倒推原因，其实绕不开一个核心问题——全球范围内，目前能够稳定、规模化出口高质量 稀土材料的 主要还是中国。虽然美国这些年不断砸钱搞研发，也试图扶持本国企业，但想短期内实现完全替代，并 不现实。所以，在战略资源上被卡住脖子的焦虑，总是挥之不去。 再往深处看，美国提出要和中国敲定保障性条款，无非就是给自己的供应链加上一层保险。如果未来某 一天发生摩擦，只要有纸面承诺做挡箭牌，美方就可以借机发起舆论攻势，对外甩锅。而且只要自己觉 得哪里吃亏了，随时能搬出合约当理由。这类操作套路并不罕见，但对于拥有实际主导权的一方来说， 该怎么选择主动权，可不是一句威胁能决定的。 值得注意的是，中国出台的是出口管制政策，而非直接禁运。只要采购申请符合条件，大多数时候都能 顺利获批。从这个角度讲，美方如此紧张地追求一份额外协定，更像是担心自身行为越界，被突然断供 打个措手不及。在这种微妙关系下，每一次谈判桌上的表态，都不仅仅关乎经济账单，还涉及双方彼此 间极为敏感的信息博弈。 美财长感恩节前急盼稀土协议，威胁中国不许变卦，美国底气何在？ 美国财政部长贝森特最近动作频频，一边跑到本国新开的 稀土矿物加工中心剪彩，宣称"我们要结束对 中国 ...

证券日报网讯盛和资源（600392）11月17日在互动平台回答投资者提问时表示，公司以稀土生产加工为 业务重心，将持续聚焦并做强做优主业。 ...

证券日报网讯盛和资源（600392）11月17日在互动平台回答投资者提问时表示，今年前三季度受市场供 需格局变化等因素影响，稀土主要产品市场需求整体向好、产品价格同比上涨。公司紧抓市场机遇，优 化产品生产及市场营销，加强管理赋能及成本管控，经营业绩与去年同期相比取得大幅度增长。 ...

国外 高盛的分析师表示，受能源需求不断增长以及低碳技术规模化挑战的推动，全球石油需求预计将持续增 长至2040年。预计石油需求将达到每天1.13亿桶，高于去年的每天1.035亿桶，这得益于喷气燃料和石化 产品缺乏替代品、人工智能带来的推动，以及全球能源需求的总体增长预计将超过石油被低碳替代品取 代的速度。这家美国银行的分析师表示："我们预计2025年至2030年间，年均需求将稳健增长90万桶/ 日，随后到2040年将放缓至10万桶/日。" 2. 大摩：恒指明年底最乐观见34700点，最悲观情景目标为18700点 摩根士丹利发表报告称，在经历2025年的高回报后，2026年将是稳定下来。由于每股盈利增长温和，且 估值稳定在较高水平，指数上涨空间有限。大摩给予恒生指数明年底基本情境目标为27500点；最乐观 情景下目标价34700点；最悲观情景目标为18700点。国企指数明年底的基本情境目标为9700点，最乐观 情景下，明年底目标价12190点；最悲观情景目标6670点。 3. 巴克莱：预测美联储将提前扩表明年2月开始购买国库券 在多位美联储关键官员暗示将扩大资产负债表后，巴克莱策略师预计，美联储将于明年2月开始 ...

格隆汇11月17日丨盛和资源(600392.SH)在投资者互动平台表示,公司稀土业务主要产品为稀土氧化物及 金属，不直接供货给汽车整车生产企业。 ...

Core Viewpoint - The China Rare Earth Group is focusing on deepening reforms and enhancing quality in its operations, aiming for high-quality completion of all reform tasks by 2025 [1] Group 1 - The meeting emphasized the importance of highlighting key areas, penetrating grassroots levels, and ensuring the effectiveness of reforms [1] - The company plans to utilize deepening reform as a "key move" to closely integrate reform enhancement with production and operations [1] Group 2 - The company outlined six key focuses: ensuring closure, quality, priorities, responsibilities, planning, and integration [1] - These focuses are intended to ensure the successful completion of the reform enhancement actions by 2025 [1]

