viewpoint - The article discusses the ongoing competition between the U.S. and China in the semiconductor industry, highlighting the challenges faced by U.S. companies like NVIDIA due to export restrictions and the resilience of Chinese firms in developing their own technologies [1][3]. Group 1: U.S. Government Actions - The U.S. government has implemented a series of export restrictions aimed at curbing the development of China's semiconductor industry [1]. - Earlier this year, the U.S. government prohibited NVIDIA from exporting the H20 chip to China until the company agreed to pay 15% of its sales in China to the U.S. government [3]. Group 2: NVIDIA's Position - NVIDIA's CEO Jensen Huang stated that China is only "a few nanoseconds" behind the U.S. in the semiconductor field, emphasizing the need for competition in the global market [1]. - Huang believes that allowing U.S. tech companies to compete in China would enhance U.S. economic success and geopolitical influence [1]. - NVIDIA has faced declining demand for its specially designed AI chips for China, with major Chinese tech firms refusing to place orders for the RTX6000D chip [4]. Group 3: Chinese Companies' Response - In response to U.S. restrictions, Chinese companies are actively developing alternative AI chips to capture market share previously dominated by NVIDIA [3]. - Huawei has announced a three-year product iteration roadmap for its Ascend AI chips, aiming to meet the growing demand for computing power [3]. - Major Chinese internet companies like Alibaba, Tencent, Baidu, and ByteDance are increasing their investments in chip research and design to gain greater control over the supply chain [3]. Group 4: Regulatory Challenges - NVIDIA is under investigation by Chinese regulators for potential antitrust violations, with the Chinese government expressing concerns over the safety and environmental impact of its H20 chip [4]. - Huang has responded to the investigations by emphasizing the importance of the Chinese market and the need for dialogue to resolve issues [4]. - The Chinese government has reiterated its opposition to discriminatory practices in trade and technology against specific countries [4].

Core Viewpoint - The competition between Huawei and Nvidia has become a focal point in the tech industry, with Huawei demonstrating resilience and innovation despite U.S. sanctions, leading to a strong comeback in the AI chip sector [1][5][10] Group 1: Huawei's Resurgence - Huawei announced the release of several new chips, including Ascend 950PR, Ascend 950DT, Ascend 960, and Ascend 970, showcasing its ability to create a powerful computing platform despite U.S. restrictions [3] - The company has developed a "ten-thousand card-level super node" system that connects multiple chips to enhance computing power, allowing it to maintain a competitive position in the global AI computing market [3] - Huawei is also set to launch the Kunpeng 950 and Kunpeng 960 series chips to strengthen its competitiveness in general computing [3] Group 2: Nvidia's Challenges - Nvidia faces declining demand for its RTX6000D chip, which was specifically designed for the Chinese market, as major clients like Alibaba, Tencent, and ByteDance have rejected orders due to its inferior performance compared to other models [4] - The attempt to balance U.S. export controls with Chinese market needs has not succeeded, as Huawei's resurgence has reduced China's reliance on Nvidia, prompting a shift towards cost-effectiveness and technological innovation [4] Group 3: U.S.-China Tech Competition - U.S. sanctions against Huawei highlight the perceived threat of Huawei's technological advancements to U.S. dominance in the chip and AI sectors, indicating a fear of Huawei's rising capabilities [5][8] - Huawei's commitment to independent innovation and strong R&D efforts, supported by favorable government policies, has accelerated its chip development process [6][8] - The ongoing tech competition between the U.S. and China has reached a critical stage, with both countries vying for leadership in key areas like AI and chips, making technological innovation essential for future success [8][10]

Core Viewpoint - Nvidia's CEO Jensen Huang announced the company's intention to exclude the Chinese market from future financial forecasts, indicating a potential complete withdrawal from China, marking a significant shift in the U.S. chip industry's strategy towards China [2][3]. Group 1: Nvidia's Challenges in China - Huang expressed disappointment with the Chinese market, citing restrictions faced during his visits and the possibility of Chinese internet companies halting purchases of Nvidia products [3][5]. - The company has faced difficulties with its specially developed H20 chips for China, which have been criticized for poor performance and low cost-effectiveness, leading to potential order cancellations [7][11]. - Nvidia's efforts to develop tailored chips to circumvent U.S. export controls have not yielded the expected results, resulting in significant inventory losses and a lack of interest from Chinese clients [11][13]. Group 2: U.S. Government Policies and Market Dynamics - U.S. government policies have created a challenging environment for Nvidia, with restrictions on advanced chip sales to China undermining its competitive edge in the market [13][15]. - Huang's comments reflect a broader concern that U.S. policies are detrimental to American companies' positions in the global AI landscape, potentially leading to a loss of competitive advantage [9][24]. - The ongoing geopolitical tensions have prompted a shift in the Chinese market, with local companies increasingly opting for domestic chip suppliers, reducing Nvidia's market share [19][21]. Group 3: Impact on Global Semiconductor Industry - The conflict between the U.S. and China is reshaping the global semiconductor supply chain, forcing companies to reconsider their market strategies [21][22]. - The global semiconductor industry is projected to shrink by approximately 12% in 2024 due to U.S.-China tensions, with further declines expected in 2025 [22]. - The situation highlights the end of an era of technological hegemony, as U.S. attempts to suppress Chinese technological advancement may inadvertently accelerate China's innovation efforts [24].

