当地时间10日，路透社援引两名知情人士消息称，法国雷诺集团已终止与法雷奥集团联合开发新型无稀 土电动汽车电机的项目，转而寻求成本更具优势的中国供应商。雷诺方面称，不排除与中国伙伴合作的 可能。法雷奥则拒绝置评。 据报道，包括雷诺、美国通用汽车、德国宝马集团在内的汽车制造商，以及德国采埃孚、美国博格华 纳、法雷奥等供应商，都在推进无需稀土的电动汽车电机研发。 雷诺自2012年起便开始使用无稀土电机，法雷奥则凭借新型铜线技术，在定子领域提供专业支持。2023 年末，雷诺曾宣布与法雷奥合作开发一款功率更高、体积更紧凑的新型无稀土电机，并称其为"法国制 造的创新成果"。 据悉，这款代号为E7A的电机功率将达到200千瓦，较雷诺现有车型电机提升25%，同时配备800伏电压 系统，为当前雷诺电动车电压的两倍，充电时间将大幅缩短。 "E7A电机项目已不再与法雷奥合作，整个价值链将完全由雷诺内部完成，仅定子可能从中国供应商处 采购"，一名消息人士告诉路透社。两名消息人士均指出，成本控制是此次变动的核心原因，中国供应 商的报价非常具有竞争力。 雷诺旗下电动汽车子公司安培的一名发言人对此回应道，"不排除与中国合作伙伴合作的可能性 ...

Core Insights - The EU is increasingly anxious about the rare earth situation following the US-China trade talks, leading to frequent meetings with Chinese representatives to seek favorable outcomes [1][3] - The establishment of a "special communication channel" between the EU and China indicates a strategic shift in the EU's approach to rare earth issues, with a focus on expediting the processing of applications from European companies [1][3] Group 1: EU's Rare Earth Strategy - EU Trade Commissioner Šefčovič revealed that over half of the approximately 2,000 applications submitted by European companies since China's rare earth export controls were implemented have been approved [1][3] - The EU aims to develop local resources in Estonia, but the timeline for production is estimated to take 5 to 8 years, highlighting the urgency of securing immediate supplies from China [3][4] - The EU's green transition, particularly in the electric vehicle and wind energy sectors, is heavily dependent on rare earth materials, with demand projected to triple by 2025 [3][6] Group 2: China's Position and Strategy - China's rare earth industry benefits from a complete supply chain, allowing it to convert raw materials into high-value products, creating a dual barrier of technology and resources [6][7] - The Chinese government emphasizes "fair trade" in its dealings, indicating that compliance with regulations is necessary for companies seeking to access rare earth supplies [7][9] - The establishment of the "special channel" is seen as a mutual benefit, with the EU needing stable supplies for its green transition and China seeking to maintain its market dominance [9][12] Group 3: Geopolitical Implications - The EU's reliance on China for rare earths reflects a contradiction in its strategy, as it previously aligned with the US against China but now seeks cooperation in critical resource areas [6][10] - Internal divisions within the EU regarding its approach to China may provide China with leverage in negotiations, as different member states have varying priorities [12][10] - The ongoing rare earth competition is characterized as a resource, technology, and regulatory battle, with the potential for future conflicts if the EU does not reciprocate China's cooperation [15][12]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][42] Core Views - The rare earth magnetic materials industry has shown a weak performance, with a decline of 4.05% this week, underperforming the benchmark by 4.87 percentage points [5][12] - The current industry valuation (TTM P/E) has decreased by 3.09 times to 77.22 times, which is at 88.9% of its historical percentile [5][12] - The prices of rare earth concentrates have continued to rise, with specific increases in praseodymium and neodymium prices, while dysprosium prices have declined [6][9][19] - The market sentiment has improved due to favorable policies, but the overall bullish expectations remain weak, leading to a cautious outlook [41][42] Summary by Sections Market Performance - The rare earth magnetic materials industry has experienced a relative return of -1% over the past month, 0% over three months, and 42% over the past year [4] - Absolute returns are 0% for one month, 13% for three months, and 55% for twelve months [4] Price Trends - Domestic mixed rare earth carbonate prices have increased by 5.88%, 3.33%, and 4% for different types of rare earth minerals [9][12] - The average price of praseodymium and neodymium has risen by 4.52% and 5.12% respectively [16] - Dysprosium prices have decreased by 1.27%, while terbium prices have remained stable with a slight increase of 0.76% [19] Supply and Demand Dynamics - The supply side is expected to decrease, while demand is anticipated to increase, leading to a stable outlook for rare earth prices [41][42] - The demand from downstream sectors, particularly in new energy vehicles, is showing signs of marginal decline, but overall industrial trends remain positive [41][42] Valuation and Earnings - Current absolute and relative historical valuation levels are supported by liquidity easing and industry policy, but high valuations face pressure from declining market risk appetite [41][42] - The report suggests that as rare earth prices continue to rise, downstream magnetic material companies are likely to see sustained earnings recovery [43]

