最近大家都清楚，中国对稀土进行管制了，这一招对美国、欧洲影响巨大。 毕竟一直以来，欧美等地都是依赖中国的稀土，一旦中国不随便卖了，他们的芯片、军工、航天等都会 受到巨大的影响。 为此，美国也在想办法进行国产替代，最近就和澳大利亚达成了合作，澳大利亚说他们来供应美国的稀 土。 当然，澳大利来的稀土确实也不少，是全球储备量排在前几名的国家之一。 所以美国认为，接下来美国的稀土不用愁了，甚至会多的用不完，没有了中国的稀土供应，也不用怕， 他们有了另外的供应链了。 但是事实真的是如此么？近日，有行业专家称，稀土产业链真正厉害的，不是稀土储备，事实上美国、 澳大利亚等都有不少的稀土储备，真正难的其实是稀土的提炼等。 对于美国而言，就算澳大利亚为其提供稀土，但只能是提供粗稀土，提炼澳大利亚自己也干不了，而美 国也干不了。 而目前中国，不仅限制稀土原矿的出口，并且将涉及稀土提炼、分离、加工技术的设备、工艺、甚至技 术咨询人员，一律进行管制了。 美国想要建成完善的稀土开采、提炼的整套业链，就算舍命去干，也得5-10年的时间才有可能，更何况 美国也不会这么舍命不计后果去的干。 所以不管是美国，还是澳大利亚，想绕开中国自己实现稀 ...

Group 1 - The article discusses the dynamics of China-Europe relations, particularly in the context of China's recent tightening of rare earth export controls, which has raised concerns in Europe [1][4] - The European Union's trade representative, Sevcovic, held a two-hour video call with China's Commerce Minister Wang Wentao to address the issue of rare earth exports, indicating the urgency of the matter [1][4] - There is a mutual agreement for a meeting in Brussels to seek urgent solutions regarding the rare earth issue, highlighting the importance of resolving tensions to prevent escalation [4][7] Group 2 - The meeting is expected to take place under the framework of the previously agreed "supply chain upgrade mechanism" between the EU and China, focusing on addressing supply bottlenecks for critical minerals [7] - The article notes that the U.S. has taken actions against China through tariffs and chip restrictions, prompting China to respond with rare earth measures, while the EU has not imposed similar strict tariffs but has faced pressure from the U.S. [7] - The overall outlook suggests that if both parties can resolve the issues promptly, the tensions surrounding rare earths between China and Europe may gradually ease [7]

, # # 72 75 2 2 2 2 4% b B 2 A 1 也许中美双方都在为下一轮谈判做准备。 我的评估是短期有效，长期无效，它不是打赢关税战的屠龙刀，中国无意让关税战升级，而美国期待的就是中国主动升级，升级意味着全球对中国投资增加 了不确定性，相反，对美国投资增加了确定性。 T RESOLUTION W 0-0 24.0 0000 @ 1 West 10.11 ... 0 tion - 4 NEWSER sh of hot be and the . . 美国的目标是重构全球供应链，核心价值取向与中国不同，中国要走出通缩困局，谈判的目标是守住8000亿美元（含借道）的出口贸易额。美国现在的策 略，是不断释放出加征关税的信号，同时配合国内企业降税的《大而美》法案吸引制造业回流，建立起彻底脱离中国制造的全球替代市场。 目标不同，牌也不同，稀土牌打的不是贸易额，而是卡脖子的战略资源，因为贸易额微不足道，根据海关总署数据，2024 年中国稀土出口金额达 4.89 亿美 元。而 2024 年全球货物贸易总额约为 25.4 万亿美元。以此计算，中国稀土出口金额占全球贸易总额的比例约为 0.0019%。而加征100 ...

Group 1 - The EU has expressed concerns over China's rare earth export controls, but China remains firm on its strategic position [1][3] - A video meeting lasting approximately 120 minutes took place between China's Commerce Minister Wang Wentao and EU economic official Šefčovič, discussing key trade issues including rare earth export controls and the EU's anti-subsidy investigation into Chinese electric vehicles [3] - China will implement new export restrictions on five rare earth elements starting November 8, 2025, with stricter approvals required for rare earth and permanent magnet exports from December 1, 2025 [5] Group 2 - Despite the restrictions, China continues to export rare earths to the EU, with the export volume to the EU being three times that to the US [5] - The acquisition of the Dutch company Nexperia by China's Wingtech Technology has led to tensions, with the Netherlands taking control of the company under US pressure due to national security concerns [6] - The EU's increasing trade protectionism and its broad interpretation of "national security" are causing friction, particularly in the context of the Nexperia issue [8] Group 3 - The relationship between China and the EU is facing challenges due to rising trade protectionism and accusations of unfair competition, particularly regarding electric vehicles [8] - The EU's linkage of economic issues with geopolitical concerns, such as the Ukraine war and China's relationship with Russia, is exacerbating trade tensions [8][10] - The underlying issues stem from the EU's "double standards" and external pressures, which could shift the relationship from cooperation to confrontation, impacting global economic stability [10]

