<p>尽管 2025 年在华尔街的开局并不顺利，但股票市场正逐渐显现出又一个辉煌的年份。最近，广受关注的 <strong>标准普尔 500 指数</strong>(^GSPC 0.53%)、以增长为驱动的 <strong>纳斯达克综合指数</strong>(^IXIC 0.52%) 和标志性的 <strong>道琼斯工业平均指数</strong>(^DJI 0.52%) 均创下了新的历史高点。</p>
<p>那些坚持不懈并保持乐观的投资者显然受益匪浅——而这现在也包括联邦政府。</p>
<p>虽然美国政府在过去偶尔会作为投资者试水，但特朗普总统的政府正在打破常规，而这种做法并不一定是好的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzg0MjEvNDkwMjkxODc3MzdfZDAzZTdmM2RkM19rLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzg0MjEvNDkwMjkxODc3MzdfZDAzZTdmM2RkM19rLmpwZyZ3PTcwMA"/></p>
<p>特朗普总统发表讲话。图片来源：官方白宫照片，由 Shealah Craighead 拍摄，国家档案馆提供。</p>
<p>在金融危机期间，著名的救助资产计划（Troubled Asset Relief Program，简称 TARP）允许财政部在陷入困境的金融机构中建立股权投资。与此同时，在 COVID-19 疫情期间，美国财政部从一些主要航空公司那里获得了股票认股权证，作为对其提供的财政援助的部分补偿。</p>
<p>特朗普政府在没有金融紧急情况的情况下对四家上市公司进行了股权投资，这既独特又可能成为危险的先例。</p>
<h2>特朗普总统的政府投资了四只飙升的股票</h2>
<p>特朗普政府投资的亮点无疑是其在半导体巨头 <strong>英特尔</strong>(INTC 0.47%) 上投资的 89 亿美元。尽管英特尔已经从美国《芯片与科学法案》中获得了资金（截至 8 月 22 日已获得 22 亿美元），但剩余的 57 亿美元补助金，加上通过安全区计划授予公司的 32 亿美元，均转化为对英特尔普通股的投资。这相当于该公司 9.9% 的股份。</p>
<p>此外，特朗普政府还获得了一项为期五年的认股权证，允许以每股 20 美元的价格购买英特尔额外 5% 的流通股，如果英特尔在其代工业务中的持股比例降至 51% 以下。</p>
<p>这项投资的目的很简单：总统及其政府希望芯片生产在美国进行，而不是在海外。这笔资金应有助于推动英特尔的代工雄心，目标是成为全球第二大芯片制造商。</p>
<p>但英特尔只是冰山一角，特朗普政府还投资了另外三家上市公司。</p>
<p>7 月 10 日，稀土金属生产和加工公司 <strong>MP Materials</strong>(MP -3.92%) 宣布与美国国防部（DOD）达成一项复杂的数十亿美元交易，使其成为该公司的最大股东。国防部的投资将为在美国建设第二个磁铁制造设施提供资金，预计该设施将在 2028 年投入使用。</p>
<p>此外，国防部还建立了一项为期 10 年的采购协议，承诺在新设施完工后购买所有磁铁，并为 MP Materials 的钕铕氧化物生产设定每公斤 110 美元的价格底线。这项投资是为了防止中国进一步获取稀土金属。</p>
<p>10 月初，美国能源部（DOE）宣布将对 <strong>Lithium Americas</strong>(LAC -8.32%) 投资 5% 的股份，该公司在内华达州运营着全球最大的锂矿之一。能源部还将对 Lithium Americas 与 <strong>通用汽车</strong> 之间的合资企业投资 5% 的股份，该合资企业负责位于银州的 Thacker Pass 锂矿。</p>
<p>锂是一种用于下一代智能手机和电动车电池的必要金属。</p>
<p>最后，在 10 月 6 日，金属和矿产开采公司 <strong>Trilogy Metals</strong>(TMQ -9.01%) 宣布获得国防部 3560 万美元的投资，而特朗普在 9 月初将国防部重新命名为战争部。Trilogy 是一家总部位于加拿大的矿业公司，持有 Ambler Metals 的 50% 股份，该公司完全控制阿拉斯加的 Upper Kobuk 矿产项目。</p>
<p>政府将以每股 2.17 美元的价格购买 Trilogy 超过 820 万股的股票，成本约为 1780 万美元，并获得 10 年的认股权证，进一步增加其持股比例。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzg0MjEvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzg0MjEvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>联邦政府持有股票可能对华尔街和投资者构成滑坡</h2>
<p>从表面上看，联邦政府在上市公司中持有股权似乎是个好消息。从远处看，这传达了对国内半导体行业的信心，并看起来是确保美国未来能够以有吸引力的价格获得稀土金属的可行尝试。</p>
<p>但如果投资者深入挖掘，事情并非如此简单。</p>
<p>2012 年，国会通过了《停止国会知识交易法案》（Stop Trading on Congressional Knowledge，简称 STOCK 法案），时任总统奥巴马签署了该法案。STOCK 法案旨在阻止国会议员和高级政府官员利用内部信息进行股票交易。根据该法案，国会议员和高级政府官员必须在交易超过 1000 美元后不迟于交易后 45 个日历日公开报告其交易。</p>
<p>尽管 STOCK 法案成为法律，但国会议员仍然进行引人注目的交易，而这些交易直接影响他们所投资公司的法律。</p>
<p>将这种潜在的利益冲突放大 100 倍，你就会看到特朗普政府在英特尔、MP Materials、Lithium Americas 和 Trilogy Metals 的投资所设定的危险先例。</p>
<p>尽管美国商务部长霍华德·卢特尼在接受 CNBC 采访时（在他的政府对英特尔进行投资之前）向投资者保证，任何投资都将不具投票权，但这并不意味着特朗普政府对这四家公司的董事会和高管团队没有影响力。</p>
<p>除了国会制定的财政政策和法律可以直接影响这些企业外，特朗普总统还表现出愿意将美国企业和/或产品作为其关税和贸易政策要求的筹码。</p>
<p>更有甚者，称这四家上市公司都需要特朗普政府的资本实属牵强。</p>
<p>例如，英特尔已经从《芯片法案》中获得了 78.6 亿美元的资金，并在过去 12 个月的运营中产生了超过 100 亿美元的现金流。它并不缺乏资本，但由于联邦政府改变了其剩余《芯片法案》拨款的性质，导致其受到限制。</p>
