每经记者｜兰素英 郑雨航 每经编辑｜段炼 89亿美元，占股9.9%！8月22日，美国政府宣布将成为芯片巨头英特尔的最大股东。截至8月25日收盘，英特尔总市值为1075亿美元（约合人民币7694亿 元）。 这不是一般的企业纾困，更不是简单的财政拨款。在特朗普政府的一手操办下，这笔交易颠覆了美国政府与私营企业的传统关系，让《芯片与科学法案》 下的补贴变成了国家层面的直接股权投资。 当地时间8月25日，美国总统特朗普在白宫回答记者提问时称，美国芯片制造商英特尔公司将大约10%的股份给美国政府"对公司来说是好事"，而自己"一 下子就为美国赚了上百亿美元"，如果以后再有这样的机会，他"还会这么做"。特朗普称，虽然有些人说"这么做可耻"，"但这不丢人，这叫生意"。 据英特尔公司8月22日公告，美国政府将以每股20.47美元的价格收购4.333亿股英特尔普通股，股权占比为9.9%。这一收购单价较公告当日英特尔24.80美 元的收盘价折价近17%。加上此前英特尔已获得的22亿美元补贴，美国政府对英特尔的总投资额高达111亿美元。交易完成后，美国政府将成为英特尔最 大股东。 图片来源：视觉中国（资料图） 这一"美国版混改"举措 ...

Market Overview - US stock index futures are all down, with Dow futures down 0.13%, S&P 500 futures down 0.05%, and Nasdaq futures down 0.02% [1] - European indices also show declines, with Germany's DAX down 0.31%, UK's FTSE 100 down 0.53%, France's CAC40 down 1.43%, and the Euro Stoxx 50 down 0.73% [2][3] - WTI crude oil prices fell by 1.73% to $63.68 per barrel, while Brent crude oil dropped by 1.55% to $67.16 per barrel [4] Economic and Policy Developments - The Trump administration announced a 50% tariff on Indian products starting August 27, aiming to pressure Russia amid stalled peace negotiations regarding Ukraine [5] - The US Geological Survey proposed adding copper and potash to the critical minerals list, which could lead to broader policy support for these industries [6] Federal Reserve and Monetary Policy - President Trump dismissed Federal Reserve Board member Lisa Cook, raising questions about the independence of the Fed [7] - The dismissal is part of Trump's ongoing efforts to exert control over the Federal Reserve, with Cook accused of mortgage fraud [7] Corporate News - The US government is acquiring a 10% stake in Intel, potentially paving the way for a US sovereign wealth fund [8] - Doug Clinton, CEO of Intelligent Alpha, believes the AI bull market will continue for another 2-4 years, with Nvidia expected to report strong earnings [9] Company Earnings and Performance - Eli Lilly's oral weight loss drug achieved its primary goal in Phase 3 trials, leading to plans for global registration [10] - AT&T agreed to acquire specific wireless spectrum licenses from EchoStar for approximately $23 billion, causing EchoStar's stock to surge by 70% [10] - Daqo New Energy reported a 65.8% year-over-year decline in Q2 revenue, with a net loss of $76.5 million [11] - Beike's net profit decreased by 7.2% year-over-year, despite a 24.13% increase in total revenue [11] - Gaotu reported a 37.6% increase in Q2 revenue, with a net loss of 216 million yuan [12] - EHang's Q2 revenue increased by 44.2%, with a record delivery of 68 EH216 aircraft [13] Upcoming Economic Data and Events - Key economic data releases include the US Redbook retail sales year-on-year, FHFA house price index month-on-month, and consumer confidence index [14]

Group 1 - The U.S. government holding a 10% stake in Intel may serve as a starting point for establishing a U.S. sovereign wealth fund, with expectations for similar transactions in the chip and other industries in the future [1] - The 10% stake in Intel is considered a unique case due to the significant funding provided by the CHIPS Act, which allows the government to acquire equity without interfering in Intel's operational decisions [1][2] - Trump claims that the stake is valued at approximately $11 billion, emphasizing that all profits will benefit the U.S. and create more jobs [2] Group 2 - The government’s acquisition of Intel shares is framed as a way to ensure taxpayer returns on investments, contrasting with past instances where federal funding did not yield returns for taxpayers [2] - The economic advisor highlighted that the government is not involved in selecting market winners and losers, referencing past government interventions during the 2008 financial crisis [2] - The overarching goal is to maximize the value of taxpayer funds through strategic investments like the one in Intel [3]

