10月12日，"商务部公告附件首次改为wps格式"词条登上微博热搜。 10月9日，商务部发布2025年第61号公告，对含有中国成分的部分境外稀土相关物项实施出口管制。 新规明确，军事用途出口原则上不予许可。 最终用途为研发、生产14纳米及以下逻辑芯片或者256层及以上存储芯片，以及制造上述制程半导体的生产设备、测试设备和材料，或者研发具有潜在军 事用途的人工智能的出口申请，逐案审批。 其中部分条款自12月1日起实施，原产于中国的物项即日起执行。 值得注意的是，除管制规则外，公告附件采用wps格式，申请文件须以中文提交两大细节引发热议。据悉，此前公告附件都是word或pdf格式。 据了解，WPS Office是由金山软件股份有限公司自主研发的一款办公软件套装。 金山软件始创于1988年，是国内最早的互联网软件企业之一。历经30余载，目前主要涉及金山办公、西山居、金山世游、金山云等业务线。 金山办公主 要业务涉及WPS Office办公软件产品及服务的设计研发及销售推广；西山居及金山世游从事游戏研发及运营；金山云提供安全、可靠、稳定、高品质的 云计算服务。 金山办公于2019年11月18日在上海证券交易所上市。 ...

Group 1 - China's Ministry of Commerce and General Administration of Customs announced export controls on lithium battery-related materials and equipment, marking the first time such controls have been explicitly applied to lithium manufacturing equipment [1] - The export controls will take effect on November 8 and cover the entire industry chain from key materials to core equipment, aiming to regulate high-end technology while balancing national security and industrial competitiveness [1][2] - The controls specifically target high-end lithium battery products with an energy density of ≥300Wh/kg, focusing on next-generation technologies like semi-solid and solid-state batteries, while mainstream liquid batteries (around 260Wh/kg) are not affected [2] Group 2 - Leading companies in the lithium battery equipment sector, such as HaiMuxing and XianDao Intelligent, have shown resilience and strategic stability in response to the policy changes, indicating that the export controls do not equate to a ban on exports [3] - Companies can still apply for export licenses, although the time and financial costs associated with exporting may increase [2][3] - The long-term impact of the export controls is expected to drive the industry towards healthier, more localized, and strategically controlled development, with top companies likely to gain more stable overseas market shares and better profitability [3]

Core Insights - Market fluctuations often signal new changes and shifts in focus, with short-term trends not being the core issue [1][2] - Recent export controls and licensing systems are aimed at both protecting national interests and enhancing pricing power, which may benefit leading companies with compliance capabilities and global operational experience [1][8] Industry Analysis - The capital expenditure growth in non-tech sectors globally has been persistently low, with significant divergence between tech and non-tech companies [3] - In China, traditional industrial sectors are experiencing a slowdown in capital expenditure growth, with only a few sectors like coal, electricity, and transportation maintaining positive growth [4] - Many traditional industries have stabilized or even improved their input-output ratios, indicating resilience among leading firms despite macroeconomic challenges [5][7] - Current valuation levels in traditional manufacturing sectors are not high, with many industries at relative bottoms in terms of return on investment [6][7] Export Controls and Market Dynamics - Recent export controls on lithium batteries, rare earths, and other materials are part of a strategy to enhance domestic production and pricing power while clearing out outdated capacities [8] - The introduction of export licensing for electric vehicles marks a shift towards prioritizing quality over quantity in exports, potentially benefiting domestic firms [8] Investment Focus - The current investment strategy emphasizes upstream resource sectors and traditional manufacturing, with a focus on balancing short-term profit realization, mid-term recovery, and long-term narratives [9] - Industries with significant global supply influence, such as cobalt, rare earths, and phosphates, are recommended for attention due to their potential for pricing power and profit generation [9]

Group 1 - China has implemented export controls on rare earth materials, citing the importance of these materials in military applications and the need to maintain global peace and regional stability [2][3] - The export controls are not a ban; applications that meet regulations will be approved, and China aims to facilitate compliant trade through various measures [3] - The Chinese government has assessed the potential impact of these measures on supply chains and believes the effects will be limited [2][3] Group 2 - In response to China's export controls, the U.S. announced a 100% tariff on related items and export controls on key software, which China views as a double standard [3][4] - The U.S. has expanded its export control list significantly, with over 3,000 items compared to China's list of just over 900, which China argues disrupts international trade order [3][4] - China has expressed strong opposition to the U.S. actions, emphasizing the need for dialogue and cooperation to resolve trade disputes [4][5] Group 3 - The U.S. plans to impose port fees on Chinese vessels starting October 14, which China claims violates WTO rules and the U.S.-China maritime agreement [4][5] - China's countermeasures against the U.S. port fees are described as necessary defensive actions to protect its industries and ensure fair competition in international shipping [5]

