1. 包钢股份、北方稀土双双宣布进一步上调稀土精矿关联交易价格。 今日导读 2. 《北京市深化改革提振消费专项行动方案》（下称《行动方案》）7月10日正式发布。 《行动方案》提出，力争到2030年，北京市场总消费额年均增长5%左右，打造2至3个 千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、资源配置能力和创新 引领能力进一步提升，国际消费中心城市建设取得新突破。 3. 记者从开普勒获悉，近日，公司完成A+轮融资，投资人为福然德和涛涛车业。这已是 公司近半年来，第三次披露融资进展。据了解，公司目前已经累计引入福然德、涛涛车 业、兆丰股份、 汉威科技 、乔锋智能、柯力传感和伟创电气7家上市公司股东。 宏观消息 1、自然资源部于10日发布消息，今年上半年，我国新发现矿产地38处，同比增长31%，其中大中型25 处。今年上半年，我国非油气矿产勘查投入资金66.93亿元，同比增长了23.9%，保持快速增长势头。 2、 金融监管总局发布关于防范虚假宣传诱导网络贷款的风险提示。近期，一些不法机构或平台通过 混淆概念、不实承诺、隐瞒风险等虚假宣传手段，诱导消费者办理网络贷款，不仅给消费者带来沉重 的经济负担，还 ...

Group 1: Trade and Tariffs - The US announced a 50% tariff on Brazilian goods starting August 1, prompting Brazilian President Lula to seek negotiations with the US and consider retaliatory measures if negotiations fail [1] - Lula emphasized that Brazil can survive without trading in US dollars and suggested that Trump should address tariff issues at the G20 [1] - The US Treasury Secretary hinted at the need for patience in trade discussions, comparing Trump's temperament to that of George Soros [1] Group 2: Market Performance - Major US stock indices reached new highs, with the Nasdaq up 0.09%, S&P 500 up 0.27%, and Dow Jones up 0.43% [1][3] - Nvidia's stock rose 47% since the announcement of tariffs, reflecting strong performance in the tech sector [1] - The Nasdaq China Golden Dragon Index increased by 0.90%, with Alibaba rising over 2% and Netease dropping over 2% [2] Group 3: Economic Indicators - The US initial jobless claims for the week ending July 5 were reported at 227,000, lower than the expected 235,000 [14] - The US Treasury yields showed slight changes, with the 10-year yield at 4.351% [5] - The dollar index increased by 0.10%, indicating a slight strengthening of the US dollar [5] Group 4: Corporate Developments - Tesla's stock rose by 4.73%, while AMD increased by 4.15% [2] - TSMC reported a 26.9% year-on-year increase in sales for June, with total sales for the first half of the year up 40% [11] - BYD announced its advanced parking assistance technology, claiming it can achieve L4-level autonomous parking [12]

Industry Insights - Northern Rare Earth and Baotou Steel announced a price increase for rare earth concentrate to 19,109 yuan/ton, up 1.5% from the previous quarter's 18,825 yuan/ton, indicating a positive outlook for supply and demand in the industry [1] - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the development trends and strategies for cryptocurrencies and stablecoins, emphasizing innovation and the integration of blockchain technology in various sectors [2] - The engineering machinery industry is recovering, with expectations for domestic demand to maintain a double-digit growth rate throughout the year, driven by improved manufacturing sentiment and exports [12] Company Developments - Tesla's stock rose by 4.73% following the announcement of plans to accelerate its Robotaxi business, with testing and operations expected to expand in Arizona and potentially in California within one to two months [4] - Tianbao Infrastructure expects a net profit of 90 million to 130 million yuan for the first half of the year, representing a year-on-year increase of 1,581.80% to 2,329.27% [15] - Guosheng Financial Holdings anticipates a net profit of 150 million to 220 million yuan for the first half of the year, reflecting a year-on-year growth of 236.85% to 394.05% [15]

Core Viewpoint - Recent revelations about rare earth smuggling highlight the complexity and secrecy of international rare earth trade, with significant increases in imports from Thailand and Mexico raising suspicions of "label washing" from China to the US [1][3]. Group 1: Smuggling Mechanisms - Chinese agents are reportedly labeling controlled rare earth minerals like gallium and antimony as "iron ore" or "zinc concentrate" to facilitate illegal exports through Mexico and Thailand [3]. - Mexico's geographical proximity to the US and low customs inspection rates make it an ideal smuggling route, while Thailand's busy transshipment ports and regulatory loopholes further enable these activities [5]. - Smugglers can earn commissions of 12%-15% per ton of rare earths transported, significantly higher than standard rates for regular goods [5]. Group 2: Legal and Regulatory Environment - The US has been criticized for allowing companies to exploit legal loopholes, as evidenced by a court ruling that exempted third-country transshipments of rare earths from the Clean Supply Chain Act [5]. - Recent smuggling cases have revealed collusion between Chinese companies and US military contractors, with advanced technologies being used to disguise shipments [7]. Group 3: Price Dynamics and Smuggling Incentives - The price of key rare earth elements has surged by 200% since China implemented export controls, with dysprosium and terbium reaching $3,000 per kilogram, driving smuggling activities [9]. - Smuggling operations are more cost-effective and efficient compared to legal imports, with profit margins reaching 55% due to lower logistics costs and fewer regulatory hurdles [9]. Group 4: Regulatory Responses - Regulatory authorities have initiated measures targeting false declarations and third-country transshipments, with technological upgrades aiding in detection efforts [11]. - The implementation of the new Mineral Resources Law has increased penalties for rare earth smuggling, establishing a national traceability platform for rare earths [11]. Group 5: Impact of Regulatory Measures - Since May, the volume of rare earth imports through non-standard channels in the US has decreased by 67%, indicating a weakening of smuggling networks [12]. - The development of recycling technologies for rare earths is reducing the incentive for smuggling, with costs only 18% of those for new mining [12].

