电子行业事件点评报告：对英伟达反垄断调查凸显国产替代紧迫性

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事件：12 月9 日，国家市场监管总局发布公告，因英伟达公司涉嫌违反反垄断法，对其进行立案调查。观点：特殊背景下的反垄断调查，对美方出口限制的反制意味较强。12月9 日晚，国家市场监管总局在官网发布公告，因英伟达公司“涉嫌违反”《中华人民共和国反垄断法》（“《反垄断法》”）及监管总局附限制条件批准2020 年对英伟达收购迈络思的决定（“《决定》”），对其开展立案调查。《反垄断法》为我国对垄断行为...

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ACC"},"translate_title":"Commentary report on electronics industry incidents: Antitrust investigation into Nvidia highlights the urgency of domestic substitution","themeId":"6ea1628697e617dadc3f7540213b5492","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDA":1,"NVD3.UK":0.6,"NVD":0.6,"NVD2.UK":0.6,"NVDD":0.6,"NVDS":0.6,"NVDS.UK":0.6,"NVDU":0.6,"NVDX":0.6,"NVDY":0.6,"SNVD.UK":0.6,"3NVD.UK":0.6,"2NVD.UK":0.6},"content_text":"事件：12 月9 日，国家市场监管总局发布公告，因英伟达公司涉嫌违反反垄断法，对其进行立案调查。观点：特殊背景下的反垄断调查，对美方出口限制的反制意味较强。12月9 日晚，国家市场监管总局在官网发布公告，因英伟达公司“涉嫌违反”《中华人民共和国反垄断法》（“《反垄断法》”）及监管总局附限制条件批准2020 年对英伟达收购迈络思的决定（“《决定》”），对其开展立案调查。《反垄断法》为我国对垄断行为进行监管所依据的主要现行法，而《决定》是监管总局2020 年对英伟达收购迈络思一案附条件批准的具体决定，其中，附加限制性条件之一为“依据公平、合理、无歧视原则向中国市场继续供应英伟达GPU 加速器、迈络思高速网络互联设备和相关软件、配件”。然而，美国早在2022 年就开始限制英伟达先进芯片出口中国，且限制力度不断加大，英伟达供给中国的产品性能被阉割较多，已严重违反《决定》中的承诺。结合近日拜登政府在新一轮BIS 禁令中加大对华出口限制来看，当前时点下，此次针对英伟达的反垄断调查有较强反制意味，是两国科技竞争不断升级的注脚。实质影响比较复杂，国产替代步伐仍需提速。针对中国调查，英伟达发言人回应称，英伟达“在全球各地均提供最好产品且遵守承诺”，“乐意回答任意监管方可能有的问题”。英伟达这样回答的底气主要来自其在GPU 领域的全球主导地位。据市场监管总局2020 年《决定》中公布的数据，彼时英伟达在全球GPU 市场中的份额即达到90%-95%，随着人工智能产业高速增长，全球GPU需求也快速增长，到2023 年，英伟达数据中心GPU 出货量市场份额已经达到98%，其主导地位不降反升。尽管中国大陆市场贡献了英伟达收入的20%左右，是其第二大市场，但国产算力“卡脖子”问题仍未解决，对英伟达GPU 的需求仍比较刚性。在此背景下，我国对英伟达发起反垄断调查影响可能是多重的，而GPU及算力的国产替代紧迫性更加凸显。投资建议：美国对华半导体出口限制升级，我国针锋相对发起对英伟达反垄断调查。人工智能大趋势下算力为先，算力上游GPU等环节国产替代刻不容缓，相关国内标的有望受益。维持行业“推荐”评级，建议关注景嘉微（300474.SZ）、寒武纪-U（688256.SH）。风险提示：对华出口限制进一步升级；先进算力不足；国产GPU替代进度存不确定性；特朗普政策不确定性；数据引用风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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