不过，据了解，此次交易以权益投资为主，政府取得的持股为被动性质，不涉及公司治理控制权安排， 美国政府不会拥有董事会席位或其他治理权利。 与此同时，英特尔自身持续布局。公告显示，过去五年，英特尔已投资1080亿美元资本和790亿美元研 发费用，其中大部分用于扩大美国的制造能力和工艺技术。 英特尔表示，目前正在大力扩张其美国本土芯片制造产能，投资超过1000亿美元扩建其美国工厂。该公 司位于亚利桑那州的最新芯片制造工厂预计将于今年晚些时候实现量产，该工厂将采用美国本土最先进 的半导体制造工艺技术。 21世纪经济报道记者倪雨晴 当地时间8月22日，美国政府入股英特尔的传闻落地。 据新华社报道，美国芯片制造商英特尔公司22日宣布与美国联邦政府达成协议，后者将向英特尔普通股 投资89亿美元，以每股20.47美元的价格收购4.333亿股英特尔普通股，相当于该公司9.9%的股份。 这意味着，美国政府将以股权方式深度介入美国半导体龙头的资本结构。在业内看来，其目标是强化本 土先进制程与先进封装产能、降低供应链风险，并在地缘竞争中抢占技术与产业主动权。交易宣布后， 英特尔股价当日应声上涨超过5%。 如此巨额的资金，从何而来？ ...

Group 1: Overview of Rare Earth Industry - The rare earth industry includes 17 metallic chemical elements, categorized into light and heavy rare earths, with applications in various fields, particularly in permanent magnet materials for electric vehicles and wind power [1][2] - The industry chain encompasses mining, smelting, separation, and processing, ultimately producing functional materials used across multiple industries [1][2] Group 2: Global Supply Landscape - Global rare earth reserves are concentrated, with China holding 48% of the total reserves and accounting for 69% of global production, thus dominating the industry chain [1][2] - Recent efforts by Western countries aim to diversify supply chains and reduce dependency on China by increasing rare earth mining and production capacity [1][2][3] Group 3: China's Resource Management - China implements total control over rare earth mining and smelting, leading to a dual structure of "North Light and South Heavy" in resource management [1][2] - Policies are expected to enhance market concentration and reshape international supply-demand dynamics [1][2] Group 4: Market Size and Growth - From 2018 to 2023, China's rare earth industry value has grown, with significant increases in the smelting and separation sectors, and rapid expansion in the functional materials market [1][2] - The market for rare earth functional materials is projected to continue its rapid growth, driven by policy support and increasing demand [1][2] Group 5: Functional Materials Market - Permanent magnet materials dominate the rare earth consumption landscape, with China leading the global market, valued at over 100 billion yuan [2][3] - Catalytic materials have a market size of 6 to 8 billion yuan in China, with foreign companies holding a monopoly, while domestic firms are catching up in certain areas [2][3] - Hydrogen storage materials are primarily produced in China, which supplies over 90% of the global market, although there is a technological gap with Japan [2][3] Group 6: Strategic Importance - Rare earths are considered strategic resources with critical applications in high-tech fields such as renewable energy, defense, and electronics, making them central to global industrial competition and geopolitical dynamics [1][2][3] - The U.S. and its allies view reducing reliance on Chinese rare earths as a national security priority, leading to policies aimed at establishing alternative supply chains [1][2][3]

美国政府加征关税有两大目标，降低贸易逆差和促进美国再工业化，前者主要是经济层面的保护主义，后者更具有地缘竞争的特征，主要是针对中国 作为全球制造业体系中心的地位。两个目标相互联系，关键变量是规模，美国对一个小型经济体的贸易逆差不具有系统重要性。由此分析美国关税作 用的机制和影响需要重视规模经济的角色。美国的贸易逆差反映了其低储蓄率，后者有美元国际货币地位和美国大型科技企业全球收租的作用，国际 货币和数字经济有规模经济效应，但其垄断属性使得相关的收益更多由美国获取，包括负债成本低和资产高估值带来的财富效应，提高了消费率，贸 易逆差是结果的体现。另一方面，制造业也具有规模经济效应，但是充分竞争的行业，创新带来的垄断超额收益难以持久，中国的大制造业体系产生 的规模效应由所有经济体更平衡享受，体现为中国的实体资源对外转移（出口量大幅上升），结合内部社会保障体系不完善等结构性因素导致的需求 不足，形成宏观层面的贸易顺差。 美国关税可能对上述的两个规模经济模式带来重大冲击。近期美国市场出现罕见的"股债汇三杀"现象，反映了投资者对关税引发的国际经贸摩擦冲击 美元地位和科技巨头在一些领域的垄断地位的担忧。对全球经济来讲，关税 ...