CNRE(SH:600111) Sou Hu Cai Jing·2025-07-07 09:27Group 1 - The "Quad Critical Minerals Initiative" has been launched by the US, Japan, India, and Australia to reduce dependence on Chinese rare earths and create a supply chain excluding China [1] - China dominates the global rare earth supply chain, with over 80% of refining capacity concentrated in the country, and 72% of the US and 92% of Japan's critical minerals relying on Chinese supply [3] - China's new Mineral Resources Law, effective July 1, defines rare earths as "national security assets" and strengthens management and protection of critical mineral resources [3] Group 2 - China has implemented stricter export controls on rare earths, including regulations on certain items and total quantity control on mining and refining [3] - The leadership of China Rare Earth Group has been replaced with younger managers with international technical backgrounds, enhancing the distinction between civilian and military rare earth management [5] - The Quad alliance faces internal conflicts and challenges in cooperation, with the US relying on China for over 90% of its rare earth processing [5][7] Group 3 - China has submitted approximately 21,000 rare earth patents in the past five years, four times more than the combined total of the US, Japan, Australia, and India [7] - China has established a zero-emission rare earth industrial park, achieving resource utilization of waste, while Western countries struggle to catch up in rare earth refining and processing technology [7] - China's policy adjustments and measures further consolidate its dominant position in the global rare earth sector, posing significant challenges for the Quad alliance to disrupt this status [7]