就在前几天，特朗普宣布从11月1日起，将对我国商品加征100%关税，关键软件也要限制出口，看上去像是要把经济摩擦升级到极限。但还没等这股"狠 劲"落地，仅仅两天后，特朗普就像换了个人，突然改口说"我们是想帮中国，不是伤害"，语气温柔得几乎不像话。 这场上演了不到48小时的"关税风暴"，就像一场虚张声势的表演秀，剧情急转直下，背后藏着美国打不起也打不赢的现实。 要说这事怎么起的，还得从我国这边先出招说起。前几天，商务部连发六份公告，对稀土和相关技术实施出口管制。别看这几个公告没啥"火药味"，但懂行 的人一看就明白，这一招出得不轻，也不软。 这边刚限制稀土，那边特朗普立马炸毛。第二天，也就是10月10日，他在社交媒体上放狠话，说要对所有我国商品加征100%关税，还要对"关键软件"出口 说不。他话里话外透着一股熟悉的味道：想用极限施压让我国让步。 其实这套路也不新鲜。2018年那会儿，特朗普就玩过类似的一手，结果打来打去，美国人自己先吃不消。可这次不同的是，2025年的我国，早已不是当初那 个还在被动应对、四处找补的角色。 这次，我国的反击不像以前那样"点到为止"，而是精准发力，直击要害。稀土管制一出，美国的军工、 ...

Investment Rating - The report rates the rare earth industry as "Overweight," indicating that the industry is expected to outperform the overall market [8]. Core Insights - The new export control regulations on rare earths, issued by the Ministry of Commerce and the General Administration of Customs, expand the range of controlled elements, adding five new heavy rare earth elements to the existing seven [3]. - The regulations impose stricter controls on the export purposes of rare earth products, particularly prohibiting military applications and requiring case-by-case approval for advanced semiconductor-related uses [3]. - The new regulations create a comprehensive control system over the entire rare earth industry chain, enhancing China's pricing power in the sector [3]. Summary by Sections Export Control Regulations - The new regulations include export controls on additional heavy rare earth elements and strengthen the control over the export purposes of rare earth products, particularly for military and advanced semiconductor applications [3]. - The regulations also cover the export of technologies, equipment, and raw materials related to rare earths, establishing a multi-layered control system [3]. Investment Analysis - The report suggests that the strengthened export controls will enhance the strategic value of the rare earth sector amid the ongoing US-China competition, indicating potential upward valuation for the sector [3]. - Recommended companies for investment include: - China Rare Earth: Focused on heavy rare earths with clear integration expectations - Northern Rare Earth and Baotou Steel: Strong in light rare earths with significant cost advantages - Guangsheng Nonferrous: A platform for rare earth resource integration in Guangdong with accelerated high-end magnetic material layout - Jieneng Permanent Magnet and Zhenghai Magnetic Materials: Expected to benefit from increased concentration in rare earth product exports [3]. Company Valuation - The report provides a valuation table for key companies in the rare earth sector, detailing their stock prices, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for the upcoming years [4].

Core Viewpoint - The article discusses the recent tensions regarding Pakistan's potential export of rare earth materials to the United States using Chinese technology, and China's response through stricter export controls on rare earth-related technologies [1][2]. Group 1: China-Pakistan Relations - China and Pakistan are described as "all-weather strategic cooperative partners" with a strong and enduring friendship, maintaining high levels of strategic mutual trust [1]. - Both countries have communicated closely on significant issues concerning their mutual interests, with Pakistan assuring that its dealings with the U.S. will not harm China's interests or their cooperation [1]. Group 2: Export Control Measures - The recent export control measures implemented by China regarding rare earths are stated to be unrelated to Pakistan, representing a legitimate action by the Chinese government to enhance its export control system [2]. - The purpose of these measures is to better maintain world peace and regional stability, fulfilling international obligations related to non-proliferation [2].

2025年10月9日，中国商务部突然把稀土的开采、冶炼和磁材制造技术加进了出口管制名单，新规说得很明白，只要产品里有百分之零点一的中国稀土成 分，就得先找中国审批，不管你是在德国生产，还是在日本制造，只要用了中国的技术，就绕不开这一关，这一招正好打在了荷兰阿斯麦公司的软肋上。 欧洲这边更乱，德国最头疼，大众、宝马这些大车企，还有西门子的风力发电机，全靠稀土磁体，德国经济部嘴上说在评估，心里早慌了，不敢明着反对中 国，又怕被牵连，法国倒干脆，拿出一亿零六百万欧元，拉上日本建了个稀土回收厂，想彻底绕开中国供应链，这是欧洲唯一真动手去中的人。 欧盟内部吵个不停，北欧国家想着跟中国搭伙干活，东欧国家偏要联手施压，委员会发了个声明说有点担心，可谁也拿不出个能落地的法子，各人盘算各人 的，谁也不买谁的账，阿斯麦夹在中间，两边都不敢得罪，美国惹不起，中国也动不得，只能硬着头皮撑着。 数据不会说谎，2023年阿斯麦在中国赚了六十四亿多欧元，占它总收入的近三成，现在这笔钱基本没了，不是它不想卖，是中国不让卖，稀土不是普通东 西，它是机器的心脏，EUV光刻机的激光系统、磁悬浮平台、伺服控制器，全靠稀土永磁体撑着，全球眼下找不到替 ...