【头条要闻】 商务部回应中美是否会在8月初进行谈判 10日下午，商务部召开新闻发布会，新闻发言人就中美是否会在8月初进行谈判一事进行了回应。 商务部新闻发言人 何咏前：今年5月以来，在中美两国元首共识指引下，双方经贸团队在日内瓦和伦敦 举行了经贸高层会谈，达成了日内瓦共识和伦敦框架，并抓紧落实有关成果，稳定了两国经贸关系。目 前，双方在多个层级就经贸领域各自关切保持密切沟通，希望美方与中方相向而行，本着相互尊重、和 平共处、合作共赢的原则，发挥好中美经贸磋商机制作用，继续加强对话沟通，以实际行动维护和落实 好两国元首通话重要共识，共同推动中美经贸关系稳定、健康、可持续发展，为世界经济发展注入更多 确定性和稳定性。 机构：人民币汇率或重回7.0时代 7月10日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对 人民币7.1510元，相较前一交易日中间价7.1541元，调升31基点。 截至7月10日22：53，美元兑离岸人民币报7.18，自年初以来，美元兑人民币贬值超2%。 7月10日，瑞银财富管理亚太区首席投资总监陈敏兰在媒体圆桌会议上对21世纪经济报道记者表示，当 前中国AI ...

Group 1 - The US stock market closed at a historic high on Thursday, with the S&P 500 index rising by 0.27%, and 9 out of 11 sectors showing gains, particularly in consumer discretionary and energy stocks [1] - Delta Air Lines (DAL.US) saw its stock price surge by 11.99% after announcing a restored full-year profit outlook and an increase in passenger numbers, which also positively impacted travel-related companies and car rental stocks [1] - MP Materials (MP.US) experienced a dramatic stock price increase of 50.62%, marking its largest single-day gain, following a multi-billion dollar agreement with the US Department of Defense to build a magnet factory and expand rare earth production [1] Group 2 - Trade policy uncertainty continues as President Trump threatens to impose a 50% tariff on Brazil, while also announcing a 50% tariff on copper imports starting August 1 [4] - Analysts express concerns that the unpredictable tariff policies may weigh on the stock market, with a noted decrease in the likelihood of interest rate cuts in September due to policy delays [4] - There is a noticeable rotation in market performance, with previously underperforming sectors rebounding strongly, while early-year leaders are losing momentum, reflecting investor attempts to balance between optimistic consumption recovery and concerns over escalating trade tensions [4]

Core Viewpoint - Northern Rare Earth has achieved a significant turnaround in its operating performance, with projected net profit for the first half of 2025 expected to reach between 900 million to 960 million yuan, representing a year-on-year increase of 1882.54% to 2014.71% [2][4] Financial Performance - The company anticipates a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, an increase of 855 million to 915 million yuan compared to the same period last year [4] - The projected non-net profit is expected to be between 880 million to 940 million yuan, reflecting a year-on-year growth of 5538.33% to 5922.76% [4] - In the same period last year, the net profit attributable to shareholders was 45.3962 million yuan, and the non-net profit was 15.6075 million yuan, both showing a decline of over 95% [4] Operational Factors - The turnaround is attributed to reduced costs in smelting separation and rare earth metal processing, as well as increased production and sales of key products such as rare earth metals and functional materials [2][6] - The company has implemented strategies to enhance production efficiency and marketing operations, leading to different levels of growth in the sales volume of its main products [6][7] Market Dynamics - The increase in demand for rare earth materials, driven by the rapid development of industries such as electric vehicles and robotics, has contributed to rising prices, further supporting the company's performance [7] - The company has leveraged stable domestic market demand and improved its operational management to achieve significant growth in its financial results [6] Competitive Advantage - Northern Rare Earth possesses a strong competitive edge due to its comprehensive resource and industrial chain, being the largest rare earth enterprise group globally [10] - The company has exclusive mining rights to the world's largest iron and rare earth coexisting mine, which enhances its resource utilization and production capabilities [9] Historical Performance - Since 2010, the company's profitability has shown a notable increase, with cumulative profits reaching 26.868 billion yuan and cumulative dividends of 5.358 billion yuan [11]