Core Viewpoint - The Chinese government has implemented export controls on rare earth materials to maintain national security and international stability, emphasizing that these measures are not a ban on exports but a regulated process to ensure compliance with legal frameworks [1][2]. Group 1: Export Control Measures - The export control measures on rare earth materials are a legitimate action by the Chinese government to enhance its export control system amid global instability and military conflicts [1]. - China will conduct licensing reviews based on legal regulations, ensuring that compliant applications for civilian use will be approved, thus promoting legitimate trade [2]. Group 2: Response to U.S. Actions - The U.S. has announced a 100% tariff on Chinese rare earth exports and export controls on key software, which China views as a double standard and an abuse of export control measures [3]. - China has expressed strong opposition to the U.S. imposing high tariffs and has reiterated its unwillingness to engage in a trade war, while also stating it will take necessary measures to protect its legitimate rights [3][4]. Group 3: Bilateral Relations and Negotiations - Following the recent U.S. measures, China has attempted to engage in dialogue and negotiations but has faced a dismissive attitude from the U.S., which has led to the implementation of countermeasures by China [4]. - China aims to maintain a stable and healthy development of Sino-U.S. economic relations through mutual respect and dialogue, urging the U.S. to correct its course [3][4].

Group 1 - The report highlights the introduction of export controls on lithium batteries and artificial graphite anode materials, effective from November 8, 2025, requiring permits for export [2][16] - The report identifies 19 key companies in the lithium battery sector listed on the Beijing Stock Exchange, with a total market capitalization of 99.024 billion yuan as of October 10, 2025 [2][17] - Key companies mentioned include Beiterui, Changhong Energy, and Naconor, with Beiterui achieving a revenue of 6.279 billion yuan in H1 2025 for anode materials, reflecting a year-on-year growth of 32.83% [2][20] Group 2 - The high-end equipment and chemical new materials sectors showed average gains of +1.20% and +0.46% respectively from September 29 to October 10, 2025 [3][29] - The median P/E ratio for the high-end equipment sector rose to 41.4X, while the chemical new materials sector increased to 43.1X [3][29] - Notable performers in the high-end equipment sector included Lingge Technology with a gain of +53.93% and Changfu Co. with +25.72% [3][29] Group 3 - In the technology new industry, 156 companies saw a median increase of +0.32% in stock prices, with Lingge Technology leading at +53.93% [4][40] - The total market capitalization of these companies rose from 495.053 billion yuan to 495.739 billion yuan during the same period [4][43] - The median P/E ratio for the automotive sector increased to 36.0X, indicating a positive trend in valuations [4][54] Group 4 - The report notes that Changhong Energy's revenue from lithium battery business increased to 48.35% of total revenue in H1 2025, with a total revenue of 2.018 billion yuan, reflecting a year-on-year growth of 23.91% [2][25] - The company reported a net profit of 111.588 million yuan in H1 2025, up 28.79% year-on-year [2][25] - The report emphasizes the stable pricing of lithium battery raw materials and recovering market demand as key factors for Changhong Energy's performance [2][25] Group 5 - The report discusses recent acquisitions, including Deer Chemical's acquisition of 100% of Shandong Runhe Potassium Salt Technology Co. for 44.5404 million yuan [5][61] - Huaitong New Materials is planning to acquire at least 51% of Baoding Sanyuan Textile Technology Co. to enhance its business scale and profitability [5][61] - The report highlights the strategic moves of companies to consolidate their positions in their respective industries [5][61]

