格隆汇10月11日｜美国地质调查局公布的数据显示，2024年中国稀土产量占全球近70%，2020年至2023 年美国从中国进口的稀土量占总进口量的70%。 亚洲时报近日文章称，中国在全球关键矿产市场占据领先地位，尤其是在稀土、锂、钴和镍领域。中国 控制着全球60%以上的稀土产量、约70%的锂精炼、近70%的钴加工以及超过90%的电池级石墨产量。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

2025年10月9日，中国突然甩出了一份稀土新规，不光管原材料，还把设备和技术人员也一块儿拉进了 禁区，这不是简单的加码，而是彻底换了个打法，新政一出，整个国际市场都跟着震了一下，尤其是美 国，反应非常激烈。 当天，特朗普情绪明显上来了，当场指派贝森特和卢特尼克全权处理这件事，用他的话说，这事儿"刻 不容缓"。 稀土是科技时代最重要的东西，只要是高精尖物件，都得用他，过去美国长期购买中国稀土，但这次中 国的新规等于直接把它的退路给堵上了。 中国这步棋，封得不只是矿 以前，大家都觉得中国的稀土政策只是限制原材料出口，可今非昔比，新规把上下游也纳入了管控，什 么意思，你美国就算有矿矿，也只能拿着原石，因为核心设备你买不到。 更关键的是，中国这次还拿捏相关技术服务，简单说，不仅不给你设备，还不让人过去教你怎么用，以 前美国一些稀土工厂还能靠中国技术人员"远程救火"，现在这条路也彻底断了。 这套组合拳打下来，美国自己搞稀土产业的希望几乎被压死了一半，别看它嘴上说得轻松，心里其实已 经开始犯嘀咕了。 新政出来不过几个小时，白宫那边就动了起来，特朗普在内阁会议上，直接点了两个人名：财政部长贝 森特和商务部长卢特尼克，让他 ...

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

Core Viewpoint - China's Ministry of Commerce has announced an upgrade in rare earth export controls, shifting from "item control" to "technology control," emphasizing the dual-use nature of rare earth materials and technologies [1][2][5]. Group 1: Export Control Changes - The new regulations prohibit the export of technologies related to rare earth mining, refining, and manufacturing without permission, expanding the definition of "export" to include various forms of transfer such as knowledge transfer and joint research [2][3]. - A "long-arm jurisdiction" mechanism has been introduced, requiring foreign organizations to obtain export licenses from China before exporting items containing Chinese rare earth components [2][3]. Group 2: National Security and Compliance - The measures are a response to illegal acquisition of rare earth technologies by foreign entities, which pose threats to China's national security and international stability [3][5]. - The export controls are not blanket restrictions; humanitarian-related exports will be exempt from licensing requirements [3][4]. Group 3: Global Market Position - China dominates the global rare earth supply chain, holding 48% of the world's rare earth reserves and contributing 69% of global production [4][6]. - The country possesses over 90% of rare earth refining and separation technology, achieving a purity level of 99.99%, which is a significant advantage over Western countries [4][6]. Group 4: Impact on Related Companies - Following the announcement, several companies in the rare earth sector saw significant stock price increases, indicating market optimism regarding the implications of the new regulations [7].

连甩王炸，一口气发出4个出口管制，捏了捏全球高科技产业的命脉。 比如说像稀土，它会影响汽车、军工、半导体等多个产业。稀土包括17种元素：镧、铈、钕、镝、 铽……名字听着像化学课的噩梦，但它们无处不在——从智能手机的屏幕、特斯拉的电机、F-35战机的 雷达，到风力发电的永磁体、导弹的制导系统，全都离不开它们。 换句话说，没有稀土，现代文明就"卡壳"了。特别是美国，美国地质调查局表示，2020年至2023年，美 国70%的稀土化合物和金属进口来自中国。美国兰德公司的一份报告则指出，只要中国对美稀土断供90 天，就足以使美国78%的国防承包商关闭生产线。 特斯拉首席执行官马斯克今年4月表示，稀土磁铁出口限制已经扰乱了擎天柱人形机器人的生产，该机 器人手臂上的马达需要稀土材料。与此同时，福特汽车公司5月因稀土零部件短缺而暂时关闭了位于芝 加哥的一家工厂。 要知道，中国稀土（000831）的产量占全球7成，并且加工能力更是有全球垄断的实力，全球93%得稀 土都要运到中国来深加工。这波把开采设备和相关药剂管一管，就可以让中国在稀土圈的统治力更加稳 固和持久。 又比如说，锂电池70%都是在中国制造的，我们同样有话语权，德国 ...

