智通财经APP获悉，来自美国的稀土新势力USA Rare Earth(USAR.US)周三表示，其宣布收购Less Common Metals(LCM)的重磅交易已获英国国务大臣的正式监管批准，消息带动该股在美股盘前交易中 一度上涨超3%。这家美国稀土公司表示，在现已获得所需的唯一反垄断监管批准后，预计该项收购立 马将彻底完成，符合其此前设定的2025年日历年第四季度的目标时间。 对于憧憬美国稀土独立的特朗普政府来说，USA Rare Earth吞下Less Common Metals堪称具有里程碑意 义的重大稀土事件，这意味着USA Rare Earth不久后将具备"从开采到精炼再到磁体的能力"。在得到 LCM这一拼图之后，特朗普政府心心念念的"稀土产业链闭环"至少在理论上实现，这家稀土新势力也 有望成为美国稀土自主体系里的"中流砥柱之一"。 USA Rare Earth在一份声明中强调，此次收购标志着USA Rare Earth"从磁体到矿山"(magnet-to-mine)的 稀土全产业链战略的显著加速，未来将打造一条端到端的美国纯本土的稀土供应链。 LCM所提供的金属和合金是制造全球最先进磁体、半导体 ...

Core Insights - The U.S. is attempting to reduce its reliance on Chinese rare earth elements through various agreements and initiatives, indicating a strategic shift in its mineral sourcing policy [1][3][4] Group 1: Rare Earth Elements Overview - Rare earth elements, including lanthanum, cerium, and neodymium, are critical for modern industries and high-tech applications, such as smartphones, wind turbines, and military equipment [3] - China currently dominates the global rare earth supply chain, controlling over 80% of processing capacity and 90% of magnet production, which poses a strategic risk for the U.S. [3][4] Group 2: U.S. Domestic Challenges - The development of a domestic rare earth industry in the U.S. faces significant challenges, including environmental regulations and the need for substantial investment and time, potentially taking over a decade to achieve large-scale production [4] - The Mountain Pass mine in California, while being one of the largest rare earth mines, is constrained by pollution concerns and regulatory hurdles [4] Group 3: Global Cooperation and Agreements - The U.S. is seeking to diversify its supply chain by signing agreements with countries like Malaysia for processing capabilities and developing mineral resources in Central Asia, including tungsten in Kazakhstan [4] - These actions reflect a broader strategy to mitigate dependence on Chinese rare earths through international collaboration [4] Group 4: China's Competitive Advantage - China's advantages in the rare earth sector stem from its resource reserves and advanced processing technologies, making it difficult for the U.S. to find viable alternatives [6] - Recent Chinese export controls require U.S. companies to prove that their products are not used for military purposes, further complicating the U.S. efforts to reduce reliance on Chinese rare earths [6] Group 5: Future Outlook - The competition between the U.S. and China in the rare earth sector is expected to intensify, with the U.S. likely to accelerate domestic industry development and invest in alternative materials [6] - Despite U.S. efforts to diminish its dependence, China's dominant position in the rare earth market is unlikely to change in the short term [6]

地球知识局 文字 | 严寒 校对 | 朝乾 编辑 | 澄澈 10月9日，一项"最硬核"的稀土管制新规出台了，不仅让全球高科技企业开始集体学习中文和WPS操 作，更在改写全球战略资源的博弈规则。 这项新规来自中国商务部，内容是稀土相关物项的两项出口管制。其中有一个细节，十分引人注目：所 有出口许可申请文件必须以中文提交，而且附件材料全面采用国产办公软件的WPS格式，而非国际通 用的Word或PDF。 连文件格式都改国产了▼ 这意味着，那些曾依赖中国稀土却不愿遵守规则的企业，如今不得不适应新的游戏规则——按中国标准 办事。 中国稀土新规的颁布，WPS格式与中文申请只是表象，更深层的是中国对稀土战略价值的重新定位。 从2001年起，我国将稀土技术列入《禁止出口限制出口技术目录》，到2023年，对部分稀土实施出口许 可制度，到2024年实施全产业链监管，再到此次境外管制与技术管控的双重升级，一条清晰的战略脉络 已然显现。 全球一大半的稀土金属，都是中国造▼ 无论是先进制程的芯片，光互联技术改进，还是芯片相关的生产设备、测试设备和材料，甚至连发电与 冷却等场景，都离不开稀土。 稀土对全球AI供应链几乎拥有一票否决权—— ...

