Core Viewpoint - China's rare earth magnet exports to Japan surged by 34.7% in November, reaching 304 tons, contrary to expectations of economic sanctions due to provocative remarks from Japanese politician, Sanae Takaichi [1][2] Group 1: Export Dynamics - The increase in exports is attributed to the release of compliant trade orders and the rigid demand in the global supply chain, following China's tightening of export controls in October [2][4] - The majority of the exported rare earth magnets are directed towards Japanese automotive manufacturers like Toyota and Honda, highlighting the urgency of Japan's inventory needs during its energy transition [4][9] Group 2: Strategic Intent - The contrasting export trends—rising exports to Japan and declining exports to the U.S. by 11.4%—indicate a strategic approach rather than emotional reactions, showcasing China's ability to control supply flows and pricing power in the rare earth market [5][7] - China's dominance in rare earth processing, controlling over 90% of global refining and separation capacity, ensures that even if Japan sources raw materials from other countries, they remain dependent on China for high-performance processing [7][9] Group 3: Political and Economic Strategy - China's strategy involves maintaining trade with compliant Japanese firms while applying pressure on radical political figures, thereby preventing a complete breakdown in Sino-Japanese relations [10][12] - The decline in exports to the U.S. serves as a silent demonstration of China's effective export control measures, signaling a selective approach to trade based on end-use applications, particularly in sensitive military sectors [14][15] Group 4: Long-term Implications - The current dynamics suggest that China is not only maintaining its position in the global supply chain but is also reshaping the rules of rare earth trade, ensuring that every ton exported to Japan reinforces China's industrial advantages [14][15] - The situation reflects a broader strategy where China retains control over critical resources, thereby enhancing its geopolitical leverage while avoiding overt confrontations [15]

Group 1: Copper - LME copper price increased by 2.21% to $12,133.0 per ton, while Shanghai copper rose by 5.95% to 98,700 yuan per ton [1] - Domestic copper inventory increased by 14.96% week-on-week, with total inventory up by 88,200 tons year-on-year [1] - High copper prices are suppressing market demand, leading to a decline in operating rates for domestic wire and cable enterprises [1] Group 2: Aluminum - LME aluminum price rose by 0.03% to $2,956.50 per ton, and Shanghai aluminum increased by 0.99% to 22,400 yuan per ton [2] - Domestic electrolytic aluminum ingot inventory recorded 617,000 tons, with a week-on-week increase of 17,000 tons [2] - The overall operating rate of downstream aluminum processing enterprises decreased by 0.6 percentage points to 60.8% due to weak orders and high aluminum prices [2] Group 3: Gold - COMEX gold price increased by 3.24% to $4,505.4 per ounce, with SPDR gold holdings rising by 15.73 tons to 1,068.27 tons [3] - Geopolitical risks are influencing the gold market, leading to a strong oscillation pattern [3] - The market is anticipating significant developments in international relations that could impact gold prices [3] Group 4: Rare Earths - The price of praseodymium and neodymium oxide increased by 3.33% this week [4] - China's rare earth permanent magnet exports in November increased by 12% month-on-month and 28% year-on-year, reaching a historical high for the same period [4] - The expectation of more relaxed export policies is boosting demand forecasts for rare earths [4] Group 5: Lithium - The average price of lithium carbonate increased by 6.94% to 103,400 yuan per ton, while lithium hydroxide rose by 3.22% to 89,800 yuan per ton [5] - Lithium production increased to 22,200 tons this week, with a slight rise in output [5] - The supply-demand balance remains stable, with strong demand from the new energy sector supporting high prices [5] Group 6: Antimony - Antimony price decreased by 1.85% this week, attributed to profit-taking by speculative funds [4] - The outlook remains positive for antimony prices due to expected recovery in exports and stable demand [4] - Resource scarcity and reduced production from overseas mines are expected to support upward price trends [4] Group 7: Tin - Tin price decreased by 1.07% this week, with inventory increasing by 4.72% [4] - Supply disruptions in major overseas tin mining regions are contributing to price fluctuations [4] - The long-term outlook for tin remains positive due to expected demand growth in sectors like semiconductors and photovoltaics [4] Group 8: Nickel - LME nickel price increased by 7.0% to $15,700 per ton, while Shanghai nickel rose by 12.0% to 125,000 yuan per ton [5] - Nickel market sentiment turned optimistic due to potential supply tightening from Indonesia [5] - Current market dynamics reflect a balance between strong expectations and weak demand realities [5]