Core Insights - China's rare earth sector saw a significant price increase of 9.97% on October 9, with a trading volume of 5.74 billion yuan [1] - The financing buy-in for China's rare earth reached 648 million yuan, while the net financing buy-in was 143 million yuan [1] - The company reported a substantial year-on-year revenue growth of 62.38% and a net profit increase of 166.16% for the first half of 2025 [2] Financing and Trading Activity - On October 9, the total financing and securities lending balance for China's rare earth amounted to 2.477 billion yuan, indicating a high level of activity [1] - The financing balance accounted for 4.06% of the circulating market value, exceeding the 90th percentile level over the past year [1] - The securities lending activity showed a sell-out of 203,200 shares, with a total selling amount of approximately 11.56 million yuan [1] Company Overview - China Rare Earth Group Resources Technology Co., Ltd. was established on June 17, 1998, and listed on September 11, 1998, focusing on rare earth smelting, separation, and technology research and services [1] - The company's main revenue sources include rare earth oxides (63.51%), rare earth metals and alloys (35.95%), and technical service income (0.18%) [1] - As of September 19, the number of shareholders increased to 230,000, with an average of 4,614 circulating shares per person [2] Shareholder and Institutional Holdings - Cumulative cash dividends since the company's A-share listing amount to 346 million yuan, with 124 million yuan distributed in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, increasing its holdings by 3.89 million shares [3] - The Southern CSI 500 ETF and other institutional investors have also adjusted their positions, indicating active institutional interest [3]

Core Insights - The Chinese Ministry of Commerce has announced export controls on key technologies related to rare earths, which has sparked significant reactions in the global rare earth industry [4][6] - The announcement includes a comprehensive definition of "technology export," covering not only direct transfers but also intellectual property licensing and collaborative research, requiring permission for all forms of technology provision [4][8] - A groundbreaking provision mandates that foreign organizations or individuals must obtain Chinese approval to export rare earth products containing Chinese elements, marking a significant innovation in China's export control system [4][6] Industry Impact - China dominates the global rare earth sector, accounting for 68% of global mining, 85% of refining, and 92% of metal smelting, while the U.S. lags in separation and purification capabilities [6][8] - Rare earths are critical for high-tech applications, with significant quantities required for advanced military and consumer technologies, highlighting the strategic importance of these materials [6][8] - The new regulations are aimed at preventing foreign entities from illegally acquiring Chinese rare earth technologies for military or sensitive applications, indicating a shift in China's approach to resource management [8][12] Strategic Shift - The measures reflect a transition from merely controlling raw material exports to mastering core technologies, enhancing China's influence in the global supply chain [12] - The targeted approach of these regulations underscores China's strategy to leverage its rare earth resources as a tool for national security and geopolitical leverage [8][12] - This move is seen as part of a broader trend where China is positioning itself to lead changes in global trade rules, particularly in critical sectors like semiconductors and artificial intelligence [11][12]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 3.15% with a transaction volume of 251 million yuan [3] - Over the past week, as of October 9, the average daily transaction volume of the Rare Earth ETF reached 783 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 386 million yuan in the past two weeks, also ranking first among comparable funds [3] - The number of shares increased by 2.131 billion in the past three months, marking significant growth and ranking first among comparable funds [3] - As of October 9, the net value of the Rare Earth ETF has risen by 93.31% over the past year, placing it in the top 0.16% of index equity funds [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Rare Earth Industry Policy and Supply Chain - The Ministry of Commerce has introduced a new round of export control policies for rare earths, aimed at strengthening management of the rare earth industry chain [4] - These policies include regulations on the recycling and utilization of secondary resources, with expectations that by 2025, secondary recovery will account for 27% of the rare earth supply chain [4] - The new regulations will strictly control the incremental supply of rare earths, making it difficult for the market to experience sudden increases in supply [4] - The focus of these controls is primarily on medium and heavy rare earths, including metals such as samarium, dysprosium, and terbium [4] - The tightening of policies may lead to frequent fluctuations in rare earth supply, potentially improving the overall supply-demand dynamics in the industry [4] Group 3: Top Weighted Stocks in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index account for a total of 61.96% of the index [3] - The leading stocks include Northern Rare Earth, Wolong Electric Drive, Lingyi Zhi Zao, China Rare Earth, Shenghe Resources, Greeenmei, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - The performance of these stocks varies, with Northern Rare Earth showing a decline of 0.81% and China Rare Earth declining by 2.51% [6]