【文/观察者网 熊超然】和国内政治场的"左右对立"一样，一场芯片科技领域的"左右互搏"也正在美国 上演。有人这才发现，无论美国如何围堵打压，甚至"两头堵"，都挡不住中国科技上升的那股强劲动 能。 当地时间9月18日，白宫人工智能和加密货币事务负责人大卫·萨克斯（David Sacks）在社交媒体X平台 发文，呼吁美国放松英伟达向中国销售AI芯片的出口管制。他写道，最近的事态发展反映出中国"并不 急需我们的芯片"，且中国科技巨头华为正在缩小与英伟达的差距。 事实上，近段时间，从计划入股英特尔，到允许英伟达等美企上交"15%回扣"后对华出口芯片产品，特 朗普政府介入芯片领域，可谓"丑态毕露"。 当地时间9月18日，美国芯片巨头英伟达在其官网上发公告宣布，将投资50亿美元入股美国芯片制造商 英特尔公司，并共同开发用于个人电脑和数据中心的芯片。路透社称，交易完成后，英伟达将成为英特 尔最大的股东之一，这对近几年挣扎着试图扭亏为盈的英特尔来说，是一个新的机遇。 《华盛顿邮报》当天则援引一些分析师认为，英伟达与落后于自己的竞争对手英特尔的合作，是这家全 球市值最高的公司向白宫"施展魅力"的最新举措。 报道提到，从拜登政府 ...

Market Overview - The Hang Seng Index faces resistance at 26,822 points, with recent agreements between China and the US easing trade tensions and expectations of interest rate cuts in the US due to weakening employment data [1][3] - The Hong Kong stock market remains active with a positive risk appetite, as capital rotates among different sectors [1] Short-term Sector Outlook - Focus on upcoming US Federal Reserve interest rate decisions and Hong Kong's Policy Address [2] Macro Focus - Chinese Premier Li Qiang supports increased R&D investment by enterprises and research institutions, emphasizing the need for core technology capabilities [3][9] - Nine Chinese departments have issued policies to expand service consumption and attract more inbound spending [3][9] - The People's Bank of China conducted a reverse repurchase operation of 287 billion yuan, maintaining a rate of 1.4% [9] - The national passenger car inventory decreased to 3.16 million units by the end of August [9] - The world's largest UHVDC project, the Tibet-Guangdong project, has commenced construction, expected to transmit over 43 billion kWh of clean energy annually [9] Company News - Tencent Holdings issued 9 billion yuan in bonds, with proceeds intended for general corporate purposes [11] - Chery Automobile is launching an IPO to raise up to 9.15 billion yuan, with funds allocated for R&D and market expansion [11] - Alibaba's founder Jack Ma is reportedly returning to the company, focusing on AI and competing in the food delivery market [11] - Alibaba's Lazada has integrated with Tmall, allowing merchants to easily enter Southeast Asian markets [11]

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].

