【文/观察者网专栏作者 心智观察所】 一场关乎美国科技霸权的大戏正在华盛顿上演。近90亿美元的政府补助金摇身一变，成为公司差不多 10%的股权——通过"黄金股"这一神奇的制度设计，政府花小钱却能办大事——哪怕只持有象征性的一 股，也能在关键决策上拥有绝对否决权。 这场"准国有化"大戏的主角之一不是别人，正是英特尔新任CEO陈立武。这位华裔高管与特朗普前不久 有过白宫会面。会面后关于政府入股英特尔的消息就开始满天飞，时机之巧合，让人不得不联想到两人 可能已就英特尔的未来达成某种默契。 陈立武，一个带有"政治污点"的救赎者？ 直观理解今天英特尔的困境，可以看一下以下这几组数据。 2024财年，英特尔净亏损188亿美元，营收531亿美元，同比下降2%；毛利率32.7%，同比下降7.3个百 分点。其中，代工业务全年营收175亿美元，亏损高达134亿美元。英特尔尽管在盈利上遇到困难，但目 前现金流状况依然稳定，有足够的资金支持公司进行技术研发和战略调整。只是，能持续多久尚未可 知。 在技术路线和市场决断力上的问题，英特尔犯下了众所周知的错误。当智能手机席卷全球时，英特尔却 还沉浸在PC和服务器的舒适圈里。更要命的是技术 ...

8月25日，武商集团盘中上涨2.04%，截至13:10，报11.50元/股，成交3.01亿元，换手率3.46%，总市值 88.43亿元。 资金流向方面，主力资金净流出1912.82万元，特大单买入741.89万元，占比2.47%，卖出1777.95万元， 占比5.91%；大单买入7314.37万元，占比24.31%，卖出8191.12万元，占比27.22%。 武商集团今年以来股价涨12.03%，近5个交易日跌4.80%，近20日涨12.09%，近60日涨29.58%。 今年以来武商集团已经2次登上龙虎榜，最近一次登上龙虎榜为7月29日，当日龙虎榜净买入2498.29万 元；买入总计1.03亿元 ，占总成交额比17.02%；卖出总计7804.09万元 ，占总成交额比12.90%。 资料显示，武商集团股份有限公司位于湖北省武汉市江汉区解放大道690号，成立日期1991年11月2日， 上市日期1992年11月20日，公司主营业务涉及经营中高档百货和量贩超市业务。主营业务收入构成为： 商品零售业务83.22%，其他(补充)14.08%，房地产业务2.70%。 责任编辑：小浪快报 武商集团所属申万行业为：商贸零售-一般 ...

Core Viewpoint - The article discusses a recent explosion at the U.S. Steel plant in Pennsylvania, highlighting the incident's impact on the company and its recent acquisition by Nippon Steel [2][11]. Group 1: Incident Details - An explosion occurred at the U.S. Steel plant in Clayton, Pennsylvania, on August 11, resulting in two fatalities and dozens of injuries [2][5][8]. - The Clayton plant is the largest coking facility in North America, employing thousands of workers [2][8]. - Emergency services were deployed, and the incident was classified as a "mass casualty event" [7][8]. Group 2: Company Background and Acquisition - Nippon Steel recently completed its acquisition of U.S. Steel, with the deal valued at approximately $14.189 billion, translating to a steel acquisition price of about $616.9 per ton [11][12]. - U.S. Steel has a crude steel production capacity of 23 million tons per year, contributing to Nippon Steel's global capacity of 86 million tons [11]. - The acquisition process involved multiple approvals, including from the U.S. government, which will hold a "Golden Share" to protect domestic production and employment [11][12]. Group 3: Financial and Operational Insights - Prior to delisting, U.S. Steel had a market capitalization of $12.417 billion (approximately 89.2 billion RMB) [2][12]. - The company operates eight blast furnaces in the U.S. and has significant iron ore resources, with an annual production capacity of 23 million tons [12]. - The U.S. market is the largest for steel demand among developed countries, with direct demand projected at 89 million tons for the fiscal year 2024 [12].