Market Overview - The S&P 500 and Nasdaq reached new highs despite tariff concerns, with Tesla shares rising by 4.7% due to the expansion of its Robotaxi business [2] - Nvidia's market capitalization increased to $4 trillion as it hit new highs for three consecutive days [2] - MP Materials, a rare earth mining company, saw its shares rise nearly 51% following a Pentagon investment [2] - Delta Airlines' stock surged by 12% after restoring its profit guidance for the year [2] - Bitcoin surged over $5,000, breaking the $116,000 mark, reaching a historical high [2] - Oil prices fell over 2% after hitting a two-week high, while gold continued to decline from a one-week low [2] Key News - Myanmar is negotiating with the Trump administration to reduce tariffs, proposing a zero to 10% tariff on U.S. goods in exchange for a reduction in U.S. tariffs to 10% to 20% [3][9] - Trump announced a 50% tariff on copper starting August 1, leading to a surge in copper prices [10][13] - The Federal Reserve is experiencing internal disagreements regarding the impact of tariffs on inflation, with some members suggesting a potential interest rate cut in July [12][21] - OPEC+ is reportedly discussing a pause in production increases starting in October [12] - OpenAI is set to release an "open weight" AI model, potentially challenging Microsoft's exclusive agreements in the AI space [14] - MP Materials received a $400 million investment from the U.S. Department of Defense to expand its production capacity [15] Company Developments - Delta Airlines reported a second-quarter adjusted EPS of $2.10, exceeding expectations, and restored its full-year guidance [24] - MP Materials is expected to produce 10,000 tons annually at a new factory set to open in 2028, following significant investment [15] - Ant Group plans to introduce Circle's stablecoin and is considering applying for licenses in multiple regions [14] - TSMC reported a 38.6% year-over-year increase in Q2 sales, reaching approximately $319.5 billion New Taiwan dollars [18] Industry Insights - The copper market is expected to face a short-term price adjustment due to the upcoming 50% tariff, but the long-term outlook remains positive [25] - The human resources service industry is projected to grow steadily across economic cycles, with significant potential for expansion [26] - The textile and apparel sector is experiencing mixed performance, with strong demand for sportswear and outdoor products [25]

早 报 精 选 尊重、和平共处、合作共赢的原则，发挥好中美经贸磋商机制作用，继续加强对话沟 通，以实际行动维护和落实好两国元首通话重要共识，共同推动中美经贸关系稳定、 健康、可持续发展，为世界经济发展注入更多确定性和稳定性。 1、 美商务部长称可能于8月初与中方谈判代表会面，商务部回应。 2、商务部：已部署开展打击战略矿产走私出口专项行动。 3、2025年退休人员养老金调整：上调2%。 3、昨日的商务部例行新闻发布会上，新闻发言人就中国政府是否已采取相关措施打击 关键矿产转运和走私行为作出了回应。何咏前表示，今年5月，中国国家出口管制工作 协调机制办公室，已部署开展打击战略矿产走私出口专项行动，相关信息可在商务部 网站查询。 5、当地时间7月9日，特朗普宣布对铜征50%关税。中国外交部发言人毛宁对此表 示：中方一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 4、智元机器人回应拟港股IPO：不属实。 5、北方稀土：第三季度稀土精矿交易价格调整为不含税19109元/吨，环比上涨 1.5%。 宏 观 新 闻 1、 《中华人民共和国政府和马来西亚政府关于互免持公务普通 ...

尽管全球贸易紧张局势不断升级，美国三大股指在周四依旧延续涨势，其中标普500指数与纳斯达克综合指数双双创下历史新高，展现出强 劲的市场韧性与投资者对美国经济前景的持续信心。 标普500指数上涨0.27%，收于6,280.46点；科技股主导的纳斯达克指数上涨0.09%，报20,630.67点，亦为历史新高；道琼斯工业平均 指数则上涨192点，涨幅0.43%，收于44,650.64点。 巴西总统卢拉随后回应称，将根据本国"经济互惠法"对美国的新关税做出回应。受此消息影响，追踪巴西市场的iShares MSCI Brazil ETF （EWZ）当天下跌1.6%。 在宣布针对巴西的关税前，美国已向至少七个国家发出函件，明确新的关税税率；而在本周稍早，他也向包括日本、韩国在内的14个国家 发出类似通知。所有这些新关税措施预计都将自8月1日起生效。 尽管面临这一系列贸易摩擦的风险，美股却不仅收复了春季以来的回调跌幅，甚至进一步创出新高，显示出投资者已逐渐"免疫"于政策波 动所带来的短期情绪扰动。 "Horizon Investment研究与量化策略主管Mike Dickson指出："我们年初时并未预料估值会如此之高，尤其 ...