<p>尽管我们在英特尔、MP Materials、Lithium Americas 和 Trilogy Metals 中看到的投资在最近几个月使这些股票飙升，但这并不值得华尔街或投资者欢呼。</p>

英特尔

<p>特朗普政府在四家上市公司中进行了重大投资，包括对英特尔的 89 亿美元股份，旨在提升美国的芯片生产。其他投资还包括对 MP Materials、Lithium Americas 和 Trilogy Metals 的股份，重点关注稀土金属和电池用锂。尽管这些举措可能表明对国内产业的信心，但它们为联邦政府介入股市设定了令人担忧的先例，引发了关于潜在利益冲突和市场稳定性的问题</p>

<p>Though 2025 got off to a rocky start on Wall Street, it's shaping up to be another banner year for the stock market. Recently, the widely followed <strong>S&amp;P 500</strong>(^GSPC 0.53%), growth-fueled <strong>Nasdaq Composite</strong>(^IXIC 0.52%), and iconic <strong>Dow Jones Industrial Average</strong>(^DJI 0.52%) all hit fresh record highs.</p>
<div class="lb-trans"><p>尽管 2025 年在华尔街的开局并不顺利，但股票市场正逐渐显现出又一个辉煌的年份。最近，广受关注的 <strong>标准普尔 500 指数</strong>(^GSPC 0.53%)、以增长为驱动的 <strong>纳斯达克综合指数</strong>(^IXIC 0.52%) 和标志性的 <strong>道琼斯工业平均指数</strong>(^DJI 0.52%) 均创下了新的历史高点。</p>
</div><p>Investors who've stayed the course and remained optimistic have demonstrably benefited -- and this now includes the federal government.</p>
<div class="lb-trans"><p>那些坚持不懈并保持乐观的投资者显然受益匪浅——而这现在也包括联邦政府。</p>
</div><p>While the U.S. government has, on rare occasions in the past, dipped its toes into the pond as an investor, President Donald Trump's administration is breaking the mold, and not necessarily in a good way.</p>
<div class="lb-trans"><p>虽然美国政府在过去偶尔会作为投资者试水，但特朗普总统的政府正在打破常规，而这种做法并不一定是好的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzg0MjEvNDkwMjkxODc3MzdfZDAzZTdmM2RkM19rLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F838421%2F49029187737_d03e7f3dd3_k.jpg&amp;op=resize&amp;w=700"/></p>
<p>President Trump delivering remarks. Image source: Official White House Photo by Shealah Craighead, courtesy of the National Archives.</p>
<div class="lb-trans"><p>特朗普总统发表讲话。图片来源：官方白宫照片，由 Shealah Craighead 拍摄，国家档案馆提供。</p>
</div><p>During the financial crisis, the Troubled Asset Relief Program, better known as TARP, allowed the Treasury Department to establish equity stakes in troubled financial institutions. Meanwhile, during the COVID-19 pandemic, the U.S. Treasury received stock warrants from some major airlines as partial compensation for the financial assistance they were provided.</p>
<div class="lb-trans"><p>在金融危机期间，著名的救助资产计划（Troubled Asset Relief Program，简称 TARP）允许财政部在陷入困境的金融机构中建立股权投资。与此同时，在 COVID-19 疫情期间，美国财政部从一些主要航空公司那里获得了股票认股权证，作为对其提供的财政援助的部分补偿。</p>
</div><p>The Trump administration has taken equity stakes in four public companies without there being a financial emergency, which is both unique and a potentially dangerous precedent.</p>
<div class="lb-trans"><p>特朗普政府在没有金融紧急情况的情况下对四家上市公司进行了股权投资，这既独特又可能成为危险的先例。</p>
</div><h2>President Trump's administration has invested in four skyrocketing stocks</h2>
<div class="lb-trans"><h2>特朗普总统的政府投资了四只飙升的股票</h2>
