中国两次打出稀土王牌制裁美国，全球96%冶炼靠我们，无法替代！

Core Viewpoint - The article discusses China's dominance in the rare earth industry and its strategic moves against the U.S., highlighting the significant increase in the A-share rare earth index and the underlying logic behind it [1]. Group 1: China's Strategic Moves - China has made two significant moves regarding rare earth exports in 2023: the first in April with export controls on certain medium and heavy rare earths, and the second in October, expanding the controls to the entire rare earth industry chain [3][11]. - The April move was described as a "point strike," while the October action was characterized as a "fatal blow" [2]. Group 2: Importance of Rare Earths - Rare earths are not scarce in terms of mineral resources, but the technology to separate and purify them from ores is what is truly scarce [4]. - Rare earths consist of 17 metal elements, with neodymium and praseodymium being crucial for the production of the strongest magnets used in electric vehicle motors and wind power generation [4]. Group 3: China's Technological Advantage - China holds a significant technological edge in rare earth processing, with the ability to achieve a purity of 99.9999% through a method developed in the 1970s [7]. - In contrast, the U.S. and Australia can only achieve a purity of 99.9%, leading to a 60% increase in costs for them compared to China's [9]. Group 4: Market Reactions - The A-share rare earth index has seen a year-to-date increase of over 100% as of mid-October 2023, reflecting market optimism regarding the future of rare earths [15]. - Key companies in the sector, such as Northern Rare Earth and Shenghe Resources, have reported significant profit increases, with Northern Rare Earth's net profit growing by 1952% in the first half of the year [15][17]. Group 5: Future Outlook - As China's supply-side reforms continue and export licensing systems improve, the domestic supply of rare earths is expected to shrink, leading to increased scarcity and price support for rare earth products [19]. - China's strategic position in the rare earth market has evolved since the 2010 supply cut to Japan, and its importance in the U.S.-China rivalry is anticipated to grow [21].