转自：北京日报客户端 在今天的高科技产品中，智能手机运行流畅、屏幕色彩绚丽，电动车加速迅猛——这些卓越性能的背后，往往离不开一类特殊的材料：稀土。 镧系的 15 个元素从镧到镥，加上性质相近的钪和钇，共同构成了稀土家族。它们具有独特的磁、光、电等物理特性，能够在极小的体积内提供强大的磁力 和复杂的光电转换，成为许多尖端技术中不可替代的功能材料。 就拿新能源汽车来说，其驱动电机需要钕铁硼永磁体，单台车的稀土磁体高达 2 千克。我们来算一下，截至 2025 年 10 月，北京市新能源汽车保有量已达 120 万辆。假设这些车当中只有 2/3 处于高频使用的状态，那也相当于大概 1600 吨稀土磁体，每天在这座城市的道路上来来去去。 内置式永磁同步电机，图片来源：参考文献 [14] 更不用说隐身战机、精确制导武器等国防系统，对稀土材料的性能要求非常严苛。据估算制造一架 F35 战斗机要使用超过 400 千克稀土材料。 这意味着从日常消费电子到国家尖端武器，都离不开稳定的稀土供应。 "稀土"指 15 种镧系元素 + 钪、钇 | Z | 化学符 | 名称 | 应用范围 | | --- | --- | --- | --- ...

Core Insights - Rare earth elements are crucial for modern technology and national security, with applications ranging from smartphones to military systems [2][3] - The United States faces significant challenges in its rare earth industry, primarily relying on China for processing despite having its own mining resources [2][5] Group 1: Importance of Rare Earth Elements - Rare earth elements consist of 17 elements, including lanthanum, cerium, and neodymium, which are essential in high-tech applications such as electric vehicles and wind turbines [3] - China dominates the global rare earth market, holding approximately 37% of the world's reserves and producing 63% of the global output in 2019 [3][5] Group 2: Challenges Faced by the U.S. Rare Earth Industry - The U.S. rare earth industry suffers from limited resources, insufficient investment, and outdated technology, leading to a lack of processing capabilities [5][10] - The Mountain Pass mine in California has significant reserves but lacks the processing capacity, forcing the U.S. to send mined materials to China for refinement [5][6] Group 3: China's Strategic Position - China has developed a complete rare earth supply chain, from mining to processing, giving it a competitive edge over other countries [10][11] - The Chinese government has implemented export controls on rare earth materials, which has raised concerns in the U.S. about the potential impact on military and high-tech industries [6][11] Group 4: U.S. Response and Future Strategies - The U.S. has attempted to revitalize its rare earth industry through initiatives like the 2017 executive order aimed at understanding supply chains and fostering domestic production [9] - Future strategies for the U.S. include investing in technology, collaborating with allies for a diversified supply chain, and exploring recycling and alternative materials to reduce dependence on China [10][11]

Core Viewpoint - The rare earth sector shows positive momentum with a slight increase in the China Rare Earth Industry Index, driven by confidence in long-term market trends and the strategic importance of rare earth resources [1] Group 1: Market Performance - As of November 27, 2025, the China Rare Earth Industry Index rose by 0.33%, with notable increases in stocks such as Fengyuan Co. (+3.15%), Keheng Co. (+3.13%), and Lingyi Technology (+2.74%) [1] - The fluctuation in rare earth product prices is influenced by supply and demand dynamics, with institutions expressing confidence in the sector's long-term development [1] Group 2: Policy Impact - The temporary suspension of export controls by China is expected to boost overseas demand for rare earth products, alleviating previous market concerns regarding the impact of these controls on demand and pricing [1] - The Ministry of Commerce announced a one-year pause on the export control measures that were set to be implemented on October 9, 2025, which is anticipated to enhance export channels and increase overseas demand significantly [1] Group 3: Industry Composition - As of October 31, 2025, the top ten weighted stocks in the China Rare Earth Industry Index accounted for 61.61% of the index, including major players like Northern Rare Earth, Wolong Electric Drive, and Lingyi Technology [1]

