凯斯勒还威胁称，"在世界各地的盟友和伙伴必须明白，美国国会意识到了这个问题，希望他们在美 国实施出口管制时与我们站在一起"，如果继续"钻空子"，美国将动用外国直接产品规则（Foreign Direct Product Rule）。该规则规定，外国制造的产品只要使用了美国技术，美国就有权对其实施 出口管制。 在前任美国拜登政府的胁迫下，日本和荷兰加强了对华半导体出口管控措施。现任特朗普政府在着 手制定更严格的管控措施时，还对这些"小弟"不爽上了。 据《日经亚洲评论》6月13日报道，美国商务部负责产业与安全的副部长杰弗里·凯斯勒（Jeffrey Kessler）12日在对众议院外交事务委员会下属的南亚和中亚小组委员会作证时声称，美国与日本、 荷兰等盟友协调出口管制措施的努力"尚未完成"，"我们不能让其他国家通过钻空子来破坏美国的出 口管制措施"。 根据《日经亚洲评论》对海关数据的分析，2024年中国从主要来源国进口了309亿美元的半导体设 备，其中近200亿美元来自日本和荷兰。 报道称，去年，中国从日本进口了价值96.3亿美元的半导体设备，同比增长28.23%，连续第五年打 破纪录。自2019年中美紧张关系加剧以 ...

Core Viewpoint - The recent approval of certain rare earth export licenses by China is a strategic move that highlights the importance of rare earth materials in the ongoing geopolitical tensions, particularly between China and the United States [1][6]. Group 1: Rare Earths as Strategic Assets - Rare earth materials are increasingly viewed as a "nuclear weapon" in the context of great power competition, especially for the U.S. military, which relies heavily on these materials for advanced weaponry like the F-35 fighter jet [3][4]. - The U.S. Department of Defense acknowledges that 97% of its heavy rare earth supply is dependent on China, indicating a significant vulnerability in U.S. military production capabilities [4]. Group 2: U.S.-China Negotiations - During recent trade talks in London, the U.S. aimed to address rare earth supply issues, with high-ranking officials suggesting that U.S. export controls would be relaxed if China increased its rare earth exports [6]. - China has strategically linked rare earth exports to broader trade negotiations, demanding concessions from the U.S. such as the removal of tariffs and the opening of markets, showcasing a calculated approach to leverage its position [6][10]. Group 3: China's Strategic Control - China's control over the entire rare earth supply chain—from mining to refining—gives it a dominant position in the global market, with 92% of refining capacity concentrated in China [4][10]. - The Chinese strategy involves a gradual tightening of export controls on various materials, which could leave the U.S. unprepared for the consequences of a supply disruption [10][12]. Group 4: Implications for Global Trade - The situation underscores a shift in global trade dynamics, where China aims to reshape international rules and break the U.S.-led technological hegemony, promoting a more equitable global supply chain [12]. - The ongoing tensions and strategic maneuvers indicate that the ultimate winner in this geopolitical contest will be the nation that can maintain a long-term vision and stability in its approach [12].

Core Viewpoint - The CEOs of Arm and Nvidia criticize the US export controls on AI semiconductors to China, arguing that these measures could hinder overall technological progress and negatively impact consumers and industry participants [1][2]. Group 1: Impact of US Export Controls - Arm's CEO Rene Haas stated that narrowing access to technology is detrimental, suggesting it would shrink the overall market and harm consumers [1]. - The US restrictions on data center processor exports to China have reportedly cost Nvidia $8 billion and effectively excluded it from the market [1]. - Nvidia's CEO Jensen Huang described the export controls as a "failure," indicating that they have not suppressed China's AI development but rather accelerated innovation among Chinese competitors like Huawei [1][2]. Group 2: Industry Dynamics and Competition - Haas has spent significant time lobbying in Washington, acknowledging that the current government has knowledgeable individuals connected to the industry, and believes Arm's voice is being heard [2]. - Huang warned that if AI chip restrictions persist, Huawei could gain a competitive edge, emphasizing that US technology is currently a generation ahead of Chinese counterparts [2].