Core Points - The EU has shifted from a hardline stance to seeking cooperation with China regarding rare earth exports, indicating a need for dialogue to address the issue [2][5] - The EU's dependency on China for rare earth materials is critical, as China controls over 90% of global rare earth processing capacity and nearly all supply of rare earth magnets [2][5] - The automotive and machinery sectors in the EU are facing significant disruptions due to rare earth supply issues, with major car manufacturers experiencing production delays [5][6] Group 1: EU's Position and Actions - EU Trade Commissioner Valdis Dombrovskis has invited Chinese Commerce Minister Wang Wentao to Brussels to discuss urgent solutions for rare earth export controls [2] - The EU has submitted around 2,000 applications for rare earth export licenses, with only slightly over half processed, highlighting the urgency of the situation [2][5] - The EU's attempts to establish a self-sufficient rare earth supply chain have largely stalled, with projects remaining on paper and facing regulatory and technical challenges [5][6] Group 2: Challenges and Realities - The EU's rare earth mining and processing capabilities are minimal, with domestic production accounting for less than 1% of global supply [2][5] - A Swedish company's attempt to source and process rare earths from Australia resulted in a low yield and high costs, demonstrating the challenges of lacking Chinese technology [5][6] - The EU's goal to establish an independent supply chain within 3-5 years is deemed unrealistic due to the long-term technical and investment requirements [6] Group 3: China's Regulatory Framework - China's recent regulations on rare earths include a transitional period for existing contracts, humanitarian exemptions, and expedited approvals for compliant enterprises [8][10][12] - The Chinese government has tightened controls to prevent the use of rare earths in military applications, reflecting national security concerns [12][14] - The EU's own export control regulations on sensitive technologies are stricter than China's, indicating a double standard in their criticisms [14][16] Group 4: Future Outlook - The upcoming talks in Brussels are expected to lead to the EU accepting China's regulatory framework while seeking to resolve licensing issues [16] - Despite potential investments in alternative sources like Australia and Canada, the EU's reliance on China for rare earth processing and technology is projected to remain above 70% by 2035 [16] - The current situation underscores that the EU has effectively handed over its critical supply chain to China, necessitating adherence to established rules for stable supply [16]

根据协议，美澳两国将在关键矿物与稀土领域加强协作，内容涵盖矿产加工、产能建设与供应链安全等 多个方面。 阿尔巴尼斯表示，该协议涵盖总值约85亿美元的一系列合作项目，澳大利亚具备扩大稀土加工的产能， 协议中包括在澳建设相关精炼设施；特朗普则表示，大约一年后，美国将拥有大量关键矿物和稀土。 看到这则消息，有两个疑问。一是这项协议，适逢中国对超硬材料、稀土设备和原辅料、钬等5种中重 稀土实施出口管制，而美国则对中国进口产品加征100%关税，并对关键软件实施出口管制的大背景下 签订，很蹊跷，也很突然。殊不知，中美关税战已经打了半年多，如果澳大利亚能够为美国提供这么多 的关键矿物与稀土，为什么要等到现在。早一点签订协议，岂非让特朗普在与中国打贸易战、关税战时 能够更好地掌握主动权？ 二是如果真的如特朗普所言，一年后，美国将拥有大量关键矿物与稀土，我就不信，特朗普不会将此作 为"核武器"，在中美贸易谈判中使用，从而牢牢掌握谈判主动权。因为，一年时间，对美国来说，完全 抗得住，对特朗普来说，也能忍得住。那么，为什么特朗普还要心急火燎地与中国进行贸易谈判呢？难 道美国不能再等上一年半载的吗？显然，有稀土与有稀土产品是两回事。 ...