2025年11月，中国宣布暂停部分关键矿产出口限制，本以为美国该松口气了，结果反倒更焦虑了。 中国松绑，亮出一张"阳谋牌"，让对手看得见，却摸不透。这一招让华盛顿坐立难安，全球那些原本指 望"去中国化"的稀土方案，如今一个个被打回原形。 美国喊了多年要摆脱中国稀土依赖，现实却是，门敲得越多，越发现离不开中国。问题来了，中国这 次"松绑"，究竟是缓和，还是下一步更大的布局？ 主动权还在中方手里 中国这次宣布暂停出口限制的，是镓、锗、锑、石墨这些关键矿产，不说取消，只说暂停，意思就是要 谈可以，但主动权还得握在中方手里。 从开采到提纯，每一步都是技术活。而美国，别说精炼，连开采都常年依赖进口。 这次稀土松绑，是在中国和美国刚刚在吉隆坡举行完贸易会谈之后宣布的。中方换来的是美方在部分关 税和技术出口限制上的"松一松"。 中方的姿态很清楚：可以谈，但要看诚意。禁令暂停一年，就是一年，不多不少，后面怎么走，看谈的 怎么样。 美国的焦虑，是被现实打醒的 特朗普政府一边高调宣布"去中国化"，一边悄悄加紧从中国"曲线采购"，这种操作说穿了就是两头堵。 美国国内的稀土矿不是没有，但开采成本高，环保约束多，几乎没有企业愿意真投进 ...

Global Landscape - The strategic interaction and policy choices between China and the US significantly impact global trade, industrial chain layout, and capital flows [4] - China is estimated to account for over 40% of global manufacturing capacity, reinforcing its influence in trade and industry [4] - The debt-driven growth model poses challenges but also reflects China's substantial policy resources and market development potential [4] Chinese Economy - The current economic situation is characterized as "high at the front and low at the back," with a GDP growth rate of 5.2% in the first three quarters, making the annual target achievable [6] - Consumption grew by 4.5%, supported by policies like "old-for-new" exchanges, while investment saw a decline of 0.5% [6] - Exports were a highlight, increasing by 6.1%, particularly strong in emerging markets like Africa and ASEAN [6] "14th Five-Year" Plan Highlights - The plan emphasizes accelerating "technological self-reliance," aiming to build a modern industrial system with advanced manufacturing as its backbone [8] - There is a strong push for consumption and increased social welfare spending, particularly in response to an aging population [8] - The establishment of a nationwide unified market is prioritized, optimizing resource allocation in energy, public services, and data [8] Asset Allocation Strategies - In a low-interest-rate environment, high-dividend assets are highlighted as scarce and valuable, with Hong Kong stocks offering a dividend rate 30% higher than A-shares [11] - Sectors like military, gold, and rare earths are recommended as strategic allocations in response to global geopolitical tensions [11] - Focus on AI technology sectors, including computing power and robotics, is essential as they represent a significant investment opportunity [11] - New consumption trends driven by younger demographics and single-person economies present emerging investment opportunities [11]

中方日前宣布暂停对美稀土出口管控一年，美国各界本以为可以松口气，没想到中国有"附加条件"。 美国知情人士称：中国正在制定"稀土金属简化机制"，该方案是为了防止稀土金属流向美国军事企业， 美军工厂再次被中国"卡脖子了？" 图片来源俄罗斯卫星社 稀土，不只是资源，更是战略 稀土的重要性相信大家都有所耳闻了，全球稀土的供应高度集中于中国，根据《金融时报》、中国海关 数据等统计： 中国掌握着全球稀土近七成的开采量，九成以上的精炼量，以及接近全部的高端磁体产能，这是一个几 乎无法绕开的资源源头。 而美国，尽管国内也有稀土矿，但受限于环保法规、技术落后和成本劣势，多年来对中国稀土严重依 赖。 简单来说就是：谁能买，谁不能买，不是按国家划线，而是按用途分类，美国企业要买稀土？可以，但 得先证明你不是军方供货商。 据报道，美国2022年约80%的稀土进口来自中国，这意味着，一旦中国关上稀土出口的闸门，美国不少 企业，尤其是军工系统，立马陷入"断供"危机。 回顾过去几年，中国对稀土出口的态度从开放到收紧，再到如今的"精准放行"，其实正反映了一个大国 在全球博弈中权衡利弊的战略调整。 从2023年起，中国先后对镓、锗、石墨等特殊 ...

