摘要 ：商务部发布2025年61号和62号公告，对稀土相关物项及技术实施出口管制，涵盖开采、冶炼、金属冶炼、磁材制造及回收利用等环节。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 1 0月9日，商务部连发两条公告（2 0 2 5第6 1号和第6 2号公告公告），公布对境外相关稀土物项以及稀土相关技术实施出口管制的决定。此举是 继2 0 2 5年第1 8号公告发布后的又一重要举措。 商务部公告2 0 2 5第6 2号 公布对稀土相关技术实施出口管制，规定以下物项未经许可不得出口： （一）稀土开采、冶炼分离、金属冶炼、磁材制造、稀土二次资源回收利用相关技术及其载体； （二）稀土开采、冶炼分离、金属冶炼、磁材制造、稀土二次资源回收利用相关生产线装配、调试、维护、维修、升级等技术。 商务部公告2 0 2 5第6 1号 公布对境外相关稀土物项实施出口管制，以下物项未经许可不得出口： （一）稀土开采、冶炼分离、金属冶炼、磁材制造、稀土二次资源回收利用相关技术及其载体； （二）稀土开采、冶炼分离、金属冶炼、磁材制造、稀土二次资源回收利用相关生产线装配 ...

Core Viewpoint - The performance of the non-ferrous metals sector remains mixed, with significant movements in stock prices and ongoing policy changes affecting supply dynamics in the industry [1][2]. Group 1: Market Performance - The non-ferrous metals ETF showed weak performance, with a decline of 3.1% and a trading volume of 1.21 billion yuan, while the fund's latest scale is 4.83 billion yuan [1]. - Silver stocks performed exceptionally well, with a notable increase, while companies like Western Gold, Huaxi Nonferrous, and Huayou Cobalt experienced declines of 8.27%, 6.98%, and 6.66% respectively [1]. Group 2: Policy and Supply Dynamics - The Trump administration is discussing investments in critical metals companies, particularly concerning Greenland's largest rare earth project [1]. - The Ministry of Commerce has implemented export controls on rare earth-related technologies, tightening supply policies and maintaining strong price trends in the rare earth sector [2]. - Western Securities predicts that the supply of secondary resource recycling will reach 27% by 2025, indicating a fully controlled supply side with limited potential for sudden increases [1]. Group 3: Industry Outlook - The non-ferrous metals industry maintains a high level of prosperity, with supply constraints from major copper producers due to safety incidents in Indonesia, contributing to rising prices for copper and aluminum [2]. - The top ten weighted stocks in the non-ferrous metals index include major players such as Zijin Mining, Northern Rare Earth, and Luoyang Molybdenum [2].

