《日经新闻》1月9日称，中国正在收紧对日本军民两用物项出口管控，对日本的稀土相关产品出口限制 范围已覆盖民用领域。另据法新社报道，日本将于11日开展罕见的深海稀土试采计划，巴望以此降低对 华依赖。 针对两用物项出口管制一事，中国商务部新闻发言人何亚东8日强调，中方始终致力于维护全球产供链 稳定与安全，涉及民事用途的不会因此受到影响。对于开展正常民用贸易往来的相关方，完全没有必要 担心。 但日媒炒作称，出口管制已给相关企业造成困扰：企业在申请对日出口许可时屡遭中方主管部门驳回； 此外，主管部门虽接收部分出口申请，但审批耗时远超常规周期。 《日经》采访的业内人士称，事实上，出口核查收紧的举措在官方声明发布前就已启动。 日本航空自卫队F-35B隐形战机。尖端武器的生产离不开稀土材料。 视觉中国 【文/观察者网 柳白】 面对中方反制雷霆之势，做贼心虚的日本一边拉盟友壮胆，另一边打起了深海稀土的主意。 报道说，中方主管部门正严格核查稀土相关产品的最终用户身份及用途，这使得出口许可证的核发难度 大幅增加，仅在两类情形下会予以放行：一是产品在日本加工后转口至美国；二是相关产品由特定日本 企业使用。 一名日本政府官员表示：" ...

Group 1 - The U.S. Department of Defense (DoD) is investing in a zinc smelting plant in Tennessee in collaboration with Korea Zinc Company, acquiring a 40% stake for $7.4 billion, making it the largest shareholder [2] - The smelting plant is expected to produce approximately 540,000 tons annually, and Korea Zinc will sell $1.9 billion worth of new shares to the U.S. government and a joint venture controlled by U.S. strategic investors [2] - The DoD has previously invested $400 million for a 15% stake in MP Materials, the only operating rare earth mine in the U.S., and plans to acquire 10% of Intel, indicating a shift towards investment banking-like activities [2][3] Group 2 - The recent acquisitions by the DoD stem from the "Big and Beautiful" Act, which aims to reshape U.S. industry by increasing debt by approximately $4.1 trillion over ten years through cuts in public healthcare and green industry subsidies [3] - The Act provides $500 million in credit subsidies to the DoD's Strategic Capital Office, creating up to $100 billion in available loan funds for critical mineral production and related projects [3] - The investment strategy of the Strategic Capital Office is evolving from mid-term investments in key industries to a model that includes control over investments, reflecting concerns over supply chain stability for critical minerals [3][4] Group 3 - The investment in the Korean smelting plant marks the first time the DoD is acting as a government shareholder in a foreign critical mineral enterprise [4] - The U.S. has been actively engaging with South Korea to enhance domestic production of strategic minerals, with discussions initiated during a business roundtable in Washington [4][5] - The DoD's recent actions are part of a broader strategy to establish new strategic supply chains outside of China, as indicated by the White House's commitment to reduce reliance on foreign critical minerals [7][8] Group 4 - The DoD's entry into the Korean smelting plant has faced opposition from Korea Zinc's major shareholders, who are concerned about potential dilution of their shares [7] - The reliance of South Korea on Chinese mineral supplies complicates the situation, as significant portions of essential materials like germanium are sourced from China [7] - Despite the aggressive moves by the DoD, challenges remain in addressing the technical difficulties associated with rare earth refining, which may persist for at least a decade [8]

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Core Insights - Amaroq Minerals announced the discovery of high-quality rare earth minerals in southern Greenland, with a total rare earth oxide content of 2.31% [1] - The CEO of Amaroq stated that developing these resources will be challenging due to the harsh polar environment and lack of infrastructure [1] - The company plans to continue evaluating the rare earth resources and aims to start drilling as early as spring next year [1] Group 1: Company Developments - Amaroq Minerals has been operating in Greenland since 2017, primarily focusing on gold mining before obtaining permits for rare earth exploration in 2023 [3] - The company is considering the development of rare earth resources in Greenland, which requires significant external funding [1][3] - The technical team of Amaroq will continue assessments of the rare earth resources in Greenland [1] Group 2: Industry Context - Greenland is rich in mineral resources, with the US Geological Survey estimating approximately 1.5 million tons of economically and technically recoverable rare earth oxides [3] - The region has attracted attention from the US and EU, with both signing memorandums of understanding for mineral resource cooperation with Greenland [3] - Other companies, including those from the US, UK, and Australia, are also interested in rare earth projects in southern Greenland, indicating a growing competitive landscape [3]

