Market Performance - Moer Technology, known as the "first domestic GPU stock," debuted on the STAR Market with a high opening of 468%, peaking over 500% before adjusting [1] - Nanjing Panda Electronics saw a nearly 8% increase following the announcement of the 2025 Brain-Computer Interface Conference [1] - Silver Noble Pharmaceuticals gained over 5% as it was included in the Hang Seng Composite Index, effective December 8, 2025 [1] - Western Cement rose nearly 4% after announcing a purchase agreement for $400 million in senior notes due in 2028 [1] - The non-ferrous metals sector was active, with China Aluminum up 4.14% and Jiangxi Copper up 5.47%, influenced by comments from the White House on potential interest rate cuts [1] Company Announcements - Ruifeng New Energy increased by nearly 2% after announcing a liquidation petition filed against it [2] - Zhongxin Holdings surged over 80% before settling at a 59.62% increase, as it evaluates establishing a wholly-owned subsidiary in Shenzhen [2] - Goldwind Technology rose nearly 7% following a report indicating improved cash flow in the wind power sector [2] - InnoScience gained nearly 6% after announcing a strategic partnership with ON Semiconductor to advance GaN applications [2] - Reshaping Energy increased nearly 9% as it approaches the end of its lock-up period [2] US Market Highlights - Applied Digital and Cipher Mining saw gains of 6.06% and 6.44% respectively, reflecting a recovery in the crypto mining sector [4] - AST SpaceMobile surged 18.25%, indicating strong performance in the space sector [4] - USA Rare Earth jumped 24.68% after securing supply agreements for rare earth materials, enhancing local supply chains [5] - Micron Technology fell 3.21% as it shifts focus away from consumer markets to high-performance AI chip storage [6] - NIO, XPeng, and Li Auto saw pre-market gains, with NIO's gross margin expected to rise to around 18% in Q4 [6]

韩国产业通商资源部周五表示，韩国将把所有17种经科学鉴定的稀土材料指定为具有战略重要性的矿 产，为了国家的资源安全，需要政府控制。 根据韩国产业通商资源部说法，该措施是作为加强国家资源安全的综合计划的一部分，在地缘政治风险 持续存在和此类矿产的全球竞争加剧的情况下，资源对先进产业起着至关重要的作用。 韩国政府随后计划扩大稀土储备的清单和数量，并扩大生产基础设施，以加强相关开发能力。 此外，政府表示将在未来五年内扩大该国的石油储备，以应对供应链的不确定性。 韩国产业通商资源部周五表示，韩国将把所有17种经科学鉴定的稀土材料指定为具有战略重要性的矿 产，为了国家的资源安全，需要政府控制。 根据韩国产业通商资源部说法，该措施是作为加强国家资源安全的综合计划的一部分，在地缘政治风险 持续存在和此类矿产的全球竞争加剧的情况下，资源对先进产业起着至关重要的作用。 韩国政府随后计划扩大稀土储备的清单和数量，并扩大生产基础设施，以加强相关开发能力。 此外，政府表示将在未来五年内扩大该国的石油储备，以应对供应链的不确定性。 韩国产业通商资源部长官金正官说："随着电动汽车、二次电池等先进产业的发展，加上稀土竞争引发 的供应不确定 ...

商务部新闻发言人何亚东4日表示，中国政府依法依规开展稀土相关物项出口管制工作。 在商务部当天举行的例行新闻发布会上，有记者问，中国欧盟商会周一发布了一份快速调查，多数受访 企业表示受到了中国稀土出口管制的影响，包括成本上升、交付周期延长等。商会呼吁建立通用许可机 制，为企业提供稳定性和可预测性。请问商务部有何回应？是否正在讨论适用通用许可制度？ 何亚东说，中国政府依法依规开展稀土相关物项出口管制工作。只要是用于民用用途的、合规的出口申 请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施，促进两用物项合规 贸易，切实维护全球产供链安全稳定。 （原标题：关于稀土出口管制，中方最新发声！） 来源：新华社 商务部：中国政府依法依规开展稀土相关物项出口管制工作 ...