Core Insights - The price of praseodymium and neodymium oxide has risen to 555,000 yuan per ton as of November 20, with a weekly increase of 10,000 yuan and a monthly increase of 50,000 yuan, reflecting a 10% growth [1] - The domestic rare earth price is expected to continue rising due to improved demand and supply dynamics, driven by factors such as the recovery of China-US relations and strong downstream inventory replenishment [1] - The domestic rare earth industry is showing significant strategic value amid international trade tensions, with expectations for sustained high performance in the second half of the year [1] Price Performance - As of November 20, the price of praseodymium and neodymium oxide reached 555,000 yuan per ton, with a weekly increase of 10,000 yuan and a monthly increase of 50,000 yuan, indicating a 10% rise [1] - The strong demand from downstream industries is contributing to the upward price trend, with companies like Northern Rare Earth reporting full order books and good execution [1] Index Valuation - The China Securities Rare Earth Industry Index PETTM stood at 38.5 as of November 20, 2025, placing it at the 46.1% valuation percentile over the past decade, indicating a return to the long-term valuation mean [1] Industry Trends - China's rare earth industry chain is demonstrating significant strategic value in the context of international trade conflicts, with expectations for continued price increases due to improved supply-demand dynamics [1] - The supply side is expected to remain stable due to the implementation of total control measures for rare earth mining and separation, while demand is driven by sectors such as robotics, low-altitude economy, and military applications [1] - The high cost of overseas refining supports price differentials, and the U.S. acquisition base price is raising price expectations, leading to a re-evaluation of the strategic value of rare earths [1] Related Products - The E Fund Rare Earth ETF (159715) focuses on national strategic resources and global competitive industry chains, with a management and custody fee rate of 0.15% + 0.05% per year, significantly lower than similar products linked to the China Securities Rare Earth Industry Index [2] - As of October 31, 2025, the cumulative return of the E Fund Rare Earth ETF has been 76.43%, outperforming the benchmark index by 13.83%, making it a valuable tool for capturing opportunities in the rare earth industry [2]

Group 1 - The core viewpoint of the news is that KOHEN Co., Ltd. has seen a significant stock price increase of 6.33%, reaching 15.11 CNY per share, with a total market capitalization of 4.169 billion CNY [1] - KOHEN Co., Ltd. is primarily engaged in the lithium battery industry, focusing on upstream production of lithium-ion battery cathode materials and automation production equipment, with revenue contributions from new energy cathode materials at 65.23%, new energy intelligent equipment at 24.02%, rare earth functional materials at 6.55%, and others at 3.45% [1] - The company is located in Jiangmen City, Guangdong Province, and was established on September 12, 2000, with its listing date on July 26, 2012 [1] Group 2 - Among the top ten circulating shareholders of KOHEN Co., Ltd., the Jiashi Fund holds a significant position, with the Jiashi CSI Rare Earth Industry ETF (516150) increasing its holdings by 1.1011 million shares, totaling 2.0859 million shares, which represents 0.76% of the circulating shares [2] - The Jiashi CSI Rare Earth Industry ETF (516150) has a current scale of 7.648 billion CNY and has achieved a return of 69.79% this year, ranking 133 out of 4208 in its category [2] - The fund manager of Jiashi CSI Rare Earth Industry ETF is Tian Guangyuan, who has been in the position for 4 years and 258 days, with the fund's total asset scale at 75.812 billion CNY [3]

来源：市场投研资讯 许多人听说过稀土，却未必了解它为何被称为"工业维生素"。在富国基金小宇宙播客栏目《有富同享》 中，富国基金稀土ETF的基金经理曹璐迪与主持人进行了一场深度对话，揭开了稀土的真实"面貌"。 （来源：富国基金） 稀土不"稀"，却是工业命脉 曹璐迪介绍，稀土并非真正的土壤，而是17种金属元素的统称。反常识的是，它并不稀有——全球稀土 储量约9000万吨，而黄金仅6.4万吨。 注：数据来自美国地质调查局2024年全球有色金属产量、储量统计数据。 为何被称为"工业维生素"？曹璐迪解释，稀土虽用量少，却不可或缺。一辆新能源车需要2-2.5公斤稀土 氧化物，人形机器人每台更需要5公斤。没有稀土，电能转化动能的核心环节就无法实现。 中国技术逆袭，掌握"稀土王牌" 中国如何成为稀土强国？曹璐迪指出，关键在技术突破。徐光宪院士发明的"串级萃取技术"，使中国能 将17种稀土元素提纯至99.9999%（6N级），而海外最高仅99.99%（4N级）。 中国还是全球唯一拥有稀土全产业链的国家。曹璐迪强调，海外重建产业链需3-5年，中国在技术和成 本上的优势难以短期超越。 供需格局支撑长期价值 稀土价格为何走强？曹璐迪 ...

