商务部日前宣布自12月起扩大稀土出口管制，引发岛内相关行业担忧。虽然台经济部门负责人10月14日 接受质询时称，半导体所需稀土未受管制，影响程度较小，但岛内半导体行业并不乐观，有台媒甚至认 为可能会对台积电等半导体厂商造成重大冲击。 0:00 责编: 姚乐 编辑: 周杰 对于大陆宣布将扩大稀土出口管制，14日，国民党"民代"谢衣凤质询台经济部门负责人，包括半导体等 需要稀土的产业，是否会有断链风险。台经济部门负责人龚明鑫表示，"半导体所需稀土，不在大陆此 次管制名单之中，影响程度较小，而会用到高速马达的电动车无人机，则会受到部分影响。" 不过岛内半导体厂家并不乐观。有半导体行业人士表示，目前稀土管制最直接影响的就是半导体设备的 制造，以及固态硬盘芯片供应。虽然对于人工智能芯片影响有限，但内存固态硬盘已经因为人工智能的 需求，价格被推升。此次管制将让上游进一步紧缩出货，价格也会持续上涨。 有厂商预警，如果稀土供应危机扩大，一定会发生交货延迟的状况，严重的话，还可能出现相关产品停 产的局面。有台媒报道称，尽管岛内半导体生产稀土来源多渠道，但仍有相当比例来自大陆供货商，大 陆严管稀土，对台积电等半导体厂商可能造成重 ...

Core Viewpoint - China has clarified its stance on the export control measures for rare earths, emphasizing that these measures are in accordance with international obligations and aim to maintain global peace and regional stability [1] Group 1: Export Control Measures - China's relevant authorities have implemented export control policies for rare earths to better fulfill international obligations and maintain global supply chain stability [1] - The country expresses willingness to enhance dialogue and communication with other nations regarding export controls [1] Group 2: U.S.-China Relations - The U.S. is criticized for its approach of imposing high tariffs and new restrictions while simultaneously seeking dialogue, which is deemed an incorrect method of engagement [1] - China urges the U.S. to correct its erroneous practices and resolve issues through dialogue based on equality, respect, and mutual benefit [1]

Core Viewpoint - Northern Rare Earth is facing regulatory scrutiny due to non-operational fund occupation and information disclosure violations, while simultaneously experiencing a surge in stock prices, reaching a four-year high [1][10]. Regulatory Issues - On October 13, Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau, highlighting issues of "non-operational fund occupation" and "information disclosure violations" that have persisted for over five years [2][3]. - From February 2019 to December 2024, a subsidiary of Northern Rare Earth, Baogang Group Energy Conservation and Environmental Protection Technology Co., Ltd., issued a total of 8.9485 million yuan to an affiliated company, Baolan Environmental Protection Co., Ltd., for non-operational expenses [2][3]. - The warning letter has been recorded in the securities and futures market integrity file, and the Shanghai Stock Exchange has also issued regulatory warnings to the company and its affiliates [2][3]. Business Model and Transactions - Northern Rare Earth relies heavily on Baogang Group for its raw materials, with 100% of its rare earth ore sourced from Baogang Group's listed company [5]. - In the first half of 2025, transactions with Baogang Group accounted for 24.9% of Northern Rare Earth's total operating costs, amounting to 4.335 billion yuan [5][6]. - The pricing mechanism for rare earth ore transactions between Northern Rare Earth and Baogang Group has raised concerns regarding market fairness and potential internal bias [8]. Financial Performance - In the first half of this year, Northern Rare Earth reported a revenue of 18.866 billion yuan, a year-on-year increase of 45.24%, and a net profit of 931 million yuan, up 1951.52% [11]. - The company anticipates a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 272.54% to 287.34% [11]. - Despite regulatory challenges, the stock price reached a high of 61.69 yuan per share on October 14, marking the highest level since September 14, 2021 [12]. Market Context - The Chinese government has implemented export controls on rare earth materials, which could significantly impact global supply and demand dynamics [13]. - Analysts are optimistic about the sector's valuation due to these export controls and the anticipated performance of industry companies [13].

10月15日，外交部发言人林剑主持例行记者会。有记者就中方出口稀土管制措施提问。 林剑表示，中方的主管部门已经就稀土的出口管制政策阐明了立场，中国依法对相关物项实施出口管 制，目的是更好地维护世界和平与地区稳定，履行防扩散等国际义务，这也符合国际惯例。我们愿同各 国加强出口管制的对话交流，维护全球产供链安全稳定。 中方的立场一以贯之，清清楚楚。倒是美方一边要谈，一边威胁恐吓加征高额关税、出台新的限制措 施，这不是与中方打交道的正确之道。我们敦促美方尽快纠正错误的做法，在平等、尊重、互惠的基础 上，通过对话协商解决有关问题。 （文章来源：央视新闻） ...

