Group 1: Trade Relations and Tariffs - The U.S. announced a 100% tariff on Chinese exports related to rare earths and key software, prompting a response from China's Ministry of Commerce, which emphasized that high tariffs are not the correct approach for bilateral relations [1] - China reiterated its unwillingness to engage in a trade war but stated it would take necessary measures to protect its legitimate rights if the U.S. persists in its actions [1] Group 2: Shipping and Port Fees - The Ministry of Transport of China announced that starting from October 14, 2025, special port fees will be charged for U.S.-owned or operated vessels, including those with significant U.S. ownership [2] Group 3: Market Regulation and Antitrust - Qualcomm is under investigation by China's State Administration for Market Regulation for allegedly violating the Anti-Monopoly Law, particularly concerning its acquisition of Autotalks without proper notification [3] - The investigation follows Qualcomm's failure to comply with notification requirements after being advised to do so, leading to a formal inquiry into its business practices [3] Group 4: Industry Responses to U.S. Measures - China's Ministry of Commerce announced countermeasures against U.S. restrictions on the shipbuilding industry, framing these actions as necessary for maintaining fair competition in international shipping and shipbuilding markets [4] Group 5: Infrastructure and Technology Development - The Ministry of Industry and Information Technology, along with six other departments, issued a plan to enhance new information infrastructure and promote the integration of computing power with industry applications from 2025 to 2028 [5] Group 6: Financial Adjustments in the Market - The margin financing and securities lending rates for SMIC and Beken Technology have been adjusted back to 70% and 50%, respectively, after previously being set to zero due to high static P/E ratios [6] - Wentech Technology announced that its control over Anshi Semiconductor is temporarily limited due to a ministerial order from the Dutch government, affecting operational efficiency but not economic rights [7] Group 7: Shareholder Actions - China Unicom plans to reduce its shareholding by up to 1.20% through various trading methods, aiming to optimize its capital structure while maintaining a positive outlook on the company's future [8] - CATL has repurchased 15.99 million shares for a total of RMB 4.386 billion, representing 0.3629% of its total A-share capital [9] Group 8: Commodity Pricing - Northern Rare Earth announced that the trading price for rare earth concentrate for Q4 2025 will be adjusted to RMB 26,205 per ton, reflecting a 37.13% increase from the previous quarter [10]

核心观点 投资建议与投资标的 风险提示 有色、钢铁行业 行业研究 | 行业周报 黄金稀土或再迎高光时刻 ——有色钢铁行业周观点（2025 年第 41 周） 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化。 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 10 月 12 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | 李一涛 | 执业证书编号：S0860124120001 | | | liyitao@orientsec.com.cn | | | 021-63326320 | | --- | --- | | 黄雨韵 | 执业证书编号：S0860125070019 | | | huangyuyun@orientsec.com.cn | | | 021-63326320 | | AI 发展为何离不开金属软磁粉芯：——AI | 2025-10-09 | | --- | ...

Group 1 - The National Development and Reform Commission and another department issued guidelines for the deployment and application of AI large models in the public sector, indicating that the software industry is accelerating its evolution under the empowerment of large models [1] - Two major rare earth giants have raised prices by 37% month-on-month, with institutions stating that the industry is showing a resonance pattern on both supply and demand sides; one company specializes in high-performance rare earth permanent magnet materials such as sintered neodymium iron boron and sintered samarium cobalt [1] - A company has established a full-chain industry layout from storage chip packaging and testing to storage module assembly [1]

Core Viewpoint - The A-share market is expected to enter a wide-ranging fluctuation phase in the short term, influenced by high valuations and cautious market sentiment, while policy expectations and potential interest rate cuts by the Federal Reserve may provide support [1][2][4]. Group 1: Market Analysis - The Shanghai Composite Index is currently near the 3900-point resistance level, which is anticipated to affect the A-share market in October and prolong the fluctuation period [2]. - The market is likely to experience increased volatility due to external uncertainties and profit-taking pressures, with a focus on mid- to long-term policy expectations [4]. Group 2: Sector Focus - Short-term attention should be on high-dividend and consumer sectors, while mid-term focus shifts to TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors [1]. - Financial sectors such as banks and insurance, as well as industries related to the "14th Five-Year Plan" and environmental protection, are recommended for consideration [2]. - Investment opportunities are highlighted in non-ferrous metals (precious, industrial, and minor metals), agriculture, and energy sectors, driven by ongoing policy themes and infrastructure projects [4]. Group 3: Gold Market Outlook - A long-term optimistic view on gold is maintained, with potential opportunities arising from capital reallocation due to the peak of the overseas AI technology wave [3]. - The appropriate allocation of gold in personal asset portfolios is suggested to be between 2-10%, while institutional allocations may be increased [3].

