《台积电遭遇稀土难题？一撮"盐"料否撼动全球芯片产业》 厨房中，锅铲在台积电的注视下轻轻敲击了两下，火焰依旧旺盛，然而，放置在厨台上的"盐罐"却突然 被人取走。 这个场景听来宛若一则笑谈，然而，自今年十月起正式实施的出口管理新规，却将这家全球最大的晶圆 代工厂推向了舆论的风口浪尖。 新闻媒体突出报道了这一消息，指出该芯片产品含有源自中国大陆的稀土成分，且其含量一旦超过千分 之一，便需履行出口许可证申报程序。 对于依赖中国大陆上游供应链的厂商，尤其是那些致力于最前沿工艺研发的企业而言，这无疑是一次严 峻的考验。 台积电两头在外，问题频出。 美国审批并非总是给予肯定，一时间，台积电面临对美国交付可能放缓的风险，甚至有传言称其可能遭 遇"全面中断"的危机。 这起事件表面看似源于材料问题，但其背后所蕴含的复杂性，远非一罐调味品所能比拟。 现实并不复杂。 在先进制程中，稀有金属并非可有可无的装饰，尤其在五纳米以下的技术节点，对材料的纯度与性能提 出了极为严格的标准。 在过去的十几年间，产业分工使得各企业依据自身最擅长的领域汇聚一堂，台湾的精湛工艺、美国的创 新设计、中国大陆的优质材料与精湛加工，共同编织成了一幅全球协作 ...

Core Insights - Australia's diplomatic efforts to enhance critical minerals cooperation with the US are gaining traction, with ASX-listed explorers invited to brief the Australian embassy ahead of a meeting between Prime Minister Albanese and President Trump [1][2] Company Engagement - Resolution Minerals Ltd and Nova Minerals Ltd are among the companies invited to participate, focusing on antimony projects crucial for US defense and industrial supply chains [2] - Resolution Minerals is highlighting its Horse Heaven project in Idaho, which has potential for near-term production and is strategically located near Perpetua Resources' Stibnite Gold and Antimony Project [3][5] - Nova Minerals is providing updates on its Estelle Gold and Critical Minerals Project in Alaska, which has received a US$43.4 million award from the US Department of War to support military-grade antimony production by 2026-27 [10][11] Strategic Importance - The Australian government is positioning its expertise as vital to US efforts to secure alternative supply chains and reduce reliance on China, particularly in critical minerals like antimony and tungsten [2][15] - The growing engagement reflects a shift in the US from rhetoric to investment, with potential direct equity stakes and grant programs being considered to support allied projects [13][15] Broader Industry Trends - The inclusion of smaller-cap ASX explorers in high-level discussions indicates a search for shovel-ready opportunities in critical minerals, with Australian companies actively involved in US projects [14][15] - The evolving diplomatic landscape offers visibility and potential government support for companies like Resolution and Nova, which could accelerate their production timelines [15][16]

10月13日（周一），智利国有企业ENAMI负责人称，铜买家对供应链多元化的需求或将助力该企业为17亿美元的 冶炼厂项目筹集资金。 ENAMI旗下拥有70年历史的Hernan Videla Lira冶炼厂升级计划长期面临盈利能力与融资前景的质疑。 随着全球其他高效冶炼厂争夺有限精矿资源，矿商为精矿冶炼支付的加工精炼费已经破零，迫使部分海外冶炼厂 停产。 但ENAMI负责人Ivan Mlynarz表示，盈利能力并非潜在投资者的唯一考量。 "在当今地缘逻辑与动态格局下，以及我们如何保障全球供应链安全的背景下，该项目具有极强的吸引 力，"Mlynarz在LME周（LME Week）开幕前表示。这场全球金属行业年度盛会于本周一在伦敦拉开帷幕。"多家 企业正从这一角度审视该项目。" 智利仅占全球冶炼产能的6%。 ENAMI去年关闭了近乎淘汰的Hernan Videla Lira冶炼厂，目前认为重启该厂对帮助智利中小生产商进入全球市场 至关重要。 ENAMI表示计划于2025年底启动初期建设，五年后投产，年产阴极铜24万吨。 Mlynarz透露，包括矿企、大宗商品贸易商和银行在内的17家公司已表示有意出资支持该冶炼厂，以 ...

