格隆汇6月9日｜上周五美股三大指数均涨超1%，中美今日举行贸易会谈。港股三大指数高开，恒指涨 0.78%，国指涨0.92%，恒生科技指数涨0.97%。盘面上，大型科技股集体上涨，其中，美团涨2.33%， 京东涨1.48%，快手、小米、阿里巴巴涨超1%，百度、网易涨0.4%；商务部指出，对稀土等物项实施出 口管制是国际通行做法，稀土概念股大涨，中国稀土、金力永磁(300748)涨7%；新消费概念股再度活 跃，泡泡玛特涨2.6%，蜜雪集团涨2.33%；创新药概念股继续活跃，东阳光(600673)长江药业、金斯瑞 生物科技涨2.6%，银行股、风电股、石油股、核电股齐涨。另一方面，现货黄金跌破3300美元，黄金 股纷纷走低，万国黄金国际跌4.67%，招金矿业跌3.2%，汽车股多数走低，吉利汽车跌近3%。(格隆汇) (责任编辑：宋政 HN002) | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 23977.54 | +185.00 | 0.78% | | 800100 | 国企指数 | 8708.96 | + ...

Core Viewpoint - China holds a dominant position in the global rare earth industry, primarily due to its unique capabilities in high-purity extraction technology, which is not yet matched by other countries [1][2][6]. Group 1: China's Dominance in Rare Earths - China is not only the largest holder of rare earth reserves but also the only country with the technology for high-purity extraction, making it a critical player in the global supply chain [1][6]. - Other countries, such as Ukraine, may have rare earth resources, but they lack the necessary processing capabilities to compete with China [1][2]. Group 2: Market Dynamics and Competition - The U.S. has historically imported rare earth materials worth only a few hundred million dollars annually, indicating a low profit margin in this market [3]. - If the U.S. were to develop its own production capabilities, it could lead to price wars that would challenge existing supply chains [4][5]. Group 3: Strategic Considerations - The U.S. faces internal political challenges that complicate the establishment of a state-owned rare earth enterprise, which could hinder its ability to compete effectively [5]. - China's strategy involves maintaining low prices for rare earth products to prevent competitors from gaining a foothold in the market [8][9]. Group 4: Future Outlook - The current market conditions suggest that it is not yet the right time for China to significantly increase the profitability of rare earths, as the industry is still in a competitive phase [16].

Group 1 - The core viewpoint is that China and the EU have made significant progress in resolving trade disputes related to electric vehicles, brandy, and rare earths, indicating a potential stabilization of bilateral relations [1][2][3] - The EU initiated a countervailing investigation against Chinese electric vehicles in October 2023, planning to impose a five-year countervailing tax starting October 2024, but both parties are negotiating a minimum price commitment as an alternative solution [2] - China has agreed to establish a green channel for eligible rare earth applications from the EU, aiming to expedite the approval process for exports, which is crucial for various industries including automotive and aerospace [3] Group 2 - The Chinese Ministry of Commerce has shown willingness to resolve the EU's anti-dumping investigation into brandy, with French companies already submitting price commitment applications, and a final ruling expected by July 5 [2] - The discussions on these trade issues are taking place ahead of the upcoming China-EU summit, which marks the 50th anniversary of diplomatic relations, potentially leading to a rebalancing of ties [3] - Experts suggest that narrowing the differences on these key economic issues is beneficial for stabilizing China-EU trade relations and fostering a healthy development for the next 50 years [3]

【环球时报驻美国特约记者 萧达 环球时报记者 陈子帅 王逸】中国外交部发言人7日宣布，应英国政府 邀请，中共中央政治局委员、国务院副总理何立峰将于6月8日至13日访问英国。其间，将与美方举行中 美经贸磋商机制首次会议。美国总统特朗普当地时间6日也在社交媒体上发文称，美国财政部长贝森 特、商务部长卢特尼克和贸易代表格里尔将于9日与中方代表在伦敦举行会谈。这是美中关税战爆发以 来，双方举行的第二场经贸磋商。中美5月12日在日内瓦会谈达成共识后，中方严肃认真执行了协议， 美方却针对中国芯片产品等实施进一步限制的消极措施。多名中国专家8日接受《环球时报》记者采访 时表示，此次磋商是中美两国元首日前通话直接推动的，表明双方均希望通过持续对话和深入磋商，找 到化解彼此关系中障碍的有效途径。对于美方大肆炒作中方稀土出口管制，却绝口不提美方对华极端打 压措施，这些专家强调，中美经贸谈判必须秉持平等态度，尊重各自关切，只有这样，才能争取双赢结 果。 " 全球市场高度关注 " 据新加坡《联合早报》8日报道，中美领导人6月5日通话不到两天，美国总统特朗普当地时间6日在社交 平台上率先宣布，美方经贸官员将于星期一（6月9日）在伦敦与 ...

