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你好,，这是伊芙琳,，从北京给您写信。欢迎阅读最新一期的《中国连线—》，其中简要介绍了我'm 在当地企业的所见所闻。
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a succinct snapshot of what I'm seeing and hearing from local businesses.
随着企业关注比地缘政治更深层的商业问题，中国 27% 的科技自给自足正在迅速成为现实。这对于 Nvidia? 意味着什么
China的 tech self-sufficiency push is rapidly becoming a reality as companies focus on business questions that run deeper than geopolitics. What does that mean for Nvidia?
大故事
The big story
Robovan 初创公司 Zelostech 计划在未来一两年内使用来自中国和其他地方, 的多家芯片供应商,，而不是仅依赖 Nvidia 的自动驾驶系统, 该公司告诉 CNBC。
Robovan startup Zelostech plans to use multiple chip suppliers from China and elsewhere, over the next year or two, instead of relying only on Nvidia for its self-driving systems, the company told CNBC.
,财务与投资总监史云健表示，一个主要因素是成本。他说，例如，使用中国制造的芯片, 的成本远低于目前每辆车, 中使用的两个 Nvidia Orin 芯片组。
A major factor is cost, said Shi Yunjian, director of finance and investment. Using China-made chips, for example, would cost far less than the two Nvidia Orin chipsets currently used in each vehicle, he said.
这 是一件大事，因为规模正在成为一种竞争优势。 The more autonomous vehicles can deploy, the more operating data they can collect and the easier it becomes to convince regulators that the technology is ready for wider use.
That的 a big deal because scale is becoming a competitive advantage. The more autonomous vehicles can deploy, the more operating data they can collect and the easier it becomes to convince regulators that the technology is ready for wider use.
Zelostech 声称其已拥有超过 25,000 辆汽车在 20 多个国家, 运营，并计划迅速扩张。这些车't载人,，而且许多比邮车还小。大多数在中国大陆运营, 主要为运送包裹的物流公司。
Zelostech claims it already has more than 25,000 vehicles operating in over 20 countries, with plans to expand rapidly. These don't carry people, and many are smaller than a mail truck. Most operate in mainland China, mostly for logistics companies delivering packages.
相比之下, Alphabet 支持的 Waymo 在路上行驶的车辆数量略低于 4,000,，而中国竞争对手百度, WeRide 和 Pony.ai 尚未部署类似规模的车队。
By comparison, Alphabet-backed Waymo has just under 4,000 vehicles on the road, while Chinese rivals Baidu, WeRide and Pony.ai have yet to deploy fleets at a similar scale.
超越英伟达
Beyond Nvidia
Zelostech 并不是唯一一家寻求 Nvidia 替代品的公司。
Zelostech is hardly alone in pursuing Nvidia alternatives.
Waymo 使用定制芯片,，而中国电动汽车巨头比亚迪上周与蔚来和小鹏汽车一起展示了自己的驾驶辅助系统半导体。
Waymo uses custom chips, while Chinese electric car giant BYD last week joined Nio and Xpeng in revealing their own semiconductors for driver-assist systems.
今年, Nio 表示， 计划将计算能力支出增加五倍。当我问这是否包括 Nvidia, 首席执行官 William Li 时，他表示该公司不再购买芯片，而是租用由各种处理器驱动的计算能力。
This year, Nio said it的 planning a fivefold increase in spending on computing power. When I asked whether that included Nvidia, CEO William Li said the company was no longer buying chips but renting compute power powered by a variety of processors.
与大众汽车共同开发的汽车小鹏汽车也使用中国公司的 "图灵芯片,"，而这家德国汽车制造商则与中国的地平线机器人公司合作，在中国—开发驾驶辅助系统，不使用Nvidia。
A vehicle Xpeng co-developed with Volkswagen is also using the Chinese company的 "Turing chip," while the German automaker has partnered with China的 Horizon Robotics to develop driver-assist systems in China — without Nvidia.
Nvidia的 驾驶辅助芯片不受适用于用于训练和运行人工智能模型的更先进半导体的美国出口限制。
Nvidia的 driver-assist chips are not subject to the same U.S. export restrictions that apply to the more advanced semiconductors used to train and run AI models.
然而，即使在 Nvidia 首席执行官黄仁勋 (Jensen Huang) 与美国总统唐纳德·特朗普 (Donald Trump) 于 5 月, 一起访问北京之后， 显然中国并不急于让更多 Nvidia 芯片进入。
Yet even after Nvidia CEO Jensen Huang joined U.S. President Donald Trump on his trip to Beijing in May, it的 clear China is not eager to let more Nvidia chips in.
这种转变不仅限于车辆。中国人工智能开发人员越来越多地优化他们的模型，以在国产硬件, 上运行，而不是在 Nvidia的 广泛使用的 CUDA 生态系统上运行。
The shift extends beyond vehicles. Chinese AI developers have increasingly optimized their models to run on homegrown hardware, rather than Nvidia的 widely used CUDA ecosystem.
最新的 MiniMax 和 Kimi 型号, 以及 DeepSeek的 V4, 与中国本土半导体兼容。
The latest MiniMax and Kimi models, along with DeepSeek的 V4, are compatible with local Chinese semiconductors.