（原标题：美方宣布，针对中方采取的稀土等相关物项出口管制，将对中方加征100%关税，商务部： 对于关税战，我们不愿打，但也不怕打） 来源：商务部 10月12日，商务部新闻发言人就近期中方相关经贸政策措施情况答记者问。 1.有记者问：10月9日，商 务部、海关总署发布公告，对相关稀土物项实施出口管制。请问中方有什么考虑？ 答：中方发布了关 于稀土等相关物项的出口管制措施，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。 当前世界局势动荡不安，军事冲突时有发生，中方注意到中重稀土相关物项在军事领域有重要应用。中 国是负责任大国，依法对相关物项实施出口管制，目的是更好维护世界和平与地区稳定，履行防扩散等 国际义务。 中国的出口管制不是禁止出口，对符合规定的申请将予以许可。在措施公布前，中方已通 过双边出口管制对话机制向各有关国家和地区作了通报。中方愿与各国加强出口管制对话交流，更好维 护全球产业链供应链安全稳定。 2.有记者问：我们注意到，近日商务部发布公告加强稀土等相关物项出 口管制，请问后续将如何实施？ 答：中国作为负责任大国，始终坚定维护自身国家安全和国际共同安 全，始终秉持公正、合理原则立场，审慎 ...

商务部新闻发言人就近期中方相关经贸政策措施情况答记者问。 1、有记者问：10月9日，商务部、海关总署发布公告，对相关稀土物项实施出口管制。请问中方有什么考虑？ 答：中方发布了关于稀土等相关物项的出口管制措施，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。当前世界局势动荡不安，军事冲突时有发生，中方注意到中重稀土相关物项在军事领域有重要应 用。中国是负责任大国，依法对相关物项实施出口管制，目的是更好维护世界和平与地区稳定，履行防扩散等 国际义务。 中国的出口管制不是禁止出口，对符合规定的申请将予以许可。在措施公布前，中方已通过双边出口管制对话 机制向各有关国家和地区作了通报。中方愿与各国加强出口管制对话交流，更好维护全球产业链供应链安全稳 定。 2、有记者问：我们注意到，近日商务部发布公告加强稀土等相关物项出口管制，请问后续将如何实施？ 中美伦敦经贸会谈以来，中方一直与美方就上述措施进行磋商沟通，就3 01调查报告中对中方的无端指责向美 方提供了书面回应，并就双方可在相关产业开展合作提出建议。但美方态度消极，执意实施上述措施，并于1 0 月3日发布公告，明确对中方船舶收费的具体要求。中方为维护自身 ...

商务部发言人表示，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。 美东时间10月10日，美方宣布，针对中方采取的稀土等相关物项出口管制，将对中方加征100%关税， 并对所有关键软件实施出口管制。 对此，10月12日，商务部网站发表《商务部新闻发言人就近期中方相关经贸政策措施情况答记者问》， 在其中商务部新闻发言人表示，动辄以高额关税进行威胁，不是与中方相处的正确之道。对于关税战， 中方的立场是一贯的，我们不愿打，但也不怕打。 商务部新闻发言人表示，中方敦促美方尽快纠正错误做法，以两国元首通话重要共识为引领，维护好来 之不易的磋商成果，继续发挥中美经贸磋商机制作用，在相互尊重、平等协商基础上，通过对话解决各 自关切，妥善管控分歧，维护中美经贸关系稳定、健康、可持续发展。 商务部新闻发言人表示，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。 商务部新闻发言人表示，后续，中国政府将依法依规开展许可审查，对符合规定的申请予以许可，同 时，积极考虑适用通用许可、许可豁免等多种便利化措施，有效促进合规贸易。我想强调的是，中国的 出口管制不是禁止出口，只要是用于民用用途的、合规的出口申请 ...

Core Viewpoint - China has implemented export controls on rare earth materials to enhance its export control system, citing the importance of these materials in military applications and the need to maintain global peace and regional stability [1][2] Group 1: Export Control Measures - The export control measures are not a ban on exports; applications that meet regulations will be approved, and China aims to facilitate compliant trade through various measures [2] - Prior to the announcement, China communicated with relevant countries through bilateral export control dialogue mechanisms [1][2] Group 2: Response to U.S. Actions - In response to U.S. tariffs and export controls on Chinese entities, China criticized the U.S. for its "double standards" and excessive use of export controls, which it claims harms legitimate business interests and disrupts international trade order [2][3] - China has expressed its unwillingness to engage in a trade war but is prepared to respond if necessary, urging the U.S. to correct its actions and engage in dialogue [3][4] Group 3: Maritime and Shipping Measures - The U.S. plans to impose port fees on Chinese vessels starting October 14, which China views as a violation of WTO rules and a unilateral action [4] - In retaliation, China will implement special port fees on U.S. vessels as a necessary defensive measure to protect its industries and ensure fair competition in international shipping [4]