来源：上海证券报微信公众号 今日提示 •2025企业家博鳌论坛系列活动12月2日至12月5日在海南博鳌举办。 •2025年中国国际海事会展12月2日至12月5日在上海举办。 •据网络实时数据，截至12月1日18时30分，影片《疯狂动物城2》票房突破20亿元。 •沐曦股份发行初步询价日为12月2日，申购日为12月5日。 •12月1日，DeepSeek同时发布两个正式版模型：DeepSeek-V3.2和DeepSeek-V3.2-Speciale。 上证精选 •广期所发布通知，对多晶硅期货PS2601合约的交易保证金标准及交易限额作如下调整：自2025年12月3 日结算时起，多晶硅期货PS2601合约投机交易保证金标准调整为13%，套期保值交易保证金标准调整为 12%。自2025年12月3日交易时起，非期货公司会员或者客户在多晶硅期货PS2601合约上单日开仓量不 得超过500手。 •上海市政府近日印发《上海市引进人才申办本市常住户口办法》《持有〈上海市居住证〉人员申办本 市常住户口办法》，12月1日起施行。《办法》第三条明确规定，在本市行政区域内注册的用人单位引 进本市紧缺急需的国内优秀人才，可以申办本市常住户 ...

11月28日，日本众议院外交委员会举行了关于我国驻日大使馆声明中敌国条款的质询会。然而，会议上立宪民主党议员原口一博的发言却让人大跌眼镜。他 先是批评我国对高市早苗涉台言论的反应过度，随后突然转变话题，声称日本也控制着中国稀土的命脉。他进一步表示，即便中国掌握了100%的稀土资 源，如果不将稀土运往日本进行提炼，也无法完成精炼，因为相关技术掌握在日本手中。 | 顶部 | 突发新闻 | 居住 | 专家 | 原来的 | | 大家的意见 | 排行 | | --- | --- | --- | --- | --- | --- | --- | --- | | 主要的 | 国内的 | 国际的 | 经济 | 娱乐 | 运动的 | 它 | 科学 | 原口一博这一言论引起了许多中国网友的关注与质疑，不少人对此感到困惑：中国需要将稀土运到日本提炼？这是什么情况？还有网友幽默地表示：原来， 稀土的'卡脖子'不是中国卡美国，而是日本。他们戏称，特朗普一定得知道，美国的看门狗居然掌握着稀土提炼技术，真是个不为人知的秘密。 如果把目光拉回现实，原口一博的这些话无疑是大错特错。根据全球稀土资源的实际情况，中国在稀土分离和精炼领域占据绝对主导 ...

Core Insights - The key highlights of the "14th Five-Year Plan" include accelerating high-level technological self-reliance and boosting consumption while actively addressing population aging [1][2] - The future industrial output value in China is projected to reach approximately 11.7 trillion yuan in 2024, with expected growth to 13.4 trillion yuan in 2025 and 15.5 trillion yuan in 2026, reflecting a compound annual growth rate of 15% [2] - The integration of "Artificial Intelligence+" into six key areas is anticipated to deepen by 2027, with new generation smart terminals and applications expected to exceed a 70% penetration rate [2] Investment Opportunities - The rise in risk appetite is identified as a core driver of the current market uptrend, influenced by multiple factors including breakthroughs in AI and technology, policy focus on the stock market, and China's enhanced global standing [4] - Four main asset allocation themes are highlighted: low-interest-rate assets, sectors benefiting from global geopolitical tensions, AI technology revolution, and new consumption trends related to younger demographics [5] - The importance of diversified investment strategies is emphasized due to increased volatility in global capital markets, necessitating cross-market and diversified asset allocation [5] Economic Transformation - The need to reduce the investment contribution to GDP while increasing consumption is critical during China's economic transition, with a focus on improving residents' income levels [3] - Recommendations include constructing a fertility support policy system, developing the silver economy, and achieving equalization of public services, particularly in healthcare and elderly care [3] - The goal is to establish a comprehensive pension service network by 2029, ensuring a robust social security system [3]

Group 1 - The core viewpoint of the article indicates a decline in rare earth stocks, with Chinese rare earths dropping over 3%, and companies like Northern Rare Earth, Wolong Electric Drive, Shenghe Resources, and Baotou Steel falling more than 2% [1] - The related rare earth ETFs also experienced a decline, with an approximate drop of 2% [1] Group 2 - Specific ETF performance includes: - Jiashi Rare Earth ETF (516150) at 1.711, down 0.035 or 2.00% - Rare Earth ETF (159713) at 1.228, down 0.024 or 1.92% - Rare Earth ETF (516780) at 1.654, down 0.031 or 1.84% [2] - Analysts suggest that rare earths, as core resources for high-end manufacturing and strategic emerging industries, are showing a resonance in both supply and demand [2] - The strategic position of the rare earth industry chain is expected to be further solidified against the backdrop of increased supply concentration and upgraded demand structure, providing long-term driving force for high-end manufacturing development [2]

每经AI快讯，12月2日，稀土指数盘中跌2%，成分股多数走低，中国稀土跌2.96%，华宏科技跌 2.28%，盛和资源跌2.19%，包钢股份跌2.01%，北方稀土跌1.96%。 （文章来源：每日经济新闻） ...

