我国稀土出口管制政策加码，稀土价格中枢有望持续上移

Core Viewpoint - The Chinese government has announced stricter export controls on certain medium and heavy rare earth items, effective from November 8, 2025, which is expected to strengthen China's dominance in the global rare earth market and enhance its pricing power [1] Group 1: Export Control Measures - The Ministry of Commerce and the General Administration of Customs have implemented export controls on specific rare earth equipment and raw materials, as well as rare earth technologies [1] - The new export control policy expands to cover overseas transshipment and technology transfer, complicating access for foreign companies even if they obtain ore [1] Group 2: Market Impact - In 2024, China's rare earth production is projected to account for 68.57% of global output, with reserves representing 39.21%, indicating a significant supply dominance [1] - Following the previous export controls in April, overseas medium and heavy rare earth prices surged, leading to a rapid widening of the price gap between domestic and international markets [1] Group 3: Competitive Advantage - The enhanced export controls are expected to solidify China's competitive advantage across the entire rare earth industry chain, thereby reinforcing its global pricing authority [1]