Group 1 - The core viewpoint is that Trump claims Russian rare earth elements could be a potential trade product [1] Group 2 - The statement suggests a strategic interest in rare earth elements, which are critical for various industries, including technology and defense [1] - This could indicate a shift in trade dynamics and potential opportunities for investment in companies involved in rare earth mining and processing [1]

Core Viewpoint - The U.S. is determined to reduce its reliance on China's rare earths by investing significantly in domestic production and refining capabilities, with a focus on establishing a complete rare earth industry chain [1][3][27]. Group 1: U.S. Investments and Developments - The Pentagon has invested $400 million in MP Materials, becoming its largest shareholder, and has committed an additional $150 million loan to expand rare earth separation capabilities [3]. - Apple has also announced a $500 million investment agreement, indicating that the U.S. rare earth self-sufficiency efforts are extending beyond government initiatives to the corporate sector [5]. - MP Materials' Mountain Pass mine, the only operating rare earth mine in the U.S., produced over 45,000 metric tons of rare earth oxide concentrate in 2024, accounting for 15% of global production [7]. Group 2: Challenges Facing the U.S. - Despite significant investments, the U.S. faces substantial challenges in establishing a competitive rare earth industry chain, particularly due to technological barriers and cost advantages held by China [14][18]. - Approximately 80% of MP Materials' revenue came from exporting rare earth concentrates to China before the export controls were implemented, highlighting the U.S.'s previous dependency [16]. - The rare earth separation and purification process is capital and technology-intensive, and the U.S. has lagged in this field for decades, making rapid advancements difficult [18]. Group 3: Global Supply Chain Dynamics - China maintains a dominant position in the rare earth supply chain, controlling 90% of rare earth refining capacity and 70% of total production [10]. - The global demand for rare earths is expected to surge, particularly in key applications like electric vehicles and wind power, where China has a well-established supply chain [14][24]. - Other countries, including Saudi Arabia, are also recognizing the strategic value of rare earths and are beginning to establish their own supply chains [22]. Group 4: Future Outlook - The ongoing U.S.-China rare earth competition is likely to lead to a more diversified and sustainable global rare earth industry, with cooperation and competition coexisting as the new norm [29]. - Even with U.S. efforts to increase production, the short-term dependency on Chinese rare earths is expected to persist, as supply chain adjustments will take time [25][27].

Group 1 - The article emphasizes that ETFs will become the ultimate destination for most retail investors, allowing them to act as their own fund managers [1][4][5] - As of July 25, there are 458 indices tracked by ETFs, with 77 indices showing over 20% returns this year, indicating a bullish market [7][8] - The average return for non-money market ETFs this year is 9.02%, with a median return of 12.52% [9] Group 2 - The article highlights that the Hong Kong stock market has been a significant performer, with 38 out of the 77 bullish indices being Hong Kong indices [10][11] - Key themes in the market include the recovery of Hong Kong stocks, particularly in innovative pharmaceuticals and technology sectors, as well as resource stocks benefiting from demand expectations [11] - The article provides a detailed table of top-performing ETFs, with the Hang Seng Innovation Drug Index showing a return of 90.79% and a net inflow of 6.17 billion [12][13] Group 3 - The article discusses the importance of asset allocation, stating that no asset will always rise, but there will always be assets that are rising [20][21] - It mentions the concept of time diversification, where investors can buy in phases rather than trying to time the market perfectly [36] - The article concludes that the "three-part method" of investment emphasizes long-termism and risk diversification through asset, market, and timing allocation [56]

回顾过去的关税战，中国在面对特朗普挑起的关税战争时，表现出了惊人的韧性和灵活性。在这场"贸易战"中，中国并未选择妥协，而是通过自身的经济 实力和市场吸引力进行反击，最终迫使美国撤回了部分过于极端的措施。这一过程中，世界各国都看到了中国在面对美国压力时展现出来的实力。 事实上，美国对中国的"威胁"更多地像是一部幻想小说。假设中美关系进一步恶化，稀土资源的供应中断，中美贸易基本断绝，这种局面恐怕连美国自己 都不敢细想。稀土作为现代科技的基础，中国在全球稀土市场中的主导地位意味着，一旦中国决定限制稀土出口，美国的智能手机、先进武器甚至日常工 业产品的生产链条可能会陷入停滞。 除此之外，中国的"后招"远不止于此。金融领域是一个强有力的反制工具。中国持有大量美国国债，若中国决定大规模减持，美国的金融市场将受到剧烈 冲击，美元汇率下跌、利率飙升，甚至美国经济的正常运转都会受到极大威胁。 在外交手段上，中国同样有着多种策略。加强与俄罗斯的战略合作、推动金砖国家的经济合作、扩大上海合作组织的影响力，这些举措都不仅是为了应对 美国的威胁，而是在为未来的全球战略格局布局。当美国仍在沉迷于"零和博弈"的思维方式时，中国早已在棋盘上 ...

7月28日，沪深两市全天成交额合计17423.07亿元，较上一日缩量450.3亿元。其中，沪市成交额为 7612.65亿元（上一交易日为8216.1亿元），成交量为5.94亿手（上一交易日为6.97亿手）；深市成交额 为9810.42亿元（上一交易日为9657.27亿元），成交量为6.84亿手（上一交易日为7.24亿手）。北方稀土 成交额居首，为131.48亿元。其次是胜宏科技、新易盛、恒瑞医药、东方财富，成交额分别为124.83亿 元、113.7亿元、99.44亿元、95.42亿元。 沪深两市今日成交额合计17423.07亿元，北方稀土成交额居首 ...