Group 1 - The U.S. government holding a 10% stake in Intel may serve as a starting point for establishing a U.S. sovereign wealth fund, with expectations for similar transactions in the semiconductor and other industries in the future [1] - The acquisition of Intel shares is part of a broader strategy under the CHIPS Act, which aims to inject significant funding into the company while allowing the government to gain equity without interfering in its operational decisions [1][2] - The transaction is framed as a way to ensure taxpayer returns on government funding, contrasting with past instances where federal funding did not yield benefits for taxpayers [2] Group 2 - Trump claims that the stake in Intel, valued at approximately $11 billion, was acquired at zero cost to the government, with all profits intended for the U.S. [2] - The government’s involvement in acquiring equity is not unprecedented, as it previously took majority stakes in Fannie Mae and Freddie Mac during the 2008 financial crisis [2] - The emphasis is placed on maximizing the value of taxpayer funds through strategic investments rather than selecting market winners and losers [3]

Group 1 - The price of gold T+D on the Shanghai Gold Exchange is reported at 777.80 CNY per gram, reflecting an increase of 2.08 CNY, or 0.27%, compared to the previous closing price [1][3] - The highest price recorded today is 778.80 CNY per gram, while the lowest is 775.00 CNY per gram [1][3] Group 2 - Kevin Hassett, Director of the National Economic Council, stated that President Trump will take several months to decide on the successor to the Federal Reserve Chairman, with Powell's term ending in May next year [2] - Hassett acknowledged Powell's speech at Jackson Hole as reasonable, noting that inflation has significantly decreased, with prices rising only 1.9% year-over-year over the past six months [2] - Hassett mentioned Trump's acquisition of nearly 10% of Intel's shares, likening it to a sovereign wealth fund operation, and indicated that the government is not interested in operating private enterprises [2]

当地时间周一，美国总统特朗普周一在社交平台Truth Social上夸耀政府对英特尔的入股， 并表示他决心达成更多类似的交易，即持有更多 私营企业的股份。 特朗普发文称："关于英特尔的股份交易我一分钱都没掏，它的价值约为110亿美元，所有收益都归美国。" 此外，美国政府还获得了一项权证，如果未来英特尔不再是其晶圆代工业务的控股股东，政府可以再购买英特尔额外5%的股份。 建立主权财富基金 尽管哈塞特强调政府不会干预公司运营，但他表示这一举措是正在进行的战略的一部分。 哈塞特声称："我认为这是一个非常、非常特殊的情况，因为有大量的《芯片法案》补贴即将投入。"他补充道："但总统早在竞选期间就明 确表示，他希望美国最终能够开始建立主权财富基金。因此，我相信在某个时候，无论是在这个行业还是其他行业，还会有更多交易。" 据悉，特朗普在2月份早些时候签署了一项行政命令，启动设立主权财富基金。这类基金通常由资源丰富的小国利用自然资源收益进行投 资。根据主权财富基金研究所的数据，挪威是全球此类基金的领头羊，拥有约1.8万亿美元的资产，多个中东国家也有类似的大型基金。 他补充道：" 接下来我将一直为我们的国家达成类似的交易 ，那 ...

Core Viewpoint - The Trump administration is effectively "taking over" American businesses through a series of equity investment actions, leading to the quiet formation of a U.S. sovereign wealth fund [1][3]. Group 1: Government Investments - The U.S. government confirmed it will acquire 9.9% of Intel's shares in exchange for accelerating the release of $9 billion in subsidies under the CHIPS and Science Act [1]. - Prior to the Intel investment, the government had already invested $400 million to acquire 15% of MP Materials, the only domestic supplier of rare earth magnets [2]. - The government has also required Nvidia and AMD to hand over 15% of their sales in China and obtained a "golden share" in U.S. Steel, granting it veto power over certain decisions [2]. Group 2: Formation of a Sovereign Wealth Fund - These disparate investments are coalescing into a substantive sovereign wealth fund, as noted by experts [3]. - Unlike traditional sovereign funds established by countries with large cash surpluses, the Trump administration's investments are being executed by a coalition of different agencies [3]. - There are speculations that these assets may eventually be integrated into a more conventional fund framework, as the White House has already proposed plans for establishing a sovereign wealth fund [3]. Group 3: Concerns and Controversies - The government-led investment model has raised concerns among academics, with some describing it as a "bad idea at the right time" [4]. - Traditional sovereign funds typically arise in countries with significant cash surpluses, while the U.S. is currently facing a fiscal deficit [4]. - There are questions regarding the necessity of government involvement in a well-developed venture capital industry and financial market [4]. - Concerns have been raised about the transparency and potential politicization of this de facto sovereign fund [4]. - The investment terms may significantly impact corporate futures, as the government retains veto power over decisions that could negatively affect its relationship with companies [4].