Core Insights - The performance of the non-ferrous metal sector remains strong, with significant price movements in precious and industrial metals driven by various factors including geopolitical tensions and supply constraints [2] Group 1: Market Performance - As of October 10, the non-ferrous metal ETF showed stable performance with a 0.1% increase in price and a transaction volume of 8.7391 million yuan, bringing the fund's total size to 488 million yuan [1] - Silver has led the gains among constituent stocks with a 6.06% increase, followed by Lichung Group and Northern Rare Earth with increases of 3.64% and 2.96% respectively [1] - Conversely, Chifeng Gold and Western Gold experienced declines of 4.64% and 4.23%, while Huayou Cobalt fell by 3.26% [1] Group 2: Industry Developments - Zijin Mining International officially listed on the Hong Kong Stock Exchange on September 30, marking a significant step in Zijin Mining's global strategy [1] - The establishment of the international standard for "Mining Filling Pipeline Design and Operation" by China at the ISO/TC 82 annual meeting signifies an enhancement in China's international influence in mining technology [1] - An industry growth plan for non-ferrous metals was released on September 28, targeting an average annual growth of 5% in industry value added from 2025 to 2026 [1] Group 3: Price Trends and Projections - The non-ferrous metal industry is experiencing high levels of profitability, with both volume and price increasing across the mining and smelting sectors [2] - Precious metals are influenced by the Federal Reserve's interest rate cuts, geopolitical conflicts, and tariff policies, with international gold prices surpassing 4,000 USD [2] - The tightening of export controls on rare earths is expected to maintain strong pricing, with projections indicating that by 2025, the supply from secondary recycling will account for 27% of total supply [1][2]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 3.15% with a transaction volume of 251 million yuan [3] - Over the past week, as of October 9, the average daily transaction volume of the Rare Earth ETF reached 783 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 386 million yuan in the past two weeks, also ranking first among comparable funds [3] - The number of shares increased by 2.131 billion in the past three months, marking significant growth and ranking first among comparable funds [3] - As of October 9, the net value of the Rare Earth ETF has risen by 93.31% over the past year, placing it in the top 0.16% of index equity funds [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Rare Earth Industry Policy and Supply Chain - The Ministry of Commerce has introduced a new round of export control policies for rare earths, aimed at strengthening management of the rare earth industry chain [4] - These policies include regulations on the recycling and utilization of secondary resources, with expectations that by 2025, secondary recovery will account for 27% of the rare earth supply chain [4] - The new regulations will strictly control the incremental supply of rare earths, making it difficult for the market to experience sudden increases in supply [4] - The focus of these controls is primarily on medium and heavy rare earths, including metals such as samarium, dysprosium, and terbium [4] - The tightening of policies may lead to frequent fluctuations in rare earth supply, potentially improving the overall supply-demand dynamics in the industry [4] Group 3: Top Weighted Stocks in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index account for a total of 61.96% of the index [3] - The leading stocks include Northern Rare Earth, Wolong Electric Drive, Lingyi Zhi Zao, China Rare Earth, Shenghe Resources, Greeenmei, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - The performance of these stocks varies, with Northern Rare Earth showing a decline of 0.81% and China Rare Earth declining by 2.51% [6]

Core Viewpoint - The Chinese government has announced stricter export controls on certain medium and heavy rare earth items, effective from November 8, 2025, which is expected to strengthen China's dominance in the global rare earth market and enhance its pricing power [1] Group 1: Export Control Measures - The Ministry of Commerce and the General Administration of Customs have implemented export controls on specific rare earth equipment and raw materials, as well as rare earth technologies [1] - The new export control policy expands to cover overseas transshipment and technology transfer, complicating access for foreign companies even if they obtain ore [1] Group 2: Market Impact - In 2024, China's rare earth production is projected to account for 68.57% of global output, with reserves representing 39.21%, indicating a significant supply dominance [1] - Following the previous export controls in April, overseas medium and heavy rare earth prices surged, leading to a rapid widening of the price gap between domestic and international markets [1] Group 3: Competitive Advantage - The enhanced export controls are expected to solidify China's competitive advantage across the entire rare earth industry chain, thereby reinforcing its global pricing authority [1]