</div><p>The highlight of the Trump administration's investing foray is undoubtedly its $8.9 billion stake taken in semiconductor behemoth <strong>Intel</strong>(INTC 0.47%). Though Intel had already been granted funds from the U.S. CHIPS and Sciences Act (it had received $2.2 billion, as of Aug. 22), the remaining $5.7 billion in grants, coupled with $3.2 billion awarded to the company via the Secure Enclave program, were converted to an investment in Intel's common stock. This works out to a 9.9% stake in the company.</p>
<div class="lb-trans"><p>特朗普政府投资的亮点无疑是其在半导体巨头 <strong>英特尔</strong>(INTC 0.47%) 上投资的 89 亿美元。尽管英特尔已经从美国《芯片与科学法案》中获得了资金（截至 8 月 22 日已获得 22 亿美元），但剩余的 57 亿美元补助金，加上通过安全区计划授予公司的 32 亿美元，均转化为对英特尔普通股的投资。这相当于该公司 9.9% 的股份。</p>
</div><p>Additionally, the Trump administration received a five-year warrant that allows for the purchase of an additional 5% of Intel's outstanding shares at $20/share if Intel's ownership in its foundry business falls below 51%.</p>
<div class="lb-trans"><p>此外，特朗普政府还获得了一项为期五年的认股权证，允许以每股 20 美元的价格购买英特尔额外 5% 的流通股，如果英特尔在其代工业务中的持股比例降至 51% 以下。</p>
</div><p>The purpose of this investment is simple: The president and his administration want chip production to occur in the U.S. and not overseas. This capital should help fuel Intel's foundry ambitions, where it aims to become the world's No. 2 chip fabricator.</p>
<div class="lb-trans"><p>这项投资的目的很简单：总统及其政府希望芯片生产在美国进行，而不是在海外。这笔资金应有助于推动英特尔的代工雄心，目标是成为全球第二大芯片制造商。</p>
</div><p>But Intel is just the tip of the iceberg, with the Trump administration investing in three other publicly traded companies.</p>
<div class="lb-trans"><p>但英特尔只是冰山一角，特朗普政府还投资了另外三家上市公司。</p>
</div><p>On July 10, rare-earth metals producer and processor <strong>MP Materials</strong>(MP -3.92%) announced a complex, multibillion-dollar deal with the U.S. Department of Defense (DOD) that saw it become the company's largest shareholder. The investments made by the DOD will seed the construction of a second magnet manufacturing facility in the U.S., which is expected to open in 2028.</p>
<div class="lb-trans"><p>7 月 10 日，稀土金属生产和加工公司 <strong>MP Materials</strong>(MP -3.92%) 宣布与美国国防部（DOD）达成一项复杂的数十亿美元交易，使其成为该公司的最大股东。国防部的投资将为在美国建设第二个磁铁制造设施提供资金，预计该设施将在 2028 年投入使用。</p>
</div><p>Furthermore, the DOD established a 10-year offtake agreement to purchase all magnets from this new facility, once complete, as well as set a price floor commitment of $110 per kilogram for MP Materials' neodymium-praseodymium oxide production. This investment is a direct attempt to keep China from accessing even more rare-earth metals.</p>
<div class="lb-trans"><p>此外，国防部还建立了一项为期 10 年的采购协议，承诺在新设施完工后购买所有磁铁，并为 MP Materials 的钕铕氧化物生产设定每公斤 110 美元的价格底线。这项投资是为了防止中国进一步获取稀土金属。</p>
</div><p>In early October, the U.S. Department of Energy (DOE) announced it would take a 5% stake in <strong>Lithium Americas</strong>(LAC -8.32%), which operates one of the world's largest lithium mines in Nevada. The DOE is also taking a 5% stake in a joint venture between Lithium Americas and <strong>General Motors</strong> for the Thacker Pass lithium mine, also located in the Silver State.</p>
