Core Viewpoint - China's export control measures on rare earths are seen as a response to international norms, while Western companies express concerns over a "rare earth crisis," misinterpreting it as a trade weapon against the U.S. [1] Group 1: China's Dominance in Rare Earths - China holds a dominant position in the global rare earth processing sector, controlling over 92% of the processing stage and more than 60% of global rare earth production in 2023 [4][2] - The U.S. Geological Survey reported that from 2020 to 2023, 70% of the rare earth compounds and metals imported by the U.S. came from China [4] - Analysts indicate that despite Australia having rich mineral reserves, it is not prepared to challenge China's dominance in rare earth processing [1][4] Group 2: Australia's Response and Challenges - Australian Prime Minister Albanese pledged to invest AUD 1.2 billion (approximately CNY 5.6 billion) to establish a strategic reserve for critical minerals, including rare earths [1] - Australia is the largest producer of lithium and cobalt, but its refining and export capabilities for rare earths remain limited [6][4] - Experts warn that even with increased investment, Australia will still rely on China for rare earth processing until at least 2026 [6][4] Group 3: Implications of Export Controls - China's recent export controls on key minerals, including gallium and germanium, could impact U.S. military production across over 1,000 weapon systems [4][6] - Analysts suggest that if Australia aligns too closely with Western interests, it may expose its weaknesses in rare earth processing to Chinese retaliation [6][7] - The introduction of a tracking system for rare earth exports by China aims to monitor production and trade, indicating a tightening of control over the sector [7]

答：王文涛部长向欧方进一步澄清了中国出口管制政策，强调对稀土等物项实施出口管制是国际通行做 法，中方高度重视欧方关切，愿对符合条件的申请建立绿色通道，加快审批，并指示工作层就此保持及时 沟通。王文涛部长提出，希望欧方相向而行，采取有效措施，便利、保障和促进高技术产品对华合规贸 易。 问：电动汽车反补贴案的价格承诺磋商是否有新的进展？能否介绍最新情况？ 答：王文涛部长与谢夫乔 维奇委员围绕电动汽车案进行了专业、深入的讨论，推动该案向妥善解决的正确方向又迈进了一大步。目 前，中欧双方电动汽车案价格承诺磋商进入最后阶段，但仍需双方努力。欧方提出可同时探讨新的技术路 径，中方将从法律和技术层面对欧方提议的可行性进行评估。双方指示工作层加紧努力，以符合各自法律 规定和世贸组织规则的方式，找到双方均可接受的解决方案，妥善解决贸易分歧。 问：我们注意到，中欧双方讨论了稀土出口管制议题，能否介绍一些最新情况？ 据商务部官网，商务部新闻发言人就王文涛部长赴法国期间与欧盟委员会贸易和经济安全委员谢夫乔维奇 会谈答记者问。 ...

【文/观察者网 齐倩】中方出台稀土出口管制措施，符合国际通行做法，不针对任何特定国家。但随着 管制影响显现，美国等西方企业生产遇阻，一些西媒开始炒作所谓"稀土武器化"。 6月6日，路透社援引分析称，稀土成为中方"一种更好、更有针对性的贸易战武器"，而这一战略属于以 其人之道还治其人之身，效仿了美国长期以来的、剑指中国的出口管制政策。同时有美西方企业担忧， 中方建构的出口许可制度，将使全球稀土供应链在中国眼中无所遁形。 今年4月，当美国总统特朗普对华加征畸高关税后，中方迅速出手反制，包括对一系列关键矿产和稀土 磁铁实施出口管制。有业内人士透露，中方正在建立出口许可制度。 路透社日前援引消息报道称，随着出台出口管制政策，中国已对稀土磁铁行业引入了跟踪系统。知情人 士透露，中方的追踪系统已于上周生效——要求生产商在线提交包括交易量和客户名称在内的额外信 息。 "这表明，中国已经设计出一种更好、更有针对性的贸易战武器，"报道称，行业高管和分析师表示，中 国有迹象表明将批准更多出口，但不会取消其这一体系。中国的出口许可证制度仿照美国，使其能够前 所未有地深入了解从电动汽车发动机到导弹飞行控制系统等领域的供应商瓶颈。 产 ...