Group 1 - The Ministry of Commerce announced export controls on certain rare earth items, including logic chips and storage chips with potential military applications, requiring case-by-case approval for export applications [1] - The table lists various companies involved in rare earth production, detailing their market capitalization, production capacity, and output figures [1] Group 2 - Guangxi Rare Earth has a market capitalization of 20.41 billion yuan and produces over 5,000 tons of rare earth minerals [1] - Shenghe Resources has a market capitalization of 43.52 billion yuan with a rare earth oxide output of 21,800 tons and a production capacity of 30,000 tons [1] - Xiamen Tungsten has a market capitalization of 50.07 billion yuan, with rare earth reserves of 130,000 tons and an oxide output of 1,415 tons [1] - China Rare Earth has a market capitalization of 59.16 billion yuan, producing 2,384 tons of rare earth minerals and planning a new separation demonstration in 2024 [1] - Baotou Steel has a market capitalization of 80.33 billion yuan, with a rare earth concentrate output of 377,300 tons [1] - Northern Rare Earth has a market capitalization of 192 billion yuan, producing 5,730.86 tons of rare earth oxides and expected to advance production by 10,000 tons [1] Group 3 - Dadi Xiong has a market capitalization of 4.343 billion yuan, with a sintered neodymium-iron-boron permanent magnet output of 4,560 tons [2] - Galaxy Magnet has a market capitalization of 7.811 billion yuan, with a rare earth permanent magnet capacity of 30,000 tons [2] - Ningbo Yunsheng has a market capitalization of 16.35 billion yuan, with an ammonium iron boron blank capacity of 21,000 tons per year [2] - Zhenghai Magnetic Materials has a market capitalization of 16.4 billion yuan, with a rare earth permanent magnet capacity of 30,000 tons, expected to reach 36,000 tons by 2026 [2] - Zhongke Sanhuan has a market capitalization of 18.02 billion yuan, with a sintered platinum-iron-boron capacity of 25,000 tons [2] - Jinli Permanent Magnet has a market capitalization of 44.65 billion yuan, with a rare earth permanent magnet capacity of 38,000 tons [2]

Market Overview - US macroeconomic data remains uncertain, raising concerns about bubble risks and increasing profit-taking demand, leading to a decline in US stocks. However, a late rally was triggered by Microsoft's forecast of a data center supply shortage lasting until 2026, although major indices still closed lower [1] - The performance of the seven major US tech stocks was mixed, with Meta rising over 2% and Nvidia hitting a new high, while Apple fell over 1.5%. Investors shifted from cyclical sectors to defensive sectors, with Chinese concept stocks dropping over 2% [1] Bond and Currency Markets - US Treasury bonds faced selling pressure, with yields on major maturities rising by 1-2 basis points. The US dollar increased by 0.72%, surpassing 99 and reaching a two-month high [2] - Bitcoin experienced a drop of approximately 3.3% from its daily high, while Ethereum fell by 3.7%. Strong dollar dynamics, coupled with ongoing negotiations between Israel and Hamas, led to declines in precious metals, with gold dropping by 1.70% below $4000 and silver retreating over 5.6% after a historic peak [2] Oil Market - US oil prices fell by over 1.3% during the day [3] Asian Market - The Shanghai Composite Index opened positively for the fourth quarter, breaking the 3900-point mark for the first time in ten years, with significant gains in gold and copper, while the semiconductor sector retreated in the afternoon [4] Key Developments - The Chinese Ministry of Commerce issued four announcements regarding export controls on rare earths, lithium batteries, and superhard materials, set to take effect on November 8 [4] - The US government faces difficulties in resolving a shutdown, with the Senate rejecting funding bills multiple times, and Trump threatening to cut Democratic projects [5] Federal Reserve Insights - The US Labor Statistics Bureau is preparing to release the September CPI data during the government shutdown, which is crucial for determining future Social Security payments [6] - Federal Reserve officials expressed differing views on inflation risks and interest rate cuts, with some supporting further cuts this year while others urged caution [20] Company Developments - Microsoft predicts a data center supply shortage will last until mid-2026, exceeding previous expectations of late 2025, despite significant capacity increases [22] - Intel showcased its new 18A process AI PC chip, marking a significant advancement in US manufacturing capabilities [23] - TSMC reported Q3 revenue exceeding expectations, with a year-on-year growth of 30%, driven by strong AI demand [11] Mergers and Acquisitions - HSBC plans to privatize Hang Seng Bank for $13.6 billion, offering a premium of over 30% [24] - Novo Nordisk announced a $5.2 billion acquisition of Akero Therapeutics to enhance its liver disease treatment portfolio [32] Industry Trends - The semiconductor industry is expected to recover by 2025, driven by AI demand and significant investments from major tech companies [35] - The rare earth sector is facing tighter export controls from China, which may strengthen its global pricing power [37]