Market Movements - US stock index futures are all up, with Dow futures rising by 0.02%, S&P 500 futures up by 0.18%, and Nasdaq futures increasing by 0.22% [1] - European indices show declines, with Germany's DAX down by 0.54%, UK's FTSE 100 down by 0.26%, France's CAC 40 down by 0.15%, and the Euro Stoxx 50 down by 0.16% [2][3] - WTI crude oil prices increased by 0.54% to $63.64 per barrel, while Brent crude rose by 0.34% to $67.67 per barrel [3][4] Economic Insights - US retail sales for August are expected to show a month-on-month increase of 0.2%, with core retail sales projected to rise by 0.4% when excluding automobiles and gasoline [5] - The S&P 500 index, excluding technology stocks, has risen by 13% over the past year, while profits have only grown by 6.4%, indicating potential overvaluation in non-tech sectors [5] Company News - Oracle (ORCL.US) shares rose over 5% in pre-market trading as it is reportedly involved in a consortium to maintain TikTok's operations in the US [7] - Tesla (TSLA.US) is under investigation by the National Highway Traffic Safety Administration regarding potential issues with the electronic door handles of certain Model Y vehicles [8][9] - Nvidia's (NVDA.US) new RTX6000D chip for the Chinese market is facing low demand, with major tech companies showing little interest due to high pricing and perceived low value [9] - TSMC (TSM.US) saw its market share in the semiconductor foundry sector rise to 38% in Q2 2025, driven by strong AI demand and Chinese subsidies [10] - Google (GOOGL.US) faces challenges as the DOJ rejects its proposal to divest part of its advertising technology business, insisting on a complete separation of its AdX platform [10] - Corteva (CTVA.US) is reportedly considering splitting its seed and pesticide businesses, but this potential move has raised concerns among Wall Street analysts [11] - Disney (DIS.US) has acquired a 2% stake in Webtoon (WBTN.US) and will collaborate to develop a digital platform for classic comic content, leading to a pre-market surge of over 39% in Webtoon shares [11]

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]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - The official release of DeepSeek-V3.1 accelerates the formation of a domestic AI ecosystem. The new version enhances the model's performance in programming and search tasks, significantly reducing deployment costs for domestic computing power [2][22] - Nvidia plans to develop a new "China-specific" AI chip, B30A, which will outperform the current compliant chip H20. This reflects Nvidia's long-term optimism about China's computing power demand [3][23] - AI is currently one of the most certain investment directions amid global macroeconomic fluctuations. The performance gap between Chinese and American models is narrowing, and the open-source path is driving the rise of the domestic ecosystem [3][24] Market Overview - In the week of August 18-22, 2025, the Shanghai Composite Index rose by 3.49%, the CSI 300 Index by 4.18%, and the ChiNext Index by 5.85%. The SW Media Index increased by 5.17%, ranking 6th among 31 industries [10][11] - The top three sub-industries were Internet services, broadcasting, and gaming, with increases of 7.05%, 6.85%, and 5.38%, respectively [10][12] Sub-industry Data Film Industry - The top three films by box office for the week were "The Little Monster of Langlang Mountain" (26,970.4 thousand yuan, 31.9% market share), "Nanjing Photo Studio" (25,158.4 thousand yuan, 29.8%), and "Dongji Island" (10,011.2 thousand yuan, 11.9%) [26][27] Gaming Industry - The top three iOS games were "Honor of Kings," "Peacekeeper Elite," and "Crossfire: Gunfight King." The top three Android games were "Heartfelt Town," "My Leisure Time," and "Honkai: Star Rail" [29][30] TV Series Industry - The top three TV series by broadcast index were "A Mortal's Journey to Immortality" (83.9), "The Birth of All Things" (80.5), and "Sword Rose" (79.9) [31][32] Variety and Animation - The top variety show was "Earth Super Fresh" (79.7), followed by "Heart Signal Season 8" (77.2) and "Talk Show and Friends Season 2" (75.3) [33] - The top three animated shows were "Cang Yuan Tu" (315.8), "Happy Hammer" (287.6), and "A Mortal's Journey to Immortality" (296.7) [35]

Group 1: NVIDIA's Market Position and Growth Potential - NVIDIA is currently the only member of the "4 trillion dollar club" and is expected to reach a market value of 9 trillion dollars by 2030, driven by its dominant position in the AI infrastructure market [1][2] - Analysts predict NVIDIA's revenue could reach 600 billion dollars by 2030, supported by a projected annual growth of 30% in AI electricity demand, which will reach 156 GW by the end of 2030 [1][2] Group 2: Developments in AI Chip Production for China - NVIDIA is evaluating new products, including a more powerful AI chip named B30A, which is based on the Blackwell architecture and is expected to be delivered for testing to Chinese customers soon [4][6] - The new chip aims to compete in the Chinese market, where NVIDIA has previously developed the H20 chip specifically for local sales [5][8] - The U.S. government has imposed restrictions on advanced chip sales to China, but NVIDIA is negotiating to sell a scaled-down version of its flagship chips, which may include significant price reductions [6][8] Group 3: Industry Dynamics and Competitive Landscape - The U.S. government has mandated that NVIDIA and AMD submit 15% of their sales revenue from China, reflecting ongoing tensions in U.S.-China trade relations [5][8] - Despite concerns over national security, NVIDIA is keen to maintain its market share in China, where it contributed 13% of its revenue last fiscal year [7][8] - Competitors like Huawei are making strides in chip development, posing a challenge to NVIDIA's market position, although analysts note that NVIDIA still leads in software ecosystem support and memory bandwidth capabilities [8][9]