Core Viewpoint - The U.S. government is taking measures to limit China's advancements in AI chip production, with specific emphasis on Huawei's limited capabilities in this area [1][2]. Group 1: U.S. Government Actions - Jeffrey Kessler, Deputy Assistant Secretary for Export Control, testified that Huawei's ability to produce AI chips is extremely limited, alleviating concerns about China's rapid advancements in the semiconductor field [1]. - U.S. Commerce Secretary Gina Raimondo stated that the U.S. has never considered providing China with the most advanced chips, emphasizing that high-end chips from companies like NVIDIA will not be exported to China [1]. - Kessler highlighted that by 2025, Huawei may only produce up to 200,000 Ascend AI chips, primarily for the Chinese market, while the demand for AI accelerators in China is estimated to be around 1.5 million units in 2024 [1]. Group 2: Budget and Resource Allocation - Kessler called for an increase in the budget for the Bureau of Industry and Security (BIS) to enhance export control enforcement, suggesting that the enforcement budget should be doubled [1]. - If the budget is approved, BIS plans to hire 200 new export enforcement agents and increase the number of overseas export control officials from 12 to over 30 [1][2].

Group 1 - The report from Harvard's Belfer Center indicates that the U.S. continues to lead China in key technology sectors such as artificial intelligence, biotechnology, semiconductors, space, and quantum technology [1] - The report emphasizes the significant weight of private and public funding resources in the U.S., contrasting with other indices that show China leading in many research areas [1] - Michael Spence, a Nobel laureate, noted at the Tsinghua Wudaokou Global Financial Forum that the gap between the U.S. and China in AI is rapidly closing, with China making significant advancements in AI model training efficiency and research [1] Group 2 - China's economic performance in Q1 2025 showed a GDP of 31.8758 trillion yuan, growing 5.4% year-on-year, while the U.S. reported a GDP contraction of 0.3% on a seasonally adjusted annual rate [3] - Analysts highlighted that China's success in the rare earth supply chain has shifted the balance of power in trade negotiations, especially following U.S. tariffs [3] - The article discusses how the U.S. is dependent on Chinese supply chains despite its "America First" rhetoric, indicating a potential vulnerability in U.S. trade policy [5] Group 3 - A report tracking global sentiment towards China and the U.S. revealed that China's net favorability score reached 8.8, surpassing the U.S. score of -1.5, marking a significant shift in global perception [7] - The report suggests that this change in sentiment represents a blow to U.S. soft power, particularly among its key economic and military partners [7]

证券代码：301622 股票简称：英思特 包头市英思特稀磁新材料股份有限公司 投资者关系活动记录表 编号：2025-005 | 投资者关系活动 | ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | | --- | --- | --- | --- | --- | | 类别 | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 （请文字说明其他活动内容） | | | | | | 中泰证券股份有限公司 安永超、陈凯丽 | | | | | 参与单位名称及 | 建信基金管理有限责任公司 高青青 | | | | | 人员姓名 | 上海石丸梨花私募基金管理有限公司 丁盛 | | | | | | 太和致远私募基金管理有限公司 黄瑞娇 | | | | | 时间 | 2025 年 6 月 12 日 15:00-17:30 | | | | | 地点 | 线下会议 | | | | | 上市公司接待人 | 董事会秘书范立忠先生、证券事务代表雷永龙先生、IR 及综 | | | | | 员姓名 | 合专员吕淑诣女士 | | | | | | 2025 年 6 月 12 日 1 ...

Group 1 - The first meeting of the China-U.S. economic and trade consultation mechanism took place in London on June 9-10, involving key representatives from both sides, including China's Vice Premier He Lifeng and U.S. Treasury Secretary Yellen [1][4] - The meeting aimed to implement the consensus reached during the phone call between the two countries' leaders on June 5, and is seen as a significant step towards stabilizing China-U.S. economic relations and contributing to global economic recovery [1][4] - He Lifeng emphasized that the essence of China-U.S. economic relations is mutual benefit, stating that there are no winners in a trade war and that both sides should resolve differences through equal dialogue and cooperation [1][4] Group 2 - Despite the positive dialogue, there are ongoing challenges, including new discriminatory measures imposed by the U.S. against China, such as restrictions on AI chip exports and the halting of sales of chip design software [2][5] - The U.S. government has been reluctant to engage in serious discussions regarding export controls, focusing on unilateral concessions from China while neglecting its own obligations [5][6] - The complexity of the economic relationship is underscored by the presence of structural issues that cannot be resolved in just a few meetings, and external factors such as Taiwan and South China Sea issues may further complicate negotiations [6][7] Group 3 - The U.S. has indicated a willingness to explore the possibility of easing restrictions on certain exports to China, including semiconductor manufacturing software and components for aircraft engines [5][6] - The ongoing trade tensions and high tariffs could lead to significant declines in trade, potentially sacrificing hundreds of billions in exports and tens of thousands of jobs in the U.S., which could destabilize the American economy [6][7] - Both sides are encouraged to utilize the established consultation mechanism to find mutually beneficial solutions through pragmatic cooperation [7]

