Group 1 - The core viewpoint of the news is that the rare earth sector is experiencing a significant rise in stock prices due to expectations of gradual easing of export controls, leading to a collective surge in the rare earth sector [1][3] - The rare earth ETFs have shown strong performance, with four ETFs rising approximately 4% in half a day, particularly the Rare Earth ETF Fund (516150) which had a half-day increase of 4.02% [1][2] - The investment logic suggests that the supply-demand dynamics for rare earths are likely to continue improving due to export controls, with domestic rare earth magnetic material companies expected to benefit from both performance and valuation increases [3] Group 2 - The Rare Earth ETF Fund (516150) has a scale of 1.871 billion units and a half-day trading volume of 132 million yuan, tracking the CSI Rare Earth Industry Index [3] - The CSI Rare Earth Industry Index includes companies involved in rare earth mining, processing, trading, and applications, reflecting a high concentration of companies deeply involved in the rare earth supply chain [3][4] - Major weight stocks in the CSI Rare Earth Industry Index include North Rare Earth (14.69%), China Rare Earth (6.37%), and others, indicating a strong representation of companies in the rare earth sector [4]

南风窗 . 冷静地思考，热情地生活。 供应紧张。 以下文章来源于南风窗 ，作者荣智慧 作者 | 荣智慧 编辑 | 向 现 来源 | 南风窗 （ID： SouthReviews ） 6月6日，中美两国元首通话一天后，美国总统特朗普公开表示："是的，他同意了。"特朗普宣称，中国已 经同意恢复向美国出口稀土矿物和磁体。 6月9日，中美双方经贸官员在伦敦举行会谈，继续聚焦稀土、科技与关税等议题。 美国有芯片，中国有稀土。芯片和稀土是两国贸易争端的两大撒手锏，美国严厉管制高性能芯片出口中国 后，中国随即控制稀土出口。和美国随意挥舞制裁大棒有天壤之别，中国对影响国际供应链的行政措施始 终慎之又慎，不得不出手之时，即说明已到忍无可忍之际。包含稀土在内的关键矿产出口管制，如果一定 要对标西方国家的相关禁运政策，那么它在战略上和巴统以及瓦森纳协定会更匹配，但即便长期被西方科 技围堵，中国也没有动用稀土这张王牌。特朗普政府的为所欲为，完全脱离了国际交往的常轨，也许才是 导致中国不再藏拙的更直接的原因。 中美关税问题尚未完全解决的情况下，稀土出口问题依然牵动全球科技产业链的神经。美国心心念念的稀 土"替补"，恐怕短期内只能"望梅止 ...

所长 早读 国泰君安期货 2025-06-11 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-06-11 所长 早读 美商务部长称中美谈判"进展顺利" 观点分享： 据环球时报，媒体称卢特尼克 10 日表示，谈判"进展顺利"。"昨天我们整天都在谈， 今天估计也是一整天。"卢特尼克对记者称，"谈得很顺利，我们花了很多时间一起交流。" 本次美方代表团主要成员包括美国财政部长贝森特、美国贸易代表格里尔和美国商务部长卢 特尼克。其中贝森特和格里尔参与了日内瓦会谈，卢特尼克是新加入的谈判代表。据央视旗 下媒体玉渊谭天的评论，"卢特尼克的加入也意味着，中方有权继续就美方实施的出口管制 这一问题提意见、要解释、要回应。" 今 日 发 现 期货研究 | | | 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 不锈钢 | ★★★★ | 不锈钢：短期低位震荡运行，中期压力的缓和需关注减产动向。短线基本面仍显偏弱，前期 高排产叠加淡季消化压力，钢价上方弹性受限，关税缓和后的压力释放并未很明显。6 月负 反馈向供应端传导，上游或开启被动式减产，不锈钢 6 月排产 323.9 万吨， ...