在法务服务支持方面，内蒙古建立IPO会诊机制，通过上市审核法务和财务专家的诊断，筛选上市后备 企业合规性和可行性。 在金融服务支持方面，内蒙古推行主办银行机制，为拟上市重点企业提供"陪伴式"融资支持。 "天骏计划"以提高上市公司质量为目标，构建"培育一批、辅导一批、申报一批、上市一批"的梯次推进 企业上市格局，构建全生命周期企业上市培育体系。内蒙古联合沪深北交易所，通过资本市场服务月活 动，对规模以上企业开展现代企业制度和资本市场知识常态化培训，累计服务企业4446家次；建立起动 态上市后备企业库，实现上市资源"储备充足、接续有力"。 编辑：刘润榕 新华财经呼和浩特12月28日电（记者蔡博腾）"十四五"以来内蒙古资本市场交出亮眼答卷，5年来全区 新增上市公司12家，境内外上市公司总量增至35家，19家A股上市公司总市值突破一万亿元。内蒙古深 入实施企业上市"天骏计划"，扎实推进助企行动，构建资本市场投融资协调发展的优良生态，为经济高 质量发展注入强劲动能。 "天骏计划"通过资本赋能，推动优质企业带动产业链协同发展。天和磁材、英思特两家稀土企业上市， 与包钢股份、北方稀土形成稀土产业发展矩阵。赤峰黄金成为自治区 ...

美企怒怼中国稀土管制：双标霸权何时休？ 【前言】"凭什么中国能卡我们脖子？"美国Noveon磁铁公司CEO斯科特·邓恩拍桌质问。当美国政客高呼"供应链稳定"时，中国海关数据显示11月稀土出口 环比增长13%，而美方却将矛头指向"原材料限制"——这场闹剧背后，究竟是产业自主的呐喊，还是霸权逻辑的裸奔？ 斯科特·邓恩的抱怨像一颗投入湖心的石子。作为掌握全球90%稀土永磁产能的美企掌门人，他声称因"美国身份"被中国拒售镝金属氧化物。但中国海关最新 数据却显示：11月稀土元素及产品出口量较上月增长13%，较4月增长显著。更耐人寻味的是，对美稀土永磁出口虽环比下降11%，但总量仍远超今年春 季。 这种数据矛盾折射出美方叙事的重重疑点。稀土永磁作为新能源汽车、机器人等战略产业的"维生素"，其加工技术早已公开，真正的壁垒在于原材料控制。 全球5万吨级量产能力背后，是中国从勘探、冶炼到分离的全链条垄断——这不是简单的贸易问题，而是工业皇冠上的明珠之争。 稀土战场：从"买不到"到"卡脖子"的魔幻现实 数据博弈：13%增长背后的全球供应链真相 中国商务部12月25日回应明确指出：中方始终致力于维护全球产供链安全稳定。海关数据就是 ...