Core Viewpoint - The Japanese government is considering investing in the semiconductor foundry Rapidus, with the condition of holding a "golden share" to exercise veto rights on important operational matters [3][4]. Group 1: Government Support and Funding - The Japanese government plans to invest 100 billion yen (approximately 1 billion USD) in Rapidus this fiscal year, alongside a total support package of about 1.72 trillion yen (approximately 12 billion USD) [4][8]. - Rapidus aims to achieve mass production of 2-nanometer (nm) chips by 2027, requiring an estimated total funding of around 5 trillion yen (approximately 35 billion USD) [4][8]. - Existing shareholders, including major companies like Fujitsu and Honda, have expressed interest in additional funding for Rapidus [4][5]. Group 2: Company Background and Market Position - Rapidus was established in August 2022, backed by eight major Japanese companies, including Toyota, Sony, and NTT [5][8]. - The company is in discussions with 40-50 potential clients, including major U.S. tech firms and AI chip startups, indicating a growing demand for alternative suppliers in the advanced semiconductor market [5][6]. Group 3: Technological Development and Production Strategy - Rapidus has initiated its 2-nm chip trial production line, utilizing advanced equipment, including a cutting-edge extreme ultraviolet (EUV) lithography system valued at over 300 million USD [6][10]. - The company plans to adopt a single-wafer processing method, which allows for customized chip production aimed at niche markets, contrasting with the mass production strategies of competitors like TSMC [9][10]. - Rapidus is implementing a new design-manufacturing collaborative optimization (DMCO) approach to enhance design speed and yield through AI-driven data analysis [10][11]. Group 4: Market Outlook and Competitive Landscape - The demand for 2-nm chips is expected to surge due to the anticipated growth in AI applications, with projections indicating a potential 30% reduction in power consumption compared to current leading-edge chips [11][12]. - Rapidus's timeline for achieving mass production by 2027 may lag behind industry leaders like TSMC, Intel, and Samsung, which are expected to begin large-scale production of 2-nm chips in the latter half of this year [9][11].

Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index rose by 0.39%, the Shenzhen Component Index increased by 0.11%, while the ChiNext Index fell by 0.24% [1] Sector Performance - Sectors such as glass fiber, chemical pharmaceuticals, and biological products showed significant gains, while multi-financial, software development, and battery sectors faced declines [1] - Major capital inflows were observed in the chemical pharmaceuticals, electric power, and banking sectors [1] Innovation Drug Sector - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research and development [2] - According to Guojin Securities, the innovative drug sector is currently undervalued, with an increase in the number and quality of new drug approvals in China since the beginning of 2025 [2] Gold Market Outlook - U.S. President Trump criticized the Federal Reserve for not lowering interest rates, with expectations of a rate cut later this year and three cuts next year [3] - China Galaxy Securities predicts that COMEX gold prices may steadily break through $3,300 per ounce, with potential to reach $3,500 in extreme risk scenarios [3] Banking Sector Analysis - The People's Bank of China indicated a continuation of accommodative monetary policy, with expectations for further interest rate cuts and a potential reserve requirement ratio reduction [3] - Guosheng Securities highlighted the ongoing attractiveness of the banking sector, citing a dividend yield of 5.13% compared to a 10-year government bond yield of 1.66%, indicating a significant yield spread [4]

Core Viewpoint - The article discusses the implications of the U.S. government's acquisition of a "golden share" in U.S. Steel following its acquisition by Nippon Steel, suggesting that this move towards nationalization is detrimental to the American economy and contradicts the principles of capitalism [1][2]. Group 1: Government Control and Nationalization - The acquisition of U.S. Steel by Nippon Steel has resulted in the U.S. government obtaining a "golden share," granting it voting rights and control over significant operational decisions, which raises concerns about the effectiveness of such nationalization efforts [2]. - Historical attempts at nationalizing the steel industry, such as President Truman's 1952 initiative, failed due to constitutional limitations, highlighting the challenges and potential pitfalls of government control over private enterprises [2][3]. - The article references past instances of government intervention in industries, such as the creation of Amtrak and the bailout of Continental Illinois National Bank, to illustrate the risks associated with nationalization and the loss of competitive market dynamics [3]. Group 2: Broader Implications for Industries - Various sectors, including aviation, automotive, healthcare, and energy, are experiencing forms of partial nationalization, where government regulations significantly influence operations despite nominal private ownership [4]. - The article raises concerns that the concept of a "golden share" could set a precedent for further government takeovers of struggling companies, potentially impacting major firms like Intel and OpenAI under the guise of national security [5]. - The author warns that undermining the free market through policies like the "golden share" could damage the U.S. stock market's attractiveness and hinder future entrepreneurial ventures, ultimately stifling economic growth [5].