Core Viewpoint - The article highlights the proactive measures taken by the U.S. government and companies, particularly General Motors (GM), to secure rare earth supply chains amid China's tightening export controls on rare earth materials [1][2]. Group 1: General Motors' Initiatives - General Motors has been working since 2021 to secure domestic rare earth magnet supply, positioning itself to become the only U.S. automaker with multiple large-scale direct supply sources in the coming months [1]. - In late 2021, GM announced plans to build a rare earth magnet manufacturing plant in the U.S. in collaboration with German company VAC, which is expected to start production this fall and reach full capacity by early 2026, with 90% of its output dedicated to GM and the remainder to the U.S. Department of Defense [1]. - GM also signed a long-term supply agreement with MP Materials in 2021, agreeing to invest in a new plant in Texas, with the U.S. Department of Defense subsequently providing funding for both VAC and MP's new facilities [1]. Group 2: Department of Defense Involvement - A senior official from the Department of Defense indicated that if the new facilities only supplied the Department, their viability might be limited to 5 to 10 years, but supplying both the Department and GM would provide a more stable outlook [1]. - In July of this year, the Department of Defense agreed to invest $400 million in MP Materials in exchange for equity to help increase its production capacity [1]. Group 3: Additional Supply Agreements - GM has also reached a multi-year supply agreement with Noveon Magnetics, with rare earth magnets beginning delivery in July [2]. - The exact proportion of GM's rare earth magnet demand that can be met by domestic production has not been disclosed by the company's procurement and supply chain head [2].

Core Insights - The strategic value of critical minerals such as lithium, cobalt, nickel, graphite, and rare earths is increasingly highlighted as essential for achieving carbon neutrality and supporting industries like electric vehicles and renewable energy [1][5]. Group 1: EU's Challenges in Critical Minerals - The EU faces a "triple dilemma" in the critical minerals sector, including high external dependency, weak processing capabilities, and an inadequate recycling system [2][3][4]. - Over 80% of lithium is sourced from Chile and Argentina, while more than 60% of cobalt comes from the Democratic Republic of Congo, and over 90% of rare earth processing relies on China [2]. Group 2: Legislative and Strategic Initiatives - The EU's Critical Raw Materials Act (CRMA), effective from May 2024, aims to enhance domestic mining and processing of critical minerals, marking a significant legislative shift [5][10]. - The first batch of 47 strategic projects, with an investment of approximately €22.5 billion, spans 13 member states and focuses on key minerals for electric vehicles and clean energy [5][20]. Group 3: International Cooperation and Supply Chain Diversification - The EU is expanding its strategic partnerships outside its borders to mitigate reliance on China, with 13 additional projects announced in June 2025 [6][21]. - The EU's strategic projects are designed to enhance supply chain security and reduce dependency on single sources, particularly from China [8][14]. Group 4: Policy Framework and Goals - The CRMA outlines a framework with specific targets for domestic mining, processing, and recycling by 2030, aiming for at least 10% of mining, 40% of processing, and 25% of recycling to be sourced locally [10][11]. - The EU aims to shift from being a passive buyer of raw materials to actively constructing its supply chain, thereby increasing its control over strategic resources [10][11]. Group 5: Geopolitical Implications and Competitive Landscape - The EU's initiatives reflect a broader geopolitical strategy to counterbalance China's dominance in the critical minerals market, particularly in the context of the U.S.-led "de-risking" agenda [14][30]. - The competition for critical minerals is intensifying, with the EU and U.S. collaborating to limit China's influence in resource-rich countries [30][39]. Group 6: Future Trends and Industry Dynamics - The EU's strategic projects are expected to reshape the global governance of critical minerals, promoting a multi-polar supply chain system that includes the EU, U.S., and Japan [28][29]. - The evolving landscape may lead to increased bargaining power for resource-rich developing countries, altering traditional supply chain dynamics [32][33].

