今天下午，商务部召开例行新闻发布会，新闻发言人就开展稀土相关物项出口管制进行了回应。 （文章来源：央视新闻客户端） 商务部新闻发言人何亚东：中国政府依法依规开展稀土相关物项的出口管制工作，据我所知，只要是用 于民用用途的，合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便 利化措施，促进两用物项合规贸易，切实维护全球产供链的安全稳定。 中方10月底以来已批准多少企业的稀土出口许可？商务部回应 12月4日，商务部举行例行新闻发布会。有媒体记者现场提问：请问10月底以来，中方已经批准多少企 业的稀土出口许可？ 商务部新闻发言人何亚东说，关于你提到的稀土出口许可问题，我刚才已经作了回应。我想强调的是， 只要是用于民用用途的、合规的出口申请，中国政府都及时予以了批准。 此前有媒体记者现场提问：中国欧盟商会周一（1日）发布了一份快速调查，多数受访企业表示受到了 中国稀土出口管制的影响，包括成本上升，交付周期延长等。商会呼吁建立通用许可机制，为企业提供 稳定性和可预测性。请问商务部有何回应？是否正在讨论适用通用许可制度？ 何亚东回复说，中国政府依法依规开展稀土相关物项出口管制工作。据我所知，只要 ...

今天下午，商务部召开例行新闻发布会，新闻发言人就开展稀土相关物项出口管制进行了回 应。 来源丨央视新闻 编辑丨刘雪莹 SFC 商务部新闻发言人 何亚东：中国政府依法依规开展稀土相关物项的出口管制工作，据我所 知，只要是用于民用用途的，合规的出口申请，中国政府都及时予以了批准。同时，中国政府 积极适用通用许可等便利化措施，促进两用物项合规贸易，切实维护全球产供链的安全稳定。 ...

商务部新闻发言人何亚东：中国政府依法依规开展稀土相关物项的出口管制工作，据我所知，只要是用 于民用用途的，合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便 利化措施，促进两用物项合规贸易，切实维护全球产供链的安全稳定。 今天下午，商务部召开例行新闻发布会，新闻发言人就开展稀土相关物项出口管制进行了回应。 （文章来源：央视新闻客户端） ...

Group 1: New Materials Industry - The rare earth magnetic materials industry rebounded by 2.6% last week, outperforming the benchmark by 0.96 percentage points, with the industry valuation (TTM P/E) rising to 71.79x, currently at 85.5% of its historical percentile [4] - Last week, the prices of rare earth concentrates generally rebounded, with praseodymium and neodymium prices continuing to rise, dysprosium prices declining, and terbium prices weakening [5] - The price of sintered NdFeB (N35) increased by 3.64% last week, while H35 rose by 2.41%, supported by strong demand from downstream orders [7] - The supply side of the rare earth sector is generally tight, with some separation enterprises experiencing reduced operating rates due to maintenance or raw material issues, leading to a tight supply of oxides [8] - The overall market sentiment is characterized by a standoff, but the supply side is expected to decrease while the demand side shows a steady upward trend, indicating that rare earth prices are likely to remain stable with a slight upward bias [8] Group 2: Medical Services Industry - The report highlights that the company is a leading CDMO (Contract Development and Manufacturing Organization) driven by innovation, with revenue growing from 2.017 billion yuan in 2019 to 5.161 billion yuan in 2024, reflecting a CAGR of 20.67% [11] - The revenue from contract custom business has been increasing, with its share rising from 37.55% in 2019 to 75.00% in 2024, indicating a strong focus on this segment [12] - The global CDMO market has maintained a high level of prosperity, with the market size growing from $44.6 billion in 2018 to $79.7 billion in 2023, and is expected to reach $168.4 billion and $338.5 billion by 2028 and 2030, respectively [14] - The company is actively expanding its project pipeline, particularly in peptide and conjugated nucleic acid technologies, which are expected to drive future growth [15] - The company is projected to achieve revenues of 5.670 billion, 6.278 billion, and 6.957 billion yuan from 2025 to 2027, with corresponding net profits of 930 million, 1.031 billion, and 1.147 billion yuan, indicating a positive long-term outlook [16]