Investment Rating - The report maintains an "Overweight" rating for the rare earth sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The recent export control measures by the Ministry of Commerce on rare earths have significantly broadened the scope of controlled items, including additional rare earth elements and related technologies, reflecting a strategic tightening of supply [1][3]. - The recovery of rare earths in China has shown a compound annual growth rate (CAGR) of 15.10% from 2020 to 2023, reaching approximately 30,500 tons in 2023, indicating advancements in recycling technology [2][7]. - The strategic value of rare earths is highlighted by international developments, such as the U.S. government's investments in rare earth projects, underscoring the geopolitical importance of these resources [3]. Summary by Sections Export Control Measures - The recent announcements include a comprehensive expansion of export controls on heavy rare earths and related materials, which now encompass additional elements like holmium, erbium, thulium, europium, and ytterbium, as well as various processing equipment and technologies [1][3]. Supply and Demand Dynamics - The tightening of supply due to export controls is expected to enhance the resilience of demand for rare earths, with exports showing signs of recovery in mid-2025 after initial declines [3][13]. - The report notes that the export volume of rare earths and tungsten products has rebounded, with a year-on-year increase of 19.60% in August 2025 for rare earths [3][13]. Industry Growth Potential - New growth opportunities are emerging in sectors such as humanoid robotics and low-altitude flying vehicles, which utilize neodymium-iron-boron magnets, indicating a diversification of demand for rare earth materials [4]. - The report suggests a continued bullish outlook for the rare earth permanent magnet sector, driven by its strategic value and resource scarcity [4]. Key Companies to Watch - The report recommends monitoring companies such as China Rare Earth, Guangxi Chicheng, Northern Rare Earth, Shenghe Resources, and Baotou Steel for their positions in the resource sector, as well as companies like Zhenghai Magnetic Materials and Ningbo Yunsheng in the magnetic materials processing segment [4].

Group 1 - The core viewpoint of the report indicates that the long-term trend of a slow bull market in A-shares remains unchanged, despite short-term pressures from trade tensions [1][8] - The report highlights that the structural recovery of A-share profits and potential credit recovery are key factors supporting the slow bull trend [8][13] - Short-term adjustments in A-shares are viewed as opportunities for low-position layouts, with limited adjustment pressure on the fundamentals [13][20] Group 2 - The report discusses the reasons behind the current round of US-China tariff tensions, including China's restrictions on rare earth exports and the ongoing negotiation dynamics [7][8] - It notes that the potential imposition of additional tariffs by the US may serve as a countermeasure against China's export controls on rare earths, reflecting a strategic negotiation tactic [7][8] - The report emphasizes that the impact of tariffs on exports is expected to be less severe than in previous instances, due to an optimized export structure and resilient domestic consumption and investment [13][20] Group 3 - The industry allocation analysis suggests a balanced style in the short term, while the technology sector remains favored in the medium to long term [15][20] - The report indicates that sectors such as large finance, rare earths, agriculture, and innovative pharmaceuticals may perform relatively well in the short term due to their defensive attributes [20][22] - It also highlights that the technology sector, particularly in areas like artificial intelligence and robotics, continues to receive policy support and is expected to maintain a favorable position in the long term [16][22]