中国稀土所属申万行业为：有色金属-小金属-稀土。所属概念板块包括：稀土永磁、稀缺资源、小金 属、国资改革、MSCI中国等。 截至9月19日，中国稀土股东户数23.00万，较上期增加6.66%；人均流通股4614股，较上期减少6.25%。 2025年1月-6月，中国稀土实现营业收入18.75亿元，同比增长62.38%；归母净利润1.62亿元，同比增长 166.16%。 分红方面，中国稀土A股上市后累计派现3.46亿元。近三年，累计派现1.24亿元。 机构持仓方面，截止2025年6月30日，中国稀土十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1960.25万股，相比上期增加389.09万股。南方中证500ETF（510500）位居第五大流通股 东，持股1106.63万股，相比上期增加148.70万股。南方中证申万有色金属ETF发起联接A（004432）退 出十大流通股东之列。 10月10日，中国稀土盘中下跌2.00%，截至10:21，报55.77元/股，成交26.27亿元，换手率4.37%，总市 值591.84亿元。 资金流向方面，主力资金净流出6735.87万元，特大单买入4.60亿元，占比1 ...

Core Viewpoint - The Chinese government has expanded export controls on superhard materials, certain rare earth equipment, and lithium battery components, indicating a strategic move to strengthen domestic industry competitiveness and control over critical technologies [2][3]. Group 1: Export Control Scope - The scope of export controls has widened to include dual-use items requiring export licenses, particularly those involving rare earth materials and technologies used in military applications [3]. - Specific items under control include artificial diamond micro-powder, rare earth production equipment, and lithium negative electrode materials [2][3]. Group 2: Focus on Key Areas - Export applications related to military, lethal weapons, and terrorism are generally not permitted, highlighting the government's focus on national security [3]. - The announcement emphasizes controls on technologies related to chip manufacturing and artificial intelligence, particularly for processes involving 14nm logic chips and 256-layer storage chips [3]. Group 3: Technology Control - Export controls now explicitly cover rare earth mining, smelting, and recycling technologies, extending to the assembly, debugging, maintenance, and upgrading of related production lines [4]. - The controls include not just the products but also technical data such as design blueprints and process specifications, indicating a comprehensive approach to safeguarding advanced manufacturing capabilities [4]. Group 4: Industry Impact - The tightening of export controls is expected to significantly impact the rare earth industry, particularly in the deep processing of magnetic materials, ensuring that high-value processes remain within China [4]. - Key companies in this sector include Guangsheng Nonferrous, China Rare Earth, and Northern Rare Earth, with notable players in the magnetic materials field such as Zhenghai Magnetic Materials and Ningbo Yunsheng [4].