彭博：稀土为何成为中美贸易战的王牌

Investment Rating - The report does not explicitly provide an investment rating for the rare earth industry Core Insights - Rare earth elements are critical materials essential for modern technology, including semiconductors and green technologies, with increasing demand driven by efforts to reduce carbon emissions [3][4] - China dominates the global rare earth supply chain, controlling approximately 70% of the mining and refining output, which poses risks to the U.S. economy, particularly in defense sectors [12][13][19] - The U.S. has been heavily reliant on Chinese rare earth imports, with efforts underway to increase domestic production and reduce this dependency [28][30] Summary by Sections Overview of Rare Earth Elements - Rare earth elements consist of 17 metals known for their unique optical, magnetic, and electrical properties, making them widely used in various applications [4][6] - Despite their name, rare earth elements are relatively abundant in the Earth's crust, but the challenge lies in economically extracting them in sufficient concentrations [9] Global Supply Dynamics - China has significantly increased its rare earth production, reaching 270,000 tons in 2024, doubling its output in five years, while the U.S. produced only 45,000 tons [12][13] - The U.S. ranks seventh globally in rare earth reserves, holding only about 4% of China's reserves, which limits its refining capabilities [14][19] Trade Tensions and Export Controls - China has utilized its rare earth dominance as leverage in trade negotiations, imposing export restrictions that affect U.S. industries reliant on these materials [20][25] - The U.S. has initiated measures to boost domestic rare earth production, including executive orders to expedite project approvals and increase funding for critical minerals [28][30] Future Outlook - The ongoing trade tensions and China's control over rare earth supplies highlight the strategic importance of these materials in global supply chains, particularly for technology and defense sectors [19][22]