► 文 观察者网 王一 面对中国的稀土管控，一向非常有民族自信的印度低下了头。印度《经济时报》6月10日报道称，印度 商务和工业部长皮尤什·戈亚尔透露，在接到国内公司关于稀土储备即将耗尽的反馈后，他们正在与中 国进行谈判，以确保稀土供应。 "存在担忧，"戈亚尔称，"我们的大使馆正在与他们（中国）对话……商务和工业部也在努力。" 戈亚尔承认，中国停止向印度出口稀土永磁体显然会有影响，"尤其是我们的汽车行业"和一些其他行 业。他称，一些公司已提交了稀土出口许可申请，"我们希望理智会占据上风，他们能获得稀土的出口 许可"。 这位时常发表涉华消极言论的印度官员也没有忘记借此朝中国"泼脏水"。脑回路清奇的他对美国挑起全 球贸易战、滥用出口管制的行径选择性地视而不见，反而暗戳戳地指责中国，拿中国的对美反制措施说 事，污蔑中国不值得信赖。 戈亚尔渲染称，这件事情"对所有过度依赖特定地区的人来说是一个警钟"，"提醒大家在供应链中需要 值得信赖的合作伙伴"。 稀土储量世界排 名前七的国家的储量（左）和产量（右）图 印度商务和工业 部长皮尤什·戈亚尔 视频截图 他的说法完全站不住脚。《经济时报》在4日的报道中就指出，已有9家印度 ...

感到压力的远不止铃木一家。多家以"即时生产（Just-in-Time）"模式组织生产的日本及德国汽车制造 商，都已开始紧急排查其一级和二级供应商的库存水平。特别是那些在电动汽车（EV）和混合动力汽 车领域布局深远的企业，其核心驱动单元对高性能永磁电机的依赖度极高，而这类电机的关键材料正是 此次出口政策调整所涉及的高性能钕铁硼（NdFeB）永磁材料。 若此次零部件供应紧张的局面持续超过一个月，包括丰田、本田在内的日本车企，以及远在欧洲的大 众、宝马等，其部分高端车型和新能源车型的生产计划也可能被迫调整。影响的大小，将直接取决于各 家厂商对供应链风险的预判和备用库存的多少。 2025年6月6日，日本知名汽车制造商铃木汽车公司（Suzuki Motor Corporation）今日宣布，由于来自中 国的特定关键零部件供应短缺，公司位于日本本土的部分汽车生产线将暂时停止运营。 铃木汽车在声明中写到，部分用于汽车电子系统和发动机部件的含稀土材料的零部件未能按时到货，对 生产计划造成了直接影响。公司并未具体透露哪些车型或工厂将受到此次停产的冲击，但表示正在"尽 一切努力评估影响范围，并积极寻求替代供应方案，以期尽快恢复生 ...

Core Insights - The opening of two new companies under Shaanxi Taigu New Materials Industry Development Group marks a significant milestone in the titanium industry, enhancing the high-quality development of the sector [2][3][22] - The launch of the world's first titanium trading platform, Taigu Trading Network, aims to create a digital ecosystem for the titanium industry, facilitating online transactions and improving industry transparency [6][22] Group 1: Company Developments - Baoding Taigu Titanium Nickel Zirconium Materials Processing Co., Ltd. focuses on high-end titanium, nickel, and zirconium materials, producing ultra-thin titanium foil as thin as 0.02mm, enhancing China's supply chain capabilities in aerospace and defense [3][22] - Baoding Taigu Titanium Nickel Rod and Wire Materials Processing Co., Ltd. has imported advanced production lines from Italy, establishing a smart production line for titanium and other rare metals [5][22] Group 2: Industry Initiatives - The Taigu Trading Network is a comprehensive service platform for the titanium industry, expected to attract over 10,000 registered members and achieve a transaction volume exceeding 1 billion by 2025 [6][22] - The industry is experiencing a critical transition towards high-end, intelligent, and green development, with a focus on innovation and collaboration among enterprises [13][22] Group 3: Strategic Goals - The company aims to strengthen the midstream high-end production chain, participate in upstream raw material supply, and extend downstream product applications, aspiring to build a world-class titanium and titanium alloy industry base [10][22] - The strategic cooperation agreements signed during the event cover technology research and development, supply chain collaboration, and financial services, indicating a deepening of the Taigu ecosystem [17][22]

Group 1 - The core issue is that despite a temporary easing of trade tensions between the US and China, American products are still facing significant barriers in the Chinese market [1][8] - Chinese buyers are increasingly turning away from US liquefied petroleum gas (LPG) and instead sourcing from the Middle East and Canada, with seven US LPG tankers redirected to Southeast Asia [3][6] - The US's oil exports to China have plummeted from a peak of 29 million barrels to just 3 million barrels, while imports from Canada have surged by 37% [3][4] Group 2 - The agricultural sector is also struggling, with US soybean exports to China dropping by 32% year-on-year, while Brazil and Argentina are rapidly increasing their market share [4][8] - China's new regulations favor domestic procurement of South American soybeans, enhancing transportation efficiency and reducing delivery times [4][6] - The uncertainty of US trade policies has led Chinese companies to lose confidence in importing American goods, as past agreements have been frequently violated [6][8] Group 3 - China is actively working to reduce its dependence on US imports to ensure supply chain security, diversifying its energy and agricultural sources [6][8] - China's renewable energy production is expected to exceed 30% by 2024, reducing reliance on imported energy [8] - The domestic soybean production in China is projected to increase by 15% in 2024, providing more options for sourcing agricultural products [8]