Investment Rating - The industry is rated as "Leading the Market - A" with a maintained rating [4]. Core Viewpoints - The report highlights the impact of recent geopolitical events, including the U.S. government shutdown and potential tariffs on Chinese imports, which have led to increased prices for precious and industrial metals [1][2]. - There is a focus on the strategic attributes of rare earth metals and the safe-haven properties of gold in the short term, while maintaining a long-term outlook on the fundamentals of copper, aluminum, tin, cobalt, and tantalum [1]. - The report suggests that the recent announcements from the U.S. and China regarding rare earths indicate a shift towards dual control of technology and supply chains, which may lead to a new round of price increases in the rare earth sector [7]. Summary by Sections Precious Metals - Gold and silver prices have seen increases of 3.6% and 3.0% respectively, with COMEX gold closing at $3986.2 per ounce and silver at $47.4 per ounce [2]. - The market is expected to continue favoring gold due to policy uncertainties and rising demand for silver, which has been included in the U.S. critical minerals list [2]. Industrial Metals - Copper prices have increased, with LME copper closing at $10,374 per ton, reflecting a 0.86% rise [3]. - Supply constraints from major producers and a slight recovery in demand post-holiday are expected to support copper prices [3]. - Aluminum prices have also risen, with LME aluminum at $2,746 per ton, although recent geopolitical tensions have caused some volatility [3][7]. Strategic Metals - The report emphasizes the growing anxiety in the U.S. and Europe regarding the supply of rare earth materials, particularly for AI and military applications [8]. - Recent policy changes in China regarding rare earth management are expected to influence market dynamics positively, with potential price increases anticipated [8]. - Cobalt prices are on the rise due to limited supply and strong demand, particularly in the context of the upcoming export quota regulations from the Democratic Republic of Congo [8].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本周末影响市场的重要资讯有：央行货币政策委员会召开2025年第三季度例会；八部门印发有色金属行 业稳增长工作方案；白银飙至14年新高，北交所并购重组市场活跃度显著提升；美联储10月降息25个基 点的概率为87.7%；小米17系列刷新2025年国产手机首销全天销量纪录；万达集团王健林被限高，摩尔 线程首发申请成功通过上交所审议。 【宏观要闻】 美方宣布将对中方加征100%关税 商务部回应四大关切 有记者问：10月9日，商务部、海关总署发布公告，对相关稀土物项实施出口管制。请问中方有什么考 虑？ 答：中方发布了关于稀土等相关物项的出口管制措施，这是中国政府依据法律法规，完善自身出口管制 体系的正当做法。当前世界局势动荡不安，军事冲突时有发生，中方注意到中重稀土相关物项在军事领 域有重要应用。中国是负责任大国，依法对相关物项实施出口管制，目的是更好维护世界和平与地区稳 定，履行防扩散等国际义务。中国的出口管制不是禁止出口，对符合规定的申请将予以许可。在措施公 布前，中方已通过双边出口管制对话机制向各有关国家和地区作了通报。中方愿与各国加强出口 ...

Group 1 - The article discusses the experiences of young investors in the stock market, highlighting their struggles with losses and the emotional toll of trading decisions [3][4][11] - It emphasizes the significant market movements, with the A-share market's total market value increasing by 51.57% and the Shanghai Composite Index rising by 37.4% since the start of the "9·24" rally [4][6] - The narrative includes personal stories of investors like Mr. Bai and Xiao Chen, illustrating their learning curves and the impact of market volatility on their investment strategies [5][9][12] Group 2 - The article notes that many new investors faced challenges such as "cutting losses" and "missing out" on potential gains, leading to a deeper understanding of market dynamics [3][7][10] - It highlights the importance of diversification in investment portfolios, as demonstrated by Mr. Bai's successful strategies in navigating market fluctuations [9][15] - The article also points out the growing interest in technology stocks, with significant gains in sectors like TMT (Technology, Media, and Telecommunications) and advanced manufacturing [15][16] Group 3 - The article mentions that from September 24, 2024, to October 9, 2025, 1,308 stocks in the A-share market doubled in price, indicating a strong market performance [14] - It discusses the regulatory requirement for investors to have two years of trading experience to access certain high-growth sectors, reflecting the risks associated with volatile stocks [14][15] - The article concludes with insights from analysts suggesting that the market may experience a gradual upward trend amidst volatility, with a focus on technology growth as a key investment theme [16]

Group 1 - The report highlights the upgrade of rare earth export controls in China, shifting from "item control" to "technology control," which restricts the export of related technologies and their carriers without permission [2][10][11] - As of 2025, China holds 48% of the global rare earth mineral reserves, with 27,000 tons out of a total global production of 39,000 tons, accounting for 69% of the total production [11][12] - The domestic rare earth price index is expected to rise significantly in 2025 compared to 2024, driven by tightening controls and improving supply-demand dynamics [13][14] Group 2 - The North Exchange chemical new materials sector experienced a weekly increase of 0.60%, with notable gains in non-metallic materials and metal new materials [3][22][23] - Key stocks in the North Exchange chemical new materials sector that performed well include Tianli Composite (+9.40%), Huifeng Diamond (+8.25%), and Minshida (+6.55%) [29][30][31] - The report indicates that the price of Brent crude oil rose by 2.9% in the past week, while other chemical product prices showed mixed trends [34][35][36] Group 3 - The report mentions that Benlang New Materials, a leading company in diamond tools, reported a 21.33% year-on-year increase in revenue from rare earth permanent magnet components in the first half of 2025 [19][20] - The company has improved its gross margin by 6.72 percentage points year-on-year through better raw material procurement management and refined order tracking [19][20] - The report emphasizes the strategic importance of rare earths in various high-end manufacturing sectors, including defense, aerospace, and new energy [13][18]