投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 12 月 30 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪趋弱，钢矿震荡回落 核心观点 螺纹钢：主力期价震荡运行，录得 0.10%日跌幅，量缩仓增。现阶段， 螺纹钢供应回升，而需求季节性走弱，基本面表现相对偏弱，淡季钢价 继续承压，相对利好的是成本支撑，预计钢价延续震荡运行态势，关注 钢厂生产情况。 热轧卷板：主力期价偏弱震荡，录得 0.33%日跌幅，量缩仓增。目前来 看，热卷需求表现良好，带来供需格局好转，给予价格支撑，但需求韧 性存疑，且库存水平偏高，上行驱动预计不强，后续走势延续震荡运行 为主，关注钢厂生产情况。 铁矿石：主力期价高位震荡，录得 0.44%日跌幅，量仓收缩。现阶 段，得益于现货结构性矛盾和节前补库预期，铁矿石高位偏强运行，但 矿石需求走 ...

"十四五"期间,青岛境内上市公司数量增加23家,新三板创新层挂牌公司数比"十三五"末增长133%,交易所 债券融资进入"快车道",REITs实现零突破。12月25日,青岛市政府新闻办举行"高质量完成'十四五'规 划"系列主题新闻发布会第十场,介绍"十四五"期间青岛金融业发展情况。 上市公司发展质量经受住考验,业绩增长跑赢全国整体水平。五年间,青岛境内上市公司总市值稳步增长, 证券化率由52%增至65%,提升13个百分点。年度研发支出由102亿元增至217亿元,翻了一番有余,科技含 量显著提升。累计开展并购重组139起,较"十三五"时期增长72%,有效促进补链强链、产业进阶。累计分 红超700亿元,较"十三五"时期翻了一番,相当于同期股票融资的2.7倍,特别是2025年中期分红家数与金额 均创历史新高,回报投资者意识显著提升。面对严峻复杂的内外部环境,青岛境内上市公司展现出较强的 韧性,2025年前三季度,实现营收突破5000亿元,同比增长6.07%,远高于1.36%的全国整体水平,约占全市 GDP的37%；实现净利润454亿元,同比增长9.28%,高于5.5%的全国整体水平,发挥了国民经济"稳定 器"和"压舱 ...

Core Viewpoint - The A-share market is experiencing a surge in mergers and acquisitions (M&A), with over 40 listed companies disclosing restructuring progress in the past week, and more than 100 companies having disclosed M&A activities this year, driven by new policies and regulations [1] Group 1: Policy Impact - The implementation of new policies such as the "National Nine Articles" and "Six M&A Articles" is accelerating the integration wave in traditional industries, shifting from blind expansion to industry-focused consolidation [1] - The revised "Management Measures for Major Asset Restructuring of Listed Companies" effective from May 2025 is also contributing to this trend [1] Group 2: Industry Trends - M&A activities in the technology innovation sector are showing a clear industry orientation, with examples like Haiguang Information merging with Zhongke Shuguang to strengthen the semiconductor industry, and North Huachuang gaining control of Chip Source Micro to enhance business synergy [1] - The restructuring of companies like China Tungsten High-Tech has seen rapid approval processes, with cases taking as little as 50 days from acceptance to approval, indicating improved efficiency in transaction processes [1] Group 3: Ecosystem Transformation - The shift from "individual efforts" to "collaborative empowerment" is evident, with venture capital and private equity firms playing a significant role in resource acquisition post-restructuring [2] - Local governments are actively supporting this transformation by enhancing funding support, optimizing the business environment, and establishing professional service platforms [2] - The market is witnessing a consensus on serving the real economy, with a focus on rational valuation and avoiding high premiums, leading to a more grounded and quality-driven industrial advancement [2]

Core Viewpoint - The recent policies introduced in Guangzhou, Zhuhai, and Shanghai reflect China's determination and action to accelerate breakthroughs in the semiconductor industry, emphasizing the importance of the integrated circuit sector for national technological self-reliance and competitiveness [1][9]. Guangzhou - Guangzhou aims to establish itself as a core area for China's integrated circuit industry, focusing on high-quality development through various measures, including enhancing chip design capabilities and supporting domestic production of core design tools [2][5]. - The policy includes financial support for companies developing high-end chips, with subsidies up to 5 million yuan for specific design projects [3]. - Measures also promote the localization of essential semiconductor materials and equipment, with subsidies for fixed asset investments exceeding 10 million yuan [4]. Zhuhai - Zhuhai has introduced ten measures to support the high-quality development of the semiconductor and integrated circuit industry, focusing on areas such as factory acquisition and advanced packaging [6][7]. - The policies encourage the development of the RISC-V ecosystem, with financial rewards for product development and sales achievements, aiming to foster innovation in key technology areas [6][7]. - The establishment of the RDSA industry alliance and the RISC-V application innovation center in Zhuhai highlights the city's commitment to building a robust RISC-V ecosystem [7]. Shanghai - Shanghai is enhancing its semiconductor industry by implementing a comprehensive strategy that focuses on the entire supply chain, from design to manufacturing and testing [8]. - The city plans to leverage a 100 billion yuan fund to support the development of the semiconductor sector, with a projected industry scale exceeding 390 billion yuan by 2024, marking a growth of over 20% [8]. - Recent initiatives include the establishment of a semiconductor materials laboratory and policies to support wide-bandgap semiconductor development, aiming to create a conducive environment for innovation and industry growth [9]. Overall Implications - The coordinated policies from Guangzhou, Zhuhai, and Shanghai collectively aim to enhance China's self-sufficiency and advancement in the semiconductor industry, fostering a competitive edge in the global market [9].