Core Viewpoint - The article emphasizes the critical importance of supply chains in the context of geopolitical tensions and trade policies, particularly focusing on the need for Chinese companies to adapt their supply chain strategies to navigate new challenges and opportunities in global markets [4][7][10]. Group 1: Supply Chain Dynamics - The U.S. Customs has implemented a new "origin verification system" to prevent transshipment trade and tax evasion, requiring importers to provide detailed supply chain documentation [4]. - Many Chinese manufacturing companies are accelerating their overseas expansion to diversify and localize production in response to changing trade policies [4][10]. - The concept of "supply chain security" has become a priority, replacing the previous focus on cost and efficiency [6][7]. Group 2: Global Supply Chain Trends - The migration of supply chains is largely driven by external geopolitical pressures, with companies feeling compelled to relocate production to avoid tariffs and trade barriers [10][11]. - The competition for supply chain dominance is intensifying, with countries like Vietnam and India emerging as alternative manufacturing hubs [13][20]. - The article highlights that while some production is moving away from China, many Chinese companies are still involved in global supply chains, often maintaining ties with their original manufacturing bases [21][22]. Group 3: Strategic Recommendations - Chinese companies should enhance their autonomy within supply chains and focus on building strong relationships with supply chain partners to ensure stability and resilience [7][12]. - The article suggests that companies need to adapt to local supply chain networks and avoid over-reliance on "Chinese speed" in global operations [36][38]. - Mergers and acquisitions are presented as effective strategies for Chinese companies to enter and integrate into foreign markets [41][44]. Group 4: Challenges and Opportunities - The article discusses the challenges posed by rising labor costs and regulatory environments in foreign markets, which may hinder the competitiveness of Chinese firms [16][17]. - It also notes that while supply chain migration is a reality, it presents opportunities for Chinese companies to innovate and find new profit margins abroad [39][50]. - The need for a strategic approach to supply chain management is emphasized, particularly in light of the ongoing trade tensions and the evolving global economic landscape [49][51].

Core Viewpoint - The article emphasizes the critical importance of supply chains in the current geopolitical landscape, particularly in light of the U.S. customs' new origin verification system and the ongoing trade tensions. Companies must adapt their supply chain strategies to mitigate risks associated with changing tariffs and regulations [1][4]. Group 1: Supply Chain Migration - Supply chain migration is largely a forced response to external geopolitical pressures, with many Chinese companies hastily expanding overseas due to U.S. tariffs [6][8]. - The competition for supply chain security is intensifying, with countries prioritizing safety over cost and efficiency, leading to the emergence of parallel supply chains in Southeast Asia and India [8][16]. - The migration of supply chains is not just a loss for China; it also reflects a reallocation of global production capacities, with companies like Apple shifting significant portions of their manufacturing to India and Vietnam [13][14]. Group 2: Knowledge Flow and Connection - The article highlights that the true essence of supply chains lies in the flow of knowledge rather than just logistics or cost efficiency. Successful supply chains require strong connections between upstream and downstream partners [22][29]. - Companies must focus on building relationships that enhance collaboration and innovation across the supply chain, rather than merely competing on price [35][36]. Group 3: Mergers and Acquisitions - Mergers and acquisitions are identified as effective strategies for Chinese companies to achieve globalization, allowing them to integrate into local markets and build brand presence [38][39]. - Successful integration post-acquisition is crucial, as demonstrated by companies like Hisense, which navigated local challenges while optimizing operations in foreign markets [40][41]. Group 4: Future Strategies - Companies are encouraged to adopt a long-term strategic mindset when considering overseas expansion, focusing on sustainable growth rather than short-term gains [43][44]. - The ability to adapt to different national contexts and labor markets will be essential for companies aiming to thrive in the global landscape [44].