Group 1 - The core viewpoint of the article highlights the gradual realization of value in the entire rare earth industry chain [1] - China's rare earth resources exhibit a "light in the north and heavy in the south" distribution characteristic, with ongoing industry consolidation [4] - Following the establishment of the China Rare Earth Group in 2021, the industry landscape has become clearer [5] Group 2 - In 2024, Guangsheng Nonferrous (600259.SH) will transfer control and officially become a core listed company under the China Rare Earth Group [6] - The company has a long history, originating from the Guangdong Metallurgical Bureau and others in 1953, and was listed through a backdoor listing in 2009, with its business historically relying on low-margin trading [7] - Recent financial data indicates that the company is undergoing a strategic transformation: actively reducing revenue scale while improving profitability [8]

Core Viewpoint - The company is focusing on expanding its investment in high-value-added rare earth products, which currently account for approximately 70% of its revenue, through strategic investments in downstream industries [1] Group 1: Company Strategy - The company is investing in downstream industries related to rare earths, including catalysis, magnetic materials, polishing, and alloys [1] - The company aims to continue its development strategy of coordinating and extending the industrial chain to promote high-quality business growth [1]

盛和资源（600392.SH）11月17日在投资者互动平台表示，公司稀土业务主要产品为稀土氧化物及金 属，不直接供货给汽车整车生产企业。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：新能源汽车对稀土永磁材料需求快速增长，请问公司 在这一领域的客户结构如何？与特斯拉、比亚迪等头部车企的合作进展如何？ ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Views - The report is optimistic about the continuation of the metal bull market in 2026, particularly for precious metals, industrial metals (copper, aluminum, tin), rare earths, tungsten, and uranium [1][2] - Gold is expected to rise due to increased demand for hedging against dollar credit and policy uncertainties, with a focus on the potential for new highs in gold prices [1][18] - Industrial metals like copper and aluminum are facing supply constraints, while tin demand is on the rise, indicating a favorable outlook for these metals [2][8] Summary by Sections Gold - The report highlights the strengthening of gold prices driven by concerns over U.S. dollar credit and rising geopolitical uncertainties, with gold prices reaching $3999.4 per ounce as of November 7, 2025, a 52% increase from the previous year [17][18] - The Federal Reserve's interest rate cuts are expected to further support gold prices, with a projected decline in the policy rate to 3-3.25% by the end of 2026 [21][22] - Key stocks to watch include Shandong Gold, Shandong International, and China National Gold [1] Copper - The report notes increasing supply constraints in copper mining, with production disruptions leading to a downward revision of copper output forecasts for 2025 [1][2] - Demand for copper is expected to grow significantly due to the rise of electric vehicles and investments in global power grids, with a notable increase in demand from AI data centers [1][2][18] - Key stocks to monitor include Luoyang Molybdenum, Jinchuan Group, and Jiangxi Copper [1] Aluminum - The aluminum market is characterized by tight supply and strong demand, with domestic production nearing capacity limits and a projected price increase to around 21,500 yuan per ton by 2026 [2] - The report anticipates a supply-demand gap in the aluminum market, supporting price increases [2] - Key stocks to consider include Nanshan Aluminum, China Hongqiao, and Yunnan Aluminum [2] Tin - The tin market is expected to see price increases driven by stable supply and rising demand from sectors like semiconductors and consumer electronics, with global refined tin consumption projected to grow by 3.1% in 2026 [8] - Key stocks to watch include Yunnan Tin and Hunan Tin [8] Rare Earths - The report indicates a slowdown in supply quota growth for rare earths, but strong demand from the renewable energy sector is expected to improve the supply-demand balance [8] - The global demand for neodymium-iron-boron is projected to grow significantly, with a compound annual growth rate of 8.83% from 2020 to 2028 [8] - Key stocks to monitor include China Rare Earth and Northern Rare Earth [8] Tungsten - The tungsten market is expected to remain tight, with prices likely to continue rising due to limited supply and stable demand [8] - Key stocks to consider include Xiamen Tungsten and Zhongtung High-tech [8] Cobalt - The cobalt market is facing supply constraints, with a significant drop in imports of cobalt intermediates into China, leading to a tight supply situation [10] - Demand from the electric vehicle sector is expected to support cobalt prices [10] - Key stocks to watch include Luoyang Molybdenum and Huayou Cobalt [10] Uranium - The uranium market is entering a new cycle of growth due to supply constraints and a revival in nuclear power, with a projected supply-demand gap of approximately 7,452 tons by 2030 [11] - Key stocks to monitor include China National Nuclear Corporation [11]