<div class="lb-trans"><p>10 月初，美国能源部（DOE）宣布将对 <strong>Lithium Americas</strong>(LAC -8.32%) 投资 5% 的股份，该公司在内华达州运营着全球最大的锂矿之一。能源部还将对 Lithium Americas 与 <strong>通用汽车</strong> 之间的合资企业投资 5% 的股份，该合资企业负责位于银州的 Thacker Pass 锂矿。</p>
</div><p>Lithium is a necessary metal used in next-generation batteries found in smartphones and electric vehicles.</p>
<div class="lb-trans"><p>锂是一种用于下一代智能手机和电动车电池的必要金属。</p>
</div><p>Lastly, on Oct. 6, metals and minerals miner <strong>Trilogy Metals</strong>(TMQ -9.01%) announced a $35.6 million investment from the Department of Defense, which Trump in early September rebranded the Department of War. Trilogy, a Canadian-based mining company, holds a 50% interest in Ambler Metals, which has total control of the Upper Kobuk Mineral Projects in Alaska.</p>
<div class="lb-trans"><p>最后，在 10 月 6 日，金属和矿产开采公司 <strong>Trilogy Metals</strong>(TMQ -9.01%) 宣布获得国防部 3560 万美元的投资，而特朗普在 9 月初将国防部重新命名为战争部。Trilogy 是一家总部位于加拿大的矿业公司，持有 Ambler Metals 的 50% 股份，该公司完全控制阿拉斯加的 Upper Kobuk 矿产项目。</p>
</div><p>The government will purchase more than 8.2 million shares of Trilogy at $2.17/share for a cost of approximately $17.8 million, as well as receive 10-year warrants that can further increase its stake.</p>
<div class="lb-trans"><p>政府将以每股 2.17 美元的价格购买 Trilogy 超过 820 万股的股票，成本约为 1780 万美元，并获得 10 年的认股权证，进一步增加其持股比例。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzg0MjEvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F838421%2Fnyse-floor-trader-stock-market-invest-buy-sell-fed-wall-street-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Federal government ownership of stocks can be a slippery slope for Wall Street and investors</h2>
<div class="lb-trans"><h2>联邦政府持有股票可能对华尔街和投资者构成滑坡</h2>
</div><p>On the surface, the federal government taking equity stakes in publicly traded companies would appear to be fantastic news. From afar, it exudes confidence in the domestic semiconductor industry and looks to be a viable attempt to ensure that America can secure rare-earth metals at attractive prices in the future.</p>
<div class="lb-trans"><p>从表面上看，联邦政府在上市公司中持有股权似乎是个好消息。从远处看，这传达了对国内半导体行业的信心，并看起来是确保美国未来能够以有吸引力的价格获得稀土金属的可行尝试。</p>
</div><p>But all is not what it appears if investors dig beneath the surface.</p>
<div class="lb-trans"><p>但如果投资者深入挖掘，事情并非如此简单。</p>
</div><p>In 2012, Congress passed, and then-President Barack Obama signed, the Stop Trading on Congressional Knowledge (STOCK) Act into law. The STOCK Act was designed to stop members of Congress and leading government officials from placing stock trades with inside information. Under this act, members of Congress and leading government officials are required to publicly report their trades in excess of $1,000 no later than 45 calendar days following a transaction.</p>
<div class="lb-trans"><p>2012 年，国会通过了《停止国会知识交易法案》（Stop Trading on Congressional Knowledge，简称 STOCK 法案），时任总统奥巴马签署了该法案。STOCK 法案旨在阻止国会议员和高级政府官员利用内部信息进行股票交易。根据该法案，国会议员和高级政府官员必须在交易超过 1000 美元后不迟于交易后 45 个日历日公开报告其交易。</p>
