Core Viewpoint - The recent export control measures on seven types of medium and heavy rare earth elements by the Ministry of Commerce and the General Administration of Customs are aimed at enhancing national security and resource safety, reflecting a strategic upgrade in the positioning of rare earth resources [1][8]. Group 1: Policy and Regulation - On April 4, the Ministry of Commerce and the General Administration of Customs announced the implementation of export controls on seven types of medium and heavy rare earth elements, effective immediately [2]. - The policy emphasizes that rare earth indicators will only be issued to large state-backed rare earth enterprises and their affiliated mining and processing companies, indicating a trend towards concentration of rare earth resources [4]. Group 2: Market Impact - Medium and heavy rare earths are widely used in military applications, and the export control policy may lead to an increase in overseas prices for these materials [3]. - Approximately 70% of rare earth compounds and metals imported by the United States from 2020 to 2023 came from China, highlighting the U.S.'s heavy reliance on Chinese rare earth resources [3]. Group 3: Demand Growth - The demand for downstream applications such as electric vehicles and industrial robots is expected to continue growing, with a notable increase in production and penetration rates in these sectors [5]. - The global demand for neodymium-iron-boron in humanoid robots is projected to reach about 24,000 tons by 2035, with a compound annual growth rate (CAGR) of 83.8% from 2023 to 2035 [5]. Group 4: Strategic Importance - The recent export controls underscore China's heightened focus on the security of strategic resources, marking a continuation of previous measures on other strategic metals [6]. - The management of rare earth resources has been integrated into the national security framework, reflecting their critical importance to both resource security and national interests [6].

文/《清华金融评论》 王茅 北京时间4月3日凌晨，特朗普公布了备受瞩目的新一轮关税举措，导致全 球股市普跌，今日跌幅最大的是越南和日本股市，金价则再创新高。受美 国关税政策影响，美联储短期内或难以下调利率。市场将密切关注关税反 制措施。 对等关税整体力度大超预期，导致股市普跌，黄金再创新高 特朗普新一轮关税政策分为基准关税和对等关税两部分。基准关税提升10%，4月5日起生效，整体而言 低于市场此前预期。 而对等关税，整体力度大幅超过预期，预计4月9日起生效，其中对中国加征34%关税（合计54%）， 对欧盟加征20%关税，对日本加征24%关税，对越南加征46%关税，对印度加征26%，对韩国加征25% 关税等。 值得注意的是，加拿大、墨西哥并未被列入对等关税名单当中 ， "美墨加"协定下的商品关税豁免将继 续下去。 在对等关税的冲击下，各国股市纷纷走低，今天跌幅最大的是越南和日本，越南股市暴跌7%，日本股 市大跌3%。 A股与H股延续调整，收盘时上证指数下跌0.24%，恒生指数下跌1.52%，人民币对美元一度贬至7.35。 美国对华加征关税54%，大超市场此前预期，中国资产尚未充分定价关税冲击带来的影响，贸易摩擦 ...

Core Viewpoint - The ongoing port transaction between Cheung Kong Holdings and BlackRock has raised significant concerns among various sectors in China, leading to warnings for Li Ka-shing to reconsider the deal in light of national interests [1][2]. Regulatory Actions - The State Administration for Market Regulation (SAMR) has announced an investigation into the port transaction, emphasizing the need to protect fair market competition and public interest [1][2]. - The legal basis for the investigation is grounded in the Anti-Monopoly Law, which applies to foreign monopolistic behaviors affecting domestic market competition [2]. Financial Impact - Cheung Kong Holdings is facing dual challenges: potential legal sanctions and significant economic losses, with its market value dropping over 30 billion HKD in just 11 trading days [3]. - The company's stock price has been adversely affected, leading to a loss of public trust and raising concerns about its future market prospects in China [3]. Legal Considerations - The transaction with BlackRock did not undergo a global bidding process, which may limit competition and could lead to legal repercussions if deemed monopolistic by the SAMR [4]. - If found guilty of monopolistic practices, Cheung Kong Holdings could face administrative penalties, including fines based on a percentage of its previous year's sales [4]. Current Developments - Reports indicate that Cheung Kong Holdings may not sign the agreements for the two Panamanian ports with the U.S. company as previously planned, suggesting a shift in strategy [5]. - The best course of action for Cheung Kong Holdings would be to terminate the transaction and disclose any economic pressures from the U.S. to the Chinese government [6].

美国总统特朗普当天在白宫被媒体问及这一事件时称，他对此毫不知情。 戈德堡：从怀疑到确信 戈德堡在《大西洋》月刊24日发表的文章中详细叙述了事件经过：3月11日，他在"信号"（Signal）信息应用软件收到一个名为"迈克尔·华尔兹"的用 户发来的连接请求。迈克尔·华尔兹是美国总统国家安全事务助理，但戈德堡当时并不确定这是否为华尔兹本人的账号。 两天以后，戈德堡收到通知，称他将被加入一个群聊，名为"胡塞PC小组"。名为"迈克尔·华尔兹"的用户发给该群的一条信息称，建立"负责人小组来 协调关于胡塞武装的事务，特别是未来72小时内"。 尴尬！美高官错拉记者进群，空袭也门行动泄密 美国东部时间3月15日下午，美军对也门多地展开空袭，造成数十人死亡。几天来，美军的行动一直在持续。而美国《大西洋》月刊主编杰弗里·戈德 堡3月24日刊文，披露了美国政府有关这次军事打击行动的离谱泄密经过…… 杰弗里·戈德堡24日表示，美国国家安全高层官员把他拉入了一个关于对也门胡塞武装进行军事打击的群聊，他在美军行动两小时前得知了这一空袭 计划。 戈德堡在文章中说，他以前从未被邀请参加这类会议，而且在他多年来报道国家安全事务的过程中，从未听说 ...