| 112 | > 国技期货 | 能源 日报 | | --- | --- | --- | | 操作评级 | | 2025年06月12日 | | 原油 | ★☆☆ | 高明宇 首席分析师 | | 燃料油 | ★☆☆ | F0302201 Z0012038 | | 低硫燃料油 ★☆☆ | | 李祖智 中级分析师 | | 沥青 | なな☆ | F3063857 Z0016599 | | 液化石油气 文文☆ | | 王盈敏 中级分析师 | | | | F3066912 Z0016785 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 【原油】 隔夜国际油价大涨，SC07合约日内上涨3.01%。中美就落实两国元首通话共识及日内瓦会谈共识达成框架，目前来看 本轮磋商结果聚焦在双方取消5月以来的部分出口管制,而将于8月中旬豁免到期的24%对等关税仍有待谈判。特朗普 表示对达成伊核协议的信心减弱。凌晨美国方面通知美国在中东人员部分撤离,中东地缘风险急剧升温。原油对极 端供应冲击情景迅速定价。上周EIA原油库存超预期下降364. 4万桶，亦对原油偏强走势构成支撑。原油短期 ...

虽然卢特尼克表现得很强势，但采取守势的却是美国方面。 "稀土和磁铁的问题将得到解决。如果（中国）发放出口许可，我们实施的出口管制也将得到 放宽"，美国商务部长卢特尼克6月11日凌晨在伦敦表示。 中国在4月以后限制7种稀土的出口，以报复特朗普关税。这些稀土均很稀有，中国在冶炼工 序中占到9成以上的份额。不仅是美国重视的制造业，对战斗机等防卫领域来说也不可或缺。 "稀土和磁铁的问题将得到解决。如果（中国）发放出口许可，我们实施的出口管制也将得到放宽"，美 国商务部长卢特尼克6月11日凌晨在伦敦表示。 虽然卢特尼克表现得很强势，但采取守势的却是美 国…… 中美两国政府已转向相互修改战略物资的出口管制。中国在稀土方面采取了强有力的出口管 制措施，令美国感到焦虑，最终在一直加强的对华出口管制方面做出让步。 中国一直在限制石墨和钨等重要矿物的出口，今后可能仍会继续。 据悉，美国此次似乎承诺放宽从拜登前政府时期开始加强的半导体相关对华管制的一部分。 特朗普政府自5月以来，事实上禁止使用中国最大通信设备企业华为的人工智能芯片"昇腾"， 并限制向中国提供半导体设计所需的软件。 美国媒体报道称，放宽设计软件的供应限制的可能性很大 ...

Group 1 - The report from CITIC Securities indicates that China's rare earth exports may see positive signals as domestic price increases narrow the gap with international prices [1] - Since April, when China implemented partial export controls on rare earths, the export volume of rare earth permanent magnets has decreased by over 50% month-on-month, reaching a historical low in the past five years [1] - The Ministry of Commerce has responded that it will approve rare earth export license applications that meet regulations, leading to an increase in rare earth raw material prices in the market [1] Group 2 - Guojin Securities forecasts that the elderly care robot market will conservatively exceed 15 billion yuan in the short term, driven by the ongoing aging process in China [2] - The elderly care robot industry chain is highly correlated with humanoid robots, and its rapid development will continue to catalyze upgrades in related industrial chains [2] - The report suggests focusing on core precision transmission components such as high-precision sensors, reducers, and lead screws [2] Group 3 - Guotai Haitong Securities has upgraded its tactical allocation view on gold to overweight, citing the unpredictable nature of U.S. tariff policies and their impact on the traditional world order [3] - Concerns over international geopolitical crises and potential recession or stagflation pressures in the U.S. and global economies have heightened the appeal of gold as a non-bond safe-haven asset [3] - Gold is viewed as a "perfect hedge" against nearly all risks in the current market environment [3]