每经AI快讯，11月24日，财政部、税务总局发布关于明确资源税有关政策执行口径的公告。其中明 确，纳税人将开采的轻稀土原矿经过洗选等初加工过程产出的矿岩型稀土精矿(包括氟碳铈矿精矿、独 居石精矿以及混合型稀土精矿等)，按照轻稀土选矿产品征收资源税。纳税人将开采的离子型稀土原矿 通过离子交换原理等工艺生产的稀土料液、碳酸稀土、草酸稀土和通过灼烧、氧化等工艺生产的混合稀 土氧化物，按照中重稀土选矿产品征收资源税。 ...

最近，美国的态度变得非常急切。虽然中美峰会已经过去半个月，但中国依然没有恢复稀土出口，这让美国财长感到焦虑。他公开表示，希望中国能够在感 恩节前恢复稀土供应，并要求双方尽快达成相关协议。 美国《福克斯新闻》报道称，美国财政部长贝森特表示，美国希望能在本月底，即感恩节假期前，与中国达成确保稀土供应的协议。他强调自己相信中国会 履行协议，但同时也警告，如果中国反悔，美国有多种报复手段可供选择。 基准矿物情报公司能源原材料主管韦伯指出，美国已经采取了一些重要举措，但要实现自给自足仍然困难，因为开采新的矿山和建设精炼设施都需要时间， 短期内很难完成。 事实上，中美峰会后，双方已经采取了一些措施，力图恢复两国的经贸关系，并为未来签订全面协议做准备。比如，双方宣布取消或暂 停部分额外关税，包括对华船舶港口费、实体清单附属规则等。这些措施表明，虽然中美在稀土问题上有所让步，但双方依然没有完全解决所有争议。 中 国方面已经暂停了2025年4月和10月对稀土、镓、锗、锑、石墨等关键矿产实施的出口管制，并发放了一般出口许可证，恢复稀土的正常流动。不过，至于 美国要求稀土恢复到贸易战前的自由流通状态，这一点看起来并不现实。除非双方 ...

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].

Market Performance - The three major U.S. stock indices opened significantly higher, with the Dow Jones up 0.66%, the S&P 500 up 0.93%, and the Nasdaq Composite up 1.44%, all reaching new historical highs [1] Technology Sector - Major technology stocks showed strong performance, with Nvidia, Google, Broadcom, and AMD each rising approximately 2% [1] Rare Earth Stocks - Rare earth stocks experienced a collective decline, with United States Antimony down 15.9%, Critical Metals down 10.9%, USA Rare Earth down 7.1%, and American Resources down 7.1% [1] Mergers and Acquisitions - Avidity Biosciences surged 43.2% following Novartis's announcement of a $12 billion cash acquisition of the company [1] Partnerships and Collaborations - Lululemon Athletica increased by 4.6% after announcing a collaboration with the NFL and sports retailer Fanatics [1] - Baidu's stock rose 4.5%, as it holds the second-largest market share in China's AI cloud market [1] - WeRide continued its growth with a 5.1% increase, partnering with Uber to launch Robotaxi public operations in Riyadh [1]

Core Insights - The article highlights the strategic importance of rare earth elements (REEs) for military applications, particularly for the U.S. Navy, which relies heavily on these materials for advanced weaponry and technology [1][5][10] - China holds a dominant position in the global rare earth market, controlling approximately 34% of the world's total reserves, which amounts to about 120 million tons [1][9] - The U.S. is currently facing challenges in its military production due to a lack of access to refined rare earth materials, which are essential for the manufacturing of advanced naval vessels and submarines [5][10] Group 1 - Rare earth elements are critical for military applications, with specific quantities required for U.S. naval vessels, such as 2.4 tons for an Arleigh Burke-class destroyer and 4.2 tons for a Virginia-class submarine [1][10] - Historically, China did not prioritize rare earth mining and processing, leading to a situation where the U.S. benefited from low-cost exports for military manufacturing [1][3] - The current landscape has shifted, with China now controlling the entire supply chain from mining to refining, making it difficult for other countries to compete [3][7] Group 2 - The U.S. is attempting to negotiate for increased rare earth exports from China, but China has implemented strict controls on exports to protect its resources and industry [5][9] - Germany has successfully navigated China's export regulations by agreeing to oversight and data sharing, demonstrating a potential model for cooperation [5][9] - The strategic management of rare earth exports by China serves as a significant leverage point in international relations, compelling countries to maintain cooperative ties with China for access to these critical materials [9][11] Group 3 - The U.S. military's reliance on rare earth elements exposes vulnerabilities in its supply chain, particularly as demand for advanced military equipment increases [7][10] - China's control over rare earth processing technology creates a barrier for other nations, as they cannot simply source raw materials without the capability to refine them [7][10] - The shift from passive resource exportation to active control over rare earth elements has transformed China's position into a powerful negotiating tool on the global stage [11]