Core Viewpoint - Climate startups are shifting their focus away from climate issues to align with changing economic and political landscapes, emphasizing national security and other market opportunities instead [2][3][5]. Group 1: Shift in Messaging - Companies developing climate-friendly metals, cement, and fuels are now highlighting how their products contribute to national security amid rising global trade tensions [4][5]. - Many climate startups have removed references to climate benefits from their messaging, instead focusing on how their technologies can address urgent national security concerns [11][16]. - The financial environment has become challenging, with equity financing for climate tech startups dropping by 40% in 2024 to $50.7 billion, marking the third consecutive year of decline [7]. Group 2: Company Examples - Magrathea Metals has shifted its narrative from climate benefits to emphasizing the urgency of domestic magnesium production for national security, particularly for military applications [11][14][33]. - Brimstone, a low-carbon cement startup, has repositioned itself as a proponent of domestic manufacturing, removing climate-related commitments from its messaging [15][17]. - VEIR, initially focused on electric vehicle charging solutions, has pivoted to serve the growing data center market, reflecting a broader trend of adapting to immediate market demands [25][29]. Group 3: Broader Industry Trends - Major companies like Dow and General Motors are also aligning their interests with national security, advocating for tax credits for low-carbon hydrogen production without mentioning climate change [20][21]. - The shift in focus among startups and established companies highlights the risks of relying on government subsidies and changing political priorities [23][24].

Core Viewpoint - The article discusses the anticipated resolution of TikTok's ownership issues, with U.S. Vice President JD Vance expecting a high-level agreement by the April 5 deadline, aimed at addressing national security concerns while allowing TikTok to operate as a unique American entity [1]. Group 1 - Since the law took effect on January 19, TikTok's fate has been uncertain, requiring ByteDance to sell the app based on national security grounds or face a ban [1]. - President Trump signed an executive order on January 20 to delay the enforcement of this law by 75 days [1]. - Trump appointed Vance and National Security Advisor Michael Waltz to oversee the potential sale of the social media application [1]. Group 2 - Vance indicated in an NBC News interview that a high-level agreement is "almost certain," which would address national security concerns while allowing TikTok to remain operational in the U.S. [1]. - Another White House official mentioned that additional work on the details of the agreement may be required after the April 5 deadline [1].

以下文章来源于晚点对话 ，作者陈晶 徐煜萌 晚点对话 . 最一手的商业访谈，最真实的企业家思考。 "最高法院的判决具有终审效力，因为它公正可靠；而它之所以公正可靠，正因它是终审判决。" 文丨陈晶 徐煜萌 编辑丨黄俊杰 1 月 19 日，TikTok 禁令的最后期限即将到来，两任美国总统分别表示不会即刻要求关闭 TikTok。拜登政 府官员称将会把执行封禁的任务留给 1 月 20 日上任的特朗普，特朗普则曾表示上任后会暂停执行禁令， 或是将执行期延长 60 天- 90 天，以寻求出售或是其他解决方案。 但 TikTok 在美国的命运已经变成法律问题，不再是总统或者政府可以直接决定。美国最高院本周五裁 定，此前国会要求 TikTok 出售或者关闭的法案合乎宪法。按照该法案规定，1 月 19 日以后，任何美国境 内的公司，应用商店或者云服务平台都不能再为 TikTok 及其母公司字节跳动提供服务，否则将面临 8500 亿美元（1.7 亿用户，每人 5000 美元）的天价罚款。 即使政府不立即执行禁令，只要美国公司都遵守法律，一款短视频应用无法继续分发内容、维护、更新， 实际上就等于被封禁。对于特朗普在此事上的影响力 ...

TikTok 上诉，请求法院审查法案的合宪性。 翻译、校对丨实习生徐煜萌 编辑丨龚方毅 今年 4 月 24 日，拜登签署 TikTok "不卖就禁" 的法案，270 天的倒计时正式启动。 中国外交部对此表示，法案的通过让美国站在了公平竞争原则和国际经贸规则的对立面。 两周后，TikTok 和字节跳动向美国哥伦比亚特区联邦巡回上诉法院提交诉状 —— 这场四年前就开 始的对决也进入了新的一轮。 在诉状里，TikTok 和字节跳动详细回溯事件、质疑禁令的合宪性并给出论证，要求美国法院裁定 美国国会通过的法案违宪、阻止美国司法部实施该禁令。而这很可能只是漫长法庭冲突的第一 步。 我们全文翻译了该法律文书，并在不改变原意的前提下适当编辑，以尽可能完整呈现 TikTok 和字 节跳动的论述。 严格来说，这封法律文书是 "请愿书"，因为其核心诉求是请求法院判定《法案》违宪进而解除禁 令。这不同于此前《华为诉美国政府》一案，当时华为是发起诉讼，明确要求赔偿。我们在翻译 时保留了原法律文书 "请愿书""请愿人" 等法律名词。 以下是 TikTok 和字节跳动请愿书的全文翻译。 美国哥伦比亚特区联邦巡回上诉法院 请愿人 TikT ...