（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 ...

Core Viewpoint - China's recent export control measures on rare earth technologies represent a strategic move to strengthen its position in the global rare earth industry, impacting high-tech and military sectors in the U.S. and altering the competitive landscape of the global high-tech industry [1][8]. Group 1: China's Position in Rare Earth Industry - China controls nearly 60% of global rare earth mining and monopolizes about 85% of rare earth refining capabilities, a result of decades of technological accumulation and market positioning [3]. - The new export control regulations cover the entire rare earth industry chain, from mining to final magnetic material manufacturing, including the recycling of rare earth secondary resources [4][5]. Group 2: Details of the Export Control Measures - The export control measures include comprehensive regulations on technologies related to mining, refining, metal smelting, magnetic material manufacturing, and recycling, approved by the State Council [4]. - The regulations address long-standing regulatory loopholes, preventing Western countries from bypassing restrictions by processing imported rare earth ores locally [5]. Group 3: Scope and Implications of the Regulations - The control codes include technologies for the entire lifecycle management of production lines, indicating a shift from mere production oversight to comprehensive management [7]. - The scope of regulation has expanded to include all forms of technology transfer, such as intellectual property licensing, investment, and joint research, indicating a robust approach to prevent technology outflow [7]. Group 4: Impact on Global Competition - The tightening of controls is causing anxiety within the Pentagon, as it may hinder access to critical materials necessary for weapon production [8]. - China's new policy aims to reshape the global rare earth market, moving away from a reliance on Chinese supplies while ensuring national security and core interests [8].

Group 1 - The Chinese government has implemented export controls on certain rare earth items 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 [3][4]. - The export controls are not a ban on exports; applications that meet the regulations will be approved, and the government is open to facilitating compliant trade through various measures [4][6]. - The U.S. has announced a 100% tariff on Chinese rare earth items in response to China's export controls, which China views as a double standard and a violation of international trade norms [5][6]. Group 2 - Following recent U.S. restrictions, China has expressed strong opposition, emphasizing that such actions damage bilateral trade relations and disrupt the atmosphere for economic talks [6][7]. - China has taken countermeasures against U.S. shipping fees imposed on Chinese vessels, asserting that these actions violate WTO rules and the principles of mutual benefit [7][8]. - The Chinese government remains committed to maintaining its legitimate rights and interests while advocating for dialogue and cooperation to resolve trade disputes [6][7].

Core Investment Logic of Rare Earth Industry - Rare earths are referred to as "industrial vitamins" and play an indispensable role in high-end manufacturing and defense technology [3][12] - The demand for rare earth permanent magnets is expected to surge, particularly with humanoid robots being identified as a "killer application" [4] - China holds the largest reserves and production capacity of rare earths globally, positioning itself as a key player in the international supply chain [5][37] - Amid escalating US-China trade tensions, rare earths have become a strategic bargaining chip for China [6] - Research in the rare earth industry must consider both supply-demand dynamics and the political landscape between China and the US [7] Recent Policy Developments - The new export control policy introduced on October 9, 2025, is a significant catalyst for the rare earth sector, reshaping the global supply order [8] - The policy expands the range of controlled items and implements "long-arm jurisdiction" and key technology blockades, enhancing supply-side rigidity and controllability [9][56] - The planned increase of China's strategic rare earth reserves by 25% and the formation of a "dual oligopoly" structure in the industry further strengthen supply-side dynamics [9] Demand Dynamics - The strong contraction in supply coupled with sustained high-end demand is expected to drive the industry's prosperity and elevate price levels [10] - Rare earth elements are categorized into light and heavy rare earths, with applications ranging from automotive to aerospace [13][22] - The automotive sector, particularly electric vehicles, is projected to significantly boost rare earth demand, with an estimated usage of 2-4 kg of neodymium-iron-boron per vehicle [24] - Wind power generation and energy-efficient appliances are also key areas driving demand for rare earth permanent magnets [25][26] Global Resource Distribution - Global rare earth resources are concentrated in regions such as China, Southeast Asia, Australia, and parts of Africa and the Americas [28] - China has discovered 16 out of the 17 rare earth elements, establishing a "north light, south heavy" industrial pattern [30] - The US Geological Survey estimates that global rare earth reserves will reach approximately 90.88 million tons in 2024, with China accounting for 44 million tons, or 48.4% [32][37] China's Dominance in the Rare Earth Supply Chain - China is the only country with a complete rare earth industry chain, covering mining, refining, and application [33][36] - In 2024, China's rare earth production is projected to be 270,000 tons, representing 69% of global output [38] - China's midstream refining capacity accounts for 92.3% of the global total, while its production of high-value permanent magnets is about 90% of the world supply [41] Industry Structure and Market Dynamics - The Chinese rare earth industry has consolidated into a dual oligopoly structure, with Northern Rare Earths and China Rare Earths controlling 98% of the national mining quotas [42] - Despite efforts by Western countries to create a "de-China" rare earth supply chain, new overseas projects face significant challenges in achieving independence from Chinese supply [43][44] Policy Measures and Strategic Control - China has implemented a total quota system for rare earth mining since 2006, with growth rates for mining and refining indicators significantly slowing in 2024 [49] - The recent export control policy marks a new phase in China's management of rare earth resources, aiming to reshape the global supply chain and reinforce its strategic position [52][56] Key Companies in the Rare Earth Industry - China Rare Earths and Northern Rare Earths are leading players in the upstream resource and midstream refining sectors, with significant strategic advantages [57] - MP Materials and Lynas Rare Earths are key players outside China, focusing on resource extraction and refining, but face challenges in achieving a fully integrated supply chain [59]