资源掌控，主权为本 稀土，其实就是一群特殊金属元素，总共十七种，在高科技和国防领域用得特别多，比如做手机芯片、 电动车电池、导弹制导系统啥的，没它不行。中国在全球稀土供应上占大头，产量超过七成。 其他国家也有稀土矿，美国加州有个芒廷帕斯矿，澳大利亚韦尔德山矿场，俄罗斯东西伯利亚那边也有 分布，印度巴西马来西亚零零散散有些，但开采起来费劲，矿石质量不高，成本老高了，提炼技术也不 成熟。结果，中国靠着完整的产业链和低成本，从挖矿到加工一条龙，成了全球老大。 过去几年，中国出口稀土出口得欢，换来点外汇，但问题也一大堆。环境遭罪了，江西赣州那些矿区， 土壤污染严重，水源受影响，修复起来花钱如流水，每年十几亿扔进去。加上资源过度开采，国内产业 升级受阻，老是停在卖原料的低端阶段。 政府一看这不行，得管管。从2010年起就开始调控，开采总量控制，环保标准提上去。到了2023年，事 儿更严了，四月份对出口个人和组织加强审查，十月份商务部发61号和62号公告，对稀土物项和技术出 口管制加码，十二月干脆禁了提取分离技术出口。 这么做，主要为了可持续用资源，护环境，推动产业往高端爬。说到底，中国资源自己说了算，优先本 国需要，这 ...

24日，彭博社引用所谓市场参与者的话称，尽管中国增加了稀土磁铁等重要矿产的交付，但美国工业界 仍无法获得足够的稀土原料，用于稀土永磁材料的生产和加工。这是因为中国在精炼加工和永磁体制造 方面，一直掌控着全球供应链的核心地位，拥有88%的精炼产能和90%的钕铁硼永磁体供应。中国此前 依法实施的出口管制措施，既保障了自身的安全，又履行了国际义务，同时在满足合规民用需求方面， 仍然留有足够的空间。 美国清楚这些物资对其国防安全的重要性，但在民用供应恢复后，依然急于向中国寻求支持，实际上是 想延续对中国战略资源的单方面依赖，而避免自己承担供应链建设的责任和成本。长期以来，中国稀土 行业面临着巨大的污染治理成本，并且曾长期陷入有量无价的困境。初级稀土产品低价出口，反而要高 价进口最终制成的产品，导致价值链的大部分被外国企业占据。即便如此，中国仍然坚守多边贸易原 则，并在保障全球民用产业链稳定方面发挥着不可或缺的作用。 美国政府多年来一直推动供应链去中国化，试图重建本土的稀土生产能力，但由于技术和成本等多方面 的原因，进展十分缓慢，短期内无法摆脱对中国精炼产能的依赖，甚至有些美国本土开采的稀土还需要 运送到中国加工。同时 ...

2025年4月，中国对多种重稀土物项启动出口管制，这一动作迅速传导到了大洋彼岸。 美国一听，急了，立马喊出口号：自主、自强、自给自足，誓要摆脱对中国稀土的"依赖症"。 从白宫到五角大楼，从法案到资本，美国政府和企业一窝蜂扑向了"稀土独立"这条赛道。 如今，8个多月过去了，这场声势浩大的"去中国化"计划到底跑得有多快、走得有多远？ 白宫拍板，财政"下场" 这一次，美国政府的态度可以说是前所未有的坚决，过去几十年，美国一直说要减少对中国稀土的依 赖，但更多停留在口头上。这一次不一样，特朗普政府不再是打打政策"擦边球"，而是直接开始砸钱， 自己成了企业的金主。 行政命令一签，把增加矿产供应列为国家安全任务，接着又启动法律调查，为后续可能的贸易保护打下 基础，更关键的是政府不再只是出补贴，而是变成了真正的投资者。 国防部直接买下MP Materials公司的股份，还承诺未来十年稳定价格、包销产品，等于告诉企业：你先 干，亏了我兜着。 这种做法在美国不多见，以前是企业跑政策，现在是政府拉着企业一起上，稀土产业链变成了"国家项 目"，不仅是资源问题，更是政治问题。 就连锂矿、钴矿这些和新能源挂钩的领域，也被纳入了"战略投 ...