稀土：出口管制催化，供需或加速错配 20250610 摘要 中国对锗、镓、铟、镝、铽、镨和钕等小金属实施出口管制后，由于中 国供应占比高，这些金属价格普遍上涨，半年内涨幅至少 50%，反映了 出口管制对市场供需的直接影响。 稀土资源涨价的核心逻辑在于出口管制导致进口原料价格与国内定价倒 挂，推动内盘价格跟随外盘上涨。中国汽车产量占比高，海外市场反应 迅速，进口替代抬升成本，最终实现补涨。 中国在全球稀土产业链中占据主导地位，尤其在冶炼分离和合金粉末环 节，份额超过 90%。出口管制直接影响海外供需，导致欧洲氧化镓和氧 化铽价格迅速翻倍，国际市场补库需求持续。 稀土元素在现代工业中具有不可替代的作用，尤其是在国防军工和新能 源汽车领域。中国磁材产量占全球近 90%，凸显了中国在稀土供应链中 的重要地位。 出口管制刺激海外终端厂商补货需求，在低价和低库存背景下，海外厂 商加速补库。2024 年中国氧化锑出口量减少，瓷材出口量小幅增加， 表明海外需求增长主要来自实际需求增加。 Q&A 中国在 4 月份实行中重稀土的出口管制后，海外市场的价格变化情况如何？ 自中国在 2025 年 4 月实行中重稀土出口管制以来，海外 ...

Core Points - China has recently implemented export controls on certain rare earth items with dual-use military and civilian attributes, affecting foreign automotive companies and raising concerns about the impact on the defense industry [1][5] - The export restrictions are seen as a response to the U.S. government's unilateral tariff measures and technology blockades against China, leading to increased tensions between the two countries [1][5] - Analysts indicate that Western defense giants are also feeling pressure from these export controls, with stock prices of European defense companies declining [1][5] Group 1: Impact on Industries - The automotive and robotics sectors have experienced significant impacts due to the rare earth export controls, with specific mention of the importance of samarium in the manufacturing of F-35 fighter jets [2][4] - The defense industry is facing a potential shortage of rare earth elements, which are critical for various defense technologies, including sonar systems and radar [4][5] - Concerns have been raised that if the price of praseodymium-neodymium oxide remains below $60 per kilogram by 2030, nearly half of the non-Chinese rare earth supply could become economically unviable [5] Group 2: Responses and Future Outlook - China has stated that it will continue to review export applications for rare earth items in accordance with international practices, emphasizing the need to maintain national security and fulfill international non-proliferation obligations [6][7] - The Chinese government is open to establishing a green channel for compliant applications to expedite approvals, reflecting a willingness to accommodate reasonable demands from other countries [7] - The ongoing geopolitical tensions have led to a series of countermeasures from China against U.S. arms sales to Taiwan, indicating a broader strategy of using export controls as a tool in international relations [7]

► 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 ...

Group 1 - China has approved a certain quantity of rare earth product export applications, indicating a shift in policy after previously imposing export restrictions [1][3] - The export restrictions on seven categories of medium and heavy rare earth elements have significant implications for various industries, including automotive, semiconductors, and military hardware [1][3] - The slow progress in issuing export licenses has led to a sharp decline in global rare earth supply, affecting multiple sectors [1][3] Group 2 - The Chinese government emphasizes that the export control of rare earths is a common international practice aimed at safeguarding national security and interests [3][4] - The recent approval of some export applications is seen as a strategic move to balance pressure from the U.S. while maintaining China's dominant position in the rare earth market [3][4] - The U.S. military could face significant production challenges if China were to completely cut off rare earth exports, highlighting the strategic importance of these materials [3][4] Group 3 - Trump's recent welcoming of Chinese students to the U.S. marks a significant shift from previous policies that were more restrictive, reflecting a potential change in U.S.-China relations [6][7] - The U.S. economy may benefit from the presence of Chinese students, who contribute to consumption and talent in various fields, despite concerns over technology transfer [6][7] - The fluctuating U.S. policy on Chinese students indicates a complex interplay between competition and cooperation in the context of U.S.-China economic relations [6][7] Group 4 - The long-term outlook suggests that both countries will continue to experience a mix of cooperation and competition across economic, technological, and educational domains [9] - China is encouraged to enhance resource management and improve domestic education quality to attract talent, while also maintaining a strategic stance in trade negotiations [9] - The evolving U.S.-China relationship will have significant implications for the global political and economic landscape, necessitating ongoing dialogue and cooperation [9]

