一场围绕稀土的"卡脖子"之战：美国总统的失态与中国的战略布局 "中国必须给我们稀土！"2025年8月，时任美国总统特朗普在白宫的舞台上，面对全球目光，发出了近乎咆哮的警告。他甚至威胁，若中国不就 范，将对中国商品施加高达200%的惩罚性关税。是什么让这位美国总统在世界面前如此"失态"？答案，就隐藏在美国最为尖端的军事工业—— F-35战斗机的生产线上。 每一架F-35战斗机，都需要约417公斤的中国稀土作为关键部件。然而，五角大楼彼时仅有可供3个月作战储备的稀土。当中国收紧稀土出口 的"阀门"时，美国军工复合体第一次切肤感受到被"卡脖子"的窒息感。 2025年4月，中国对钐、铽、镝等七类中重稀土实施出口管制，这一举措犹如精准打击，直刺美国军事的"命门"。 五角大楼内部的报告揭示了这场危机触目惊心的细节： F-35生产线骤降： 由于关键磁体短缺，F-35生产线被迫减产42%，年产量从原计划的156架"雪崩式"跌至89架。 核潜艇停滞： 每艘弗吉尼亚级核潜艇消耗约4吨稀土，而关键声呐部件所需的镝元素供应中断，直接导致部分潜艇项目陷入停工。 "标枪"导弹受阻： 另一款明星武器"标枪"反坦克导弹，其高性能钕铁硼磁体的 ...

大家都感觉到自动驾驶技术栈开始趋同，以前大大小小几十个方向都需要算法工程师，现在one model、 VLM、VLA，统一方案的背后其实是更高的技术壁垒。博主一直在鼓励大家坚持、多多交流，但归根结底个 人的力量是有限的。我们希望共建一个大的社群和大家一起成长，真正能够帮助到一些有需要的小伙伴，成为 一个汇集全行业人才的综合型平台。所以我们也开始正式运营求职与行业相关的社群。社群内部主要讨论相关 产业、公司、产品研发、求职与跳槽相关内容。如果您想结交更多同行业的朋友，第一时间了解产业。欢迎加 入我们！ 微信扫码添加小助理邀请进群，备注自驾+昵称+求职； ...

Core Viewpoint - Company reported strong financial performance in Q1 2025, with significant year-on-year growth in both revenue and net profit, driven by increased production capacity and new client acquisitions in the consumer electronics sector [2][7]. Financial Performance - In Q1 2025, company achieved revenue of 167 million yuan, representing an 18.8% increase year-on-year [2][7]. - The net profit attributable to shareholders reached 34.41 million yuan, a substantial increase of 57.71% compared to the previous year [2][7]. - The company's gross profit margin stood at 50.05%, indicating effective cost management and operational efficiency [7]. Market Position and Strategy - Company maintains a strong market share in the consumer electronics sector, with ongoing efforts to explore opportunities in other potential markets [3]. - The focus on high-value-added products and technological innovation helps the company avoid price wars and meet high-end market demands [4]. Product Innovation and Development - Continuous product innovation is expected to drive business growth, with a focus on high-precision, miniaturized, and low-resistance products [3][4]. - The company is one of the few globally capable of mass-producing ultra-small alloy resistors, leveraging unique technical barriers in materials, processes, and equipment [4][5][6]. Industry Trends and Opportunities - The rapid development of smart devices (I-terminals) is increasing demand for current sensing resistors, which are essential for monitoring circuit stability and functionality [6]. - The company has established a partnership with NVIDIA since 2017, providing comprehensive solutions for current sensing resistors, which is expected to enhance future growth prospects [6].

Project Progress - The company's 200,000 tons/year mixed waste plastic resource utilization project successfully commenced trial production on July 11, 2025, with a product yield of over 92% [2][3] - The project is expected to undergo a month-long inspection and rectification process, aiming to resume production in the third quarter of 2025 [2][3] Product Output and Sales - The main products from the project include plastic cracking gas, liquefied plastic cracking gas, and light oil, with liquefied plastic cracking gas being the highest in proportion [2][3] - The first batch of products has been sold to downstream customers, with pricing determined based on product quality and market conditions [3] Raw Material Sources - The project utilizes a mix of waste plastics from household garbage and industrial paper mills, maintaining a product yield of over 92% [4] - The company anticipates that increasing the diversity of waste plastic sources will not negatively impact yield or operations, provided the materials meet project specifications [4] Future Projects and Capacity - The company is involved in a government-led 3 million tons project, with a framework agreement signed for a two-phase construction plan (120,000 tons/year and 180,000 tons/year) [5] - The 120,000 tons project requires an estimated investment of 8 billion RMB, with funding sourced through equity financing and bank loans [10] Tax Incentives - The company benefits from tax incentives, including a 70% VAT refund policy and a "three exemptions and three reductions" policy for corporate income tax [9] Technical Aspects - The catalyst used in the trial production has shown satisfactory activity and stability, meeting expected performance standards [11] - The company has developed a proprietary mixed waste plastic deep catalytic cracking (CPDCC) technology, which has been validated over eight years and is considered to have a high technical barrier [14][15]