Core Viewpoint - Jiangxi Province is actively promoting green mining practices, transitioning from extensive mining to sustainable development, which has improved both environmental conditions and production efficiency [1][2][6] Group 1: Green Mining Development - Jiangxi has 593 mining sites, with 262 designated as green mines, including 35 national-level, 180 provincial-level, and 47 municipal-level [1] - The province has implemented the "Jiangxi Province Green Mining Management Measures (Trial)" and other regulations to clarify responsibilities and standardize assessments for green mining [2][3] - By May 2024, Jiangxi has established 60 new green mines, indicating steady progress in green mining initiatives [3] Group 2: Technological Innovation - The City Gate Mountain Copper Mine has improved copper recovery rates by 1.96% and sulfur recovery rates by 15.72% from 2017 to 2024 through technological advancements [3] - New technologies developed for ion-type rare earth mining have significantly reduced wastewater pollution and improved resource recovery rates [3] Group 3: Quality Control and Evaluation - A multi-departmental review system has been established to streamline the approval process for green mining applications, enhancing efficiency and consistency [4][5] - From 2021 to May 2023, 70 non-compliant mining enterprises were removed from the green mining list, reinforcing accountability [5] Group 4: Community Impact - Green mining initiatives have resolved conflicts between local communities and mining companies, improving local infrastructure and providing stable employment opportunities [6] - Legal agreements have been established to ensure compliance with green mining standards, preventing neglect of management [6] Group 5: Future Goals - By the end of 2028, 90% of large and 80% of medium-sized operating mines in Jiangxi are expected to meet green mining standards [6][7] - The provincial government emphasizes the need for continuous improvement and accountability in green mining practices [7]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a notice clarifying the implementation of resource tax policies related to rare earth mining, specifying the tax obligations for different types of rare earth products [1] Group 1: Taxation on Light Rare Earths - Taxpayers will be subject to resource tax on the mined light rare earth ores that undergo initial processing such as washing and selection, resulting in mineral-type rare earth concentrates, including fluorocarbon cerium concentrate, monazite concentrate, and mixed rare earth concentrates [1] Group 2: Taxation on Heavy Rare Earths - Taxpayers will also be required to pay resource tax on ion-type rare earth ores processed through ion exchange and other methods to produce rare earth solutions, rare earth carbonates, rare earth oxalates, and mixed rare earth oxides produced through calcination and oxidation processes [1]

Core Insights - The urgency of the U.S. regarding rare earth exports from China has increased, with Treasury Secretary expressing hope for a supply agreement before Thanksgiving [1][3] - The U.S. believes that China should restore rare earth supply to the free flow status prior to April 4, but this may not be realistic without a comprehensive trade agreement [5][9] Group 1: U.S. Position and Actions - U.S. Treasury Secretary Becerra stated the desire to secure a rare earth supply agreement with China by the end of November [3] - Becerra warned of various retaliatory measures if China reneges on any agreement [3] - The U.S. has taken significant steps towards self-sufficiency in rare earths, but challenges remain in mining and refining capabilities [9] Group 2: China's Response and Market Dynamics - China is considering reopening rare earth exports under certain conditions, potentially limiting access to companies linked to the U.S. military [5] - China has recently resumed normal flow of rare earths by suspending export controls on key minerals [9] - Despite verbal concessions regarding U.S. soybean purchases, actual actions show ongoing discrepancies between the two nations [9] Group 3: Market Control and Dependency - China controls approximately 70% of global rare earth extraction and over 90% of processing capabilities, making it difficult for the U.S. to change this dependency in the short term [10] - The U.S. relied on imports for about 80% of its rare earth needs last year, with critical minerals like dysprosium and terbium almost entirely refined by China [10]

