技术进步给了他们可能性。VAC、韩国材料科学研究院，甚至跨学科合作都在推进"无稀土"永磁体。 性能在中低端应用场景逐渐可用，高温稳定性和磁能积等指标仍落后，但工业界已经开始试水。从某种 程度上看，这是全球在高端制造、能源、电动车、航空航天领域的一场长跑赛。 但现实中，去稀土化绝非易事。短期内，钕铁硼仍然是主力军，高端应用离不开它。长期来看，"无稀 土"材料可能在中低端市场占据空间，但航空航天、精密工业和高性能电动汽车依旧需要传统稀土磁 体。技术路径复杂、产业转型成本高昂，短时间内难以撼动现状。 文︱陆弃 稀土，这张牌，在全球博弈中被捏得紧紧的。德国VAC公司一条新闻炸开了眼界：他们成功研发出一 种完全不含重稀土的钕铁硼合金，性能堪比传统稀土磁体。钕铁硼，这曾是高端制造和新能源领域的心 脏，如今似乎有人在悄悄替换它的心脏。欧美国家推动"去稀土化"，不仅是技术上的尝试，更是对中国 稀土主导地位的战略挑战。 美国动作最急。2022年，美国商务部就发布报告，明确指出高性能永磁体几乎全靠进口，中国主导全球 市场。这意味着一旦供应受阻，美国高端武器、能源、工业都会陷入风险。于是，美国一边国内大撒钞 票，支持本土企业研发" ...

Core Viewpoint - The article emphasizes that China's assets have a clear comparative advantage, primarily due to the manageable situation in the Middle East and the ongoing global restructuring of order, which has not yet disrupted existing pricing logic for global risk assets [1]. Market Trends and Asset Performance - In the first half of 2025, the market showed distinct trends, with significant appreciation in Chinese assets, particularly the North Star 50 index rising by 38.7% and the Hong Kong Hang Seng Index increasing by 21% [1]. - Safety remains a key consideration for many investors, as evidenced by a 24.7% increase in London gold prices and strong performance in bank stocks within the A-share market [2]. - Traditional industries like coal and real estate are experiencing declining returns, aligning with the broader trend of industrial transformation [2]. - Thematic investments in sectors such as robotics, innovative pharmaceuticals, and military technology reflect the evolution of dominant industries, driven by technological advancements rather than policy catalysts [2][4]. - The U.S. equity market is undergoing a complex head formation, with significant adjustments in tech stocks due to macroeconomic pressures, including high inflation and debt concerns [2][4]. External Variables Impacting the Market - A notable decrease in global risk premiums has been observed, attributed to the stabilization of geopolitical tensions and the emergence of a Nash equilibrium in U.S.-China negotiations [6]. - The U.S. debt pressure has eased, with the passage of legislation aimed at stabilizing the stablecoin market, which is expected to enhance demand for U.S. Treasury securities [7]. - The likelihood of Federal Reserve interest rate cuts has increased, although the Fed remains cautious due to inflation concerns stemming from trade tensions [8]. - Technology continues to be a focal point in global competition, particularly in the context of U.S.-China relations, with AI advancements being a critical area of investment interest [9]. Future Outlook - The trend of global asset reallocation remains unchanged, driven by persistent high U.S. interest rates and fiscal deficits, leading to a gradual outflow of capital from dollar-denominated assets [11]. - Tactical asset allocation will continue to focus on technology, with particular attention to advancements in autonomous driving and brain-computer interfaces, as well as expanding markets in China [11]. - Divergence in investor sentiment regarding gold is increasing, influenced by the rise of stablecoins and a potential easing of geopolitical tensions, which may diminish gold's traditional safe-haven appeal [12].