中信建投证券指出，中国稀土战略地位进一步得以强化，预计海外备库动作加强，稀土价格有望进一步 上涨；长周期看，中国对稀土开采-冶炼分离-磁材制造-磁材回收全产业链的技术、设备、软辅材料管 控，无疑将增加海外稀土自主可控产业链建成的难度，时间周期也将延长，长期强化中国稀土的壁垒优 势，利好稀土价格中枢上移。 （文章来源：21世纪经济报道） 10月13日，A股市场全天震荡回升，三大指数低开高走，科创50指数低开近3%，午后翻红大涨逾1%。 板块上，稀土永磁板块今日逆市大涨，银河磁体、惠城环保、新莱福斩获20CM涨停，广晟有色、中国 稀土、北方稀土、有研新材等多股涨停，金力永磁、中科磁业等多股涨幅超10%。 消息面上，10月9日，商务部联合海关总署等部门发布多项公告，对稀土相关物项、技术、设备及原辅 料实施出口管制，管制范围从境内扩展至境外，新增稀土二次资源回收利用相关技术及生产线装配、调 试、维护等技术的出口管制，基本覆盖稀土全产业链，并首次涉及半导体及人工智能领域。 ...

Core Viewpoint - The article discusses the escalating trade tensions between the US and China, particularly focusing on the implications of China's export controls on rare earth metals and the US's potential tariff increases on Chinese imports. It highlights the strategic importance of rare earths in global supply chains and the ongoing geopolitical maneuvering between the two nations [2][8][11]. Group 1: Trade Tensions and Market Reactions - Following the announcement of new tariffs by President Trump, global stock markets experienced significant declines, with the S&P 500 index dropping 2.4% in one week, marking the most severe sell-off since April [6][5]. - The Chinese government's decision to impose stricter export controls on rare earths is seen as a strategic move to enhance its leverage in trade negotiations with the US [9][10]. - The article notes that the market's reaction to these developments may present buying opportunities, particularly if the situation stabilizes post-APEC summit [3][20]. Group 2: Rare Earths Market Dynamics - China dominates the global rare earth market, accounting for approximately 88% of rare earth oxide production and 91% of rare earth metal production [8][9]. - The strategic importance of rare earths is underscored by their critical role in advanced manufacturing processes, including electric vehicle production [9][10]. - China's recent export control measures are part of a broader strategy to utilize its rare earth resources as a bargaining chip in international trade [11][12]. Group 3: US Export Controls and EDA Software - The US has implemented export controls on electronic design automation (EDA) software, which is crucial for semiconductor design, further complicating the technology landscape between the two countries [14][15]. - The restrictions on EDA software have significant implications for China's semiconductor industry, which relies heavily on foreign technology for advanced chip design [16][17]. - The article suggests that while the US has strong leverage through its technology controls, China's rare earth dominance provides it with a counterbalancing strategy [11][12]. Group 4: Future Market Outlook - The article anticipates that the fourth quarter will be critical for the Hong Kong stock market, influenced by US-China negotiations and macroeconomic factors [21]. - Despite current market volatility, there remains a willingness among investors to buy on dips, supported by low interest rates and favorable policy conditions in China [20][21]. - The ongoing AI theme in the US market continues to attract investment, with analysts suggesting that the current market dynamics do not yet indicate a bubble [22].

Core Viewpoint - Despite the impact of U.S. President Trump's tariff comments leading to a significant drop in the FTSE China A50 index, the A-share market showed resilience with only a slight decline, indicating strong market dynamics in the face of external pressures [1] Group 1: Market Performance - The A-share market experienced a minor decline of 0.19% after a significant rebound from an initial drop, with the Shanghai Composite Index nearly recovering to positive territory [1] - The rare earth permanent magnet sector led the market, with 19 stocks in the sector hitting the daily limit or rising over 10% [1] Group 2: Policy and Regulatory Changes - The Ministry of Commerce, in conjunction with the General Administration of Customs, announced new measures to strengthen rare earth export controls, including increased regulation on five categories of medium and heavy rare earths [1][2] - The recent policy changes expand the scope of export controls to include technologies and equipment related to the entire rare earth industry chain, impacting sectors such as semiconductors and artificial intelligence [2] Group 3: Price Adjustments and Forecasts - Industry leaders North Rare Earth and Baotou Steel announced a price increase for rare earth concentrates, with the new price set at 26,205 yuan per ton (excluding tax), reflecting a 37.13% increase from the previous quarter [1] - North Rare Earth projected a net profit of 1.51 to 1.57 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 272.54% to 287.34% [1] Group 4: Demand and Supply Dynamics - The demand for rare earths is expected to grow due to the rapid development of emerging sectors such as wind power, electric vehicles, and robotics, which are supported by government policies [3] - The rare earth price index remains above levels seen in early August, despite a recent decline, indicating potential for future price stability [3][4]

