【导读】 中国中冶重挫超 21% 中国基金报记者 伊万 12 月 9 日，市场情绪表现低迷，港股三大指数齐收跌。截至收盘，恒生指数跌 1.29% ，报 25434.23 点；恒生国企指数跌 1.62% ，报 8936.41 点； 恒生科技指数跌 1.90% ，报 5554.68 点。 盘面上，大型科网股普跌，百度集团 -SW 、小米集团 -W 跌超 3% ，快手 -W 、美团 -W 跌超 2% ，网易 -S 、阿里巴巴 -W 、京东 集团 -SW 跌超 1% ；重型基建股大跌，中国中冶重挫超 21% ，中铝国际跌超 4% ；半导体股下挫，华虹半导体跌超 5% ，中芯国际跌 超 4% ；此前大热的泡泡玛特跌超 5% ，老铺黄金跌近 3% 。 此外，保险股、石油股、航空股、军工股、中资券商股等纷纷走低。 | 泡泡玛特 | 190.300 | -5.04% | | --- | --- | --- | | 9992.HK | | | | 阿里巴巴-W | 150.900 | -1.63% | | 9988.HK | | | | 腾讯控股 | 602.500 | -0.41% | | 0700.HK | | | | 小 ...

哈喽，大家好！今天小界要和大家聊聊当特朗普在涉台法案上签署时，中国的稀土管制精准打击已直接 触及美国军工的要害。这不仅仅是资源的断供问题，而是一套让五角大楼完全束手无策的组合拳。就在 美国忙于应对这一困境时，另一个对中国稀土高度依赖的国家——日本，也遇到了最为担心的局面。中 国稀土这一王牌，为什么能让两个军事经济强国都面临压力？ 五角大楼早在上世纪就开始呼吁重建稀土供应链，但进展一直很缓慢，关键问题出在稀土提纯技术这一 技术壁垒上。开矿本身不难，美国本土的芒廷帕斯稀土矿储量非常丰富，但将这些矿石转化为F-35战机 和导弹芯片所需的高纯度材料，却需要一种极为复杂的化学分离工艺。 中国在稀土提纯领域的优势，正是经过数十年技术积累的结晶。从独家优化的萃取剂配方到自主设计的 分离设备，整个工艺形成了坚不可摧的技术壁垒。美国曾联合澳大利亚、加拿大等盟友投入上百亿美元 进行攻关，却发现即便复制了生产线，也需要至少五年时间调整工艺参数，再花五年培养熟练技工。业 内普遍认为，突破这一壁垒最少也需要10年。 然而，美国军工根本等不起这10年。F-35战机的生产线每天都需要稀土磁性材料，雷神公司的导弹订单 已经排到2030年以后 ...

Core Viewpoint - The recent tightening of rare earth exports by China has raised global concerns, particularly in the military, wind energy, and electric vehicle sectors, highlighting the strategic importance of these resources [3][9][12]. Group 1: Strategic Importance of Rare Earths - Rare earths consist of 17 metals essential for various technologies, including mobile chips, missiles, and wind turbines [3]. - China's management of rare earths is rooted in its recognition of these materials as strategic resources, akin to oil in the Middle East [3][22]. - The U.S. military's annual consumption of rare earths is less than 0.8% of global production, indicating a lower dependency than perceived [9]. Group 2: Regulatory Developments - In June 2024, China introduced the "Rare Earth Management Regulations," implementing total quantity control over mining and refining [5]. - The export control measures announced in April 2024 are part of a broader strategy to manage rare earth resources effectively [5][16]. Group 3: Market Reactions and Adjustments - The U.S. military and electric vehicle industries have expressed significant concern over their reliance on rare earths, with some companies exploring alternative sources and technologies [9][14]. - The European Union has initiated plans to diversify its rare earth sources, yet remains heavily reliant on China for critical materials [12][20]. Group 4: Economic Implications - The price dynamics of rare earths vary significantly, with heavy rare earths like neodymium and dysprosium remaining stable, while light rare earths have seen price drops due to increased production from other countries [18]. - China's shift from exporting raw materials to selling finished products has led to a significant market share in rare earth magnets, accounting for 70% of the global market [20][21]. Group 5: Future Outlook - By 2030, the global rare earth landscape is expected to shift from China's dominance to a more collaborative model, emphasizing the need for adherence to regulations [22]. - The U.S. Department of Defense is investing in a complete supply chain for rare earths, indicating a long-term strategy to reduce dependency on foreign sources [20].