Core Viewpoint - The announcement of the first domestically produced rare earth magnet in the U.S. in 25 years is portrayed as a significant achievement, but it is largely seen as a political maneuver rather than a true industrial breakthrough [1][3][5]. Industry Analysis - The complete rare earth industry chain includes mining, smelting, separation, purification of rare earth oxides, and production of high-performance magnets, which requires mature technology, stable production capacity, and specialized talent [3]. - Currently, China dominates the global rare earth processing capabilities, holding over 80% of the market and more than 90% of magnet production capacity, a result of decades of industry development [3]. - The only U.S. rare earth mine in development, Mountain Pass, has a reserve of only 1.4 million tons, representing just 1.3% of global reserves, and primarily consists of light rare earths, lacking the heavy rare earths critical for military and high-end electronics [3][5]. - The U.S. has long relied on Chinese technology for smelting and separation, and prior to Chinese export controls, U.S. mined rare earths were sent to China for processing [3]. Cost and Competitive Landscape - Rare earth mining and processing are characterized as labor-intensive and environmentally challenging, with significant capital investment required for compliance with environmental standards [5]. - Without substantial government subsidies, U.S. rare earth products lack competitiveness in the market, while China can achieve economies of scale due to its complete supply chain and established technology [5]. - Experts estimate that establishing a fully independent rare earth supply chain in the U.S. could take at least 10 years, which is beyond the current administration's term [5]. Political Context - The announcement of the rare earth magnet coincides with the upcoming midterm elections, suggesting a political motive to showcase achievements and bolster support for the current administration [5]. - The U.S. government's emphasis on this development is seen as an attempt to distract from other domestic issues and to reinforce the narrative of "American resurgence" [5][7]. - China's export controls on rare earths are framed as a means to regulate industry development and ensure global supply chain stability, contrasting with the U.S. approach of unilateral restrictions [7]. Strategic Implications - The U.S. effort to challenge China's dominance in the rare earth sector is viewed as unrealistic given the significant technological and industrial gaps that have developed over decades [7]. - A sustainable approach to developing the U.S. rare earth industry would require respecting industry dynamics and fostering international cooperation rather than relying on political rhetoric [7].

普京在11月4日签署的命令，要求内阁在12月1日之前制定出一套涵盖稀土开采与加工的完整路线图，这一决定引发了广泛关注和各种解读。 尽管俄罗斯以丰富的自然资源闻名于世，从石油、天然气到铀矿，但在稀土资源的开发上却长期处于"睡眠"状态。根据官方资料，俄罗斯境内已探明的稀土 矿床多达18处，储量超过2800万吨。然而实际开采量却连2%都不到，90%的稀土需求依赖进口。 普京在这一时刻做出的战略调整，显然不是对中国的不信任，而是对自身处境的深刻反思。当前，俄罗斯既要面对中国在稀土领域的强势地位，又要警惕美 国对乌克兰稀土资源的渗透和控制。这让普京不得不考虑如何增强国家的自主性，减少对外部力量的依赖。 对于普京来说，学习中国在稀土开发上的成功经验，或许是他制定新策略的重要动机之一。中国之所以能在短时间内建立起完整的稀土产业链，不仅仅依赖 于丰富的矿藏，更在于其政策支持、企业发展和市场调控的系统性布局。而这些恰恰是俄罗斯目前所欠缺的——缺乏技术、制度、以及有效的产业链整合能 力。 普京此次的"死命令"，不仅是为了在资源调度上有所突破，更是要在战略层面实现重新排序。这意味着，俄罗斯将努力构建一条完全由自己掌控的稀土产业 链 ...

