Core Viewpoint - The recent export control measures on rare earths by China are unrelated to Pakistan and are a legitimate action by the Chinese government to enhance its export control system in accordance with laws and regulations [1][2]. Group 1: China-Pakistan Relations - China and Pakistan are described as "all-weather strategic partners" with a strong and enduring friendship, maintaining high levels of strategic trust [1]. - Both countries communicate closely on significant issues concerning their mutual interests [1]. Group 2: Export Control Measures - The export control measures on rare earths are aimed at better maintaining world peace and regional stability, as well as fulfilling international obligations related to non-proliferation [2]. - The measures are part of China's efforts to improve its export control system and are not a reaction to any specific actions by Pakistan [2]. Group 3: Clarification on Media Reports - Reports suggesting that Pakistan is using Chinese technology to export rare earths to the U.S. are characterized as either misunderstandings or unfounded claims [1]. - The Pakistani leadership has assured that their interactions with the U.S. will not harm China's interests or the cooperation between China and Pakistan [1].

Core Viewpoint - The A-share market experienced a collective decline in major indices in the morning, but narrowed losses by the end of the trading session, with the Shanghai Composite Index down 0.19% and the Shenzhen Component Index down 0.93%. The rare earth sector surged due to new export controls announced by the Ministry of Commerce, leading to significant gains in related stocks [1][2]. Rare Earth Sector - The Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth-related items, which is set to take effect on November 8, 2025. This includes controls on equipment and raw materials used in rare earth production [4]. - Major rare earth companies, Northern Rare Earth and Baotou Steel Rare Earth, announced price increases for rare earth concentrates, with a new price of 26,205 yuan per ton (excluding tax), reflecting a 37% increase compared to the previous quarter, marking the highest price since Q2 2023 [4]. - Northern Rare Earth expects a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters of 2025, an increase of 272.54% to 287.34% year-on-year [4]. Market Performance - The rare earth ETF, managed by E Fund, rose over 7%, with a year-to-date increase exceeding 90%. The ETF closely tracks the rare earth industry index, including major stocks like Northern Rare Earth and China Rare Earth [3]. - The overall market turnover was 2.37 trillion yuan, a decrease of 159.9 billion yuan from the previous trading day, with over 3,600 stocks declining [1]. Strategic Value and Outlook - Analysts from Shenwan Hongyuan Securities highlighted that the new export controls on rare earths enhance the strategic value of the sector amid the US-China competition, suggesting that the sector's valuation has room for growth [5]. - Everbright Securities noted that the strategic importance of rare earths is becoming more pronounced, with recent US actions indicating a focus on building its rare earth supply chain, reflecting the geopolitical significance of these resources [6]. Emerging Opportunities - The demand for rare earths is expected to grow due to new applications in humanoid robots and low-altitude flying vehicles, which utilize neodymium-iron-boron magnets. This presents new growth opportunities for the rare earth sector [7].

中国反制巴基斯坦向美国出口稀土？外交部：捕风捉影、挑拨离间 中新网北京10月13日电 (记者 郭超凯 谢雁冰)中国外交部发言人林剑13日主持例行记者会。 中方日前发布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，旨在更好维护世界和平与地区稳定，履行防扩散等国际义 务。(完) 来源：中国新闻网 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 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"巴方向美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？ 林剑：中国和巴基斯坦是全天候战略合作伙伴，两国铁杆友谊历久弥坚。双方始终保持高度战略互信， 在事关双方共同利益的重大问题上密切沟通。据我所知，关于巴美矿产合作事，中巴双方有沟通，巴方 强调， ...

"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。 "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。 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？ 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。 智通财经记者 杨文钦 朱郑勇 ...

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？ 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。 "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。 ...

Investment Rating - The report rates the rare earth industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3][9]. 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 heavy rare earth elements and strengthen the control over export purposes, particularly for military and advanced semiconductor applications [3]. - The regulations create a comprehensive control system over the entire rare earth industry chain, enhancing China's pricing power in the sector [3]. - The report suggests focusing on leading companies with resource integration capabilities and growth potential, such as China Rare Earth, Northern Rare Earth, Baotou Steel, Guangsheng Nonferrous, Jinli Permanent Magnet, and Zhenghai Magnetic Materials [3]. Summary by Sections Regulatory Changes - On October 9, new regulations were announced, expanding the list of controlled rare earth elements from 7 to 12, including holmium, erbium, thulium, ytterbium, and europium [3]. - Export controls will now apply to military uses and advanced semiconductor applications, requiring case-by-case approval [3]. Industry Impact - The new regulations are expected to enhance the strategic value of the rare earth sector amid the ongoing US-China competition, with potential for upward valuation in the sector [3]. - The comprehensive regulatory framework covers all aspects of the rare earth supply chain, including raw materials, auxiliary materials, equipment, technology, export destinations, end users, and final uses [3]. Company Valuations - The report provides a valuation table for key companies in the rare earth sector, highlighting their stock prices, earnings per share (EPS), price-to-earnings (PE) ratios, and price-to-book (PB) ratios for the years 2024 to 2027 [4]. - For instance, China Rare Earth is projected to have an EPS of 0.34 in 2025 with a PE ratio of 162, while Northern Rare Earth is expected to have an EPS of 0.77 with a PE ratio of 68 [4].