Core Viewpoint - General Electric Aerospace (GE.US) reported strong financial performance in Q2, with revenue of $10.2 billion, a year-over-year increase of 24.1%, leading to an upgraded outlook for 2025-2028 [1][4] Financial Performance - Q2 2025 revenue, profit margins, EBIT, earnings per share (EPS), and free cash flow (FCF) all exceeded FactSet consensus expectations [1] - Adjusted revenue growth forecast for 2025 raised to 15% from low double digits, surpassing market consensus of 16.5% [1] - Operating profit range adjusted to $8.2 billion - $8.5 billion, narrowing from $7.8 billion - $8.2 billion, covering market forecast of $8.4 billion [1] - EPS adjusted to $5.60 - $5.80, up from $5.10 - $5.45, also higher than market consensus of $5.62 [1] - FCF revised to $6.5 billion - $6.9 billion from $6.3 billion - $6.8 billion, exceeding market prediction of $6.7 billion [1] Long-term Goals - GE Aerospace's 2028 strategic plan anticipates a compound annual growth rate (CAGR) of high single digits from 2025 to 2028, significantly up from previous expectations [2] - Operating profit target raised to approximately $11.5 billion from about $10 billion, reflecting a 15% increase [2] - EPS target set at $8.40 and FCF target at $8.5 billion, indicating improved profitability through product iteration and cost optimization [2] Business Growth Drivers - Growth primarily driven by two core segments: Commercial Engine Services (CES) and Defense Propulsion Technologies (DPT) [3] - CES revenue increased by approximately 30% year-over-year, supported by parts sales growth, increased internal repair visits, and price optimization [3] - DPT revenue grew by about 7%, with price and volume increases offsetting weak service demand and adverse engine mix impacts [3] - Both CES and DPT segments exceeded EBIT margin expectations, highlighting the synergy of service networks and digital solutions [3] Investment Rationale - Goldman Sachs maintains a "buy" rating based on three core reasons: GE Aerospace's technological barriers and market share are difficult to replicate; upward revisions in profit expectations indicate strong management execution; and increased FCF targets provide ample room for capital returns and R&D investments [3]

Group 1 - The core issue in the non-ferrous industry is a structural imbalance between resource supply and manufacturing, leading to a cycle of increasing production despite losses [1] - The "anti-involution" policy aims to break this cycle by promoting resource expansion and production, with companies like Wucai Capital exploring deep-sea mining [1] - The processing fees for copper concentrate have dropped to historical lows, prompting domestic smelters to reduce production, which intensifies the supply pressure [1] Group 2 - Positive signals of structural change on the demand side are emerging, with a 20% year-on-year increase in grid investment and an 18% month-on-month rise in copper usage for photovoltaics [2] - The "anti-involution" policy is expected to strengthen demand in high-end sectors like renewable energy and ultra-high voltage, shifting consumption from scale expansion to technology-driven models [2] - The pricing system for non-ferrous metals is being restructured to a mechanism that integrates resources and finance, focusing on resource independence, technological barriers, and green certification [2] Group 3 - Long-term optimization of the non-ferrous industry structure is anticipated, with accelerated expansion of high-end capacity and orderly elimination of low-end capacity [2][3] - Challenges in policy implementation may arise, as some companies might be reluctant to reduce production due to operational pressures or local government tax considerations [3] - A unified regulatory standard system is needed to promote high-quality, green development and encourage deep integration within the industry chain [3]

Core Insights - The article discusses the challenges faced by Malaysia's rubber export industry in the post-pandemic international trade landscape, highlighting the need for resource-rich countries to adapt and find new opportunities for survival and growth [1]. Group 1: Export Trends - Malaysia's rubber exports to China have been declining for three consecutive years since reaching a peak in 2021, with the total export value for 2024 projected at $1.36 billion, which is only half of the peak during the pandemic [2][4]. - In November 2024, China accounted for 44.2% of Malaysia's rubber exports, but this share dropped to 40.8% just four months later, indicating a shift in the export landscape [10]. Group 2: Demand Factors - The overall cooling of domestic demand in China is a significant factor, as high inventory levels and weak consumption in downstream industries like automotive and construction have led to reduced rubber import needs [5]. - The rise of electric vehicles, which require more durable tires with lower replacement frequency, is accelerating the substitution of natural rubber with synthetic alternatives like S-SBR and BR [6]. Group 3: Competitive Landscape - Malaysia is facing increased competition from neighboring countries, particularly Myanmar and Laos, which have seen significant growth in rubber exports to China, with imports from these countries rising from 180,000 tons in 2021 to over 325,000 tons in 2024, an increase of over 80% [6]. - To reduce reliance on a single market, Malaysia is diversifying its export destinations, targeting traditional and emerging markets such as the US, Germany, Turkey, and Iran, while also shifting its product focus from general-purpose rubber to higher-end categories [15][17]. Group 4: Structural Challenges - The Malaysian rubber industry is experiencing structural issues, including an aging workforce with an average age over 50, leading to decreased harvesting efficiency and output [26]. - The volatility of international rubber prices, influenced by climate, geopolitical factors, and global economic uncertainties, poses a significant risk to smallholders, who are often the first to suffer during price drops [26]. Group 5: Transition Efforts - Malaysia is actively pursuing export structure adjustments and diversification, with electronics and chemicals emerging as new growth engines, while also facing challenges such as insufficient R&D investment and a shortage of technical talent [27][30]. - The government is working to enhance resilience and competitiveness in the export system through education, international cooperation, and participation in free trade agreements, but significant efforts are still needed to transition from a resource-dependent to a technology-driven economy [30].