Core Viewpoint - The Chinese government 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 [2][4]. Group 1: Export Control Measures - The export control measures on rare earth materials are a legitimate action by the Chinese government based on legal regulations, aimed at maintaining national security and international safety [2][4]. - China emphasizes that the export controls are not a ban on exports; applications that meet regulations will be approved, and the government is open to facilitating compliant trade through various measures [3][4]. Group 2: Response to U.S. Actions - The U.S. has announced a 100% tariff on Chinese rare earth exports and additional export controls on key software, which China views as a double standard and a violation of fair trade principles [3][4]. - China has expressed strong opposition to the U.S. actions, highlighting that the U.S. has a much larger export control list compared to China, which undermines international trade order and stability [4][5]. Group 3: Maritime and Shipping Issues - The U.S. plans to impose port fees on Chinese vessels starting October 14, which China claims violates WTO rules and the principles of the China-U.S. maritime agreement [6]. - In response, China has decided to implement countermeasures, including special port fees on U.S. vessels, to protect its legitimate rights and maintain fair competition in the international shipping market [6].

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。 智通财经10月12日讯，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？ 特别是9月中美马德里经贸会谈以来，短短20多天时间，美方持续新增出台一系列对华限制措施，将多 家中国实体列入出口管制实体清单和特别指定国民清单；通过穿透性规则任意扩大受管制企业范围，影 响中方数千家企业；无视中方关切和善意，执意落地对华海事、物流和造船业301措施。美方的行为严 重损害中方利益，严重破坏双方经贸会谈氛围，中方对此坚 ...

Core Viewpoint - The A-share market is experiencing significant growth in the third quarter of 2025, with many companies reporting substantial increases in net profit forecasts, indicating strong performance across various sectors [1][2][3][4]. Group 1: Company Performance - A total of 46 A-share listed companies have released profit forecasts for the third quarter of 2025, with 17 companies expecting a year-on-year increase in net profit exceeding 100% [1]. - Yinglian Co. leads with an estimated net profit of 34.5 million to 37.5 million yuan, reflecting a growth of 1531.13% to 1672.97% compared to the previous year [1]. - Guangdong Mingzhu follows with a projected net profit of 215 million to 263 million yuan, showing a year-on-year increase of 858.45% to 1071.44% [2]. - Limin Co., a leading disinfectant manufacturer, anticipates a net profit of 384 million to 394 million yuan, representing a growth of 649.71% to 669.25% [2]. - Northern Rare Earth expects a net profit of 1.51 billion to 1.57 billion yuan, an increase of 272.54% to 287.34% [3]. - Dongyangguang forecasts a net profit of 847 million to 937 million yuan, indicating a growth of 171.08% to 199.88% [4]. - Jinkeli Yongci anticipates a net profit of 505 million to 550 million yuan, reflecting a growth of 157% to 179% [4]. Group 2: Market Dynamics - The significant profit increases are attributed to various factors, including enhanced production capacity, improved market share, and effective cost management strategies [1][2][3][4]. - Northern Rare Earth has adjusted its rare earth concentrate trading price to 26,205 yuan per ton for the fourth quarter of 2025, marking a 37.13% increase from the previous quarter [3]. - The refrigerant industry is experiencing a favorable supply-demand balance, leading to rising prices and improved profitability for companies like Dongyangguang [4]. - Jinkeli Yongci is expanding its production capacity, with plans to reach 38,000 tons by the end of 2024 and aims for 60,000 tons by 2027 [5].