Group 1 - China has quietly tightened the approval process for rare earth exports, leading to production halts in multiple automotive production lines in Europe and signaling distress from the U.S. pharmaceutical industry [1][5] - China controls over 92% of the global refined rare earth production, and 80% of the raw materials for amoxicillin sold in the U.S. come from China, indicating a significant dependency on Chinese exports [1][5] - The tightening of rare earth export approvals has created waves in the high-tech manufacturing sector in Europe and the U.S., as rare earths are essential for national development and technological advancement [3][4] Group 2 - The U.S. pharmaceutical supply chain is heavily reliant on China, with experts warning that any restrictions from China could lead to a critical shortage of medications in the U.S. [5][8] - Historical context shows that the U.S. has been aware of its dependency on Chinese imports, with previous administrations attempting to investigate and address the vulnerabilities in the pharmaceutical sector [7][8] - Rebuilding the U.S. pharmaceutical supply chain is projected to take at least five years, highlighting the complexity and time required to establish domestic production capabilities [7][8] Group 3 - The U.S. is also aware of China's leverage in other critical sectors, including rare metals, photovoltaic components, batteries, and new materials, which could further impact the U.S. economy if restrictions are imposed [10] - As China's overall strength continues to grow, it is recognized as a key player in the global supply chain, with potential disruptions having far-reaching consequences for the international market [10]

Group 1 - The upcoming talks between the US and China are aimed at reaching an agreement on tariff issues and other significant trade matters, as indicated by White House Press Secretary Levitt [1] - US Treasury Secretary Mnuchin has suggested that the talks will be scheduled soon, with a strong indication that they could happen within the week [3] - Recent statements from US officials reflect a positive signal towards facilitating a conversation between the two leaders, despite previous communication challenges at the bureaucratic level [3] Group 2 - China has been tightening its control over rare earth exports, which is seen as a strategic move to retain leverage in future negotiations with the US [5] - The issuance of export licenses for rare earths in China is now subject to stricter regulations, requiring detailed information about end users, which indicates a more controlled export environment [5] - China's dominance in the rare earth market, accounting for over 60% of global production and over 90% of high-purity supply, positions it advantageously in the ongoing trade tensions with the US [6][8] Group 3 - Experts suggest that China is gaining an upper hand in the confrontation over chips and rare earths, with the US needing a decade to reduce its dependency on Chinese rare earths [8] - The critical role of rare earths in advanced technologies, including military applications and electric vehicles, underscores the importance of this resource in the current geopolitical landscape [6][8]

Core Viewpoint - The article highlights the significant leverage China holds over the U.S. in various critical industries, particularly in rare earth elements, pharmaceuticals, battery materials, and solar energy, raising concerns about U.S. dependency and national security [1][10][44]. Group 1: Rare Earth Elements - China controls 92% of the world's refined rare earth elements, while the U.S. relies on China for 70% of its rare earth compounds and metals from 2020 to 2023 [6][10]. - The U.S. Department of Defense has invested $439 million since 2020 to establish rare earth processing facilities, but production is not expected to begin until 2027, with capacity far below that of China [7][10]. Group 2: Pharmaceuticals - The U.S. pharmaceutical supply chain is heavily reliant on China, with 80% of the raw materials for common drugs like amoxicillin sourced from China [12][13]. - Over 90% of imported hydrocodone and ibuprofen in the U.S. comes from China, indicating a critical dependency on Chinese raw materials for essential medications [15]. Group 3: Battery Materials - China produces over 70% of the world's lithium batteries and controls more than 80% of the global market for battery components [17]. - Chinese companies control 8 out of 14 major cobalt mines in the Democratic Republic of Congo, accounting for over half of the country's cobalt production, with the U.S. relying on China for 70% of its cobalt compound imports [19]. Group 4: Solar Energy - China dominates the solar energy supply chain, with an 80% share in global production across all segments [21]. - In 2023, China accounted for over 80% of the global market for solar products, making it essential for any country aiming to develop clean energy [23]. Group 5: U.S. Response and Challenges - The U.S. has attempted to address its dependency by investigating the pharmaceutical supply chain and considering tariffs, but achieving supply chain localization could take 5 to 10 years [26][28]. - Challenges include potential supply shortages, increased production costs, and significant technological gaps that hinder the U.S. from catching up with China's capabilities [30][34].

【 强 烈建议直接看】 本段视频精华，逻辑更完整 文字版速览 欢迎大家 点击【预约】 按钮 预约 我 下一场直播 本文重点 观点来自： 6 月 3 日本周二直播 传送门 【非会员朋友】 如果你也关注 稀土和电力 欢迎你来体验我的会员内容，里面会更深入分享 全球市场的"投资信息差"。现在下单15天体验，一起交个朋友 （下单后留意短信，点击短信里的链接联系我们领取权益） 注：以上跟投资结论相关的内容出自闫红（证书编号A20230217000983） 最近我们会员专属闭门直播中会重点聊到稀土这个话题。稀土之所以重要，是因为它在电机中的应用， 特别是在机器人电机上的不可替代性。举个例子，电动车的发动机其实是电机，而机器人关节处的驱动 装置（英文叫activator，中文称为驱动器）体积更小，对电机效率要求更高。虽然马斯克已经实现了电 动车电机不再依赖稀土，但机器人电机因体积更小，效率要求更高，依然需要用到稀土中的永磁材料以 提升性能。 以上及直播内容的目的是投资者教育，希望大家从案例中学习管钱知识，因此不构成任何形式的投 资建议和推荐，投资有风险，交易需谨慎！ 如果机器人产业爆发，对稀土的需求必然大幅提升，这是无法绕 ...