Core Insights - The article discusses the significance of the Horgos inland port in Kazakhstan, which has emerged as a crucial hub for trade between Asia and Europe, despite being located in a desert region far from the ocean [1][2]. Group 1: Horgos Inland Port Overview - Horgos is a massive inland port covering 130 hectares, capable of handling over 350,000 containers annually, and has transformed from a quiet border area into a vital trade connection [5][6]. - The port's trade volume surpassed 100 billion yuan in 2024, marking a year-on-year increase of 43.46%, with a 28.5% rise in railway transport in the first quarter of 2025 [6]. Group 2: Technical Challenges and Solutions - A significant technical challenge arises from the difference in railway gauge: China's standard gauge is 1435 mm, while the former Soviet Union countries use a wider gauge of 1520 mm, creating an 85 mm gap that necessitates a transfer of containers [9][10][11]. - To address this issue, Kazakhstan invested approximately $200 million, while China contributed several billion dollars to develop the Horgos port, which serves as a crucial "gauge change station" [13]. Group 3: Strategic Importance - Horgos plays a pivotal role in the Middle Corridor trade route, which connects China to Europe while avoiding risks associated with maritime and northern land routes, thus serving as a strategic lifeline for trade [14][17]. - The port is integral to China's Belt and Road Initiative, which aims to reshape trade and infrastructure networks across Eurasia, positioning Horgos as a key node in this new Silk Road [17]. Group 4: Economic Impact on Kazakhstan - Horgos has transformed Kazakhstan from a landlocked country to a land-linked one, significantly boosting trade and attracting various industries, leading to a 50% increase in trade volume in Central Asia over the past five years [21][22]. - The port has created thousands of jobs, with specific examples including the Horgos knitting industrial park providing over 1,000 jobs and technology companies offering employment for 1,200 to 1,500 people annually [23]. Group 5: Historical Context - Horgos has historical significance as a key stop on the ancient Silk Road, illustrating the continuity of trade and cultural exchange from ancient times to the present [27][30].

Core Viewpoint - The ongoing soybean trade issue between the U.S. and China highlights the complexities of trade negotiations, where U.S. farmers are facing difficulties due to China's shift in sourcing soybeans from South America and other countries, undermining the U.S. position as a primary supplier [1][5][10]. Group 1: Trade Dynamics - China is the world's largest soybean buyer, accounting for two-thirds of global imports, but has increasingly turned to Brazil and Argentina for its soybean needs [1][5]. - The U.S. soybean market is heavily reliant on China, and the lack of Chinese purchases has left U.S. soybeans with limited alternative buyers, as demand from the EU and other regions is insufficient [5][10]. - The trade conflict is not merely about tariffs but reflects a broader struggle over supply chain security, with the U.S. attempting to leverage its soybean exports as a bargaining chip in negotiations [3][8]. Group 2: Political Implications - The soybean issue poses a significant political challenge for Trump, as many of his supporters are farmers who are now facing financial losses due to the inability to sell soybeans [14][20]. - Trump's administration is considering using tariff revenues to subsidize farmers, but this approach does not address the underlying market access issues [14][16]. - The potential loss of the Chinese market could severely impact U.S. farmers and, consequently, Trump's re-election prospects, as maintaining farmer support is crucial [14][20]. Group 3: Future Outlook - Experts suggest that the U.S. may need to rethink its approach to trade negotiations, as unilateral pressure tactics may not yield sustainable results [7][12]. - The search for alternative markets, such as India, is complicated by India's own agricultural needs, making it a challenging prospect for U.S. soybean exports [18][20]. - The current situation indicates a shift in trade dynamics, with China successfully diversifying its sources for soybeans, thereby reducing its dependency on U.S. imports [5][10].

Core Viewpoint - The rapid development of Angrui Micro in the RF front-end industry is significantly influenced by the U.S. sanctions against Chinese telecom giants, leading to a wave of domestic substitution opportunities [3][12]. Group 1: Company Development - Angrui Micro's IPO application was accepted on March 28, marking a significant event in the RF front-end industry [1]. - The company has achieved rapid growth, with projected sales in 2024 expected to match that of Weijie Chuangxin, positioning itself among the top tier of RF front-end manufacturers [1]. - Angrui Micro has successfully developed a series of RF front-end chips for high-end flagship smartphones, including the challenging Sub3G L-PAMiD product [3][12]. Group 2: Market Dynamics - The U.S. pressure on Chinese companies has led domestic smartphone manufacturers to recognize the importance of a local supply chain, benefiting companies like Angrui Micro [3]. - The RF front-end market in China is still relatively small, with total sales around 200 billion, compared to a global market size of approximately 1200 billion [9]. Group 3: Supply Chain and Collaboration - Effective supply chain management is crucial for RF front-end companies to ensure security and stability under U.S. pressure [5]. - Collaboration among multiple leading smartphone manufacturers is necessary to drive the entire domestic RF front-end industry, as individual companies alone cannot achieve significant impact [7]. - Angrui Micro has established partnerships with domestic GaAs, SOI, and filter manufacturers, contributing to a higher proportion of domestic procurement [9]. Group 4: Investment and R&D - The rapid development of the domestic supply chain requires RF front-end manufacturers to double their R&D investments due to the need for multiple iterations and maintaining both domestic and overseas supply chains [11]. - Angrui Micro is committed to investing in domestic supply chain development, driven by both customer demand and the need for supply security [11]. Group 5: Long-term Strategy - Domestic substitution is a long-term process, and while rapid progress can be made, surpassing established foreign competitors remains challenging [12]. - Angrui Micro has demonstrated a long-term vision by steadily developing competitive products and leveraging opportunities for domestic substitution since 2019 [12][15].