最近，欧盟变得非常焦虑。根据他们分析中美发布的吉隆坡经贸磋商成果，欧盟发现中国暂停实施新的稀土出口管制政策并非全球性，而是仅限于针对美 国。对此，欧盟加紧了与中国的接触，希望了解中国的立场以及这一问题的可能发展方向。欧盟的目标是争取像美国一样获得"特殊待遇"，以便缓解他们在 稀土供应方面的焦虑。 当然，我们也知道，欧洲企业在面对稀土焦虑时，下订单的策略是尽量多申请，争取能囤积更多的稀土，避免中欧关系出现波动再次引发担忧。因此，中方 对稀土订单的审批率保持在50%左右，并不是完全批准，也不是完全拒绝。这其实是一种非常智慧的做法。 中方的智慧在于，不允许欧洲企业囤积稀土。 欧盟一贯的做法是，若有点资本，就会挑战中国，这种毛病在西方老牌强国中很普遍。因此，中国当然可以批准欧洲企业的稀土订单，但始终保持"有吃的 却吃不饱"的状态。这样做能够迫使欧盟保持冷静，避免其在中欧关系中做文章制造事端。同时，这也向欧盟明确传达了中国在全球稀土供应链中的主导地 位，让他们在处理对华关系时更加谨慎。 最为重要的是，这种"有吃的却吃不饱"的状态将延续欧盟对中国稀土的依赖，从而在一定程度上推迟欧盟实现稀 土供应链自主化的进程。从本质上讲 ...

商务部新闻发言人何亚东6日表示，中方愿与各方加强沟通合作，将不断优化许可流程，积极适用通用 许可等便利化措施，促进出口管制物项合规贸易。 （文章来源：新华社） 在商务部当天举行的例行新闻发布会上，有记者问：白宫11月1日发布的报告提到，中国将对部分稀土 元素发放一般性出口许可证。外界注意到，这一表述与中国商务部发布的新闻稿似乎有所不同，后者仅 提及10月9日公布的出口管制措施。请问中方对此有何评论？何亚东对此作出上述回应。 何亚东说，稀土等相关物项具有明显的军民两用属性，中方依法依规开展许可审查，对符合规定的申请 予以许可。中方多次强调，愿与各方加强沟通合作，将不断优化许可流程，积极适用通用许可等便利化 措施，促进出口管制物项合规贸易，保障全球产业链供应链安全稳定。 ...