11月28日，日本众议院外交委员会举行了关于我国驻日大使馆声明中敌国条款的质询会。然而，会议上立宪民主党议员原口一博的发言却让人大跌眼镜。他 先是批评我国对高市早苗涉台言论的反应过度，随后突然转变话题，声称日本也控制着中国稀土的命脉。他进一步表示，即便中国掌握了100%的稀土资 源，如果不将稀土运往日本进行提炼，也无法完成精炼，因为相关技术掌握在日本手中。 | 顶部 | 突发新闻 | 居住 | 专家 | 原来的 | | 大家的意见 | 排行 | | --- | --- | --- | --- | --- | --- | --- | --- | | 主要的 | 国内的 | 国际的 | 经济 | 娱乐 | 运动的 | 它 | 科学 | 原口一博这一言论引起了许多中国网友的关注与质疑，不少人对此感到困惑：中国需要将稀土运到日本提炼？这是什么情况？还有网友幽默地表示：原来， 稀土的'卡脖子'不是中国卡美国，而是日本。他们戏称，特朗普一定得知道，美国的看门狗居然掌握着稀土提炼技术，真是个不为人知的秘密。 如果把目光拉回现实，原口一博的这些话无疑是大错特错。根据全球稀土资源的实际情况，中国在稀土分离和精炼领域占据绝对主导 ...

Core Insights - The reduction in Chinese tourists is significantly impacting restaurants in Japan that rely on foreign consumer spending, leading to cancellations or postponements of various China-Japan exchange activities [1] Group 1: Impact on Restaurants - A restaurant near Tokyo's Senso-ji Temple has seen a drastic decrease in visitors from mainland China and Hong Kong, with daily revenue dropping by half since the beginning of the month [1] - The restaurant's representative expressed concerns that the decline in Chinese tourists may be a temporary issue, but the current situation could persist, resulting in substantial losses for the business [1] - Previously, about half of the restaurant's customers were Chinese, and the recent reports have led to a near-total disappearance of this clientele, severely affecting revenue [1] Group 2: Broader Economic Implications - The Japan External Trade Organization reported that over 20 planned China-Japan business exchange and tourism promotion events have been canceled or postponed due to the current tensions [1] - Japanese companies are worried that if China implements rare earth export controls, the friction between China and Japan may escalate further [1]

Core Insights - The price of yttrium, a rare earth element widely used in military, aerospace, and semiconductor industries, has surged due to supply constraints, with prices rising from approximately $6 per kilogram to between $220 and $320 per kilogram, representing an increase of 3600% to 5300% [1] - Yttrium is essential for high-performance applications such as special alloys in jet engines and dielectric layers in semiconductor manufacturing [1] - The supply chain for yttrium is heavily reliant on imports from China, with over 90% of yttrium oxide imports to the U.S. coming from China in the past four years [1] Supply Chain and Market Dynamics - The U.S. aerospace industry is significantly affected by the yttrium supply shortage, leading to increased costs due to reliance on Chinese imports [1] - The semiconductor industry is also facing severe concerns regarding yttrium shortages, with one industry insider indicating the shortage's severity at "nine out of ten" [2] - Inventory levels in the yttrium market are highly variable, with reports of one trader's stock dropping from 200 tons to just 5 tons [2] Future Outlook - Analysts suggest that unless there is a significant increase in supply, yttrium prices are unlikely to decrease substantially [3] - Companies like MP Materials and Lynas Rare Earths are working to increase yttrium production, with MP Materials extracting yttrium from its Mountain Pass project and Lynas expanding capacity at its Mount Weld mine and processing plant in Malaysia [3] - ReElement Technologies plans to boost yttrium oxide production to 200 tons annually by December, with ambitions to double that output in the following year [3]