不出意外的话，西方这次肯定又要"破防了"！ 11月7日《中国新闻网》报道：中国团队首次在"蕨类植物中"发现"稀土成矿"现象，专家表示：这一发 现或许有助力稀土可持续利用。 在美国以及其他国家还未完全开发出稀土产业链的当下，中国再次迈出一大步，真是"国运来了挡都挡 不住！ 专家发现的蕨类植物 稀土未来可能是种出来的？ 更关键的是，也这一过程在常温常压下完成，没有放射性，不带污染，这是传统稀土矿所无法比拟的优 势。 稀土，一直被称为"工业维生素"，应用于电动汽车、风电、芯片、导弹等几乎所有高科技领域。 如今全球对稀土的依赖与日俱增，但开采过程带来的生态破坏也越来越难以忽视，传统稀土矿的开采不 仅伴生放射性元素，还会留下大量酸性尾矿和重金属污染，治理代价高昂。 这也是为什么中国团队（朱建喜团队）的发现如此"有杀伤力"，朱建喜团队发现的蕨类植物名叫"乌毛 蕨"。 乌毛蕨不是什么稀罕植物，在南方很多山区都能见到，可这次，它的"本领"被发现了：能像"吸尘器"一 样，从土壤中高效吸收稀土离子，并在体内以"镧独居石"形式，自我"成矿"。 乌毛蕨分布地区 过去，我们的资源得靠"挖"，现在，可能靠"种"就能产出，这背后的潜力非常 ...

格隆汇11月12日｜国元证券研报指出，盛和资源2025年前三季度实现归母净利润7.88亿元，同比增长 748.07%；2025年Q3实现归母净利润4.11亿元，同比增加154.48%。稀土产品价格上涨，带动业绩高 增。资源布局全球化，提高上游资源保障。公司Tajiri项目资源量达2.68亿吨，年底有望投产；马达加斯 加重砂矿前期推进顺利。锆产品广泛应用于军工与高端制造领域，钛资源具战略价值，整体业务正形成 稀土与锆钛双线协同发展的格局。公司具备完整的稀土产业链，将海外优质资源和国内优质产业相结 合，全球资源布局与长期供给保障,随着产量提升及稀土价格企稳回升，公司业绩有望持续增长。按照 最新股价测算，对应PE估值分别为46.30、43.54和40.30倍，给予公司"增持"的投资评级。 ...

Core Insights - The narrative surrounding China's economic growth has shifted, with trade with Belt and Road Initiative countries now accounting for nearly half of China's total trade, up from just over 30% a few years ago [2] - China's export growth is increasingly driven by emerging markets, with a significant transformation in export structure from low-value products to electric vehicles, photovoltaic equipment, energy storage products, and AI software systems [4][6] - The Regional Comprehensive Economic Partnership (RCEP) has led to a significant reduction in tariffs, boosting trade within the region to over 2.5 trillion RMB [7] Trade Dynamics - U.S. companies are facing challenges in reducing reliance on China, as many products shipped from Southeast Asia and Mexico are still produced by Chinese firms operating overseas [9] - China has shifted its soybean imports from the U.S. to Brazil and Argentina, highlighting the strategic importance of its agricultural and technological sectors [11] - China's semiconductor self-sufficiency is projected to reach over 30% by 2025, as the country accelerates its domestic R&D efforts [11] Economic Resilience - China's economy is showing resilience through internal vitality, with GDP growth of 5.2% year-on-year in the first three quarters of the year [15] - The manufacturing sector is evolving, with high-tech manufacturing accounting for 16.7% of industrial value added, and green energy consumption increasing by approximately 1.7 percentage points [17] - The "new economy" (new industries, new business models) is becoming a significant growth engine, with a projected growth rate of 6.7% in 2024, outpacing overall GDP growth [19] Global Economic Landscape - The global economic landscape is undergoing a transformation, with the dominance of the U.S. dollar gradually weakening, while China's manufacturing and market potential become more pronounced [21] - China's competitive edge is bolstered by its manufacturing resilience, renewable energy advantages, and market potential, positioning it as a leader in the new global economic arena [21]

缅甸近5年稀土产量大幅增长，2024年中国超半数进口稀土来自该国，这让美国看到机会。但缅甸稀土 矿区运输条件差，改善基础设施成本高，且中缅经贸联系紧密，中国企业能提供便捷加工服务。此外， 美国此举触动中国地缘安全神经，其"介入计划"阻力重重。更关键的是，全球90%稀土分离产能在中 国，这是长期技术壁垒，美国急功近利低估产业规律。中国需持续保持技术领先、完善产业链，守护 稀|土战|略高地。 美国对中国稀|土领域主|导地位心存不满，在中国调整稀土出|口政策后，急于寻找新供应渠道，特朗普 政|府将目标转向缅甸。据悉，特朗普政|府正内部讨论调整对缅政策，核心是削弱中国稀|土产业链主导 地位，把缅甸稀土纳入美国供应链，还设计2套方案：或促成缅甸|军政|府与克钦独|立|军和|解以介入稀 土开发，或绕开中|央政|府直接与克钦独立|军合作。 ...