Group 1: Supply and Demand Dynamics - The global supply and demand landscape for critical minerals is undergoing significant changes, with a surge in demand driven by energy transition, particularly in electric vehicles and energy storage [1][6][7] - Lithium demand is expected to increase by nearly 30% year-on-year in 2024, significantly outpacing the average annual growth rate of 10% seen in the 2010s [1][6] - By 2040, lithium, graphite, and rare earth demand is projected to grow by 4.7 times, 2.2 times, and 1.6 times respectively, with electric vehicle batteries consuming 60% of global lithium and 40% of nickel and cobalt [1][7] Group 2: Supply Concentration and Investment Trends - The supply side is characterized by increasing concentration, with China, Indonesia, and the Democratic Republic of Congo dominating the market, leading to an average market share of 86% in the refining sector for the top three producing countries [1][9] - Despite the surge in demand, global investment in critical mineral extraction is expected to slow, with growth rates dropping to 5% in 2024, half of the previous year's rate [1][10] - The International Energy Agency (IEA) warns of potential shortages, predicting a 30% gap in copper supply by 2035 and possible lithium shortages in the 2030s [1][10] Group 3: Geopolitical Influences and Market Pressures - Geopolitical tensions are reshaping resource order, with countries accelerating the establishment of mineral security frameworks, such as the U.S. simplifying licensing processes and the EU passing the Critical Raw Materials Act [2][15] - China's export controls on strategic minerals have led to significant price increases, with bismuth prices rising by 90% and cobalt prices surging by 67% following export restrictions [2][26] - The market faces structural contradictions, with rising costs and environmental pressures hindering development, as emerging producers experience higher operational costs compared to leading producers [2][8] Group 4: Policy Innovations and Technological Breakthroughs - To address these challenges, innovative policy mechanisms are needed, such as establishing certification systems for differentiated pricing and increasing public financial support for high-risk projects [3] - Technological advancements in mining, refining, and recycling are essential, including the development of new techniques to reduce energy consumption and costs in rare earth production [3][29] - The report emphasizes the importance of international cooperation and partnerships to ensure a stable supply chain for critical minerals [30][31]

Geopolitical Risks - The risk of escalation in the Russia-Ukraine conflict is increasing, with Ukraine continuing attacks on Russian energy facilities and Russia limiting diesel and gasoline exports, leading to a 4.2% increase in Brent crude oil prices and a 3.5% rise in ICE diesel prices this week[4] - European countries are expressing readiness to respond to Russian incursions, but internal divisions may affect their actual response capabilities[4] - Trump's recent statements indicate a shift towards supporting Ukraine, although actual U.S. actions regarding increased aid remain unclear[4] Middle East Developments - Trump assured Arab and Islamic leaders that the U.S. would not allow Israel to annex the West Bank, proposing a peace plan for Gaza[4] - Ongoing Israeli military actions in Gaza have raised concerns among Arab nations about potential regional conflict escalation[4] U.S. Tariff Policies - Starting October 1, the U.S. will impose new tariffs: 100% on imported brand or patented drugs, 50% on kitchen and bathroom cabinets, 30% on soft furniture, and 25% on heavy trucks produced outside the U.S.[4] - The Trump administration continues to push for tariffs as a tool for trade negotiations, despite facing judicial challenges regarding the legality of these tariffs[4] Economic Indicators - The Shanghai Composite Index rose by 0.2% this week, while the Shenzhen Component increased by 1.1%[6] - Brent crude oil prices reached $68.82 per barrel, reflecting a 4.2% increase, while ICE diesel prices hit $714.25 per ton, up 3.5%[6] Future Outlook - Continued monitoring of the Russia-Ukraine conflict is essential, particularly regarding potential dialogue signals from Russia amid U.S. pressure[18] - The U.S. government faces a potential shutdown if a temporary budget is not passed by September 30, 2024[21] - The expiration of the Iran nuclear agreement and UN Resolution 2231 on October 18 will be critical to watch, as it may impact ongoing negotiations[20]