值得一提的是，本月，特朗普政府采取一系列非常规举措，令华尔街和华盛顿政策圈震惊。在华尔街金 融家支持下，白宫要求英伟达与AMD(AMD.US)将中国市场的AI芯片销售收入15%上缴国库，此举直接 冲击科技行业规则。 智通财经APP获悉，一位美国政府官员透露，特朗普政府当前无意通过入股方式参与台积电 (TSM.US)、美光科技(MU.US)等半导体企业的投资计划，尽管这些企业正持续扩大在美投资规模。这 位要求匿名的官员强调，美国政府不会强制要求在美国扩大投资的企业以股权置换《芯片法案》等政府 资金支持，这一表态与正在进行的英特尔(INTC.US)股权收购谈判形成鲜明对比。 根据公开信息，美光科技已承诺向美国本土投资2000亿美元，台积电则追加1000亿美元投资计划。与此 形成对比的是，商务部长霍华德·卢特尼克近期多次公开表示，特朗普政府倾向于通过政府拨款换取企 业股权，以实现"纳税人资金的高回报"。他特别指出："我们不仅要发放补助，更要通过股权获取长期 收益。" 目前最受关注的案例是英特尔股权谈判。据知情人士透露，白宫正与这家芯片巨头商讨收购其10%股份 的方案，涉及将《芯片法案》提供的资金部分转换为股权。尽管 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ：内容 编译自 WSJ 。 一位政府官员表示，特朗普政府正在考虑入股那些获得《2022 年芯片法案》资助的公司的股权，但 没有计划入股那些正在增加美国投资的大型半导体公司。 美国商务部长霍华德·卢特尼克 (Howard Lutnick)周二接受 CNBC 采访时证实，政府正在就收购陷入 困境的半导体公司英特尔10% 的股权进行谈判，并表示政府可能还会考虑收购其他公司的股权。 特朗普对私营部门的干预加剧了企业高管的焦虑，他们担心谁将成为下一个目标。美国政府对芯片公 司英伟达和超微半导体公司（Advanced Micro Devices）对华销售额征收15%的佣金。在最近加快 与英特尔就将部分芯片业务资金转换为股权的谈判之前，特朗普曾要求首席执行官陈立武（Lip-Bu Tan）因与中国的关系而辞职。 《芯片法案》最初是在特朗普第一任政府时期构思的，旨在吸引台积电等制造商在美国生产，并应对 更高的制造成本。该计划实施缓慢，政府更迭带来的不确定性以及关税紧张局势阻碍了其有效性。 卢特尼克正在考虑将英特尔的部分《芯片法案》拨款转换为股权。任何此类举措都可能面临法律挑 ...

华尔街日报：特朗普政府并不打算入股台积电和美光科技等正在增加美国投资的公司，但可能会入股其他公司。台积电高管曾考虑，若美国政府要求入股，将归还芯片法案的资金。外汇交易员 (@myfxtrader):路透：除英特尔以外，卢特尼克正在探索美国如何通过《芯片法案》资金换取美光、台积电和三星等公司的股权。 ...

路透：特朗普政府正在考虑从《芯片法案》中重新分配至少20亿美元，用于资助关键矿产项目，并加强商务部长卢特尼克对战略领域的影响力。拟议中的举措将从国会已经分配的用于半导体研究和芯片工厂建设的资金中拨款，避免提出新的支出要求，特朗普政府寻求降低美国在关键矿产方面对中国的依赖。 ...

Core Viewpoint - Pop Mart's founder Wang Ning expressed confidence in achieving a revenue of 30 billion yuan for the year 2025, emphasizing the importance of healthy growth metrics behind the numbers [5][6]. Financial Performance - For the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4% [5]. - The adjusted net profit for the same period was 4.71 billion yuan, showing a significant year-on-year growth of 362.8% [5]. Future Projections - Wang Ning stated that while the initial target for this year was 20 billion yuan, he feels that reaching 30 billion yuan is quite feasible [6].