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi reached a trading volume of 97.241 million yuan [3] - Over the past two weeks, the scale of the Rare Earth ETF increased by 2.632 billion yuan, marking significant growth and ranking first among comparable funds [3] - In terms of shares, the ETF saw an increase of 10.7 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, there were net inflows on three days, totaling 917 million yuan [3] - As of October 22, the net value of the Rare Earth ETF has risen by 88.51% over the past two years, ranking 88th out of 2358 index equity funds, placing it in the top 3.73% [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Market Dynamics and Policy Impact - The Ministry of Commerce, in conjunction with the General Administration of Customs and other departments, has issued multiple export control policies, highlighting the strategic nature of rare earth resources [4] - The combination of regulatory constraints and declining imports has strengthened the rigidity of rare earth supply [4] - Demand from sectors such as new energy vehicles, consumer electronics, variable frequency air conditioners, and wind power is expected to continue rising, providing strong support for rare earth prices [4] - Emerging fields like robotics, low-altitude economy, and industrial motors are anticipated to open up long-term demand growth opportunities [4] - The supply-demand dynamics in the rare earth industry are expected to reach a turning point, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Top Weighting Stocks in Rare Earth Industry - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, including Northern Rare Earth, Wolong Electric Drive, Lingyi Technology, China Rare Earth, Shenghe Resources, Gree Environmental, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3]

Core Viewpoint - The geopolitical struggle surrounding rare earth resources is intensifying, with the U.S. and Australia attempting to establish an alternative supply chain to reduce reliance on China, but significant challenges remain in achieving this goal [1][3][20]. Group 1: U.S.-Australia Cooperation - The U.S. has long been concerned about its dependence on China for rare earth materials, which are critical for high-end manufacturing sectors such as electric vehicles and military applications [3][5]. - A recent agreement between Trump and Australian Prime Minister Albanese aims to create a "substitute" rare earth supply chain, but the feasibility of this plan is questionable [3][5]. Group 2: Challenges in Rare Earth Processing - The extraction of rare earth minerals is only the first step; the subsequent processes of separation, purification, and processing are complex and currently dominated by China [5][9]. - Australia possesses abundant rare earth resources but lacks sufficient processing capabilities, often requiring its minerals to be sent to China for refinement [5][9]. Group 3: China's Competitive Advantage - China's true strength lies not in its rare earth reserves but in its complete industrial chain, which includes extraction, processing, and production of high-value products [9][20]. - The country has decades of accumulated experience in technology development and large-scale production, giving it a significant edge over other nations [9][20]. Group 4: The Concept of a "Rare Earth Alliance" - The U.S. is considering forming a "rare earth alliance" with countries like Japan, the EU, and Canada to share investment burdens and technological resources [11][13]. - However, these countries also rely on Chinese rare earth products, making a swift transition to localized production challenging [13][14]. Group 5: Long-Term Investment and Development - Rare earth projects require long lead times from investment to production, making it unlikely for the U.S. and Australia to see immediate results from their cooperation [16][18]. - The technical bottlenecks and lack of core processes mean that even if factories are built, they may struggle to produce high-quality products that meet market demands [11][18]. Group 6: Broader Implications of the Rare Earth Dispute - The ongoing rare earth competition reflects deeper international power dynamics, centering on control over supply chains and future technological competitiveness [20][22]. - While the U.S.-Australia agreement signals a shift, achieving true independence from China in the rare earth sector will require overcoming substantial technological and logistical hurdles [22].

Core Viewpoint - The strategic importance of rare earth resources is highlighted by recent export control policies issued by the Ministry of Commerce and the General Administration of Customs, indicating a tightening supply amid declining imports, which supports rare earth prices [1] Policy Impact - Multiple export control policies have been released, emphasizing the strategic nature of rare earth resources [1] - The combination of regulatory constraints and a decrease in imports is leading to a sustained increase in the rigidity of rare earth supply [1] Demand Dynamics - Demand for rare earths is expected to continue rising, driven by sectors such as electric vehicles, consumer electronics, variable frequency air conditioners, and wind power [1] - Emerging fields like robotics, low-altitude economy, and industrial motors are anticipated to open up long-term growth opportunities for demand [1] Industry Outlook - The supply-demand landscape of the rare earth industry is expected to reach a turning point, with a strong recommendation for strategic allocation within the rare earth industry chain [1]

Core Viewpoint - The strategic importance of rare earth resources is highlighted by recent export control policies issued by the Ministry of Commerce in conjunction with the General Administration of Customs, indicating a tightening supply amid declining imports [1] Group 1: Policy and Supply Dynamics - Multiple export control policies have been released, emphasizing the strategic nature of rare earth resources [1] - The combination of regulatory constraints and a decline in imports has led to a sustained rigidity in rare earth supply [1] Group 2: Demand and Price Support - Demand for rare earth elements is expected to continue rising, driven by sectors such as electric vehicles, consumer electronics, variable frequency air conditioning, and wind power [1] - Emerging fields like robotics, low-altitude economy, and industrial motors are anticipated to open up long-term growth opportunities for demand [1] - The supply-demand dynamics in the rare earth industry are expected to reach a turning point, providing strong support for rare earth prices [1] Group 3: Investment Recommendation - Continuous recommendation for strategic allocation in the rare earth industry chain due to the favorable supply-demand outlook [1]