Core Viewpoint - The article highlights the advancements in flexible and foldable glass technology developed by China National Building Material Group Glass New Materials Research Institute, showcasing its applications in various high-tech products and its significance in the global glass industry [1][2][3]. Group 1: Product Innovation - The flexible foldable glass produced by the company is only 30 micrometers thick, approximately one-third the thickness of a standard A4 paper, and has a bending lifespan exceeding one million cycles [1]. - This glass maintains high temperature resistance, hardness, light transmittance, gas tightness, and flatness, ensuring stable mechanical and chemical properties even under oxidative and illuminated conditions [1]. - The flexible glass has been widely applied in products such as foldable smartphones, rollable televisions, and flexible medical testing equipment [1]. Group 2: Research and Development - The production of ultra-thin flexible foldable glass required over a thousand experiments for formulation, followed by industrial trials and the design of dedicated production lines [2]. - The team, led by an academician from the Chinese Academy of Engineering, has successfully overcome key technological challenges, establishing a comprehensive industrial chain from high-strength glass to precision post-processing [2]. - The company has developed a "three-chain integration" model, combining innovation, engineering, and industry chains, resulting in numerous "China's first, world-leading" achievements [2]. Group 3: Market Impact - The development of the world's first 8.6-generation OLED ultra-thin float glass substrate is set to be completed by the end of 2024, marking a significant milestone in the production of high-generation OLED glass substrates in China [2][3]. - These innovations support the demand for advanced glass materials in sectors such as information display, new energy, semiconductors, and high-end equipment, ensuring the security of China's industrial supply chains [3]. - The advancements in glass technology signify a shift for China from following and catching up to leading in the global glass industry [3].

Fundraising Plan - The company plans to raise a total of up to 1.2 billion RMB through a private placement of A-shares, with the funds allocated to three construction projects and working capital [1] - The total investment for the projects is estimated at 1.37358 billion RMB, with 1.2 billion RMB sourced from the fundraising [1] Project Overview and Feasibility Analysis - The fundraising projects aim to support domestic economic circulation and ensure the security of national industrial chains, aligning with national development strategies [2][3] - The wet metallurgy project will produce key raw materials such as potassium fluotantalate and niobium oxide, essential for subsequent production processes in high-temperature alloys, semiconductors, and defense industries [2][3] - The projects are expected to optimize the product structure and upgrade the company's industrial capabilities, addressing the growing demand in the tantalum and niobium sector [2][3] Industry and Market Context - The projects are supported by national and local industrial policies that emphasize the development of rare metals and new materials, which are critical for various high-tech applications [5][6] - The company is positioned to meet the increasing market demand for high-value-added products in sectors like semiconductors and aerospace, enhancing its competitive edge [4][7] Financial Projections - The company anticipates a compound annual growth rate (CAGR) of 10% in revenue over the next three years, with projected revenues of approximately 1.41 billion RMB in 2025 and 1.70 billion RMB in 2027 [16][18] - The fundraising will also address the projected working capital gap of 232.66 million RMB from 2025 to 2027, ensuring sufficient liquidity for operations [19][20] Operational Impact - The fundraising projects are expected to enhance the company's operational capabilities, improve financial stability, and reduce financial risk by optimizing the capital structure [20][21] - The implementation of these projects will solidify the company's market position and support long-term sustainable growth [21]

Core Viewpoint - The article discusses the contradictions and effects of the U.S. industrial policy, highlighting the dual standards in trade practices and the impact of domestic challenges on the competitiveness of U.S. manufacturing [2]. Group 1: Types and Mechanisms of U.S. Industrial Policy - U.S. industrial policy can be categorized into domestic supportive policies and foreign restrictive policies, aimed at enhancing domestic industry competitiveness and limiting foreign competition [5]. - Domestic supportive policies include fiscal and financial measures, government procurement, and innovation support, while foreign restrictive policies encompass investment restrictions and trade protection measures [5][4]. Group 2: Fiscal and Financial Policies - The Inflation Reduction Act plans to invest $391 billion in energy and climate initiatives from 2022 to 2031, with $234 billion allocated for tax credits and $157 billion for subsidies and loans [6]. - The CHIPS Act authorizes approximately $52 billion in subsidies and loan guarantees for semiconductor manufacturing and related research [6]. - U.S. government spending on industrial subsidies has increased from $45.8 billion in 2000 to $128 billion in 2022, maintaining around $100 billion annually thereafter [6]. Group 3: Government Procurement and Market Access Policies - The U.S. government prioritizes domestic procurement, mandating that at least $200 billion of federal purchases annually be for products with over 50% domestic content [13]. - The U.S. has pressured other countries to lower trade barriers and increase procurement of American goods, exemplified by agreements with Japan and China [14][13]. Group 4: Innovation Support Policies - Innovation support policies include funding for research and development in clean energy and technology, with significant investments outlined in the Infrastructure Investment and Jobs Act and the Inflation Reduction Act [16][18]. - The U.S. government has established various research centers to promote technological innovation, providing competitive funding to universities and companies [17]. Group 5: Infrastructure Investment Policies - The Infrastructure Investment and Jobs Act allocates nearly $100 billion for transportation infrastructure, while the Inflation Reduction Act invests approximately $30 billion in modernizing the electric grid [19][20]. - The Biden administration's broadband plan aims to invest $42.45 billion to enhance broadband access in underserved areas [19]. Group 6: Trade Protection Policies - The U.S. has implemented tariffs on imports based on national security and unfair trade practices, including a 25% tariff on steel and a 10% tariff on aluminum [24]. - The U.S. has historically pressured countries to agree to voluntary export restrictions, as seen in agreements with Japan in the 1980s [25]. Group 7: Technology Restriction Policies - The U.S. has placed several Chinese technology companies on an entity list, restricting their access to U.S. technology under the guise of national security [27]. - The CHIPS and Science Act prohibits semiconductor companies receiving U.S. subsidies from expanding operations in China for ten years [27]. Group 8: Implementation Motivations and Characteristics - The U.S. industrial policy aims to enhance competitiveness, ensure supply chain security, reduce income inequality, and maintain technological leadership [32][36]. - The federal government primarily drives these policies, with state and local governments playing a limited role [37]. Group 9: Effectiveness of U.S. Industrial Policies - Overall, U.S. industrial policies have seen varying degrees of success, particularly in innovation support, while trade protection measures have had limited effectiveness [39]. - Successful policies include innovation initiatives that have led to significant technological advancements and job creation [40][41].