稀土行业核心投资逻辑 稀土被誉为"工业维生素"，在高端制造和国防科技领域扮演着不可或缺的角色。 人形机器人被视为稀土永磁的下一个"杀手级应用"，增量需求巨大。 中国凭借全球最大的稀土储量和产量，在国际供应链中占据关键地位。中美贸易摩擦加剧之际，稀土已成为中国应对美方施压的战略筹码。 因此，稀土产业的研究不仅要看供需格局，也要看中美政治博弈。 2025年10月9日最新出台的出口管制政策成为稀土板块的重要催化剂。 该政策通过全面扩大管制物项范围，同时实施"长臂管辖"与关键技术封锁，从根本上重塑了全球供给秩序。 叠加国家稀土战略储备量拟增加25%以及行业整合基本形成"南北双寡头"的格局，供给端的刚性与可控性被提升至前所未有的高度。 镧、铈、镨、钕、钷、钐、铕（La~Pm，原子序数57~61）为轻稀土， 钪、钆、铽、镝、钬、铒、铥、镱、镥（Sm~Lu， 原子序数 62~71）再加上钇 （Y，39）统称为中重稀土，越往后密度越大、丰度越低、价格越贵。 就像做菜只撒几粒味精，味道就能立刻升级，稀土就是工业里的"那撮盐"， 能在"微观尺度"上赋予材料"超能力"。 加一丁点稀土，磁铁的吸力就能瞬间翻倍；导弹变小，却可以飞得更 ...

格隆汇10月11日｜有投资者在互动平台向天奈科技提问：请问国家最新的出口管制政策是否会影响到公 司美国及欧洲工厂的建设进度，碳纳米管设备是否可以正常出口安装？管制政策对公司的碳纳米管销售 有何影响？ 天奈科技回应称，公司目前海外业务占比较小，海外工厂正在建设中。公司目前主营产品碳纳米管导电 浆料及其主要生产设备不在管制范围内。为应对潜在贸易政策变化，公司将持续密切跟踪政策动态。 ...

格隆汇10月10日丨先惠技术(688155.SH)在投资者互动平台表示，目前公司在手订单、近期参与投标的 潜在项目均未涉及"出口管控清单"范畴，现有出口业务主要聚焦于模组PACK、汽车底盘生产线及配套 产品等领域。根据最新出口管制政策核查结果，公司上述出口产品均未被列入管控目录，海外出口业务 未受到相关政策的直接影响。后续，公司将持续密切跟踪政策动态，建立常态化政策研判机制，积极主 动应对各类潜在变化，全力保障业务经营的稳定开展，切实维护投资者权益。 ...

据悉，这一政策调整将立即解锁沙特今年春季提出的逾百架MQ-9"死神"无人机采购申请。（央视记者 刘骁骞） 根据新政策，无人机将被视同战斗机（如F-16战斗机），而非导弹系统，从而绕开美国于1987年签署的 《导弹及其技术控制制度》限制。 当地时间9月15日，美国国务院宣布，国务卿鲁比奥批准了一项重新界定出口管制政策的法案，该法案 将使MQ-9"死神"无人机及其他先进军用无人机的出口更为便利。 ...

Core Viewpoint - The company emphasizes its commitment to compliance with Chinese laws and regulations in response to investor inquiries about the impact of the Ministry of Commerce's export control policy on its overseas factory operations [1] Group 1 - The company has acknowledged the new export control policy released by the Ministry of Commerce on July 2025, specifically the updated "Catalog of Technologies Prohibited or Restricted from Export" [1] - Current technology licensing matters that have been completed are not affected by the recent policy adjustments [1] - For future technology licensing projects, the company will conduct a comprehensive assessment of relevant regulatory requirements and ensure compliance with necessary approval or filing procedures [1]

Core Viewpoint - The article discusses the supply-demand imbalance of NVIDIA's H20 AI chips in the Chinese market following the lifting of export restrictions, highlighting the significant demand from Chinese tech companies and the challenges in meeting this demand due to geopolitical factors and supply chain constraints [2][3][4]. Supply and Demand Dynamics - After the lifting of export restrictions, there is a strong demand for H20 AI chips in China, with NVIDIA placing an order for 300,000 units from TSMC due to this demand [2]. - Jefferies estimates that the total demand for H20 chips in the Chinese market is around 1.8 million units, while NVIDIA's inventory is projected to be only between 600,000 to 900,000 units by early 2025, indicating a significant supply gap [2]. - Chinese tech giants have already placed pre-orders worth over $12 billion for H20 chips to secure future supply [3]. Geopolitical Influence - The H20 chip is not a standard product but rather a result of geopolitical influences, particularly U.S. export control policies that have fluctuated, impacting its availability in China [4]. - The U.S. government updated its export control list in April 2025, leading to a temporary halt in sales to China, which resulted in NVIDIA writing down inventory values by $4.5 billion to $5.5 billion in its Q1 2026 financial report [6]. Production and Supply Chain Challenges - NVIDIA's CEO announced in July 2025 that the company received U.S. government approval to resume shipments of H20 chips to China, but the supply chain is unable to respond immediately due to prior adjustments [7]. - TSMC faces challenges in fulfilling NVIDIA's orders, with a potential nine-month timeline required to restart the supply chain for H20 chips, which may not meet the immediate needs of Chinese customers [10][11]. Market Positioning and Competitiveness - The H20 chip is positioned to provide a legal and compatible high-performance computing solution for Chinese tech companies, especially in AI inference and large model training, amidst restrictions on advanced AI chips from the U.S. [5]. - Despite the H20's limitations in performance compared to the H100, its specifications, such as 96GB HBM3 memory and 4TB/s bandwidth, make it suitable for many applications in the Chinese market [12][13]. Challenges for Domestic Alternatives - Domestic AI chips struggle to replace the H20 due to the extensive reliance on NVIDIA's CUDA platform, which requires significant code rewriting and adaptation for alternative frameworks [12]. - The pricing strategy of the H20 chip is designed to create a competitive edge, being priced between $6,500 and $8,000, which is strategically positioned above the government procurement price of Huawei's Ascend 910B [14]. - The current state of domestic AI chips is at a critical point, requiring ongoing technological innovation and policy support to achieve broader market acceptance [15].

韩国政府称，韩国产业通商资源部长Yeo Han-koo在华盛顿特区与美国贸易代表Jamieson Greer举行了首 次会晤。Yeo强调免除韩国汽车和钢铁等关键商品关税的重要性，也表达了韩国业界对美国出口管制政 策近期发展的担忧。双方重申共同致力于迅速达成互利协议。 ...

Core Viewpoint - The chairman of Tuojing Technology, Lv Guangquan, stated that the high costs in the first quarter were due to urgent shipments of new products and processes to meet customer demands, which is considered a temporary situation [1] Group 1: Financial Performance - The company confirmed that the high costs were associated with new products and processes that were shipped urgently to satisfy customer needs [1] - The situation was influenced by multiple factors, including export control policies from relevant countries, the urgency of customer demands, and the pace of technological iteration [1] Group 2: Future Outlook - The company believes that the occurrence of similar situations in the future is unlikely, indicating a positive outlook [1] - Most of the new products have passed customer validation and are gradually entering mass production, which is expected to enhance long-term cooperation with clients and increase market share in equipment [1]