Core Viewpoint - Japan's Nippon Steel plans to raise $14.1 billion through stock issuance to finance the acquisition of U.S. Steel, with conditions set by the U.S. government for approval [1] Group 1: Acquisition Details - Nippon Steel's Vice Chairman Takahiro Mori indicated that the company may consider equity financing to support the investment in U.S. Steel [1] - The acquisition has received approval from the White House, with President Trump confirming support under the condition that Japan provides a "golden share" to the U.S. government [1] Group 2: Market Reaction - Initial market expectations for growth in new markets led to a rise in Nippon Steel's stock price, but concerns over potential dilution of existing shareholder equity have negatively impacted the stock [1] - The company's stock price increased by 2.6% in early trading on the Tokyo Stock Exchange after two consecutive days of decline [1] Group 3: Government Support - The Japanese government welcomed the acquisition, stating it would help improve the investment environment and strengthen U.S.-Japan relations [1]

2025.06. 17 本文字数：2117，阅读时长大约3分钟 作者 | 第一财经 潘寅茹 封图 | 日本制铁对美国钢铁的收购案迎来大结局（来源：日本制铁官网） 历经一年半的波折后，日本制铁对美国钢铁的收购案终于迎来大结局。 据央视新闻报道，日本制铁公司和美国钢铁公司14日宣布，美国总统特朗普已签署行政令，有条 件"放行"日铁收购美钢的计划。 根据该行政令，在满足一定条件的情况下，日铁收购美钢对美国国家安全的威胁能够充分减轻。因 此，特朗普对美国前总统拜登阻止日铁收购美钢的行政令进行修正。而日铁收购美钢获批的前提条件 是，日铁与美钢两家公司必须与美国政府签署国家安全协定（NSA），并承诺遵守协定。 长期研究日本钢铁产业发展的日本企业（中国）研究院院长陈言告诉第一财经记者，尽管日美钢铁行 业的合作得以延续，但纵观这一合作始末有太多模糊的内容，"此前无论是拜登政府还是特朗普政 府，反对这桩收购案的理由就是'涉及美国的国家安全'，但当前双方并没有对何为'国家安全'给出明 确的解释。"他认为，这一问题不阐述清楚，那么今后日本企业若希望继续并购美国企业或者在美国 市场进行投资，同样还会遇到这个问题，"今后相关的投资依然 ...

日铁到2028年底前将向美国钢铁投资110亿美元 随着日铁6月14日与美国政府签署批准收购所需的"国家安全保障协定"，日铁将取得美国钢铁 的全部股份。收购手续预计美国时间6月18日完成。日铁还将向美国政府发行美国钢铁的"黄 金股"…… 另一方面，特朗普在总统令中还加入了设想违反协定的事态等的措辞。表示为维护安全保障 在认为需要的情况下，对日铁和美国钢铁"保留下达进一步命令的权限"。 收购计划的部分概要也浮出水面。为了让一直反对收购的特朗普回心转意，日铁提出了巨额 投资计划。到2028年底前，将向美国钢铁投资总计约110亿美元。预计将用于老旧生产设备 的改造和新建钢铁厂等。 日本经济产业相武藤容治14日表示，"对美国政府此次的决定表示欢迎"。同时还称，"认为这 项投资将强化日美钢铁产业孕育新创新的能力，并有助于加强日美之间紧密的伙伴关系"。 日铁在2023年12月公布了收购美国钢铁的计划。但是，由于牵涉到2024年的美国大选，成 为了政治问题。拜登在2025年1月卸任前签发了中止收购计划的命令。日铁方面对发布中止 命令的拜登和美国政府提起诉讼，局面持续混乱。 在特朗普政府上台后，美国外国投资委员会（CFIUS） ...

日铁到2028年底前将向美国钢铁投资110亿美元 随着日铁6月14日与美国政府签署批准收购所需的"国家安全保障协定"，日铁将取得美国钢铁 的全部股份。收购手续预计美国时间6月18日完成。日铁还将向美国政府发行美国钢铁的"黄 金股"…… 日本制铁预计将于美国时间6月18日完成对美国钢铁（US Steel）的收购手续。随着6月14日 与美国政府签署批准收购所需的"国家安全保障协定"，日铁将以141亿美元取得美国钢铁的全 部股份。这场政治化的收购大戏最终以日铁一贯要求的美国钢铁变为全资子公司告终。 美国总统特朗普在美国时间13日（北京时间14日）签发总统令，修改了美国前总统拜登就日 铁收购美国钢铁的计划发布的中止命令。改变了全面阻止收购的内容，表示要推进交易，条 件是根据美国政府提出的方案签署国家安全保障协定，以消除安全保障方面的隐忧。 总统令签发后，日铁与美国政府签署了国家安全保障协定，并获得了收购批准。日铁和美国 钢铁签订的合并合同中规定，"收购的（最终手续）完成日期将是获得相关当局许可后的3个 工作日"。包括支付收购金额在内，所有手续预计将于18日完成。 日铁还决定向美国政府发行美国钢铁的"黄金股（具否决权的 ...