根据《中华人民共和国资源税法》规定，现就资源税有关政策执行口径公告如下： 一、关于不缴纳资源税的情形 （一）各级行政机关、监察机关、审判机关、检察机关，以及法律法规授权的具有管理公共事务职能的 事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品（以下简称应税产品），不缴纳资 源税。 （二）工程建设项目在批准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，不属于开发 应税资源，不缴纳资源税。 智通财经APP获悉，11月24日，财政部发布关于明确资源税有关政策执行口径的公告。其中提到，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。 原文如下： 关于明确资源税有关政策执行口径的公告 财政部 税务总局公告2025年第12号 二、关于适用税目 （一）纳税人开采的凝析油，按照原油税目征收资源税。 凝析油是指在气田开发中或油田开发天然气中因 ...

证券研究报告 2025 年 11 月 23 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周行业延续跌势，轻稀土链价格回升 相关研究： | 《本周行业继续调整，产业链价格短期转 | | --- | | 弱》 20251116 | | 《本周行业表现延续弱势，轻重稀土价格走 | | 势分化》 20251109 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -12 -9 46 绝对收益 -15 -5 57 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：本周稀土磁材行业下跌 5.29%，跑输基准 1.52 pct 据 Wind 数据，本周1稀土磁材行业下跌 5.29%，跑输基准（沪深 300）1.52 pct。行业估值（市盈率 TTM）回落 3.97x 至 69.94x，当前处于 84.1%2历 史分位。 ❑ 本周轻稀土精矿价格回升，中重 ...

Core Points - The Ministry of Commerce and the General Administration of Customs of China announced a suspension of certain export control measures from now until November 10, 2026, as part of the outcomes from the China-U.S. economic and trade consultations in Kuala Lumpur [1] - The U.S. will suspend the implementation of its 50% penetration export control rule for one year, while China will also suspend its related export control measures announced on October 9 for one year and will refine specific plans [1] Summary by Sections - **Export Control Measures**: The announcements include the suspension of export controls on specific rare earth items and technologies, which were originally set to take effect on November 8, 2025 [1] - **Specific Announcements**: The measures affected include export controls on superhard materials, certain rare earth equipment and raw materials, heavy rare earths, lithium batteries, and artificial graphite anode materials [1]

最近，中美双方在吉隆坡的磋商中出现了一个重要新闻——中国宣布暂停对稀土出口的管制政策，这项暂停的期限为一年。与此同时，美国也暂停了他们的 相关管制措施。这个消息一出，许多西方媒体立刻兴奋不已，仿佛捡到了游戏中的超级增益BUFF，认为终于有机会摆脱对中国稀土的依赖。但是，老实 说，这种想法只是空想，根本不可能实现翻盘。 更让人失望的是，中国只暂停了10月的新规，去年12月和今年4月的出口限制并没有取消。早在今年4月，中国就禁止了7种中重稀土和磁体的出口，去年还 对半导体和军工用的关键元素实行了管制。这些措施已经生效，才是西方出现"缺货"问题的真正原因。如果西方国家想趁这一年囤货，根本没有机会，因为 这条路早已被堵死。 稀土并不是一种单一的矿物，它其实是由17种元素组成的大家族，可以分为轻稀土和中重稀土两大类。轻稀土如镧、铈等，主要用于新能源车和电子产品， 相当于日常的原材料，澳大利亚和美国都有矿，而且储量也不少。美国每年能开采4.3万吨轻稀土。但是问题是，挖出来的矿只是粗糙的"毛坯"，必须经过 精炼才能得到高纯度的稀土材料，而全球90%的精炼能力都掌握在中国手里。西方国家即便挖矿，之前也必须把矿石运到中国进行精 ...