Industry Adaptation - Chinese rare earth magnet companies are seeking ways to circumvent government export restrictions [1] - Companies are adjusting magnet formulas to avoid using certain restricted rare earth elements [1] - Strategies include embedding magnets in motors to export them from China [1]

Core Viewpoint - China's recent export controls on rare earth elements, particularly gallium and germanium, are aimed at countering U.S. military actions and protecting national security, significantly impacting global supply chains and prices of these critical materials [1][3][5]. Group 1: Export Controls and Their Implications - In July 2023, China announced a ban on the export of gallium for military use, followed by similar restrictions on germanium in November and rare earth refining technologies in December [1][3]. - The U.S. relies heavily on China for rare earth imports, with 83.7% of its rare earth needs and 97% of heavy rare earths sourced from China as of 2024 [3][5]. - The price of gallium surged from 1685 yuan per kilogram to 2585 yuan, a 53% increase, while germanium prices rose by 64% [5][11]. Group 2: U.S. Response and Supply Chain Challenges - Despite China's restrictions, the U.S. has sought alternative sources, importing significant quantities of antimony from Thailand and Mexico, indicating a workaround to the export bans [7][9]. - The U.S. defense sector consumes 35% of its rare earths for military applications, highlighting the critical nature of these materials for national security [5][14]. - The Pentagon has raised alarms about supply chain vulnerabilities, with a report indicating that a 90-day supply chain disruption could lead to 78% of defense contractors shutting down [5][14]. Group 3: Smuggling and Regulatory Measures - Smuggling networks have emerged, with Chinese companies reportedly rerouting materials through third countries to bypass export controls [9][11]. - China has initiated a crackdown on smuggling operations, implementing stricter regulations and penalties for violations, including a new rare earth management regulation effective October 1, 2023 [19][20]. - The effectiveness of these measures is reflected in a 10% increase in rare earth exports in early 2025, alongside a significant reduction in smuggling cases [24][26]. Group 4: Future Outlook - The ongoing regulatory measures and international cooperation are expected to stabilize China's rare earth supply and maintain its dominance in the global market [26]. - The U.S. military's reliance on Chinese rare earths poses long-term risks, as high prices and supply chain disruptions could lead to increased costs for defense contractors and consumers [14][26]. - China's strategic control over rare earth resources is likely to reshape global supply chains, emphasizing the importance of compliance and regulatory frameworks in international trade [26].

10月9日，商务部连发几份公告，稀土这事儿一下就炸了锅。不是简单限制出口量，而是把开采、冶炼分离、金属冶炼、磁材制造、设备、原辅料、技术全 链条都管起来，连境外企业用中国产的稀土也得先来申请许可证。这招太狠了，直接掐住西方命门，谁用谁就得看中国脸色。 消息一出，全球稀土价格当天就蹭蹭往上涨，钕铁硼期货直接逼近涨停。特斯拉、通用、波音这些巨头供应链部门的人估计一宿没睡，工厂要是真停产，那 可不是亏点钱的事儿，是整个电动车、风电、国防产业链都得跟着抖三抖。 更要命的是，最核心的萃取剂配方、连续化分离工艺、烧结技术，全在咱们手里。西方企业就算挖到矿，也得把矿石运到中国来炼，再运回去，这不还是脱 裤子放屁多此一举？ 所以这波反制，是真生效了。不是因为我们把门关死，而是我们把规则改了，谁想玩就得按新规则来。美国现在拉着日本、澳洲、加拿大、欧盟到处签协 议，钱撒了不少，新闻发了一堆，可真到工厂落地、产品下线那天，还得看中国脸色。 美国那边反应最快。10月27日，白宫直接宣布跟日本签了《关键矿物与稀土安全供应框架协议》，能源部和日本经济产业省把手言欢，承诺技术共享、供应 链整合，还要把国防工业也拉进来。两天后，美澳那边的合 ...

Group 1 - The prices of praseodymium oxide, metallic praseodymium, and neodymium-iron-boron have collectively increased by 3-6%, indicating a sustained upward trend in rare earth prices over the past week [1] - The supply side is generally tight, with some separation enterprises experiencing reduced operating rates due to maintenance or raw material issues, leading to a tight supply of oxides [1] - Demand from magnet manufacturers remains high, with stable domestic orders and a gradual recovery in overseas market demand, contributing to an optimistic export outlook and a steady increase in downstream demand [1] Group 2 - Northern Rare Earth is a leading company in the rare earth industry, demonstrating significant advantages in the entire industry chain and scale, with substantial growth in Q3 performance [2] - China Rare Earth focuses on the mining, processing, and separation of rare earth minerals and is actively cooperating with China Rare Earth Group to address industry competition issues, with plans for potential mergers and acquisitions [2]

证券日报网讯12月1日，北方稀土（600111）在互动平台回答投资者提问时表示，截至11月30日公司的 股东人数为698900户。 ...