Core Viewpoint - China has clarified its stance on the export control policy for rare earths, emphasizing that the measures are in line with international obligations and practices, aimed at maintaining global peace and regional stability [1] Group 1: Export Control Policy - China's relevant authorities have implemented export controls on certain items, including rare earths, to better fulfill international obligations and maintain global supply chain stability [1] - The Chinese government expresses willingness to enhance dialogue with other countries regarding export controls to ensure the security and stability of global production and supply chains [1] Group 2: U.S.-China Relations - The Chinese side criticizes the U.S. for threatening to impose high tariffs and new restrictions while simultaneously seeking dialogue, indicating that this approach is not conducive to proper engagement [1] - China urges the U.S. to correct its erroneous practices and resolve issues through dialogue and consultation based on equality, respect, and mutual benefit [1]

Group 1 - The European Union is considering forcing Chinese companies to transfer their technology to European firms, which China opposes as it violates WTO rules and promotes protectionism [2] - China emphasizes that its export controls on rare earths aim to maintain world peace and regional stability, aligning with international obligations and practices [3] - The Chinese government asserts that the United States is the primary source of regional instability, particularly regarding tensions in the South China Sea, and criticizes the U.S. for provoking confrontations [4][5]

Core Viewpoint - The Chinese government maintains a consistent stance on its export control policies regarding rare earths, emphasizing the need to uphold international obligations and regional stability, while criticizing the U.S. for its threats and tariffs [1]. Group 1: U.S.-China Trade Relations - The U.S. Trade Representative, Tai, indicated that the imposition of 100% tariffs on Chinese goods depends on China's actions [1]. - The Chinese Foreign Ministry responded to U.S. threats of high tariffs and new restrictions, urging the U.S. to correct its approach and resolve issues through dialogue based on equality and mutual respect [1]. Group 2: Rare Earth Export Controls - The Chinese government has clarified its position on rare earth export controls, stating that these measures are in line with international practices and aimed at maintaining peace and stability [1]. - There were conflicting statements from Chinese officials regarding the new export restrictions, prompting inquiries from foreign journalists [1].

Core Viewpoint - China's recent strengthening of export controls on rare earths highlights its significant position in the global market for these materials, a status that dates back to the Republic of China era when it accounted for over 90% of global production [1]. Historical Context - During the Republic of China, the main production areas for rare earths were in Jiangxi and Guangxi, with Jiangxi's primary production zone located in the Gan Nan region, which was part of the central Soviet area at the time [3]. - China was limited in its exportable products, primarily exporting tungsten ore, rare earths, pig bristles, and tung oil, controlling over 90% of tungsten ore exports, making it a key supplier for countries seeking these resources between World War I and World War II [3]. - Germany was a significant partner for the Nationalist government, seeking to collaborate on military equipment production due to restrictions imposed on its domestic production after World War I [3]. Economic and Military Cooperation - The collaboration between Germany and the Nationalist government included a comprehensive industrial plan to establish numerous factories in southern China, aiming to transform Hunan into an industrial hub akin to Bavaria [5]. - This cooperation was contingent on China's stable supply of tungsten, leading to close economic and military ties, including military advisory roles and the establishment of German-trained military units [5]. - The Central Soviet area controlled the main tungsten production zones but lacked external cooperation opportunities and smelting capabilities, leading to clandestine exports through Guangdong [5][7]. Impact of Historical Events - The Nationalist government's control over the Gan Nan region allowed for stable tungsten exports, which were crucial for financing during the war [7]. - The outbreak of the Second Sino-Japanese War disrupted planned industrial exports from Germany to China, significantly impacting the Nationalist government's resources [7]. - High-ranking officials and military leaders from the Nationalist government had positive impressions of Germany, contrasting with their later experiences with American demands during the war [9].

Core Viewpoint - The rare earth sector remains active despite recent fluctuations, driven by increased export control measures and positive changes in the sector's fundamentals, leading to significant capital inflows into rare earth ETFs. Group 1: Market Activity - The rare earth ETF (516780) has seen active trading, with a transaction volume exceeding 560 million yuan on a recent day and over 1 billion yuan in the past two trading days, indicating high liquidity and trading efficiency [1] - The rare earth ETF has recorded net inflows for three consecutive trading days, totaling over 937 million yuan [1] Group 2: Price Adjustments and Earnings Forecasts - Major rare earth companies announced a price increase for rare earth concentrate to 26,205 yuan per ton, a 37% rise from the previous quarter, marking the fifth consecutive price adjustment since Q4 2024 [1] - A rare earth company projected a year-on-year net profit increase of 696.82% to 782.96% for the first three quarters of 2025, boosting confidence in the sustainable development of the industry [1] Group 3: Investment Opportunities - The rare earth ETF closely tracks the CSI Rare Earth Industry Index, which covers various segments of the rare earth supply chain and has achieved a 101.91% increase over the past year, outperforming other indices [2] - The top five constituents of the index include leading companies such as Northern Rare Earth, Wolong Electric Drive, and China Rare Earth, indicating strong competitive positions within the industry [2] - Recent export control policies signify a shift towards more refined management, potentially leading to a new round of price increases in the rare earth market [2] Group 4: Investor Engagement - The rare earth ETF is a popular investment product, with over 32,000 holders as of mid-2025, making it one of the few rare earth-themed ETFs with such a high number of investors [3]

Core Points - China has implemented new export regulations on rare earth materials, requiring foreign companies to obtain approval for exporting products containing Chinese rare earth elements or utilizing Chinese technology for production [1][4][5] - The new regulations, effective December 1, cover any products containing 0.1% or more of controlled rare earth metals from China, impacting global supply chains and potentially increasing costs for companies seeking alternatives [1][4][5] - Analysts suggest that these measures are part of a long-term strategy to maintain China's dominance in the rare earth sector and to prevent the establishment of alternative supply chains by countries like the U.S. [2][4] Industry Impact - China controls approximately 70% of global rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing, highlighting its significant influence in the industry [4] - The new regulations are seen as a strategic move to enhance China's bargaining power in trade negotiations, particularly in response to U.S. tariffs and export controls on technology [5][6] - The measures are expected to complicate efforts by the U.S. and other countries to create independent supply chains, thereby increasing operational difficulties and costs for foreign companies [2][4] Government Position - The Chinese government emphasizes that the export controls are in line with international practices and aim to safeguard national security and interests [6] - China expresses a willingness to engage in dialogue with other nations to promote compliant trade and ensure the stability of global supply chains [6]