更令人震惊的是蒋鑫的车库。车库中停满了奢华跑车，每一辆都价值不菲。两辆定制版布加迪威龙，每 辆5200万元；还有一辆帕加尼风之子，一辆法拉利恩佐和上海首辆法拉利812等。光这些超跑的总价值 就超过了2亿元。更夸张的是，蒋鑫有些车甚至一次都没有开过，只是摆在车库里，纯粹为了满足个人 的收藏癖好。即使是王思聪在蒋鑫面前也不得不逊色三分。 账单的发布者名为Snake_Kane，他的微博认证身份是HAC顶级跑车俱乐部的成员。这个神秘人的真实 身份很快被揭露出来，他是中国稀土控股有限公司创始人蒋泉龙的独子——蒋鑫。蒋鑫，1987年出生， 是典型的富二代。他毕业于英国曼彻斯特大学，主修国际商业、金融及经济学，之后还曾在威尔士大学 学习过商业研究。2008年，年仅24岁的他便进入父亲的公司，并迅速升任总经理。2016年底，他又成为 泛亚环保集团的董事会主席。按理来说，蒋鑫的履历已经相当耀眼，但他还拥有另一个身份——上海四 少之一。在上海的富二代圈子中，蒋鑫以敢花钱闻名，大额的饭局对他来说几乎不值一提。 10月7日，美国众议院发布了一份报告，建议对中国实施更加严格的半导体设备出口禁令，声称这将是 史上最严的禁令。中国方面迅速 ...

Group 1 - The Ministry of Commerce has announced the outcomes of the recent China-US economic consultations, which include agreements on fentanyl tariffs, enforcement cooperation, agricultural trade, and maritime logistics measures [2][3] - China expresses willingness to work with the US to implement the consensus reached during the leaders' meeting and the results of the Kuala Lumpur economic consultations [3] Group 2 - The Ministry of Commerce criticized the Netherlands for interfering in the internal affairs of ASML, leading to disruptions in the global semiconductor supply chain, and stated that the Netherlands should bear full responsibility [4] - China has approved export license applications for relevant exporters to stabilize the semiconductor supply chain and is urging the Netherlands to adopt a constructive approach to resolve the ASML issue [4] Group 3 - Regarding rare earth elements, the Ministry of Commerce clarified that China conducts licensing reviews in accordance with laws and regulations, emphasizing the dual-use nature of these materials [5][6] - China is committed to enhancing communication and cooperation with all parties to optimize the licensing process and ensure compliance in the trade of controlled items, thereby safeguarding the stability of global supply chains [6]

Group 1 - The Ministry of Commerce held a press conference on November 6, addressing a question regarding the U.S. White House report on China's export licenses for certain rare earth elements, highlighting a discrepancy with China's own announcement [1] - The spokesperson emphasized that rare earth elements have significant dual-use properties, and China conducts licensing reviews according to laws and regulations, granting licenses for compliant applications [1] - China reiterated its willingness to enhance communication and cooperation with all parties, aiming to optimize the licensing process and promote compliant trade of controlled export items to ensure the stability of global supply chains [1]

记者提问：白宫11月1日发布的《报告》提到，中国将对部分稀土元素发放一般性出口许可证。外界注 意到，这一表述与中国商务部发布的新闻稿似乎有所不同，后者仅提及10月9日公布的出口管制措施。 请问中方对此有何评论? 商务部新闻发言人何亚东：稀土等相关物项具有明显的军民两用属性，中方依法依规开展许可审查，对 符合规定的申请予以许可。中方多次强调，愿与各方加强沟通合作，将不断优化许可流程，积极适用通 用许可等便利化措施，促进出口管制物项合规贸易，保障全球产业链供应链安全稳定。 新京报讯11月6日，商务部召开例行新闻发布会。 ...

Core Insights - The company has a sufficient order backlog and is operating at a high capacity utilization rate [1] - Following the suspension of export controls related to rare earths, prices for major rare earth products have shown a fluctuating upward trend [1] Group 1 - The company's general manager, Huang Ping, highlighted the strong order backlog during the Q3 2025 earnings presentation [1] - The current capacity utilization rate of the company is at a high level, indicating robust operational efficiency [1] Group 2 - The market trend indicates that after the pause in export controls on rare earths, there has been a noticeable increase in the prices of key rare earth products [1]