美国政府完成对英特尔的股权投资后，特朗普周一表示将推进更多类似交易。白宫已投资89亿美元持有 这家芯片制造商9.9%的股份。 特朗普在社交媒体上重申了扩大政府投资的计划。他表示将为国家达成此类交易，认为这些举措能让美 国变得更加富有。特朗普称赞英特尔股价上涨为美国创造更多就业机会，并询问谁会不愿意促成这样的 交易。 美国总统强调，国家需要在关键行业增加产能。他反对将制造业外包给其他国家的做法。特朗普承诺将 帮助与美国达成类似有利可图交易的公司，但未透露具体细节。 特朗普在2月份签署行政命令启动设立主权财富基金。这类基金通常由资源丰富的小国利用自然资源收 益进行投资。挪威是全球此类基金的领头羊，拥有约1.8万亿美元资产。 英特尔在文件中列出了政府投资带来的几个新风险因素。从可能损害国际销售到限制芯片制造商获得未 来政府拨款的能力。英特尔首席执行官陈立武表示不需要这笔拨款，但期待美国政府成为股东。 政府对影响英特尔的法律法规拥有大量额外权力。这可能限制该公司进行有利于股东的交易能力。英特 尔股价周一高开低走跌1.01%，报24.55美元。 据悉，为获得芯片出口许可证，本月早些时候英伟达和AMD与特朗普政府达成特殊 ...

Core Viewpoint - The U.S. government has acquired a 9.9% stake in Intel for $8.9 billion, becoming its largest shareholder, with the aim of preventing Intel from selling its foundry business and promoting domestic chip manufacturing [1][4]. Group 1: Government Investment and Strategy - The investment of $8.9 billion from the U.S. government, along with a previous $2 billion from SoftBank, is insufficient to meet Intel's capital expenditure needs, especially for the next-generation 1.8nm process chip factory [2][7]. - Intel's current cash and short-term investments total $21.2 billion, with a quarterly operating cash flow of only $2 billion and negative free cash flow for seven consecutive quarters [2][7]. - The U.S. government aims to ensure that important companies align with national strategic interests, which may not necessarily coincide with the companies' economic benefits [5][6]. Group 2: Intel's Business Challenges - Intel faces two choices: either sell or partially sell its foundry business and forfeit government subsidies, or accept the government's investment while seeking additional funding to continue its chip manufacturing efforts [2][3]. - Despite the government's support, Intel has struggled to find external customers for its foundry business, with most of its capacity being used for internal production [2][3]. - The government has committed not to interfere in Intel's daily management but will have significant influence over its strategic direction [4][5]. Group 3: Broader Implications for the Industry - The U.S. government may consider investing in more companies beyond the chip sector, as part of a strategy to establish a "sovereign wealth fund" [3][4]. - The current environment is characterized by a "three-legged" competition among TSMC, Samsung, and Intel in the logic chip manufacturing sector, with the potential for several winners emerging from increased investments in U.S. chip production [6][7]. - The government's investment strategy reflects a shift towards ensuring that critical industries remain in the U.S., potentially extending to sectors like renewable energy and aerospace [5][6].

来源：环球市场播报 哈塞特强调，政府不会干预企业运营，但同时表示，此次持股是一项持续推进计划的环节之一。 美国国家经济委员会（NEC）主任哈塞特在接受采访时表示："嗯，我认为这是一个非常、非常特殊的 情况，因为《芯片与科学法案》将带来巨额支出。但总统早在竞选期间就明确表示，他认为如果美国最 终能着手建立一只主权财富基金，那将是一件大好事。所以我确信，未来某个时候一定会有更多此类交 易 —— 即便不在芯片行业，也会涉及其他行业。" 今年 2 月初，特朗普签署行政令，启动主权财富基金的筹建工作。主权财富基金这一机制主要由拥有丰 富自然资源的小国采用，这些资源会作为交易的资金后盾。根据主权财富基金研究所（Sovereign Wealth Fund Institute）的数据，挪威的主权财富基金规模居全球首位，资产约达 1.8 万亿美元；中东多 个国家也拥有大型主权财富基金。 哈塞特表示，尽管美国政府大规模持有企业股份的做法并不常见，但并非没有先例。他以金融危机后政 府持有房利美（Fannie Mae）和房地美（Freddie Mac）股份为例进行说明。 美国总统特朗普于周一就政府新持有英特尔股份一事表示自豪，并宣称 ...