Group 1: Talent and Workforce - In 2024, the total number of employees increased by 14% year-on-year, but the proportion of technical personnel decreased to 27%. The company is focusing on optimizing talent structure and training systems to support technological innovation [2][3]. - The company has established a competitive compensation structure and incentive policies to enhance cohesion and market competitiveness [3]. Group 2: Revenue and Profitability - In 2024, revenue from military non-metal composite materials accounted for 89%, but the gross margin decreased by 3.5 percentage points. The company is exploring new resin formulations and automated processes to reduce manufacturing costs [3][4]. - The revenue from civilian products grew by 18% year-on-year, but accounts receivable turnover days extended to 120 days. The company plans to enhance cash flow through customer credit assessment models and supply chain financial platforms [5]. Group 3: Research and Development - R&D expenses increased by 29% year-on-year, but the R&D expense ratio was only 6.3%, lower than industry leaders. The company is balancing R&D investment with short-term delivery pressures [5][6]. - The company is actively participating in the R&D of new military equipment to ensure business continuity [6]. Group 4: Financial Health - The asset-liability ratio increased by 7 percentage points to 64% in 2024, but the interest-bearing debt ratio remains low. The company is evaluating its debt structure and financing channels to reduce financial costs [6][7]. - Government subsidies accounted for 22% of net profit in 2024, primarily due to military product research subsidies and tax incentives. The company is assessing the sustainability of these subsidies [7][8]. Group 5: Market Expansion and Competition - Overseas revenue accounted for less than 5% in 2024, but there is growing demand for military equipment upgrades in the Middle East and Southeast Asia. The company plans to upgrade military trade qualifications and establish strategic partnerships to break market barriers [4][8]. - The company is facing increased competition, with competitors reducing costs through scale production. It is focusing on technological upgrades and service model innovations to narrow the gap [8][9]. Group 6: Supply Chain and Inventory Management - Supply chain security has become a focus, with the company exploring diversified supplier strategies to mitigate supply risks [10][11]. - Inventory turnover rate decreased by 22% year-on-year due to military order fluctuations. The company is working on demand forecasting algorithms and smart warehousing systems to reduce inventory costs [12][13].

Core Insights - The Trump administration is drafting an executive order to authorize U.S. companies to mine polymetallic nodules in the Clarion-Clipperton Zone of the Pacific, which are rich in nickel, cobalt, manganese, and rare earth elements, to bolster U.S. strategic reserves against potential conflicts with China [1] - The focus on rare earth exports has intensified following the suspension of tariffs between the U.S. and China, with the U.S. aiming to secure its access to rare earths while China views its dominance in this sector as a strategic advantage [1][3] - The U.S. military's heavy reliance on rare earth materials has raised concerns, as the majority of rare earth processing capabilities are concentrated in China, with over 80% of U.S. rare earth imports sourced from there [3][7] Industry Dynamics - Following China's announcement of export controls on seven categories of heavy rare earths, prices for rare earth metals have surged, with dysprosium prices doubling to $850 per kilogram and terbium prices increasing over 210% to $3,000 per kilogram [3] - The Chinese government has initiated measures to combat smuggling of strategic minerals, reminiscent of policies from 2010-2011 that led to a spike in global rare earth prices [5] - The U.S. faces challenges not only in mining but also in refining rare earths, as it has historically relied on China for processing, which complicates the supply chain for critical military applications [7]

Core Insights - The article highlights the significant increase in container shipping orders from China to the U.S. following the mutual tariff reductions, with a reported surge of nearly 300% in bookings [1][3] - Chinese merchants, particularly in Yiwu, are rapidly resuming exports to the U.S. market, indicating a strong recovery in trade activities [3][6] - The adjustments in tariff policies are seen as beneficial for Chinese exporters, with many businesses planning to expand their market reach and diversify their product offerings [5][6] Group 1: Trade Dynamics - Following the tariff adjustments, the average booking of containers surged from 5,709 to 21,530 within a week, marking a 277% increase [1] - Yiwu, known as a major hub for small commodities, is experiencing a revival in trade, with local businesses quickly ramping up production to meet U.S. demand [3][6] - The U.S. market is perceived as essential, with Yiwu merchants expressing confidence in their ability to adapt and find alternative markets if necessary [10][11] Group 2: Economic Impact - Yiwu's total import and export value reached 668.93 billion yuan in 2024, reflecting an 18.2% year-on-year growth, with exports alone amounting to 588.96 billion yuan, up 17.7% [13] - The city has diversified its trade relationships, with significant growth in exports to Africa, Latin America, and ASEAN countries, indicating a strategic shift towards broader market engagement [13] - Yiwu's international trade ecosystem is expanding, with over 1.2 million business entities operating in the area, showcasing its importance in China's trade landscape [20]

Policy Framework - China has established a comprehensive supply chain security policy system since 2012, covering both macro and industry-specific levels[2] - The government emphasizes self-control and efficiency in supply chains, with significant tax incentives for high-tech enterprises and support for digital transformation of SMEs[2] Economic Impact - In 2024, China's total import and export volume is projected to reach $6.16 trillion, maintaining its position as the world's largest trading nation[3] - China's manufacturing output accounts for 31.6% of global production, significantly surpassing the combined output of the second to fifth largest manufacturing countries[45] Supply Chain Dynamics - China's reliance on Europe and the U.S. has decreased, while deepening cooperation with Japan and South Korea, and forming a mutual dependency with ASEAN[3] - High-value industries still exhibit a pattern of strong assembly capabilities but weak core technologies, indicating a need for further development in high-end sectors[3] Strategic Initiatives - Short-term strategies focus on cost control, technological innovation, and market diversification to mitigate external shocks[3] - Long-term goals include building overseas supply chain networks and optimizing global industrial layouts to enhance resilience[3] Financial Support - The government has implemented various financial policies to support supply chain financing, including tailored financing strategies for SMEs[22] - In 2025, the central government's science and technology expenditure is planned to increase by 10% to approximately $63.5 billion, focusing on foundational research and strategic technology tasks[21]