Core Viewpoint - China's comprehensive control over the rare earth industry is expected to lower global supply growth forecasts, benefiting the domestic rare earth sector's high-quality development [1][2]. Group 1: Policy and Regulation - The Ministry of Commerce and the General Administration of Customs have announced that starting from November 8, 2025, export controls will be implemented on certain medium and heavy rare earth items, related equipment, raw materials, and technologies [1][2]. - The recent upgrade in export controls includes an expanded range of controlled items, now including five additional medium and heavy rare earth elements [2]. - Export controls now extend to overseas operators, requiring them to obtain export licenses from the Chinese Ministry of Commerce for items containing or mixed with controlled rare earth materials [2]. Group 2: Market Dynamics - The demand for rare earths is expected to benefit from the continuous growth in the production of electric vehicles and wind power installations [4]. - As of August this year, China's exports of rare earth permanent magnets have increased by 15.4% year-on-year, indicating a recovery in export volumes [4]. Group 3: Investment Opportunities - Companies to watch in the rare earth sector include Northern Rare Earth (600111.SH), China Rare Earth (000831.SZ, 00769), Guangsheng Nonferrous (600259.SH), and magnetic material producer Jieli Permanent Magnet (300748.SZ, 06680) [5]. Group 4: Supply Chain Challenges - The difficulty of reconstructing the rare earth supply chain overseas has increased due to China's strengthened controls, enhancing the strategic position of Chinese rare earth products [3].

Core Viewpoint - China's rare earth export controls are seen as a strategic response to U.S. actions, reflecting a shift towards a more institutionalized deterrence approach, which may complicate future negotiations and economic relations between the two countries [1][4][5]. Group 1: China's Export Control Strategy - The export control is based on a licensing system rather than a ban, serving as a deterrent rather than an immediate retaliatory measure, indicating a cautious approach to escalation [5]. - The timing of the announcement is perceived as a response to U.S. provocations, particularly following Trump's threats of 100% tariffs, suggesting a calculated move to leverage negotiation power [1][2]. - The implementation of these controls may create a long-term structural tension in U.S.-China economic relations, complicating potential compromises [4][6]. Group 2: Market Reactions and Implications - Financial markets reacted to the uncertainty surrounding negotiations, indicating a shift from previous assumptions of stability to a need for re-evaluation of trade factors [2][6]. - The potential for a "derisking" strategy by the U.S. and its allies could diminish the value of China's rare earth resources, as alternative supply chains are being developed [7]. - The market's perception of the effectiveness and credibility of China's deterrent measures will be crucial in determining future trade dynamics [6][7]. Group 3: International Audience and Strategic Considerations - The export controls are not solely aimed at the U.S. but also impact global supply chains, particularly in sectors like semiconductors and automotive industries, raising concerns among other nations [9]. - Managing the international audience's perception is critical; if countries view China's actions as reasonable, cooperation may continue, but if seen as aggressive, it could accelerate supply chain decoupling [9][10]. - The effectiveness of China's strategy will depend on its ability to communicate its intentions clearly and maintain a balance between deterrence and cooperation with other nations [10].

Core Insights - The Ministry of Commerce has tightened rare earth control measures, leading to price increases from two major rare earth companies. This has positively impacted the rare earth permanent magnet sector, with the rare earth ETF (159713) experiencing a significant intraday surge of 4.74%, closing with a gain of 3.90% and a trading volume of 331 million shares and a turnover of 445 million yuan [1] - Since the low point on April 8, the rare earth ETF has accumulated a rise of over 85%. The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding restrictions on five categories of medium and heavy rare earths, as well as controls on equipment, technology, and raw materials across the entire industry chain. This further solidifies the strategic position of rare earths [2] - In this context, the allocation value of the rare earth ETF (159713) is becoming increasingly prominent [3]

Core Viewpoint - The rare earth permanent magnet sector has seen significant gains, with companies like Galaxy Magnetic, Beikong Technology, and Antai Technology reaching their daily limit up due to the tightening of export controls by the Chinese government and escalating trade tensions with the U.S. [1][2] Group 1: Industry Dynamics - The U.S. government is actively working to rebuild its rare earth industry chain, but China continues to dominate global supply due to its comprehensive production capabilities across the entire rare earth industry chain [1] - China's recent announcements regarding stricter export controls on rare earths, including coverage of semiconductors, may impose constraints on overseas chip manufacturing processes [1] - The U.S. has announced a 100% tariff on rare earth exports from China, indicating a potential escalation in trade tensions [1] Group 2: Strategic Value and Market Impact - The recent upgrade in China's rare earth export controls expands the scope from upstream mining and separation to downstream metals, magnetic materials, and recycling, enhancing the strategic value of the sector [2] - This move is seen as a strong response to U.S. semiconductor export controls and may serve as leverage in upcoming APEC negotiations [2] - The tightening of export controls is expected to increase foreign governments' determination to establish rare earth processing lines, potentially raising the baseline prices for rare earths and leading to price increases domestically [2]