1. Report Industry Investment Rating - The report recommends a long position for macro and financial index futures, including IM, IC, IF, IH [1]. 2. Core View of the Report - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. The trading volume of the two markets was 2.40 trillion yuan. The inflow of continuous funds will drive the stock market to maintain an upward trend [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Review - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. The trading volume of the two markets was 2.40 trillion yuan. The CSI 1000 Index closed at 7305 points, up 62 points or 0.86%; the CSI 500 Index closed at 6728 points, up 72 points or 1.09%; the SSE 300 Index closed at 4271 points, up 48 points or 1.14%; the SSE 50 Index closed at 2846 points, up 34 points or 1.23%. Among industry and theme ETFs, the top gainers were Science and Technology Innovation Chip ETF, Artificial Intelligence ETF Science and Technology Innovation, Chip 50 ETF, Science and Technology Innovation Information ETF, and Semiconductor Equipment ETF, while the top losers were Financial Technology ETF, Film and Television ETF, and Biological Vaccine ETF. Among the sector indices of the two markets, the top gainers were commercial vehicles, chemical fibers, semiconductors, hotel and catering, and optical and optoelectronic indices, while the top losers were navigation equipment, ground military equipment, radio and television, film and television theater chains, and CXO concept indices. The settlement funds of CSI 1000, SSE 300, CSI 500, and SSE 50 index futures had net inflows of 9.9 billion, 3.6 billion, 3.4 billion, and 0.8 billion yuan respectively [1]. 3.2 Important Information - Among the 31 Shenwan primary industries, 28 have risen overall this year. The top five gainers are the communication, non-ferrous metals, pharmaceutical and biological, machinery and equipment, and comprehensive industries, with annual increases of over 20%. The communication and non-ferrous metals industries have both increased by over 30% [1]. - As of the close on August 18, among the 5424 A-share stocks, 4514 have risen overall this year, accounting for 83%. 360 stocks have doubled this year, accounting for 6.6% [1]. - Overseas capacity construction has shifted its focus to equipment procurement. The imports of production equipment such as milling machines and grinding machines in the US, India, Malaysia, etc. have significantly increased since the second half of 2024, and the imports of generators and transformers are also picking up [1]. - Wall Street traders are buying a large number of "disaster puts" on the Invesco QQQ Trust Series 1 ETF that tracks the Nasdaq 100 Index, seemingly worried about a repeat of the sell-off in April [1]. - A MIT report states that "95% of organizations have received zero returns on their generative AI investments," combined with a bubble warning from OpenAI CEO Sam Altman, causing investors to flee high-momentum technology stocks and move to defensive sectors [1]. - Japan's export data for July reflects the continuous impact of tariffs. Japan's exports of automobiles and parts to the US decreased by 28.4% and 17.4% respectively, and exports of semiconductor manufacturing equipment decreased by 31.3%. Economists warn that Japan may fall into a recession [2]. - The US government has quietly expanded the scope of steel and aluminum tariffs, adding over 400 product categories with a 50% tariff rate, which will add more cost-push inflation pressure [2]. - The US Commerce Secretary is exploring how to obtain more equity in major chip manufacturers through the Chip Act funds. If the equity-for-subsidy model is fully implemented, the US government will become an important shareholder in major global chip manufacturers [2]. 3.3 Market Logic - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. Hedge funds' net purchases of Chinese stocks last week reached the highest in seven weeks, making China the market with the largest net capital inflow on the Goldman Sachs platform since August [1][2]. 3.4 Future Market Outlook - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. As of the close on August 18, among the 5424 A-share stocks, 4514 have risen overall this year, accounting for 83%. 360 stocks have doubled this year, accounting for 6.6%. Hedge funds' net purchases of Chinese stocks last week reached the highest in seven weeks, making China the market with the largest net capital inflow on the Goldman Sachs platform since August. Goldman Sachs believes that China's humanoid robot industry is undergoing product iterations at an astonishing speed, and the commercialization path is becoming increasingly clear. The chief strategist of Bank of America believes that the Fed may deal with debt through currency depreciation, making shorting the US dollar the core investment theme. Gold, cryptocurrencies, commodities, and emerging markets will be the biggest winners. The probability of a Fed rate cut in September has risen to 100%. The "de-Americanization" of global financial asset reallocation is expected to accelerate the inflow of international funds into the A-share market. The short-term technical index correction has ended, and the major indices of the two markets have entered an upward phase again. Continuous capital inflows will drive the stock market to maintain an upward trend [1][2]. 3.5 Trading Strategy - For index futures directional trading, the short-term technical index correction has ended, and the major indices of the two markets have entered an upward phase again. Continuous capital inflows will drive the stock market to maintain an upward trend [2]. - For index option trading, with continuous capital inflows, investors can choose to buy out-of-the-money long-term call options on growth index futures [3].

