• Chip stocks climb on social media buzz about 5G capability
• 芯片股因社交媒体上关于5G功能的热议而上涨
• The company is at the heart of a US tech containment campaign
• 该公司是美国科技遏制行动的核心

Customers line up to make an appointment to buy Huawei's Mate 60pro mobile phone at Huawei's flagship store in Shanghai.

在上海华为旗舰店，顾客排队预约购买华为Mate 60pro手机。
资料来源： CFOTO/Future Publishing/Getty Images

By Bloomberg News 2023年8月30日 at GMT+8 11:55

The surprise launch of a sophisticated $900-plus Huawei Technologies Co. smartphone has captivated China’s technology industry, inspiring hopes that the country’s biggest firms can overcome US sanctions seemingly designed to thwart their ascendancy.

华为技术有限公司一款售价超过900美元的高端智能手机意外上市，引起了中国科技行业的热议，激发了人们对该国最大企业能否克服看似旨在阻碍其崛起的美国制裁的希望。

The slim-bezeled Mate 60 Pro, which appeared this week for sale on online malls with little fanfare, ignited buzz among Chinese online users who saw in the gadget Huawei’s resurgence after years of fighting American curbs on software and circuitry. Many posted screenshots and videos of the gadget’s fast wireless performance, triggering speculation Huawei had managed to achieve 5G capabilities.

窄边框 Mate 60 Pro 本周在网上商城悄然上市，引起了中国网民的热议，他们在这款产品上看到了华为在与美国对软件和电路限制进行多年抗争后的复兴。许多人发布了该设备快速无线性能的屏幕截图和视频，引发了人们对华为已成功实现 5G 功能的猜测。

Huawei’s Mate 60 Pro.Source: Huawei

Investors bought in. On Wednesday, shares in more than a dozen Chinese chip designers, gearmakers and Huawei suppliers surged between 8% and 20%. The rally grew out of hopes that Huawei had somehow managed to design, manufacture and deploy a 5G chip capable of matching some of the best America has to offer, despite a lack of access to advanced chipmaking at players including Taiwan Semiconductor Manufacturing Co.

投资者纷纷买入。周三，十几家中国芯片设计商、齿轮制造商和华为供应商的股价飙升了 8% 至 20%。此次涨势源于希望华为能够以某种方式成功设计、制造和部署一款能够与美国最好的5G芯片相媲美的5G芯片，尽管包括台积电在内的企业缺乏先进的芯片制造能力。

Bloomberg News wasn’t able to verify the authenticity of those reports. The Chinese telecom regulator’s website didn’t show registration details for the model, as required of all wireless smartphones sold in the country.

彭博新闻无法核实这些报道的真实性。中国电信监管机构的网站没有按照该国销售的所有无线智能手机的要求显示该型号的注册详细信息。

But the torrent of online reports only gained momentum, in part because of Huawei’s unique status as Chinese national champion and American bugbear. On Wednesday, it topped the list of trending topics on Weibo, China’s X-like equivalent. The very idea appeared to endorse the “whole nation” narrative Beijing has espoused, where a nationwide effort can produce breakthroughs to counter the US.

但网上的报道如潮水般涌来，部分原因在于华为作为中国国家冠军和美国麻烦的独特地位。周三，它登上了微博热门话题榜的榜首，微博是中国的“X”。这个想法似乎赞同北京所拥护的“举国上下”的说法，即全国范围内的努力可以在对抗美国方面取得突破。

The Mate 60 Pro is powered by a Kirin processor designed by Huawei’s chip arm HiSilicon, according to multiple teardown videos circulating online. Several online outlets reported the chip employed 5-nanometer node technology — just a generation behind the latest. Bloomberg News couldn’t determine the manufacturer or sophistication of the chip.

根据网上流传的多个拆解视频，Mate 60 Pro 搭载了华为芯片部门海思设计的麒麟处理器。多家在线媒体报道称，该芯片采用了 5 纳米节点技术，仅比最新技术落后一代。彭博新闻无法确定该芯片的制造商或复杂程度。

Chinese chipmakers aren’t known to have mastered technologies as advanced as 5-nm. Huawei stockpiled such chips from TSMC right before US sanctions hit, but it’s unclear whether the Mate 60 Pro might have used remnants of the company’s inventory.

据了解，中国芯片制造商尚未掌握 5 纳米这样先进的技术。华为在美国制裁实施之前就从台积电储备了此类芯片，但目前尚不清楚 Mate 60 Pro 是否可能使用了该公司的剩余库存。

The phone’s emergence coincides with a high-profile visit by US Commerce Secretary Gina Raimondo to Beijing and Shanghai. Her agency has been at the forefront of curbs on Chinese entities including Huawei.

这款手机的出现恰逢美国商务部长吉娜·雷蒙多高调访问北京和上海。她的机构一直处于对包括华为在内的中国实体实施限制的最前沿。

“This new phone has huge significance. Though it is evident that Huawei was able to build this model only by sourcing and production in a roundabout way, regardless of what it went though to achieve this, Huawei did it,” said Shi Junbo, a fund manager at Hangzhou XiYan Asset Management Co.