Core Viewpoint - The article discusses the ongoing trade dynamics between China and the United States regarding rare earth elements, highlighting that while China has resumed exports of processed rare earth products to the U.S., it continues to restrict the export of key rare earth elements essential for high-end manufacturing and defense applications [1][19]. Group 1: Rare Earth Elements vs. Processed Products - Rare earth elements are a group of 17 unique elements known for their scarcity and difficulty in extraction, while processed rare earth products are the end or semi-finished materials created through various refining and synthesis processes [3][5]. - High-performance rare earth permanent magnets, which are critical in modern industrial applications, particularly in defense and high-end manufacturing, rely on specific rare earth elements like neodymium and praseodymium [7][11]. Group 2: Impact on U.S. Defense Industry - The U.S. defense sector heavily relies on high-performance rare earth permanent magnets for various applications, including advanced military equipment like the F-35 fighter jet, where the absence of these materials could hinder production [9][19]. - The U.S. Department of Defense has previously indicated that shortages of rare earth elements pose potential risks to missile production, with current stockpiles only sufficient for a few months [17][19]. Group 3: China's Strategic Export Restrictions - China's decision to maintain export restrictions on key rare earth elements is a targeted strategy aimed at the vulnerabilities within the U.S. industrial chain, particularly affecting the production of high-performance, high-temperature magnets used in advanced military equipment [13][15]. - Despite the resumption of processed rare earth product exports, U.S. companies that depend on elements like dysprosium find themselves unable to meet core production needs for high-end equipment [21][29]. Group 4: U.S. Efforts to Rebuild Supply Chain - The U.S. has attempted to restructure its rare earth supply chain by forming partnerships with countries like Australia and Malaysia, but these efforts have yet to yield tangible results [24]. - The U.S. Geological Survey has identified China's dominance in the rare earth sector as a potential threat to U.S. national security, prompting the government to support domestic rare earth companies through tax incentives and direct investments [26][28]. Group 5: Conclusion on Trade Dynamics - China's approach in this trade scenario serves as a new model for global mineral trade negotiations, balancing its core interests while leaving room for cooperation, complicating the U.S. position in the ongoing trade conflict [30].

Core Viewpoint - Despite an agreement between China and the U.S. to resume the export of rare earth products, China still imposes restrictions on certain critical rare earth elements, impacting U.S. companies' access to essential materials like dysprosium and its oxides [1][5]. Group 1: Impact of China's Restrictions - China's limitations on the export of key rare earth elements directly affect U.S. capabilities to produce high-performance magnets, which are crucial for defense and high-end manufacturing sectors [3][6]. - The U.S. relies on imported finished rare earth magnets, which contain processed dysprosium, but cannot import dysprosium itself due to Chinese restrictions [5][10]. - Without access to high-purity dysprosium or its oxides, the U.S. struggles to produce advanced magnets domestically, hindering its ability to establish a self-sufficient rare earth supply chain [6][10]. Group 2: U.S. Industry Challenges - The U.S. aims to develop a complete rare earth industry chain, from mining to metal refining and magnet production, but faces significant challenges due to the lack of access to critical raw materials [8][12]. - Even with mining operations underway, the U.S. lacks the necessary separation technology and capacity to obtain high-purity dysprosium, making it difficult to achieve independence from Chinese supplies [10][12]. - The inability to secure essential raw materials means that the U.S. can only import finished products, akin to receiving "bread" without the ability to produce the "flour" and "yeast" needed for self-sufficiency [10][12].

稀土概念股走低，USA Rare Earth跌超6%，Critical Metals跌5.8%，MP Materials跌2.6%。消息面上，特 朗普在圣诞夜下令对尼日利亚实施空袭，标志着美国与这一西非最大经济体的紧张关系急剧升级。分析 指出，虽然反恐是公开的理由，但此次行动背后交织着复杂的经济利益链条，目标可能在直指尼日利亚 石油自主能力和稀土矿产。(格隆汇) ...