Group 1 - The temporary agreement between China and the US on tariffs in early 2025 was disrupted by President Trump's accusations against China for not adhering to the agreement, indicating a significant shift in US-China relations [2][3] - Trump's sudden change in tone is believed to be influenced by China's control over critical resources such as rare earth elements and US Treasury bonds, which are vital to the US economy and high-tech industries [2][3][6] - China holds a dominant position in the rare earth market, producing over 70% of the global supply and controlling 90% of processing capabilities, which poses a significant challenge for the US [5][10] Group 2 - China's reduction of its holdings in US Treasury bonds from $1.3 trillion in 2013 to $734.8 billion in 2025 has raised concerns in the US, leading to increased borrowing costs and economic pressure [3][6] - The US is attempting to diversify its rare earth supply by seeking partnerships with countries like Australia and Canada, but faces challenges in establishing a complete supply chain due to technological and processing limitations [6][10] - The ongoing reduction of US Treasury bond holdings by China and other countries could lead to increased financial strain on the US government, affecting inflation and economic stability [7][8]

Core Viewpoint - The establishment of the joint research and development base for rare earth bio-metallurgy in Baotou represents a significant achievement in the integration of industry, academia, and research, aimed at enhancing the sustainable development of China's rare earth industry [1][2]. Group 1: Joint Research and Development Base - The joint research base was officially inaugurated on June 7, involving top universities and leading companies in the rare earth sector, marking a key milestone in the construction of "two rare earth bases" [1]. - The base focuses on developing rare earth bio-separation technology using advanced methods such as microbial synthesis, aiming to efficiently leach, enrich, and separate rare earth elements from tailings and urban waste [1]. Group 2: Technological Innovations - The project utilizes green bio-metallurgy technology developed by Tsinghua University, which addresses pollution issues associated with chemical methods and significantly improves the efficiency of rare earth resource recovery and product value [2]. - The current demonstration lines for processing 10 tons of rare earth tailings and tons of rare earth waste have been completed and validated [1]. Group 3: Future Directions - The next steps involve focusing on key technological breakthroughs and the transformation of research results, particularly in the comprehensive utilization of rare earth tailings and pilot testing [1].

Core Viewpoint - Japan is positioning itself to fill the strategic gap left by China in the context of US-China trade tensions, particularly in the areas of rare earths and semiconductors, potentially as a bargaining chip for tariff concessions from the US [1][3][10] Group 1: Japan's Strategic Moves - Japanese officials have expressed confidence in their ability to leverage their rare earth resources and semiconductor industry to reduce US dependence on China, aiming for adjustments in US tariffs [3][5] - Japan has previously established a trusted partner mechanism with the US in 2021 to address risks associated with reliance on a single source, specifically targeting China's dominance [5][6] - Japan's domestic rare earth self-sufficiency is currently below 15%, yet the government plans to invest 1.5 trillion yen (approximately 720 million RMB) in related mining and technology [6][10] Group 2: Challenges and Realities - China's dominance in the rare earth sector is significant, with 87% of global refining capacity and over 70% of exports, making it difficult for Japan to effectively replace this supply [6][10] - Despite Japan's ambitions, it remains heavily reliant on China for rare earth imports, with over 60% of its supply coming from China, raising questions about the feasibility of Japan's plans [10][12] - Historical context shows that Japan has faced significant challenges when attempting to reduce reliance on Chinese resources, as seen during the 2010 rare earth export restrictions that severely impacted Japan's electronics manufacturing sector [10][12]

Core Insights - China's Ministry of Commerce officially responded to international concerns regarding heavy rare earth export controls on June 7, 2025, highlighting the strategic resource management as a core issue in great power competition [1][3] - The response comes amid a global robotics industry growth rate of 18% and a penetration rate of over 40% for new energy vehicles, indicating China's proactive role in the restructuring of global industrial chains [1] Summary by Categories National Security - Heavy rare earth elements like dysprosium and terbium are critical materials for hypersonic flight guidance systems and quantum communication devices, confirming their strategic importance as recognized by the EU's Critical Raw Materials Act and the US Defense Production Act [3] - The Ministry of Commerce emphasized the "dual-use property control," aligning with the G7's revised Wassenaar Arrangement, which includes 12 new rare earth control clauses [3] - In 2024, China's export volume of rare earth permanent magnet materials decreased by 9.3% year-on-year, while domestic consumption in high-end manufacturing increased by 22%, indicating a trend towards strategic resource allocation [3] International Responsibility - China has established the world's first rare earth full lifecycle traceability system, enabling digital regulation from mining to terminal export [3] - In 2024, the issuance of compliant rare earth export licenses remained at 35%-40% of annual production, supporting stable supply chains for countries like Japan and Germany in the electric vehicle sector and aiding the EU's hydrogen strategy for 2035 [3] - This "precise supply" model avoids chaotic competition from emerging rare earth producers like Australia and Myanmar, providing an Eastern solution for international non-proliferation systems [3] Diplomatic Strategy - In response to the US-Japan-Europe alliance's call for "diversification of rare earth supply chains," China has demonstrated diplomatic wisdom by reaching a framework agreement on rare earth processing technology transfer with Germany during the Munich Security Conference in May 2025 [4] - The China-Japan-Korea Free Trade Agreement negotiations have added special clauses for rare earth cooperation, indicating a structured approach to international collaboration [4] - In 2024, China's exports of deep-processed rare earth products to member countries of the Shanghai Cooperation Organization increased by 17%, while exports of primary products decreased by 24%, reflecting a structural adjustment that maintains core technological advantages [4] Global Supply Chain Dynamics - As a stabilizer in the global rare earth supply chain, China's control measures are seen as a necessary choice in the "resilience era" of globalization, balancing national security and international responsibilities [4] - With a resource reserve share of 37% but accounting for 90% of global processing capacity, China's policies are positioned to meet dual demands [4] - The establishment of a compliance review system may become an important reference for global strategic resource management as new regulatory standards from the International Atomic Energy Agency and enhanced ESG requirements from multinational corporations emerge [4]

