Core Viewpoint - Central enterprises are increasingly establishing new companies in Guangdong, reflecting a strong commitment to long-term investment and collaboration with local economies, particularly in strategic emerging industries and green technologies [1][5][6]. Group 1: Central Enterprises' Activities - In 2025, at least 25 central enterprises (including subsidiaries) established new companies in Guangdong, with ongoing activities into 2026 [3][4]. - Southern Power Grid established three wholly-owned subsidiaries in Guangzhou in late 2025, with a planned investment of 180 billion yuan for fixed assets in 2026, focusing on new power systems and emerging industries [2][6]. - China Resources Recycling Group and China Rare Earth Group are among the new entrants, setting up multiple subsidiaries in various cities, including Shenzhen [3][4]. Group 2: Investment Focus - Central enterprises are prioritizing strategic emerging industries, with an average annual investment growth rate exceeding 20% [6][8]. - The establishment of companies like China Rare Earth Group's subsidiaries in Shenzhen aims to align with local industry needs, particularly in artificial intelligence and new energy vehicles [6][7]. - The focus on green and low-carbon technologies is evident, with companies like China Resources Recycling and South Power Carbon Company working on carbon management and recycling initiatives [8][9]. Group 3: Regional Development - Guangzhou and Shenzhen are the primary cities attracting central enterprises for new business expansions and headquarters [4][5]. - The collaboration between central enterprises and local governments is enhancing the business environment and market potential in Guangdong [5][9]. - Various sectors are being targeted, including construction, energy, environmental protection, and digital technology, showcasing the depth and breadth of central-local cooperation [4][5].

Core Insights - China's rare earth strategy is evolving from being a mere exporter to becoming a global resource allocation center and strategic reserve powerhouse [6][9] Group 1: Export and Import Data - In 2025, China exported 62,600 tons of rare earths, generating an export revenue of 3.66 billion yuan, marking an 11-year high [3] - Conversely, China imported 101,000 tons of rare earths at a cost of 12.88 billion yuan, resulting in a trade deficit of over 9.2 billion yuan [4] Group 2: Pricing Dynamics - The average cost of imported rare earths was 1.28 billion yuan per ton, while the average export price was only 585 million yuan per ton, indicating a loss in the traditional processing model [4] Group 3: Strategic Implications - The current strategy appears to focus on "replacement" and "stockpiling" rather than simple processing, allowing China to preserve its own resources while acquiring diverse rare earth materials from global markets [6][9] - This approach aims to protect China's non-renewable strategic resources, meet the growing demands of its advanced manufacturing sectors, and optimize the resource structure by importing specific rare earth types [7][9]

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]

Group 1 - The core point of the article highlights that on January 23, a total of 800,000 shares of China Rare Earth were traded in a block transaction, amounting to 44.392 million yuan, which accounted for 1.5% of the total trading volume for that day [1][2] - The transaction price was 55.49 yuan per share, which remained stable compared to the market closing price of 55.49 yuan [1][2] Group 2 - The buyer and seller for the transaction were both from China Merchants Securities Co., Ltd., specifically from the Beijing Jinghui Street Securities Department [2]

据生意社监测，氧化镨01月22日最新价格675000.00万元/吨，最近10天上涨6.72%，15天上涨10.20%， 20天上涨13.92%，30天上涨14.89%，60天上涨20.00%。 相关生产商有：北方稀土(600111)中色股份(000758)中国稀土(000831)盛和资源(600392)等。 相关生产商有：北方稀土(600111)中色股份(000758)中国稀土(000831)盛和资源(600392)等。 据生意社监测，氧化镨01月22日最新价格675000.00万元/吨，最近10天上涨6.72%，15天上涨10.20%， 20天上涨13.92%，30天上涨14.89%，60天上涨20.00%。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance and upward trends in the rare metals market, driven by increasing demand and supply constraints [1][2][3] Group 2 - As of January 23, 2026, the CSI Rare Metals Theme Index (930632) rose by 1.28%, with key stocks like Western Materials hitting the daily limit up and others like Chuaneng Power and Zhuhai Group also showing significant gains [1] - The top ten weighted stocks in the CSI Rare Metals Theme Index accounted for 59.54% of the index, with companies such as Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium leading the list [1] - The rare metals ETF fund (561800) saw a 1.41% increase, with a maximum intraday rise exceeding 2%, and recorded a turnover rate of 6.48% with total transactions of 14.6183 million yuan [1] - The price of battery-grade lithium carbonate increased by 4,000 yuan to 152,500 yuan per ton on January 20, 2026, reflecting a more than 28% rebound from the year's low, driven by surging storage demand and supply constraints [2] - New energy storage technologies are expanding rapidly, with lithium battery shipments in China reaching 430 GWh in the first three quarters of 2025, a year-on-year increase of 99.07% [2] - The supply-demand dynamics for rare metals are undergoing significant changes, with tungsten concentrate prices rising by 4.3% week-on-week to 507,000 yuan per ton, and prices for praseodymium-neodymium oxide and dysprosium oxide also increasing [3] - The CS Rare Metals Index, tracked by the rare metals ETF fund, is one of the highest in energy metal content, particularly lithium and cobalt, and is expected to benefit from ongoing market trends [3]