据丹麦政府发布的信息，一家乌克兰军工企业将在丹麦政府支持下，在位于日德兰半岛南部小城沃延斯 建设一座工厂。该工厂将生产导弹及部分无人机所需的固体燃料推进剂，以解决乌克兰相关材料的供应 瓶颈，为乌军远程打击能力提供支撑。该工厂是乌克兰在北约国家设立的首批军工生产设施之一，预计 将于2026年秋季投产。 扎哈罗娃当天在圣彼得堡举行的记者会上表示，俄方将继续坚定捍卫自身合法利益并采取相应措施消除 国家安全威胁。她说，丹麦与其他一些俄罗斯的敌对国家试图破坏外交解决乌克兰危机的努力，造成局 势进一步升级的风险。 俄罗斯外交部发言人扎哈罗娃4日说，俄方将针对丹麦为乌克兰建设军工厂造成的对俄国家安全威胁采 取适当措施。日前，位于丹麦日德兰半岛的乌克兰军工企业一座工厂启动建设。 （文章来源：新华社） 今年7月，丹麦与乌克兰签署一项协议，旨在加强两国在军事装备生产领域的合作。协议提出，两国将 合作帮助乌克兰军工企业在丹麦设立分支机构和生产设施。 ...

Core Viewpoint - The Japanese government plans to procure offensive drones from Israeli company Elbit Systems, which has faced strong opposition from parts of the Japanese public due to the company's involvement in military actions in Gaza [1] Group 1: Government Procurement Plans - The drones being considered for procurement include the "Sky Striker" model, which has been used in military operations in Gaza [1] - The procurement is linked to the actions of the Israeli military, raising ethical concerns among Japanese citizens [1] Group 2: Public Opposition - Various citizen groups held a protest on November 27 at the House of Representatives, opposing the procurement of Israeli drones [1] - Protesters labeled the military actions in Gaza as genocide and argued that trade relations with entities involved in such actions are unacceptable [1]

Group 1 - The core agenda of the upcoming India-Russia annual summit includes energy, defense industry, and space cooperation, marking the first in-person meeting since 2021 [1][3] - India has significantly increased its oil imports from Russia, with a growth of over twenty times, making Russia India's largest oil supplier, and bilateral trade exceeding $39 billion in 2022 [3][6] - Energy security is a central topic, with discussions on new natural gas pipeline projects that could transform India's energy dependence from flexible transactions to stable long-term contracts [3][4] Group 2 - The defense cooperation is evolving from mere procurement to technology transfer and joint development, indicating a shift towards a partnership model [3][4] - India is interested in advanced defense systems, including the S-400 air defense system and potential joint development of the "Armor" air defense system [3][4] - Space cooperation is viewed as a new frontier, with expectations for satellite navigation interoperability and potential manned space collaboration [4][6] Group 3 - The geopolitical context includes discussions on Afghanistan, Central Asian security, and counter-terrorism, emphasizing the importance of a strategic partnership [6][9] - The bilateral trade volume is projected to reach $68.7 billion for the fiscal year 2024-2025, with aspirations to hit $100 billion soon [6][9] - The summit is not merely a ceremonial gathering but a critical negotiation to recalibrate the relationship between the two nations [10][11]

特朗普感恩节下令美军登陆委内瑞拉：3000亿桶石油背后的中国能源生死局 【前言】 门罗主义2.0：后院起火，美国急了 当特朗普在2025年感恩节烤火鸡飘香时，五角大楼已悄悄调转航母航向——"福特"号战斗群正以每小时25海里速度逼近委内瑞拉海岸。这不是电影桥段，而 是正在发生的现实：美军即将在拉美"后院"点燃的战火，表面上挂着"缉毒"幌子，内里却藏着直指中国能源命脉的惊天杀招！ 缉毒幌子下的军事怪兽 美军宣称要"陆地缉毒"，但看其部署：福特号航母战斗群配备20架F-35C舰载机，硫磺岛号两栖攻击舰载着2000名陆战队员，弗吉尼亚级核潜艇潜伏在1200 米深海。这种配置足以横扫整个加勒比海岛国，却要对付区区毒贩？9月那场渔民劫持案暴露端倪——9名委内瑞拉渔民在自家经济区捕鱼，竟被美军驱逐舰 扣押8小时，只因"形似贩毒快艇"。更荒诞的是，美军声称已拦截85%毒品走私，却要扩大陆地行动——这就像用火箭筒打蚊子，分明是借缉毒之名行军事 占领之实！ 石油：美国的眼中钉，中国的生命线 委内瑞拉地下的3030亿桶原油储量，占全球17%，比沙特还多出300亿桶。这片黑色黄金地，早被美国盯上。但真正刺痛华盛顿的，是中国与委内瑞拉 ...