Core Viewpoint - China announced a one-year suspension of its rare earth export control policy, coinciding with the U.S. also pausing related measures, leading to optimism in Western media about reducing dependence on Chinese rare earths, which is deemed unrealistic [1][3][11] Background Knowledge - In early October, China implemented strict controls on rare earth exports, affecting the entire supply chain from mining to production, causing anxiety in Western industries reliant on these materials [3] - Western countries, including the U.S. and Australia, have invested heavily in establishing independent supply chains, with both nations committing $1 billion each, viewing this as a strategic breakthrough [3][6] Misunderstanding of the Industry - Some believe the one-year suspension is a "golden opportunity" for Western countries to overcome their reliance on China, underestimating the complexity of the rare earth industry [4] - Rare earths consist of 17 elements, categorized into light and heavy rare earths, with the U.S. capable of mining 43,000 tons of light rare earths annually, but lacking refining capabilities, as 90% of global refining is controlled by China [6][8] Heavy Rare Earths Challenge - Heavy rare earths, crucial for high-tech applications like aerospace and defense, are predominantly produced in China, with 99% of global production concentrated there [8] - Western efforts to develop refining capabilities are still in experimental stages, with significant timeframes for commercial production, indicating a long road ahead [8][9] Export Restrictions - China's recent suspension only applies to new regulations from October, while previous export restrictions on heavy rare earths and critical elements for semiconductors and military applications remain in effect, contributing to supply shortages in the West [11] - The notion that Western countries can stockpile during this one-year period is misguided, as previous restrictions have already limited their options [11] Conclusion - The current situation is characterized as a self-deceptive attempt by Western nations to believe they can turn the tide in the rare earth industry, while in reality, they are far from achieving independence from Chinese dominance [11]

Group 1: US-China Agricultural Trade - The US and China have reached a consensus to expand agricultural trade, relieving American soybean farmers who are hopeful for renewed purchases from Chinese companies [1][3] - The specific measures for expanding agricultural trade have not yet been disclosed by China, and it remains unclear if negotiations will be required for other agricultural products [2] - The American Soybean Association noted that while no formal trade agreement has been signed, the news is still positive for farmers, with the total value of US soybean exports projected at approximately $24.5 billion for 2024, with over $12.5 billion coming from China [3] Group 2: EU-China Export Control Dialogue - China and the EU held a dialogue on export controls, focusing on mutual concerns and agreeing to maintain communication to stabilize supply chains [4][5] - The dialogue follows China's announcement of expanded export controls on rare earths, which raised serious concerns in the EU [6] - The EU Trade Commissioner confirmed that the export control measures announced by China also apply to the EU, emphasizing continued cooperation on improving export control policies [7] Group 3: AI and Technology Investments - OpenAI has signed a $38 billion multi-year agreement with Amazon to provide cloud computing services, highlighting the increasing demand for computing power in the AI industry [21][22] - Microsoft has secured a $9.7 billion agreement with IREN to lock in new computing resources, as the company expands its AI service capabilities [26][27] - Microsoft plans to invest over $15 billion in the UAE over the next seven years, including expanding AI data centers, following the approval of export licenses for advanced chips [54] Group 4: Semiconductor and AI Chip Developments - South Korea's semiconductor exports reached $15.73 billion in October, marking a 25.4% year-on-year increase, driven by strong demand for high-capacity memory [50][51] - The US startup Vulcan Elements has secured a $1.4 billion deal with the government to build a factory for rare earth magnets, focusing on recycling electronic waste [87][88] - The US government is providing significant funding to support domestic production of rare earth materials, which are critical for advanced technologies [90][91] Group 5: Automotive Industry Developments - Geely has signed a strategic cooperation agreement with Renault to deepen local production and market expansion of electric vehicles in Brazil, acquiring a 26.4% stake in Renault Brazil [68][69] - Japanese automakers are redefining future vehicles at the Japan Mobility Show, showcasing concepts that integrate living spaces and community services [62][63] - The launch of new industrial wireless communication chips in China marks a significant advancement in industrial communication technology, enabling more flexible and efficient manufacturing processes [55][56]