过去稀土战略分量低，现在却是全世界的科技命脉，而中国在这方面，无疑是无冕之王，相比之下，俄罗斯和印度虽有大量稀土储量，但却无法突破中国稀 土的垄断。 如今面对中国在全球稀土产业链的技术主导权，两国正在酝酿新的合作，企图打破中国稀土的垄断性地位，面对两国的联手，我国也早有预防，甚至亮出了 三大动作！ 俄罗斯手里攥着380万吨稀土储量，但80%埋在北极冻土带，开采成本比中国高三倍不说，提炼技术还停留在中国90年代水平。印度更逗，自家稀土储量690 万吨，却要靠进口中国成品满足军工需求——去年光买中国永磁材料就花了12亿美元，够买300架无人机。 他俩的"战略合作"说白了就是：俄罗斯出矿，印度出钱，合建加工厂绕开中国。但现实很骨感——印度连基本的稀土分离厂都还没建全，俄罗斯的极地采矿 技术还在试验阶段。最近莫斯科郊外的稀土试验厂爆炸事故，直接把普京的新能源计划炸了个措手不及。 不过，尽管俄印两国计划挺好，但很快我国的3个动作，进一步让其他国家摆脱依赖的想法，变得更加遥不可及。 稀土，素有现代工业"维生素"的美誉，其独特的物理和化学性质，使其在电子信息、新能源、航空航天、国防军工等众多高科技领域中扮演着不可或缺的角 ...

Core Viewpoint - The recent export control on rare earths by China has triggered significant global repercussions, highlighting the strategic importance of rare earths in the tech and military sectors, and escalating the ongoing competition between the US and China for technological supremacy [1][6][18] Group 1: Impact of China's Export Control - China's export control on seven categories of medium and heavy rare earths has led to a dramatic price increase, with international prices soaring by 210%, and specific prices like dysprosium oxide exceeding $850 per kilogram [6][12] - The US military-industrial complex is heavily reliant on Chinese rare earths, with the F-35 fighter jet requiring 417 kilograms of rare earths, and the US Department of Defense having stockpiled 3,000 tons of rare earth permanent magnets, which still may not suffice [5][6] Group 2: US Response and Strategy - In response to the export controls, the US has attempted to mitigate the impact by approving exemptions for rare earth mining and planning investments in rare earth mines in Brazil and Mongolia, but remains dependent on China for processing, which accounts for 90% of global refining capacity [7][8] - The US has also imposed significant tariffs on Chinese goods, citing issues like fentanyl, while simultaneously seeking to secure rare earth supplies, reflecting a contradictory approach [6][8] Group 3: Global Reactions and Economic Consequences - Major automotive companies, including Ford and General Motors, are facing severe operational challenges, with Ford resorting to layoffs and GM's stock price dropping by 12% due to supply chain disruptions caused by rare earth shortages [9][12] - The European Union has reacted by introducing the "Critical Raw Materials Act," and German automakers have united to challenge US policies, indicating rising tensions among allies [9][12] Group 4: China's Strategic Position - China's domestic demand for rare earths is increasing, particularly in the electric vehicle and wind power sectors, with a reported 15% year-on-year growth in consumption in Q1 2025, which helps offset losses from exports [12][18] - Chinese companies are transitioning from merely selling raw materials to offering technology, as evidenced by a 727% increase in net profit for Northern Rare Earth and a 40% growth in orders for Ningbo Yunsheng [12][18] Group 5: Future Outlook - The demand for rare earths is expected to surge with advancements in technology, such as Tesla's Optimus robot potentially requiring an additional 400,000 tons of rare earths if mass production is achieved [13][18] - China's control over rare earth processing patents and its established supply chain create significant barriers for foreign companies attempting to bypass Chinese resources, with Japan's efforts to develop "no-rare-earth magnets" failing [17][18]