Investment Rating - The report recommends a buy rating for MP Materials and suggests investing in the global rare earth basket (GSXG RARE) which includes leading Chinese rare earth companies [1][11]. Core Insights - The rare earth market, although small, is crucial for key industries and supports approximately 3% of the US GDP, amounting to $1.5 trillion [2][3]. - Heavy rare earth resources are particularly scarce, with 80% located in China or Myanmar, and China currently dominates global refining and magnet manufacturing [1][3]. - The easing of US-China trade tensions has created opportunities for MP Materials, which has secured a minimum price for NdPr, with future growth dependent on operational execution and manufacturing expansion [1][8]. Summary by Sections Market Overview - The global rare earth sales were approximately $7 billion in 2024, which is 1/33 of the copper market [2]. - The NdPr market is expected to face a continuous deficit until 2027, with a projected annual growth rate of about 7% driven by demand in electronics, AI, and low-carbon sectors [3][13]. Company Analysis - MP Materials focuses on NdPr, essential for smartphones, electric vehicles, and defense magnets, and has established infrastructure and quality customer relationships [1][7]. - Ramaco Resources is heavily reliant on the less liquid Scandinavian market and faces significant capital expenditure and approval risks for its Brook mine project [1][7]. Investment Strategy - The recommended investment strategy involves the global rare earth basket (GSXG RARE), which includes MP Materials, Energy Fuels, and Lynas, with a focus on companies showing sustainable profit growth [1][11]. - The current valuation of these companies is considered more reasonable compared to previous months, indicating a favorable buying opportunity [11].

Group 1 - The core viewpoint indicates that copper mine supply disruptions have been ongoing this year, leading to a decline in supply growth, while copper smelting capacity is expected to increase by over 2 million tons by 2025 and more than 1 million tons in 2026, exacerbating the conflict between mining and smelting [1] - The TC price has been maintained below -40 USD/ton since April this year, with long-term TC at only 21 USD/ton, and the expectation is that TC prices will remain low in 2026, increasing the probability of domestic copper smelting reductions [1] - The CSPT group's proposal to reduce production capacity by 10% could involve nearly 1 million tons of capacity, and the expectation of reduced copper smelting may further support rising copper prices [1] Group 2 - The Federal Reserve's interest rate cut expectations have rapidly increased, with market expectations for a rate cut in December rising to 86.4%, which is likely to benefit both base and precious metals [1] - In the silver market, low inventory levels have supported prices reaching historical highs, with total silver inventory at the Shanghai Gold Exchange and the Shanghai Futures Exchange at 1,235 tons, close to a 10-year low, increasing the sensitivity of prices to supply-demand gaps [1] Group 3 - The Nonferrous 60 ETF (159881) tracks the China Securities Nonferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of nonferrous metals from the Shanghai and Shenzhen markets, covering industries such as copper, gold, aluminum, rare earths, and lithium [1] - This index reflects the overall performance of the nonferrous metal industry in the Chinese A-share market, with constituent stocks having larger market capitalizations and better liquidity [1]

今天下午，商务部召开例行新闻发布会。 商务部新闻发言人何亚东就多个热点问题进行回应， 就中方是否会采取必要措施反制日本， 何亚东表示，如果日方一意孤行，中方将采取必要措施，一切后果由 日方承担。具体可戳： 商务部：如果日方一意孤行 中方将采取必要措施 中国政府依法依规开展稀土相关物项出口管制 何亚东表示，中国政府依法依规开展稀土相关物项的出口管制工作，据我所知，只要是用于民用用途的，合规的出口申请，中国政府都及时予以了批准。同时，中 国政府积极适用通用许可等便利化措施，促进两用物项合规贸易，切实维护全球产供链的安全稳定。 前十个月中法贸易额达688亿美元 何亚东表示，中法各领域经贸合作取得丰硕的成果，中方将持续推动中法务实合作走深走实。 何亚东介绍，在两国元首战略引领下，中法各领域经贸合作取得丰硕成果，充分发挥了中法关系"压舱石"和"推进器"的作用。双边贸易扩量提质，今年1—10月，中 法贸易额达688亿美元，同比增长4.1%；双向投资稳中有升，投资总额已超过270亿美元。 何亚东表示，中国商务部和法国经济、财政和工业、能源与数字主权部签署了《关于加强中法两国双向投资的谅解备忘录》。双方将支持和鼓励两国企业加 ...