Investment Rating - Industry rating: Maintain "Overweight" [4] Core Views - The rare earth magnetic materials industry has continued its downward trend, with a 5.29% decline this week, underperforming the benchmark (CSI 300) by 1.52 percentage points [6][13] - The current industry valuation (TTM P/E) has decreased by 3.97x to 69.94x, which is at 84.1% of the historical percentile [6][13] - Light rare earth concentrate prices have rebounded, while medium and heavy rare earth prices have slightly declined [7][10] - The market sentiment remains cautious, with expectations of price stabilization and potential upward trends in the future due to tightening supply and improving demand [10][44] Summary by Sections Market Performance - The rare earth magnetic materials sector has seen a relative return of -12% over the past month, -9% over three months, and a positive 46% over the past year [5] - Absolute returns are -15% for one month, -5% for three months, and 57% for twelve months [5] Price Movements - Light rare earth concentrate prices have increased by 2.86% to 3.6 million CNY/ton, 3.23% to 3.2 million CNY/ton, and 3.85% to 2.7 million CNY/ton for different mines [10] - The average price of praseodymium-neodymium oxide has risen by 0.73% to 549,000 CNY/ton, while praseodymium-neodymium metal has slightly decreased by 0.15% [15][17] - Dysprosium prices have continued to decline by 1.66% to 1,485 CNY/kg, and terbium prices have also decreased [22] Investment Recommendations - The report maintains an "Overweight" rating, suggesting that despite high valuation pressures, the expected recovery in rare earth prices and demand could lead to improved profitability for downstream magnetic material companies [44][45] - It is recommended to focus on upstream rare earth resource companies and downstream magnetic material companies with strong customer structures and growth potential [11][45]

Core Viewpoint - Japan is increasingly concerned about potential restrictions on rare earth exports from China, which could significantly impact its economy and industries reliant on these materials [1] Group 1: Economic Impact - Japan's economy is facing growing pressure due to China's stance, with estimates indicating that approximately 60% of Japan's rare earth imports come from China [1] - The Japanese Trade Promotion Organization's representative expressed concerns that Chinese measures could expand into trade management, further affecting Japan's economic landscape [1] Group 2: Industry Dependency - Rare earth elements are deemed essential in various sectors, including semiconductors, AI, and electric vehicles, highlighting Japan's dependency on these materials [1] - The term "industrial rice" has been used by Japanese media to describe rare earths, underscoring their critical role in Japan's industrial supply chain [1] Group 3: Historical Context - A precedent exists for China imposing rare earth export controls, as seen during the 2010 East China Sea incident, which severely disrupted Japan's supply chain [1] - The potential for China to implement stricter rare earth controls again is a significant concern if Japan continues to provoke on issues related to Taiwan [1]

Core Viewpoint - The diplomatic tensions between Japan and China, initiated by Japanese Prime Minister Sanna Takashi, have led to a series of countermeasures from China, including travel advisories and a ban on seafood imports, highlighting Japan's limited maneuvering space in this geopolitical conflict [1][2]. Group 1: Japan's Response and Strategy - Japan is expected to maintain its usual strategy of avoiding direct retaliation while keeping communication channels open, hoping for a gradual easing of tensions over time [1]. - Analysts suggest that Japan could collaborate with the U.S. to tighten export controls in the semiconductor sector, which could pose significant challenges to China's related industries, but must proceed cautiously to avoid harming its own economy [2][4]. Group 2: Semiconductor and Rare Earths - Semiconductor manufacturing equipment is a key export category for Japan to China, accounting for over 10% of Japan's total exports to China last year, indicating a potential area for tightened export controls [2]. - Japan's reliance on China for rare earths has increased from approximately 60% to over 70% due to rising demand for electric vehicles and renewable energy, making it vulnerable to potential Chinese export restrictions [4]. Group 3: U.S.-Japan Cooperation - If Japan receives support from the U.S., the collaboration could significantly impact the global semiconductor supply chain, posing a more severe challenge to China's chip industry [2]. - Japan may seek diplomatic support from G7 allies to condemn China's actions and push for a resolution through diplomatic channels, while also increasing direct communication with China [5]. Group 4: Potential Chinese Countermeasures - China has various means to exert pressure on Japan, such as extending permit approval times and enhancing export documentation reviews, rather than outright banning rare earth exports [5]. - Analysts believe that China is unlikely to completely halt rare earth exports to Japan, especially with signs of diplomatic thawing between China and Japan [4].