标配（维持） 有色金属与钢铁行业双周报(2025/05/23-2025/06/05) 行 业 资源博弈加剧，稀土产业链地位凸显 2025 年 6 月 6 日 投资要点： 有色金属&钢铁行业重要新闻及观点 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 有色金属&钢铁行业 SAC 执业证书编号： S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 资料来源：东莞证券研究所，iFind 分析师：许正堃 行情回顾。截至2025年6月5日，申万有色金属行业近两周上涨0.02%，跑赢沪 深300指数0.95个百分点，在申万31个行业中排名第19名；钢铁行业近两周下 跌1.72%，跑输沪深300指数0.79个百分点，排名第25名。 周 报 截至2025年6月5日，近两周有色金属行业子板块中，金属新材料板块上涨 4.60%，小金属板块上涨4.29%，贵金属板块下跌0.08%，能源金属板块下跌 0.40%，工业金属板块下跌1.59%。 申万有色 ...

一、稀土：小金属捏着全球工业命脉 咱先说说稀土这玩意儿。名字带"土"，身价可比金子还贵。电动汽车电机、导弹制导系统、智能手机屏幕……没它寸步难行。全球92%的稀土精炼在中国完 成，光是今年4月中国对永磁体出口管制一收紧，国际市场价格应声飙涨，印度车企急得跳脚——5月底库存耗尽，生产线眼瞅着要停摆。 更关键的是中重稀土。今年4月中国对钐、钆等7类中重稀土实施出口管制后，美国F-35战机的发动机供应商立马告急。五角大楼报告显示，一架F-35要用掉 417公斤稀土材料，而美国本土产能几乎为零。 二、美国"断供"航空技术：一场危险的赌博 你猜怎么着？美国最近又出"奇招"——暂停向中国商用飞机发放技术许可证，想逼咱们在稀土出口上让步。这招"航空技术换稀土"的算盘打得响，可中国手 里的牌，远比他们想的硬气。 三、中国的破局妙手：分化欧美，以拖待变 面对施压，中国商务部默默出了三张牌： 对欧盟"开绿灯"：6月初召集欧洲芯片企业开稀土政策宣讲会，暗示"合规就能拿货"。英飞凌、ASML火速提交申请，德国经济部长公开点赞："务实合作胜 过对抗。" 看准中国大飞机C919正冲刺国际适航认证，美国突然扣住技术许可证。波音高管私下抱怨 ...

Summary of Guangsheng Nonferrous Conference Call Company Overview - Guangsheng Nonferrous has transitioned from a Guangdong provincial enterprise to being controlled by China Rare Earth Group, focusing on rare earth, tungsten, and copper industries [2][4] - The company holds all rare earth mining licenses in Guangdong, with resources exceeding 120,000 tons and a separation capacity of 5,590 tons/year [2][5] Financial Performance - In 2024, Guangsheng Nonferrous faced significant losses of nearly 300 million yuan due to a sharp decline in the rare earth market [2][8] - In Q1 2025, the company turned a profit with revenues of 1.506 billion yuan and a net profit of 47 million yuan, benefiting from improved supply-demand dynamics and operational measures [2][8] Operational Strategies - The company is optimizing its industrial chain structure, enhancing cost efficiency, and improving collaboration between separation and trading enterprises, achieving a product throughput rate of 97.4% [2][9] - Guangsheng Nonferrous has implemented a market analysis strategy, achieving over 90% sales rate for major products and establishing a raw material supply system to ensure sufficient supply for separation plants [2][10] Marketing and Sales Reforms - The company has reformed its marketing system to eliminate internal competition among its four separation plants, achieving unified purchasing and sales, which stabilizes market prices and enhances competitiveness [2][11] Industry Challenges and Responses - The fluctuating tariffs under Trump's administration have significantly impacted the rare earth sector, causing market volatility and favoring certain stocks in the A-share market [3] - Guangsheng Nonferrous is addressing market risks through daily assessments and flexible response strategies, which contributed to its recovery in Q1 2025 [2][10] Technological Innovations - The company is collaborating with academic experts to develop bio-leaching technology for rare earth extraction, which is environmentally friendly and economically viable, currently at a leading national level [4][14] Future Plans - For 2025, Guangsheng Nonferrous aims to increase resource reserves and production, optimize asset quality, and enhance operational efficiency through dual-driven strategies of industrial operations and capital management [2][15] Market Outlook - The company anticipates stable or rising prices for rare earth elements due to strong support from supply-demand dynamics, despite challenges in the import of minerals from Myanmar [2][23] Conclusion - Guangsheng Nonferrous is strategically positioned to navigate market challenges and capitalize on opportunities in the rare earth, tungsten, and copper sectors, with a focus on operational efficiency and technological advancement [2][24]