Group 1 - The article discusses the escalating tensions in the rare earth market, particularly due to China's tightening control over rare earth exports in response to U.S. tariffs [2][7][19] - India plans to invest 25 billion rupees to support its rare earth industry, indicating a shift towards self-sufficiency in response to supply chain disruptions caused by China's dominance [2][11][32] - U.S. companies express skepticism about the government's heavy investment in rare earth production, highlighting a lack of confidence in overcoming China's market control [21][27][30] Group 2 - China's rare earth resources are critical for high-tech industries, and the country currently dominates the global supply chain, controlling over 90% of rare earth processing capacity [7][13] - The inefficiency of India's rare earth extraction methods raises concerns about its ability to compete with China, despite significant financial investments [15][23] - The U.S. government's acquisition of a major stake in a rare earth company signals a strategic move to bolster domestic production, but experts doubt the effectiveness of this approach in the short term [21][30]

Group 1 - Northern Rare Earth (600111) has seen its stock price increase by 5.02% [1] - The Rare Earth ETF (159713) holds 13.15% of Northern Rare Earth, with its current increase at 1.35% [1] - The latest stock price has reached a 120-day high, with a trading volume of 1.09 billion yuan, reflecting a 48.87% increase in trading volume over the past month, adding 2.12 billion shares [1] Group 2 - The market is focusing on leading companies in the sector, suggesting that investors should consider buying index ETFs to capitalize on the rebound [1]

当全球目光聚焦于7月27日至30日在瑞典斯德哥尔摩举行的第三轮中美经贸会谈时，一个更深的悬念浮 出水面：特朗普能否如愿踏上9月的访华之旅？ 谈判桌上剑拔弩张的气氛背后，是一组让美方如坐针毡的数据：2025年6月，中国对美国原油采购量戏 剧性归零，这是三年来破天荒的第一次；煤炭进口额更从去年同期的9000万美元断崖式跌至248美元。 美国财政部长贝森特7月21日接受采访时抛出一颗震撼弹——他公然宣称要将中国采购俄罗斯和伊朗石 油的议题塞进即将展开的中美贸易谈判议程。 这番赤裸裸的威胁恰似向火药桶投入火星，瞬间点燃了国际舆论场。 美国能源企业在华市场份额的蒸发速度，远超华盛顿的预料。 美财长贝森特（资料图） 贝森特的威胁直指美国精心构筑的石油美元霸权体系。他警告将对购买俄油的国家征收100%"二级关 税"，同时向欧洲施压要求协同行动。 这种以金融霸权为武器的策略，在俄乌冲突期间曾让欧洲国家被迫吞下高价购买美国能源的苦果。 但中国市场的反应给了美国当头一棒。当美国挥舞关税大棒，中国转身拥抱俄罗斯与伊朗的能源供应。 这种转向不仅是商业选择，更是对美国单边制裁的无声抗议。 复旦大学辛强教授点明关键："北京定会坚持贸易谈 ...

近年来，随着全球新能源和军工产业的迅猛发展，稀土资源成为大国博弈的关键筹码。中国作为全球稀土主要供应者，因为美国制裁，开始减少稀土的出 口。 蒙古自1990年代起推行"第三邻国"政策，试图引入美日韩等力量平衡中俄影响。但在稀土问题上，这一战略可能失效。 蒙古90%的出口流向中国，包括煤炭、铜矿等，若得罪邻居，经济将受重创。而且蒙古军队仅1万人，且被中俄领土包围，任何地缘冒险都需谨慎。 然而，美国一直在寻找替代来源，试图摆脱对华依赖。这时，一个被中俄"包围"的内陆国家——蒙古国，突然成为焦点。 据美国地质调查局（USGS）数据，蒙古已探明稀土储量高达3100万吨，仅次于中国，位居世界第二。若这些资源被美国掌控，是否会影响全球稀土格局？ 俄罗斯专家却冷笑反问："就算蒙古倒向美国，它的稀土怎么运出去？" 蒙古的稀土资源主要集中在南部戈壁地区，尤其是东戈壁省的哈勒赞稀土矿，储量丰富且品位较高。美国对此垂涎已久。 2023年6月，美国副总统哈里斯访问乌兰巴托，承诺投资矿业，被外界视为"稀土外交"。 然而，蒙古的稀土开采面临难题，蒙古工业基础薄弱，缺乏稀土分离提纯技术，矿石需运往中国加工。 作为内陆国，蒙古没有出海口，陆 ...

环球市场动态 对 美 出 口 修 复 助 力 内 地 工 企 利 润 改 善 股 票 周五A股下跌，但科创板尾盘拉升； 港股三大指数齐跌超 1%，惟南下 资金大幅流入；欧洲股市普遍收跌， 投资者继续等待美欧贸易谈判进 展；美股周五收涨，部分企业乐观 财报和贸易协议提振市场情绪。 外 汇 / 商 品 石油市场面临供应过剩风险，上周 五国际油价下跌超 1%；市场憧憬 美美国与大部分地区有望达成贸易 协议，美元指数连续第二天反弹， 黄金延续跌势。 固 定 收 益 美国国债收益率走高，美国经济数 据相对稳健，特朗普与鲍威尔同行 淡化美联储解雇疑虑。亚洲市场月 末资金流动偏向卖盘，利差走阔 1- 2 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 7 月 28 日 123 ▪ 内地 6 月工业企业利润增速有所回升，结构上主要是国有企业、外资企业和中游行业利润增速回暖。"量" 的提 高和 "利润率" 边际改善是 6 月工业企业利润好转的主要拉动因素，两者或主要源于 6 月对美国出口增速的回 升，5 月 12 日中美日内瓦谈判后，对美出 ...