Core Points - The Chinese government has announced significant upgrades to its export controls on rare earth materials and technologies, specifically targeting military applications and advanced semiconductor production [1][2][4] - The new regulations require overseas exporters using Chinese rare earths to obtain licenses, particularly for materials containing a minimum of 0.1% Chinese-origin rare earth elements [1][2] - Export applications for military users and those related to weapons of mass destruction will generally be denied, while applications for semiconductor-related technologies will be reviewed on a case-by-case basis [2][4] Group 1: Export Control Regulations - The Ministry of Commerce has issued two announcements detailing the new export controls, which include a requirement for licenses for any overseas export activities involving Chinese rare earths [1][2] - The regulations specifically target rare earth materials and technologies, including samarium-cobalt and neodymium-iron-boron magnets, and require licenses for their export [2][3] - The new rules aim to prevent overseas entities from using Chinese rare earths for military purposes, addressing national security concerns [4][5] Group 2: Implications for Global Supply Chains - Analysts suggest that these new restrictions could hinder efforts by the U.S. and other Western countries to establish independent supply chains, as they heavily rely on Chinese materials and processing technologies [6] - The restrictions may also impact the semiconductor industry, as they include case-by-case reviews for rare earth products used in the development of certain computer chips [6] - The Chinese government emphasizes the need for compliance and has set a reasonable transition period for stakeholders to adapt to the new regulations [4][5]

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，对含有中国成分的部分境外稀土相关物项以及稀土相关技术实施出口管制，进一 步完善了我国对相关受管制的稀土物项及相关技术出口的管制规则与手段，受到国内外舆论关注。新规将有助于中国更好维护国家安全和利益，同时也体 现出中国坚定维护世界和平和地区稳定、积极参与防扩散国际努力的一贯立场。 这一决定绝非临时起意，而是中国系统性推进稀土产业规范化管理的一个环节。有关稀土技术早在2001年就已列入《中国禁止出口限制出口技术目录》， 今年4月中国政府也已对中国组织和个人出口稀土物项实施出口管制。此次公告是对现有管理制度的进一步完善和强化，既体现了国家出口管制体系的连 续性和稳定性，也代表着中国在稀土领域治理能力的提升，是中国依法管理稀土行业的常规举措。一些外媒担忧正常的稀土贸易可能"进不到货"甚至"断 货"，这是完全没有必要的。 稀土相关物项具有军民两用属性，对其实施出口管制是国际通行做法。防止稀土被用于破坏国际和平与安全的活动，是各国必须承担的国际防扩散义务。 商务部新闻发言人9日透露，一段时间以来，部分境外组织和个人将原产中国的稀土管制物项直接或者加工后再转 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 公告明确，未经许可不得出口稀土开采、冶炼分离、磁材制造等相关技术及其载体，以及生产线装配调试、维护升级等技术。若出口非管制货物技术但明 知用于境外稀土相关活动，需提前申请两用物项出口许可。 商务部公告2025第61号 公布对境外相关稀土物项实施出口管制的决定 【发布单位】安全与管制局 【发布文号】商务部公告2025年第61号 【发文日期】2025年10月09日 为维护国家安全和利益，根据《中华人民共和国出口管制法》《中华人民共和国两用物项出口管制条例》等法律法规相关规定，经中国国务院批 准，决定采取以下出口管制措施: 10月9日，商务部网站突发公告，公布《对稀土相关技术实施出口管制的决定》及《对境外相关稀土物项实施出口管制的决定》，明确将稀土相关技术及 物项纳入出口管制范畴， 其中针对14nm以下逻辑芯片、256层以上存储芯片等相关稀土物项的管制措施引发业界高度关注。 据悉，稀土是镧系元素及钪、钇共17种金属元素的统称，因具备独特的磁、光、电特性，被称为"工业维生素"，是新能源、半导体、航空航天、高 ...