在这场战役中，传统竞争手段逐渐失效。价格战失灵，头部品牌通过供应链整合将成本压至极限，低端 以下车型利润空间趋近于零。概念战透支，炒作钠电池"尚未大规模投入商业"的噱头技术透支用户信 任。 2025年初夏的中国两轮电动车市场，已非简单的红海竞争，而俨然化为一场惨烈的"凡尔登绞肉机"。头 部品牌贴身肉搏，价格厮杀刀刀见血；中小品牌在亏损泥潭中苦苦挣扎；渠道终端战火纷飞，促销战、 流量战、代言战此起彼伏。 在这片弥漫硝烟的战场上，绿源电动车却悄然构筑起一道以"三电一体"为核心的技术防线，试图以硬核 实力撕开血路。 凡尔登时刻：绞肉机战场中的窒息拼杀 中国两轮电动车市场已进入 "后规模经济时代"。2025年Q1行业数据显示，全国保有量突破4.2亿辆，更 严峻的是，用户需求正从"功能替代"向"体验升级"跃迁，而行业技术迭代却陷入"同质化内卷"的单一维 度。 自1997年创立起，绿源便将科技创新作为核心驱动力，紧密围绕用户最关注的耐用性、续航、安全和智 能体验，构建完整技术体系。"三电"的深度协同，将绿源在液冷技术领域的领先优势，与电控系统的颠 覆性突破相结合，使其耐用性从单点优势升级为涵盖电池、电机、电气系统的全域技 ...

Core Viewpoint - The statement that there is a "car circle Evergrande" in China's automotive industry is unfounded, as the financial health of mainstream Chinese car manufacturers is generally better than that of their foreign counterparts [1][9][24] Financial Health Comparison - Chinese automotive brands have achieved over 60% market share domestically, with a new energy vehicle penetration rate exceeding 52% [2][24] - In terms of asset-liability ratios, many domestic car manufacturers have lower ratios compared to international peers, indicating a more conservative financial management approach [11][10] - As of 2024, the asset-liability ratios for major global car manufacturers show that Ford has 84.34%, General Motors 74.98%, and Volkswagen 68.37%, while Chinese manufacturers like Chery have 91.87% and Geely 85.95% [8][6] R&D Investment and Innovation - High R&D investments by Chinese car manufacturers, such as BYD and Geely, are creating technological barriers that enhance their long-term competitiveness [15][14] - In Q1 2025, BYD's R&D expenditure reached 142.24 billion yuan, significantly higher than its net profit of 91.55 billion yuan, while Great Wall Motors reported a net profit of 17.51 billion yuan with R&D expenses of 19.1 billion yuan [16][18] Market Position and Growth - The Chinese automotive industry is experiencing robust growth, with BYD and Geely achieving record sales and revenue in 2024 [18][24] - The narrative of a "car circle Evergrande" does not reflect the overall positive trajectory of the Chinese automotive sector, which is transitioning from a follower to a leader in the global automotive supply chain [24][10]

Core Viewpoint - The global economy is under significant pressure due to the United States' large-scale trade protectionism policies, which exacerbate global economic vulnerabilities and limit the development and technological access of various countries [1][3]. Group 1: Impact of U.S. Trade Policies - The U.S. has been using tariffs as a tool to exert pressure on other countries, leading to great uncertainty in the global economy [3]. - The "beggar-thy-neighbor" policy initiated by the U.S. is disrupting normal international trade order [3]. - The consequences of the trade war are evident, with significant fluctuations in financial markets, sharp declines in stock indices, and a notable drop in the U.S. dollar index, indicating deeper systemic changes [3]. Group 2: Technological Cooperation and Innovation - China is actively promoting global technological progress and deepening cooperation with developing countries, which is praised by the president of the New Development Bank [5]. - There is a call to strengthen international cooperation and oppose the establishment of technological barriers that hinder developing countries from accessing new technologies [5][6]. - The initiatives such as the BRICS cooperation mechanism and the Belt and Road Initiative play a crucial role in expanding access to capital, technology, and infrastructure for many developing countries [5][6].