Core Viewpoint - The new Chinese regulations on rare earth exports have prompted strong reactions from the U.S. and the EU, with the U.S. threatening to impose 100% tariffs while the EU seeks a coordinated response among G7 nations to address the potential global supply issues caused by these regulations [1][2]. Group 1: New Regulations and Their Implications - China's new regulations require approval for the export of products containing more than 0.1% rare earth elements and mandate export licenses for foreign companies producing rare earth magnets or related technologies in China [2][4]. - The EU views these regulations as unreasonable and believes they have already impacted European businesses, prompting a push to reduce dependency on China and accelerate the development of rare earth production projects within G7 countries [2][4]. Group 2: Global Supply Chain Concerns - The EU officials assert that China's actions constitute economic coercion, severely damaging global supply chains, particularly affecting the production of electric vehicles, defense technologies, and consumer electronics [4][6]. - China controls over 90% of global rare earth metal and magnet production, leading to a situation where Western countries feel "choked" due to their reliance on Chinese supplies [4][6]. Group 3: Historical Context and Challenges - Historical attempts by the U.S. and Europe to develop their own rare earth resources have faced challenges due to high energy consumption, low added value, and lack of profitability, leading to a retreat from investment in this sector [6][7]. - The global rare earth consumption is only 230,000 tons annually, and the industry requires substantial government subsidies to remain viable, complicating long-term support for these projects in Western countries [6][7]. Group 4: G7 Coordination and Future Actions - G7 nations are discussing potential measures such as setting price floors or imposing taxes on Chinese exports to encourage more investment in rare earth projects [6][9]. - The urgency for a unified G7 response is emphasized, with plans for a video conference to align strategies against China's new regulations [9].

Core Viewpoint - The recent adjustments in China's soybean procurement from the U.S. have caused significant concern for the Trump administration, leading to market volatility, highlighting the strategic depth of the ongoing U.S.-China trade conflict [1][3][21] Group 1: China's Countermeasures - China's countermeasures have been targeted, starting with special port fees on U.S. vessels, increasing operational costs for American shipping companies [3] - The introduction of rare earth export controls directly impacts U.S. high-end industries, as over 90% of U.S. rare earth needs are met through imports [3] - The combination of these measures has led to panic in the U.S., with significant market repercussions, including a chaotic stock market response [3][5] Group 2: U.S. Response and Market Implications - Trump's reaction to China's soybean procurement changes has been notably intense, indicating deeper implications beyond just agricultural interests [5][7] - The U.S. soybean market is currently facing an oversupply due to reduced Chinese purchases, disrupting the usual price signals in the futures market [13] - Speculation arises that Trump's family may be positioned to profit from these market fluctuations, suggesting a financial motive behind his public statements [13][19] Group 3: Broader Economic Impact - The ongoing trade conflict is not merely a dispute over agricultural products but reflects a broader struggle over industrial security and financial stability between the two nations [21] - Trump's public comments risk undermining the stability of U.S. financial markets, which are crucial for the credibility of the dollar [19] - The strategic nature of China's countermeasures demonstrates a calculated approach to target vulnerabilities in the U.S. economy, indicating a sophisticated level of economic warfare [21]

Core Viewpoint - The U.S. government is shifting towards unprecedented industrial policies to exert greater control over domestic companies, particularly in response to China's dominance in rare earth and critical mineral sectors [1][2][3]. Group 1: U.S. Industrial Policy Shift - The approach signifies a new era of industrial policy in the U.S., contrasting sharply with the traditional emphasis on "free markets" and "open investment" [2]. - The Trump administration aims to reduce reliance on China by increasing ownership stakes in companies deemed critical to national security [2][5]. - The U.S. Treasury Secretary emphasized the need for industrial policy when facing economic powers like China, especially after China's recent export controls on rare earths [3][6]. Group 2: Strategic Investments and Partnerships - The Trump administration has invested in key companies, including U.S. Steel, Intel, and rare earth mining company MP Materials, and is seeking revenue sharing from Nvidia and AMD's sales in China [5][10]. - Establishing a "strategic mineral reserve" is a priority, with the government identifying seven strategic industries for potential increased control [6][12]. - The U.S. Department of Defense has agreed to invest $400 million in MP Materials, which operates the only active rare earth mine in the U.S., indicating a willingness to break from "free market" principles [8][11]. Group 3: Challenges and Market Dynamics - The U.S. faces significant challenges in reviving its rare earth supply chain, including high labor costs, a lack of skilled workforce, and environmental regulations [11][12]. - The demand for rare earths is projected to double by 2050, driven by the rise of electric vehicles and wind turbines, yet the U.S. government has cut subsidies for renewable energy [11][12]. - Analysts express concerns that the U.S. government may lack the experience to effectively implement industrial policies after decades of absence in this area [13][14].