Core Viewpoint - The article discusses China's recent export control measures on rare earth materials, emphasizing the government's commitment to national security and international stability while maintaining a willingness to engage in dialogue with other countries [2][3][4]. Group 1: Export Control Measures - China has implemented export controls on rare earth materials as a legitimate action to enhance its export control system, particularly in light of global instability and military applications of these materials [2]. - The government assures that these export controls are not prohibitive; applications that meet regulations will be approved, and there will be facilitation measures such as general licenses and exemptions for compliant trade [3]. Group 2: Response to U.S. Actions - In response to the U.S. imposing a 100% tariff on Chinese rare earth exports and software controls, China criticizes the U.S. for its double standards and excessive use of export controls, which it claims harms international trade order and global supply chain stability [4][5]. - China highlights that the U.S. has over 3,000 items on its export control list compared to China's 900, indicating a disparity in the application of export controls [5]. 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, prompting China to announce corresponding countermeasures [6]. - China's countermeasures are described as necessary defensive actions to protect its industries and ensure fair competition in international shipping and shipbuilding markets [6].

3 、有记者问：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，请问商务部对此有何评论？ 答：中方注意到有关情况。 10 月 9 日，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常行 为。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、非歧视的原则立场，审慎适度实施出口管制措施。 美方 有关表态是典型的"双重标准"。 长期以来，美方泛化国家安全，滥用出口管制，对华采取歧视性做法，对半导体设备、芯片等众多产品实施单边长臂管 辖措施。美方管制清单物项超过 3000 项，而中方出口管制清单物项仅 900 余项。美方使用出口管制最低含量规则由来已久，低至 0% 。美方相关举措严 重损害企业正当合法权益，严重冲击国际经贸秩序，严重破坏全球产供链安全稳定。 特别是 9 月中美马德里经贸会谈以来，短短 20 多天时间，美方持续新增出台一系列对华限制措施，将多家中国实体列入出口管制实体清单和特别指定国 民清单；通过穿透性规则任意扩大受管制企业范围，影 ...

Core Insights - Rare earth elements are critical strategic metals essential for national development, particularly in high-tech fields such as semiconductors, new energy, and defense [1] Group 1: Definition and Strategic Value - Rare earth refers to a total of 17 metallic elements in the chemical periodic table, including 15 lanthanides, as well as scandium (Sc) and yttrium (Y). They are typically divided into light rare earths and heavy rare earths, with the latter being scarcer and more strategically valuable [4] - Rare earths are known as "industrial vitamins" due to their excellent magnetic, optical, and electrical properties, making them key materials in high-tech industries such as semiconductors, electric vehicles, wind power, aerospace, and defense [4] Group 2: China's Role in the Global Supply Chain - China is the only country with the capability to produce the entire rare earth industry chain, controlling approximately 90% of global rare earth processing capacity, particularly excelling in heavy rare earth separation technology [4][6] - The recent upgrade in China's export control policy on rare earths includes new regulations on five types of heavy rare earths and extends to rare earth technologies, equipment, and raw materials. It also requires foreign companies using Chinese rare earths or technologies for re-export to obtain Chinese permission [4][7] Group 3: Unique Characteristics and Advantages - Rare earth elements possess a unique 4f electron structure, allowing for significant enhancements in material properties with minimal additions. For instance, neodymium-iron-boron magnets are crucial for high-performance motors and hard disk drives, while terbium and dysprosium stabilize magnets at high temperatures [6] - China's advantages lie not only in its rare earth reserves but also in decades of accumulated, hard-to-replicate smelting and separation technologies, along with a complete industry chain [6] Group 4: Global Regulatory Changes and Challenges - The introduction of China's "foreign direct product rule" indicates that products manufactured abroad containing specific Chinese rare earth elements or utilizing Chinese rare earth technologies will be subject to Chinese export controls. This marks a shift from resource exportation to rule exportation and control over global supply chain pricing [7] - Despite having rare earth resources, countries like the United States and Australia heavily rely on China for heavy rare earth refining and separation, with analyses suggesting that the U.S. may lag behind China in heavy rare earth separation technology by approximately 20 years, making it difficult to establish an independent rare earth supply chain in the short term [7] Group 5: Applications in Semiconductor Industry - Rare earths play multiple critical roles in semiconductor manufacturing, including precision equipment where neodymium-iron-boron magnets are essential for achieving nanometer-level precision in motion, and in stabilizing laser systems with materials like terbium gallium garnet crystals [7] - In the chemical mechanical polishing stage of chip manufacturing, cerium dioxide abrasives are the mainstream choice due to their high selectivity and efficiency. Additionally, rare earth elements such as lanthanum and yttrium are incorporated to optimize the performance of transistor gate dielectrics in advanced processes [7]