“这款新手机具有巨大的意义。虽然很明显，华为是通过迂回的采购和生产方式才打造出这样的模式，但不管它采取了什么方式来实现这一目标，华为做到了。”杭州西燕资产管理有限公司基金经理石俊波表示。 。

Huawei's Push Into Chips华为进军芯片领域

The leading US chip association says the Chinese telecom company is moving into semiconductor production

美国领先的芯片协会表示，中国电信公司正在进军半导体生产领域

Source: Semiconductor Industry Assn., Bloomberg 资料来源：半导体工业协会、彭博社

Chinese chip firms and Huawei suppliers including Lontium Semiconductor Corp., Cambricon Technologies Corp. and Anker Innovations Technology Co. climbed between 8% and 11%. Biwin Storage Technology Co. and Guangdong Leadyo IC Testing Co. surged their 20% daily limits. Top Chinese chipmaker Semiconductor Manufacturing International Corp. climbed as much as 6.4% in Hong Kong.

中国芯片公司和华为供应商，包括龙腾半导体公司、寒武纪科技公司和安克创新科技公司，股价上涨8%至11%。佰维存储、广东联宇检测涨停20%。中国最大的芯片制造商中芯国际在香港股市上涨 6.4%。

“But in terms of the sentiment lift for the industry today, that shares have been at their lows probably is the more important factor than the phone. One model is probably not going to be enough to have a lasting impact on the sector,” Shi added.

“但就当今行业情绪的提升而言，股价处于低点可能是比手机更重要的因素。一种模式可能不足以对该行业产生持久影响，”施补充道。

The rally was unusual not just for a lack of evidence to support the online enthusiasm, but also because it coincides with warning signs of Chinese financial and economic stress — in part because of US pressure.

这次涨势不同寻常，不仅因为缺乏证据支持网上的热情，还因为它恰逢中国金融和经济压力的警告信号——部分原因是美国的压力。

Huawei is one of several Chinese companies at the center of Washington-Beijing tensions, the target of sanctions over allegations it aids China’s military. The company, once the world’s biggest telecommunications provider, has been pulling out the stops since the Trump administration added Huawei to its Entities List in 2019.

华为是处于华盛顿与北京紧张局势中心的几家中国公司之一，它们因被指控援助中国军方而成为制裁目标。该公司曾经是全球最大的电信提供商，自特朗普政府 2019 年将华为列入实体名单以来，该公司一直在竭尽全力。

Huawei began by assigning thousands of engineers to try and replicate American technology, for instance in wireless chips. And it also began putting in place the infrastructure to ensure its future survival.

华为首先指派了数千名工程师尝试复制美国技术，例如无线芯片技术。它还开始建立基础设施以确保其未来的生存。

The leading association of global chip companies warned this year that Huawei is building a collection of semiconductor-fabrication facilities across China, a shadow manufacturing network that would let the blacklisted company turn its chip designs into reality.

全球领先的芯片公司协会今年警告称，华为正在中国各地建设一系列半导体制造设施，这是一个影子制造网络，将使这家被列入黑名单的公司将其芯片设计变成现实。

It remains unclear how Huawei could have found workarounds to some of the most sweeping restrictions on China that the US has ever imposed. Many in America have said Huawei enjoys broad government support, in part because of its critical role in domestic infrastructure and its stature overseas. When then-Chief Financial Officer Meng Wanzhou was detained in Canada, Beijing officials intervened to secure her freedom.

目前尚不清楚华为如何找到解决美国有史以来对中国实施的一些最全面限制的变通办法。许多美国人表示，华为享有政府的广泛支持，部分原因是其在国内基础设施方面的关键作用及其在海外的地位。当时任首席财务官孟晚舟在加拿大被拘留时，北京官员进行干预以确保她的自由。

Now, investors hope that Huawei can inspire its peers, several of which also labor under sanctions of varying severity. The Mate 60’s launch will be a catalyst for more homegrown, high-end smartphones, and trigger demand in the supply chain especially amid a downturn in semiconductors, Huajin Securities analysts including Sun Yuanfeng wrote in a note.

现在，投资者希望华为能够激励其同行，其中一些同行也受到不同程度的制裁。孙元峰等华金证券分析师在一份报告中写道，Mate 60的推出将成为更多国产高端智能手机的催化剂，并引发供应链的需求，尤其是在半导体低迷的情况下。

“It paves the way for Huawei to recover its shipments even quicker in its home country, with an almost zero-cost launch event,” Canalys Senior Vice President Nicole Peng said. “If the rumors are true, it means Huawei’s R&D capabilities have largely exceeded the industry development timeline, which means it creates huge disruption to the semi industry and its competitors.”

Canalys 高级副总裁 Nicole Peng 表示：“通过几乎零成本的发布会，华为在本国更快地恢复出货量铺平了道路。” “如果传言属实，这意味着华为的研发能力已经大大超出了行业发展时间表，这意味着它对半导体行业及其竞争对手造成了巨大的干扰。”