2025.12. 04 A股三大指数呈明显分化走势,全天震荡加剧, 沪指低开后探底回升, 险守3870点关键支撑, 而深成指、创业板指则震荡上行, 技术面上, 沪指失守5日均线, 上方3900点构成压力。 454家上涨 38745 涨跌停比 0H 2 3 个股仍呈普跌格局,但局部热点爆发力度较强。 盘面上,大消费走弱,零售、餐饮、白酒、电商方 向跌幅靠前;铝业、黄金、稀土、房地产行业表 现不振,商业航天、机器人、半导体概念股走 强。 资金情绪 主力资金净流出 两市成交额 ● 万亿元▼ 7.25% 散户资金净流入 机构谨慎偏积极,聚焦政策催化的高景气赛道,资金向人形机器人、商业航天、半导体等硬科技领域集中, 借市场震荡进行结构性加仓,同时对消费、AI应用等估值偏高或需求疲软的板块进行减仓;散户呈"跟随 性布局"特征,部分散户跟风买入硬科技相关板块龙头标的,与主力资金流向形成一定共振,而对调整中 的消费板块则普遍持观望态度,显示市场在分化中仍具备一定的自我修复能力。 散户情绪 75.85% HB7 足花 游 f PE VA 上证指数 10月9日 e a manufacturers a 今天你冲了还是撤了? 两市成 ...

（来源：大众新闻-大众日报） （来源：大众新闻-大众日报） 12月4日下午，商务部召开例行新闻发布会，新闻发言人何亚东就开展稀土相关物项出口管制进行了回 应。 何亚东表示，中国政府依法依规开展稀土相关物项的出口管制工作，据我所知，只要是用于民用用途 的，合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施， 促进两用物项合规贸易，切实维护全球产供链的安全稳定。 来源：央视新闻 12月4日下午，商务部召开例行新闻发布会，新闻发言人何亚东就开展稀土相关物项出口管制进行了回 应。 何亚东表示，中国政府依法依规开展稀土相关物项的出口管制工作，据我所知，只要是用于民用用途 的，合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施， 促进两用物项合规贸易，切实维护全球产供链的安全稳定。 来源：央视新闻 ...

沙特和美国达成了一项协议，内容是美国向沙特提供F-35战斗机，同时双方合作建立一个稀土工厂。这 意味着沙特将成为继以色列之后，中东地区第二个拥有隐身第五代战机的国家。那么，沙特需要为此付 出什么代价呢？首先，沙特王储小萨勒曼承诺向美国投资1万亿美元。其次，沙特要配合美国，建设一 个大型稀土工厂，帮助美国减少对中国稀土的依赖。但问题是，沙特既没有稀土储量，也没有稀土提炼 技术，那么它又如何建立稀土工厂呢？沙美之间的稀土合作，会对中国产生怎样的影响呢？ 沙特和美 国合作建设稀土工厂，确实具有一定的优势。核心优势体现在三个方面。 分，高出约8倍。由于稀土提炼需要消耗大量电力，将稀土工厂建设在沙特能够大幅降低电力成本。此 外，沙特在环保方面也会给予政策支持。沙特有大量荒无人烟的沙漠，污染物可以直接排放到沙海中， 从而避免了环保成本的增加。 最后，沙特可以从美国和日本获取技术支持。美国和日本在稀土提炼方 面拥有一定的技术储备。未来，如果美日能毫无保留地将技术转移到沙特，那么沙特就能够具备一定的 轻稀土提炼能力。然而，问题在于，美国在重稀土提炼方面的能力尚显不足，日本的相关技术仍处于实 验阶段。因此，即便美国和日本的技术 ...

两融数据显示，该股最新融资余额为21.40亿元，近5日增加6000.02万元，增幅为2.88%。 中国稀土12月4日大宗交易平台出现一笔成交，成交量15.10万股，成交金额692.94万元，大宗交易成交 价为45.89元。该笔交易的买方营业部为机构专用，卖方营业部为中信证券股份有限公司上海分公司。 证券时报·数据宝统计显示，中国稀土今日收盘价为45.89元，下跌2.30%，日换手率为2.46%，成交额为 11.99亿元，全天主力资金净流出1.59亿元，近5日该股累计下跌0.28%，近5日资金合计净流出7396.78万 元。 据天眼查APP显示，中国稀土集团资源科技股份有限公司成立于1998年06月17日，注册资本 106122.0807万人民币。（数据宝） 12月4日中国稀土大宗交易一览 （文章来源：证券时报网） | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 业部 | | | 15.10 | 692.94 | 45.89 | 0. ...