Core Viewpoint - China's recent announcement to suspend export restrictions on key minerals such as gallium, germanium, antimony, and graphite from now until November 27, 2026, marks a strategic shift in the ongoing US-China competition [1] Group 1: Strategic Implications - The suspension of export restrictions is perceived as a tactical retreat that allows China to gain leverage, particularly in the semiconductor and renewable energy sectors, where gallium and germanium are critical [3] - The US is facing a strategic dilemma in the critical minerals sector, as domestic production is insufficient and relies heavily on Chinese technology for rare earth separation [3] - The timing of this announcement coincides with the US election cycle, presenting a challenge for the new government to choose between continued confrontation or pragmatic cooperation with China [5] Group 2: Global Supply Chain Dynamics - The global supply chain is undergoing significant restructuring, with countries like Australia and Canada ramping up mining efforts, yet lacking sufficient refining capacity [5] - China currently controls 95% of the global graphite refining capacity, making it difficult for other nations to quickly overcome this dominance [5] - The temporary lifting of export restrictions may deepen Western reliance on Chinese minerals, highlighting the dual-edged nature of supply chain weaponization [6] Group 3: Technological Advancements - The export suspension is seen as a strategic move to buy time for China's advancements in next-generation technologies, such as solid-state batteries and silicon carbide chips, which are on the verge of industrialization [6] - While the West focuses on rebuilding raw material supply chains, China is positioning itself for technological breakthroughs that could redefine industry standards [6]

Group 1: Airline Sector - Major domestic airlines in China, including China Eastern Airlines, Air China, and China Southern Airlines, reported revenue growth and profitability for the third quarter of 2025, supported by summer travel and foreign exchange gains [1] - China Eastern Airlines (00670) rose by 4.65%, Air China (00753) increased by 6.31%, and China Southern Airlines (01055) gained 4.85% in early trading [1] Group 2: Infrastructure and Construction - China Liansu (02128) saw a rise of over 5.5% following the announcement of plans to construct and renovate over 700,000 kilometers of underground pipelines, with an investment demand exceeding 5 trillion yuan during the 14th Five-Year Plan [1] Group 3: Consumer Goods and Retail - Pop Mart (09992) surged over 6.64% as a report indicated a 245-250% increase in overall revenue for the third quarter of 2025, with domestic revenue growing by 185-190% and overseas revenue by 365-370% [1] - Wei Long (09985) increased by over 6.8% due to a Goldman Sachs report highlighting a favorable risk-reward profile after a 30% price correction since April [4] Group 4: Renewable Energy and Technology - Aidi New Energy (02623) rose by over 13.67% after announcing a change in control, with PIH becoming the new controlling shareholder [2] - Global energy storage battery shipments reached 428 GWh in the first nine months of 2025, marking a significant year-on-year increase of 90.7%, benefiting companies like Ruipu Lanjun (00666), which saw a nearly 8% rise [2] Group 5: Pharmaceuticals - Gilead Sciences-B (01672) increased by over 6.98% after being included in the MSCI Global Small Cap Index, effective November 24 [2] - Zhaoke Ophthalmology-B (06622) rose over 10.3% following a distribution agreement with a leading Indonesian pharmaceutical company for its innovative eye treatment [3] Group 6: Metals and Mining - Century Aluminum (CENX.US) reported a revenue of $632.2 million for Q3 2025, a 17.3% year-on-year increase, primarily driven by price increases in the Midwest [5] - Rare earth stocks saw significant gains, with MP Materials rising over 12.8% [5] Group 7: Technology and E-commerce - Airbnb (ABNB.US) reported Q3 2025 revenue of approximately $4.1 billion, a 10% year-on-year increase, with net profit around $1.4 billion [7] - Akamai (AKAM.US) saw a 14.71% increase after reporting a non-GAAP EPS of $1.86, exceeding market expectations [7]

Core Viewpoint - Japan has begun importing rare earth elements from Australia, marking its first acquisition of this critical resource from outside China, which is seen as a significant step towards diversifying supply sources for economic security [1][2]. Group 1: Import Details - Sojitz Corporation has started importing dysprosium and terbium from the Mount Weld mine in Australia, with these materials processed in Malaysia before being shipped to Japan [1]. - Lynas Rare Earths, the operator of the Mount Weld mine, received an investment of AUD 200 million (approximately RMB 930 million) from a joint venture established by Sojitz and the Japan Oil, Gas and Metals National Corporation (JOGMEC) in 2023 [1]. - Lynas will supply up to 65% of the dysprosium and terbium output from the mine, which corresponds to about 30% of Japan's market demand for these elements [1]. Group 2: Economic Security and Cost Implications - Japan views the diversification of supply sources outside of China as a key aspect of its economic security strategy, given that China currently accounts for nearly 70% of global rare earth production, with heavy rare earths almost entirely sourced from China [2]. - The cost of importing rare earths from Australia and the U.S. is expected to be significantly higher than sourcing directly from China, primarily due to the lower concentration of heavy rare earths in ores and the inefficiencies in mining and transportation [2]. - The price of the heavy rare earths imported by Sojitz from Australia is reported to be higher than that of Chinese products [2].