商务部新闻发言人何咏前表示，中国作为负责任大国，一贯积极履行防扩散国际义务，依法依规针对所 有两用物项，禁止对日本军事用户、军事用途，以及一切参与提升日本军事实力的最终用户用途出口。 其目的是制止再军事化和拥核企图，完全正当合理合法。与此同时，中方始终致力于维护全球产供链稳 定与安全，出口管制申请和审核等程序均依法合规。在此，我愿再次重申对符合确保属民事用途等条件 的出口申请都会得到批准。 来源：智通财经 中国政府只在特殊情况下批准购买H200芯片？商务部回应 智通财经1月22日讯，今天下午，商务部召开例行新闻发布会，介绍近期商务领域重点工作情况。 商务部：坚决反对欧盟将部分中国企业列为高风险供应商 商务部新闻发言人何咏前在回答有关提问时说，欧盟近日发布相关文件，强制要求成员国在能源、交 通、ICT服务管理等18个关键行业排除所谓"高风险供应商"。中方对此表示严重关切。中国企业长期在 欧洲依法合规经营，为欧洲民众提供了优质的产品和服务，有力促进了欧洲电信和数字产业发展。然 而，欧盟却在毫无事实依据的情况下，将部分中国企业列为高风险供应商，限制中国企业参与5G建 设。我们坚决反对欧方对中国企业的歧视行为和将经贸 ...

沪指1月22日上涨0.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为建筑材料、国防军 工，涨幅分别为4.09%、3.23%。跌幅居前的行业为美容护理、银行，跌幅分别为0.76%、0.43%。有色 金属行业今日下跌0.37%。 资金面上看，两市主力资金全天净流出216.12亿元，今日有12个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨2.83%，全天净流入资金80.19亿元，其次是国防军工行业，日涨幅 为3.23%，净流入资金为57.13亿元。 有色金属行业今日下跌0.37%，全天主力资金净流出52.00亿元，该行业所属的个股共138只，今日上涨 的有81只，涨停的有3只；下跌的有53只。以资金流向数据进行统计，该行业资金净流入的个股有47 只，其中，净流入资金超亿元的有5只，净流入资金居首的是西部材料，今日净流入资金2.72亿元，紧 随其后的是中国稀土、斯瑞新材，净流入资金分别为1.72亿元、1.55亿元。有色金属行业资金净流出个 股中，资金净流出超亿元的有17只，净流出资金居前的有湖南白银、洛阳钼业、兴业银锡，净流出资金 分别为8.27亿元、6.08亿元、4.64亿元。 ...

如果你最近走进日本名古屋或丰田市的那些精密制造企业的车间，你或许会感受到一种近乎压抑的宁 静。这种宁静并非因为订单量的减少，而是因为一种被称为工业维生素的稀土，正以前所未有的速度变 得极其珍贵且难以获取。 这种表面上的寂静背后，实际上隐藏着日本政坛的一场强烈震荡。新任首相高市早苗突然宣布解散众议 院，迅速掀起了一场日本战后最短、最迅疾的闪电大选。许多人不解，她上任不过四个多月，位子尚未 坐稳，为什么这么急着解散呢？事实上，如果你将日本高端制造业的困境与高市早苗的选战日程对比一 下，你会发现事情的真相逐渐浮出水面：这不仅仅是一场急于乘胜追击的进攻，更像是被逼到死角后的 疯狂突围。 面对这样的局面，高市早苗在1月19日宣布解散众议院，无疑是一场政治层面的极限运动。从23号解 散，到2月8号投票，选战仅有16天。这为何如此匆忙？因为她等不起了。经济学界的研究表明，如果稀 土管控持续一年，日本的GDP将直接下降0.43%。这个数字虽然看似不大，却意味着2.6万亿日元的财富 将消失。 如果汽车生产停滞、电子产品缺货、医疗成本飙升，最终的后果必然会传导到普通选民的生活中。到时 候，高市早苗现在的62%的支持率，恐怕就像盛 ...

Group 1 - The U.S. Treasury Secretary, Besant, stated that China has fulfilled its commitments regarding the purchase of U.S. soybeans and the supply of rare earths, with a satisfaction level regarding the progress of rare earth supply at over 90% [1][3] - China is expected to purchase 25 million tons of U.S. soybeans in the upcoming year, having completed its annual soybean procurement task [3][4] - Despite the positive outlook from U.S. officials, American farmers express concerns about the actual shipments of agricultural products, noting a significant increase in China's purchases from Brazil and Argentina [4][5] Group 2 - The U.S. has indicated that China agreed to purchase 12 million tons of U.S. soybeans by January 2026, with a commitment to at least 25 million tons annually over the next three years [4] - The trade relationship between the U.S. and China appears to be improving, as indicated by recent discussions between U.S. and Chinese officials at the World Economic Forum [4] - The agricultural sector's performance is critical for U.S. political dynamics, particularly for President Trump's strategy to secure votes from farmers [5]