"高盛分析师在 5 月 5 日的报告中表示，我们认为 2026 年至 28 年将加速转向国产芯片,"。他们指出，DeepSeek V4 可与 8 个国产芯片, 配合使用，其中包括来自华为和阿里巴巴的 T 型头芯片部门的芯片。
"We believe the pivot to domestic chips will accelerate over 2026E-28E," Goldman Sachs analysts said in a May 5 report. They pointed out that DeepSeek V4 works with eight China-made chips, including those from Huawei and Alibaba的 T-head chip unit.
缩小窗口
A narrowing window
华为上周还透露，它的正在使用一种新的科学方法来开发其芯片,，并计划将其纳入即将推出的产品中。这是中国电信巨头,在美国多年限制后卷土重来的最新迹象'。
Huawei last week also revealed that it的 been using a new scientific approach to developing its chips, and plans to incorporate them in upcoming products. It的 the latest sign of a comeback for the Chinese telecom giant, after years of U.S. restrictions.
对冲基金 Interconnected Capital, 创始人 Kevin Xu, 预计，中国企业在未来三到五年内将继续需要 Nvidia 芯片。
Kevin Xu, founder of hedge fund Interconnected Capital, expects Chinese companies to continue to need Nvidia chips for the next three to five years.
但他认为，北京方面有动力尽早限制这种依赖。只有企业在现实场景中使用中国制造的芯片,并产生使该技术对企业有用所需的反馈，中国制造的芯片才能得到改进。
But he argues Beijing has an incentive to limit that dependence sooner rather than later. China-made chips can only improve if companies use them in real-world scenarios, generating the feedback needed to make the technology useful for businesses.
"The more Nvidia chips get into the ecosystem, the more dilution you have of that relationship," he said.
Nvidia 来自中国大陆和香港的收入无论如何都在萎缩,，尽管该公司在台湾加倍投资，计划每年在台湾的支出高达 241500 亿美元。
Nvidia的 revenue from mainland China and Hong Kong is shrinking anyway, even as the company doubles down on Taiwan with plans to spend as much as $150 billion a year there.
TriOrient Investments 总裁兼台湾美国商会另类资产委员会联席主席 Chris Cottorone, 表示，这项投资可能会扭转台湾 限制人工智能数据中心和核电, 的最初计划。他还期望更多的本地企业采用人工智能。
That investment will likely reverse Taiwan的 initial plan to limit AI data centers and nuclear power, said Chris Cottorone, president of TriOrient Investments and co-chair of the alternative assets committee at AmCham Taiwan. He also expects more local businesses to adopt AI.
Nvidia 在亚洲— 的业务不断增长，但在中国大陆— 的影响力却没有增长，这正在促使这家芯片制造商寻找其他方法来保持技术领先地位。
Nvidia的 growing presence in Asia — but not in mainland China — is driving the chipmaker to find other ways to maintain technological leadership.
这家美国公司正试图通过与中国人形机器人初创公司 Unitree 合作开发一款在全球销售的研究机器人，在中国 的 "physical AI 世界中站稳脚跟。黄先生还关注人才，据报道他的加入了清华大学董事会,，但该公司和学校尚未回应置评请求。
The U.S. company is trying to keep its foot in China的 world of "physical AI by collaborating with Chinese humanoid startup Unitree on a research robot sold globally. Huang also has an eye on talent as he的 reportedly joined a Tsinghua University board, which the company and school have yet to respond to requests for comment on.
这是潮流正在转变的迹象。中国'的技术雄心不再由能否使用Nvidia,来定义，而是由那些无需Nvidia,也能构建的公司来定义。
It的 a sign that the tide is turning. China的 technological ambitions are no longer defined by access to Nvidia, but by the companies that can build without it.
需要知道
Need to know
China is 'losing a chance by not being at the Shangri-La Dialogue: German defense chief
尽管面临阻力，中国 4 月份工业利润跃升 24.7%, 两年多来最快增幅
China industrial profits jump 24.7% in April, fastest gain in over two years despite headwinds
今年前四个月,工业利润增长18.2%,，高于第一季度的15.5%增幅。计算和电子设备制造, 是利润额最大的行业,，其盈利比一年前增长了一倍多。
For the first four months of the year, industrial profits rose 18.2%, up from 15.5% growth in the first quarter. Computing and electronics equipment manufacturing, the largest sector by profit amount, saw earnings more than double from a year ago.
尽管欧盟推动降低风险，欧洲企业仍加倍投资中国制造业
European companies double down on China manufacturing despite EU de-risking push
中国欧盟商会周三发布的一项调查显示，越来越多的欧洲公司正在维持或扩大在中国大陆的供应链，以保持全球竞争力,。
More European companies are maintaining or expanding their supply chains in mainland China to remain competitive globally, according to a survey released Wednesday by the European Union Chamber of Commerce in China.
Coming up
May 31 - June 2: Brazil Foreign Minister Mauro Vieira to visit China
6月1日 - 3:英国外交大臣伊维特·库珀将访华举行第十一次双边战略对话
June 1 - 3: UK Foreign Secretary Yvette Cooper to visit China for 11th bilateral strategic dialogue
6月3: RatingDog中国服务业PMI (5月)
June 3: RatingDog China Services PMI (May)
6月9: 5月贸易数据
June 9: Trade data for May
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