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民生證券:BIS出口管制修訂解讀 並無限制範圍的擴大化
格隆匯 04-01 13:58

當地時間3月29日,BIS發佈出口管制條例的修訂稿,對超算、半導體設備相關內容進行了微調和更正,新規將於4月4日生效。要點解讀如下:

芯片相關

-對超級計算機和半導體最終用途、目的地和使用範圍進行了額外説明;

-美國對中國出口的AI芯片產品採取"逐案審查"政策,對技術級別、客户身份、合規計劃等信息全面核查;

-AI芯片限制參數與2023年10月18日的限制條款一致。

AI PC

-搭載受管制芯片的PC可能受到管制,與2023年10月18日的限制條款一致(主要針對搭載RTX4090的旗艦電腦)

設備相關

- 對限制出口的設備參數進行了部分更新,部分工藝參數微調,重點強調了EUV掩膜版相關限制;

- 明確對於中國澳門及部分國家組地區出口特定設備需要許可;

- 整體上本次限制並無擴大化。

綜合來看,本次BIS新規是對此前限制的細化和修補,如增加了"逐案審查"政策,以及中國澳門等國家地區的出口許可申請等。相比此前,並無限制範圍的擴大化。

我們依舊看好國產算力+半導體設備國產替代的大趨勢。

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