</div><p>Despite the STOCK Act becoming law, eyebrow-raising trades continue to be made by members of Congress who help establish the laws that directly impact the companies they're investing in.</p>
<div class="lb-trans"><p>尽管 STOCK 法案成为法律，但国会议员仍然进行引人注目的交易，而这些交易直接影响他们所投资公司的法律。</p>
</div><p>Take this potential conflict of interest and magnify it 100-fold, and you have the dangerous precedent being set by the Trump administration's investments in Intel, MP Materials, Lithium Americas, and Trilogy Metals.</p>
<div class="lb-trans"><p>将这种潜在的利益冲突放大 100 倍，你就会看到特朗普政府在英特尔、MP Materials、Lithium Americas 和 Trilogy Metals 的投资所设定的危险先例。</p>
</div><p>Even though U.S. Commerce Secretary Howard Lutnick assured investors in an interview with CNBC (prior to his administration taking a stake in Intel) that any stakes taken would be nonvoting for the U.S. government, this doesn't mean the Trump administration doesn't exert sway over the boards and executive teams at these four companies.</p>
<div class="lb-trans"><p>尽管美国商务部长霍华德·卢特尼在接受 CNBC 采访时（在他的政府对英特尔进行投资之前）向投资者保证，任何投资都将不具投票权，但这并不意味着特朗普政府对这四家公司的董事会和高管团队没有影响力。</p>
</div><p>In addition to Congress crafting the fiscal policy and laws that can directly impact these businesses, President Trump has demonstrated a willingness to use U.S. businesses and/or products as bargaining chips for his tariff and trade policy demands.</p>
<div class="lb-trans"><p>除了国会制定的财政政策和法律可以直接影响这些企业外，特朗普总统还表现出愿意将美国企业和/或产品作为其关税和贸易政策要求的筹码。</p>
</div><p>To add fuel to the fire, it's a stretch to say that all four of these public companies needed capital from the Trump administration.</p>
<div class="lb-trans"><p>更有甚者，称这四家上市公司都需要特朗普政府的资本实属牵强。</p>
</div><p>For example, Intel had already been granted $7.86 billion from the CHIPS Act, and has generated over $10 billion in cash flow from its operations over the trailing-12-month period. It wasn't hurting for capital, but had its hands tied by the federal government altering the nature of its remaining CHIPS Act grants.</p>
<div class="lb-trans"><p>例如，英特尔已经从《芯片法案》中获得了 78.6 亿美元的资金，并在过去 12 个月的运营中产生了超过 100 亿美元的现金流。它并不缺乏资本，但由于联邦政府改变了其剩余《芯片法案》拨款的性质，导致其受到限制。</p>
</div><p>While the investments we've witnessed in Intel, MP Materials, Lithium Americas, and Trilogy Metals have sent these respective stocks soaring in recent months, they aren't cause for cheer from Wall Street or investors.</p>
<div class="lb-trans"><p>尽管我们在英特尔、MP Materials、Lithium Americas 和 Trilogy Metals 中看到的投资在最近几个月使这些股票飙升，但这并不值得华尔街或投资者欢呼。</p>
</div>

The Donald Trump Administration Purchased Stakes in Intel, MP Materials, Lithium Americas, and Trilogy Metals -- and It Sets a Dangerous Precedent

- 2025 年股市表现强劲，S&P 500、纳斯达克和道琼斯均创历史新高。  
- 特朗普政府在无金融危机情况下投资四家上市公司，设立潜在危险先例。  
- 政府股权投资可能影响市场信心，且存在利益冲突风险。  

特朗普政府购买了英特尔、MP Materials、Lithium Americas 和 Trilogy Metals 的股份——这开创了一个危险的先例