Core Insights - The article reveals Germany's secret military plan, known as "OPLAN DEU," which outlines how Germany will support NATO forces in a potential conflict with Russia, including logistics for deploying up to 800,000 soldiers and 200,000 vehicles [1][2] - The plan is a response to the ongoing Russia-Ukraine conflict, which has prompted Europe to accelerate military preparations at an unprecedented pace since World War II [2] - Key challenges include aging infrastructure, outdated regulations, and personnel shortages, which could hinder the execution of the plan [1][4] Summary by Sections Military Planning - The "German Action Plan" details the logistics for moving NATO troops to the eastern front, including routes through ports, rivers, railways, and roads, as well as supply and protection measures [2][3] - The plan anticipates that Russia may be ready to attack NATO by 2029, but recent incidents suggest a potential for earlier aggression [2] Infrastructure Challenges - Germany's military infrastructure has deteriorated since the Cold War, with 20% of highways and over a quarter of highway bridges needing repairs, limiting military mobility [5] - The article highlights the need for military dual-use infrastructure, which was common during the Cold War but has been neglected in recent decades [5] Operational Exercises - Recent military exercises conducted by Rheinmetall demonstrated the logistical challenges of rapid troop deployment, revealing deficiencies in current infrastructure [3][4] - The exercises underscored the necessity of adapting to modern military needs, including the re-establishment of protocols and infrastructure that have been overlooked since the end of the Cold War [4]

Market Overview - The Hong Kong stock market opened higher and experienced fluctuations, with the Hang Seng Index rising by 0.13% to 25,928.08, marking a three-day upward trend [1][2] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 0.04% and 0.11%, respectively [1][2] Sector Performance - Large tech stocks showed mixed performance, with Meituan rising by 5.65%, while Kuaishou fell by nearly 3% and Baidu dropped by 2% [4][5] - Airline stocks surged, with China Eastern Airlines increasing by nearly 7% and China Southern Airlines rising by 1.58% [8][9] - Pharmaceutical stocks generally rose, with East China Pharmaceutical and Tai Ling Pharmaceutical both gaining over 5% [10] - Semiconductor stocks also saw gains, with companies like ChipMOS Technologies and Huahong Semiconductor rising over 2% [11] - Automotive stocks experienced upward movement, with BYD and Beijing Automotive both increasing by over 2% [13] Price Adjustments and Market Trends - Major paper companies announced price increases for their products, with cultural paper prices rising by 200 CNY per ton, while packaging paper prices saw a more moderate increase of around 50 CNY per ton [7] - The gaming sector showed strong performance, with total gaming revenue in Macau for the first 23 days of November reaching 15.6 billion MOP, indicating a year-on-year growth of over 10% [16] Investment Insights - Analysts suggest that the current market volatility is influenced by liquidity, sentiment, and risk appetite, with certain sectors like consumer services, construction, and textiles showing potential for recovery [24] - The technology sector has faced significant corrections, but there may be revaluation opportunities as liquidity conditions improve [24]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1] - The total trading volume exceeded 1.79 trillion yuan [1] Consumer Sector - The consumer sector experienced a late-afternoon surge, with Hai Xin Food (002702) hitting the daily limit and closing with over 170,000 buy orders [4][5] - The Ministry of Industry and Information Technology and other departments released a plan to enhance the adaptability of supply and demand in consumer goods, aiming to boost consumption [4][7] CPO Concept Stocks - CPO (Co-packaged Optics) concept stocks continued to perform strongly, with Zhongji Xuchuang (300308) reaching a historical high and Yongding Co. (600105) hitting the daily limit [4][9] - Longguang Huaxin's stock surged by 20%, while Saiwei Electronics (300456) increased by over 16% [9] Healthcare Sector - Anti-influenza concept stocks were active, with Guangji Pharmaceutical (000952) achieving three consecutive limits and Peking University Medicine (000788) achieving two consecutive limits [4] Real Estate and Military Industry - The real estate sector saw a pullback, with China Wuyi (000797) dropping over 6% and Vanke A falling over 2% [4] - The military industry also faced a downturn, with Aerospace Development (000547) hitting the daily limit down [4] AI Industry Outlook - Alibaba's CEO indicated that the demand for GPUs is currently at full capacity, suggesting that an AI bubble is unlikely in the next three years [12] - Daitong Securities maintains an optimistic outlook on the AI industry, highlighting the growth potential driven by demand for computing power [12]