贸易（资料图） 美国近来一系列针对中国的动作不断升级。在贸易领域，宣布对众多中国商品加征高额关税，涉及品类广泛，从工业制成品到日常消费品，试图通过关税壁 垒对中国出口企业施压，扰乱中国经济发展节奏。在科技方面，持续出台芯片出口管制政策，联合盟友限制高端芯片及相关技术向中国出口，妄图遏制中国 半导体产业崛起，阻碍中国高科技产业进步。甚至在人文交流层面，毫无理由地撤销大量中国留学生签证，严重破坏两国正常的教育交流秩序。 面对美国的步步紧逼，中方坚决采取反制措施。对原产于美国的进口商品加征相应关税，涉及农产品、能源产品等美国优势出口领域，直击美国相关产业要 害。同时，将多家美国实体列入不可靠实体清单，禁止其从事与中国有关的进出口活动、在中国境内新增投资等。这一系列举措合理合法，是维护自身权益 的必要手段。 在众多反制措施中，稀土领域的动作格外引人瞩目。稀土素有"工业维生素"之称，在现代工业体系中作用关键。在电子信息产业，稀土是制造芯片、显示屏 等核心零部件的必备材料，5G通信基站的建设、智能手机的制造都离不开它；在新能源领域，稀土用于制造高性能电池、风力发电机的关键部件，对推动 全球能源转型意义重大；军事方面，精确 ...

A股三大指数今日集体回调，截止收盘，沪指跌0.44%，收报3384.82点；深证成指跌0.86%，收报10162.18点；创业板指跌1.17%，收报2037.27点。 板块方面，港口航运股集体大涨；创新药概念股维持强势；美容护理、稀土永磁等板块涨幅居前，华为昇腾、军工、半导体、软件开发等板块跌幅 居前。 沪深两市全天成交额1.42万亿，较上个交易日放量1290亿。 01 中科曙光复牌一字涨停 6月10日，此前因筹划战略重组而停牌的海光信息和中科曙光复牌，中科曙光实现开盘涨停。海光信息也收涨4.4%。 截至收盘，中科曙光涨停板上 仍有50万手封盘排队等买进。 | 中科曙光 | | | ... () | | --- | --- | --- | --- | | 603019 已收盘 06-10 15:00:00 北京 | | | | | 68.09 +6.19 +10.00% | | | 36.32万人加自选 = 2 > CN 融 通 L1 | | 高 68.09 | 开 68.09 | 量 67196.00手 | 总市值 996.30亿 。 | | 低 68.09 额 4.58亿 | 换 0.46% | | 市盈 ...

Group 1 - The operating rate of PDH units is expected to remain below 70% due to poor profitability, despite new units starting up in June and July [1] - The demand for alkylation and MTBE units is increasing, driven by gasoline demand, while there is a slight increase in demand for C4 [1] - The international LPG price is declining, with US propane inventories continuing to rise and overall market resources being abundant [1] Group 2 - The domestic LPG supply is rebounding, with inventory levels remaining high and port storage capacity slightly decreasing after reaching a seasonal high [2] - The market is experiencing a cautious sentiment due to tariff issues, with gasoline consumption at a four-year low and chemical demand being weak [2] - The PDH weekly capacity utilization has slightly rebounded but remains at a multi-year low, while alkylation capacity utilization has also increased, with margins near zero [2] Group 3 - Domestic refinery prices are weak, with terminal gas sales declining and increased refinery output leading to a loose supply of domestic gas [3] - Chemical demand is recovering month-on-month, but PDH margins have slightly decreased due to falling naphtha prices, limiting future growth potential [3] - Overall market pressure is evident with rising inventories at both terminals and refineries, despite some support from strong crude oil prices [3]