全国出口重点商品量值表，部分截图 同时，今年9月，我国进口稀土6864.7吨，今年前9月累计进口7.88984万吨、累计出口4.83557万吨。 路透社指出，稀土出口数据波动较大，发生剧烈起伏是常见情况。 本文系观察者网独家稿件，未经授权，不得转载。 10月13日，观察者网查询海关总署网站获悉，2025年9月我国出口稀土4000.3吨，金额为5960万美元， 数量较8月（5791.8吨）下降30.9%，为连续第三个月下降，同时创下今年2月以来新低。 2025年9月 香港《南华早报》称，为了减少对中国稀土的依赖，美国加大了提高国内产量、采用替代材料的努力， 同时还在寻求与第三国建立战略伙伴关系。 然而，10月9日，中国商务部发布两项关于加强稀土相关物项出口管制的公告，再度引发热议。该报指 出，这一最新公告将对美方努力造成阻碍。 针对中方采取的稀土物项出口管制，特朗普日前威胁称，美国将对中方加征100%关税。 10月13日，中国外交部发言人林剑应询表示，美方不仅没有反躬自省，反而以高关税相威胁，这不是同 中方打交道的正确方式。 "如果美方一意孤行，中方也必将坚决采取相应措施，维护自身正当权益。"林剑说。 针对上述 ...

Core Viewpoint - China's recent regulations on rare earth exports significantly enhance its influence over key manufacturing sectors globally, particularly in the context of escalating international trade tensions [1][4][5]. Group 1: New Regulations Overview - The new regulations, effective from December 1, cover rare earth magnets and certain semiconductor materials containing 0.1% or more of Chinese rare earth components, requiring foreign companies to obtain Chinese approval for exports [9]. - The regulations extend to any products produced abroad using Chinese rare earth mining, smelting, and magnet manufacturing technologies, indicating a broad scope of control [9][10]. - Military-related exports will generally not be permitted, with applications for AI technologies with potential military uses subject to case-by-case approval [5][10]. Group 2: Impact on Industries - The automotive and military sectors are particularly vulnerable, as many components rely on rare earth materials, leading to production halts in several European automotive suppliers due to shortages [8][9]. - Companies in the automotive industry have reported delays in obtaining export licenses, complicating their supply chains and operations [6][9]. - The regulations may hinder European countries' military support to Ukraine, as many military equipment components depend on Chinese rare earths [5][10]. Group 3: Geopolitical Reactions - The new export controls have raised concerns among Western nations, particularly regarding their implications for military capabilities and supply chains [5][10]. - China's actions are viewed as a response to perceived unfair trade practices by the U.S., including tariffs and export controls that have affected various sectors [10].

"你刚才提到的相关报道，或是不了解实情，或是捕风捉影，甚至是挑拨离间，是缺乏根据的。"林剑说。 林剑强调，中方日前发布的关于稀土等相关物项的出口管制措施，与巴基斯坦没有任何关联，这是中国政 府依据法律法规完善自身出口管制体系的正当做法，旨在更好地维护世界和平与地区稳定，履行防扩散等 国际义务。 林剑表示，中国和巴基斯坦是全天候战略合作伙伴，两国的"铁杆友谊"历久弥坚。双方始终保持高度的战 略互信，在事关双方共同利益的重大问题上密切沟通。 "据我所知，关于巴美矿产合作的事宜，中巴双方有沟通。"林剑指出，巴方强调，巴方与美方的交往绝不 会损害中方利益和中巴合作，巴方领导人向美方领导人展示和赠送的矿石，是工作人员购买的巴宝石的原 矿样品。 据北京日报，10月13日，外交部发言人林剑主持例行记者会。 有记者提问，近日有媒体报道，巴基斯坦利用中国设备和技术向美国出口稀土，触发了中国出台严格管控 稀土相关技术出口的新规。部分自媒体发表视频和文章，称"巴基斯坦向美国赠送稀土样品，并同意开展 稀土合作。中国出招反制巴基斯坦向美国出口稀土"。请问发言人对此有何评论？ ...