Group 1 - TSMC reported a net profit of NT$398.27 billion (approximately RMB 94.78 billion) for Q2 2025, with its Arizona factory contributing NT$6.447 billion (approximately RMB 1.534 billion) in investment income after four years of losses [1] - The Arizona factory had accumulated losses exceeding NT$39.4 billion over the past four years, with losses of NT$4.976 billion and NT$4.979 billion in Q3 and Q4 of 2024, respectively [1] - Despite the contribution from the Arizona factory, it only accounted for 1.62% of TSMC's total net profit for Q2 [1] Group 2 - TSMC announced a total investment of $65 billion for three advanced chip factories in the U.S., followed by an additional $100 billion for three more advanced chip factories, two advanced packaging plants, and a research center [2] - The P1 factory began production in Q4 of last year, while the P2 factory is expected to start equipment installation in Q3 of next year and begin mass production in 2027 [2] Group 3 - TSMC's subsidiary in Japan, JASM, continues to operate at a loss, with losses reported at NT$11.19 billion, NT$11.87 billion, NT$32.49 billion, and NT$29.73 billion over recent quarters [4] - The low capacity utilization rate of approximately 50% at JASM's first wafer fab is attributed to intense competition in mature process nodes [4] - The slow recovery in the automotive and consumer markets is cited as a reason for the delayed construction of JASM's second factory [4] Group 4 - TSMC's Arizona factory has achieved a monthly production capacity of approximately 34,000 wafers for 4nm chips, fully booked by clients such as Apple and AMD [5] - The profitability of the Arizona factory is contingent on capacity utilization and product margins, with TSMC indicating that overseas factory mass production will dilute margins by 2-3% annually in the initial years, increasing to 3-4% later [5] Group 5 - U.S. government officials have expressed concerns about the return on investment from subsidies provided to semiconductor manufacturers, including TSMC [6] - The U.S. government is considering acquiring equity stakes in companies like TSMC as part of the Chip Act funding [6][7] - There is a push from U.S. officials to relocate some chip manufacturing back to the U.S. for national security reasons [7]

公众号记得加星标⭐️，第一时间看推送不会错过。 两位消息人士称，美国商务部长霍华德·卢特尼克 (Howard Lutnick) 正在调查联邦政府入股获得《芯 片法案》资助的计算机芯片制造商，以在该国建厂。 一位白宫官员和一位知情人士透露，卢特尼克正在探讨如何通过现金补助换取英特尔股权，进而通过 这种方式获得美光、台积电和三星等公司在《芯片法案》中的股权。目前，大部分资金尚未发放。 （原文： Expanding on a plan to receive an equity stake in Intel in exchange for cash grants, a White House official and a person familiar with the situation said Lutnick is exploring how the U.S. can receive equity stakes in exchange for CHIPS Act funding for companies such as Micron, Taiwan Semiconductor Manufacturing Co ...

【文/观察者网 熊超然】当地时间8月19日，美国商务部长卢特尼克在接受美国消费者新闻与商业频道 （CNBC）一档节目采访时表示，英特尔公司必须向美国政府提供该公司股权，以换取《芯片和科学法 案》（"芯片法案"）的拨款。他证实，美国政府正与英特尔就入股这家芯片制造商进行磋商，并将该计 划描述为是将"芯片法案"拨款转换为股权的尝试。 卢特尼克接受CNBC采访 视频截图 此前，当地时间8月18日，彭博社援引一名白宫官员和其他知情人士报道称，特朗普政府正考虑将"芯片 法案"的资助款项部分或全部转换为股权，就收购陷入困境的芯片制造商英特尔公司10%的股份进行谈 判。 卢特尼克猛烈抨击美国前总统拜登签署的这项法案，称该法案为半导体制造商提供补贴，但美国纳税人 却没有任何回报。他还解释，尽管该计划可能会使美国政府成为英特尔的最大股东，但不会赋予美国政 府对英特尔的治理权或投票权，只是"拨款转股权"而已。 "我们为什么要给一家价值1000亿美元的公司这么多钱？这对美国纳税人有什么好处？唐纳德·特朗普的 答案是，我们应该用这笔资金换取股权，"卢特尼克说："因此，我们将兑现拜登政府已承诺的资金，我 们将获得股权作为回报。" 彭博 ...

他强调，芯片法案原本就是对有钱企业的送礼。「我们对英特尔的态度是，把拜登原本打算白送的钱， 转换成美国人民的股权。是的，对英特尔而言比免费补助糟，但对纳税人来说更有利，这就是特朗普的 思维。」 外界关注英特尔获得大笔银弹支援后，与台积电的竞合关系发展。 美国商务部长卢特尼克接受采访时，批评资金流向台积电，「我们希望英特尔在美国取得成功」，并证 实美方有意通过原以芯片法案补助英特尔的资金，取得英特尔股权。 卢特尼克强调，美国不能依赖中国台湾制造芯片，且美国总统特朗普认为，拜登时期提供英特尔资金， 因此应让联邦政府「获得股权」。至于政府是否会因持有英特尔10%股份而介入公司治理，他则否认： 「不，别想太多。我们只是把拜登时期的补助金，转换成特朗普政府下的股权。这不是治理问题。」 卢特尼克说，在国安考量下，美国必须能在本土制造芯片，不能过度依赖中国台湾。就地理距离来看， 中国台湾距离美国9,500英里，距离中国大陆仅80英里，99%的先进芯片都集中在中国台湾，显然不可 行。 他补充，这也是美日、美韩协议的一部分，要建立足够的基础设施与产能，好让美国有能力制造这些芯 片。 「如果英特尔能够在美国生产芯片节点、推动本土 ...