Core Viewpoint - The article discusses the escalating trade tensions between the U.S. and China, particularly focusing on the recent U.S. tariffs on Chinese rare earth exports and China's corresponding export controls on rare earth materials, highlighting the strategic importance of these materials in technology and defense sectors [1][3][6]. Group 1: U.S. Tariffs and Market Reaction - On October 10, President Trump announced a 100% tariff on Chinese goods starting November 1, in response to China's export controls on rare earths [1]. - Following this announcement, U.S. stock markets experienced significant declines, with the S&P 500 dropping 2.71%, the Dow Jones down 1.90%, and the Nasdaq falling 3.56%, indicating market concerns over potential disruptions in global supply chains and rising inflation [3]. Group 2: China's Export Control Measures - On October 9, China's Ministry of Commerce announced comprehensive export controls on rare earths, which are critical for military and semiconductor applications, marking a full-chain coverage from extraction to export [3]. - The Chinese government clarified that the export controls do not equate to a ban, as compliant applications for civilian use will still be approved, emphasizing a regulated approach to maintain trade [4]. Group 3: Importance of Rare Earths - Rare earths are essential in modern technology and defense, often referred to as "industrial vitamins," with China holding about one-third of global reserves and over 70% of mining and refining capabilities [6]. - The strategic significance of rare earths is underscored by their applications in various high-tech products, including smartphones, electric vehicles, and advanced military systems, making them a critical resource in the U.S.-China technological competition [6]. Group 4: Future Negotiations and Economic Implications - There is speculation about the potential for renewed negotiations between the U.S. and China around the time of the APEC meeting, as the timing of the tariff implementation may serve as a political window for dialogue [7]. - The economic costs of high tariffs could lead to significant repercussions for both nations, with estimates suggesting that U.S. effective tax rates could rise above 20%, potentially increasing core CPI from 3.4% to 3.5% or higher [7].

Group 1: Industry Overview Upstream - Black: Glass prices are rising [2] - Agriculture: Egg prices have significantly declined [2] - Non - ferrous: Copper prices are rising [2] Midstream - Chemical: PX operating rate has declined, while urea operating rate is rising; PX operating rate was at a high level [2] - Energy: Power plant coal consumption is at a low level [2] Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have slightly recovered [2] - Service: The number of domestic flights is at a three - year high due to holidays [2] Group 2: Industry Events Production Industry - On October 9, 2025, the Ministry of Commerce and the General Administration of Customs issued 4 announcements to implement export controls on items such as super - hard materials, some rare - earth equipment and raw materials, some medium - heavy rare earths, lithium batteries, and artificial graphite anode materials [1] - On October 9, three departments including the Ministry of Industry and Information Technology issued an announcement on the technical requirements for new energy vehicles eligible for vehicle purchase tax exemption from 2026 - 2027, adjusting the technical requirements for pure - electric passenger cars and plug - in (including extended - range) hybrid passenger cars [1] Service Industry - China and India will resume direct flights by the end of October this year [1] Group 3: Key Data - On October 9, the spot price of corn was 2237.1 yuan/ton, down 2.12% year - on - year; the spot price of eggs was 6.3 yuan/kg, down 12.93%; the spot price of palm oil was 9598.0 yuan/ton, up 4.03%; the spot price of cotton was 14764.2 yuan/ton, down 0.84%; the average wholesale price of pork was 18.6 yuan/kg, down 3.47%; the spot price of copper was 85823.3 yuan/ton, up 7.20%; the spot price of zinc was 22140.0 yuan/ton, up 1.45% [33] - For non - ferrous metals, on October 9, the spot price of aluminum was 20970.0 yuan/ton, up 1.34%; the spot price of nickel was 124000.0 yuan/ton, down 0.32%; another spot price of aluminum was 16868.8 yuan/ton, down 0.95%; the spot price of rebar was 3174.5 yuan/ton, down 0.64% [33] - For other metals, on October 9, the spot price of iron ore was 792.2 yuan/ton, down 1.94%; the spot price of wire rod was 3357.5 yuan/ton, down 0.52%; the spot price of glass was 15.6 yuan/square meter, up 3.45% [33] - For non - metals, on October 9, the spot price of natural rubber was 14758.3 yuan/ton, down 1.34%; the China Plastic City price index was 788.5, down 0.21% [33] - For energy, on October 9, the spot price of WTI crude oil was 62.6 dollars/barrel, down 1.42%; the spot price of Brent crude oil was 66.3 dollars/barrel, down 1.25%; the spot price of liquefied natural gas was 3762.0 yuan/ton, down 2.39%; the coal price was 791.0 yuan/ton, down 0.25% [33] - For chemicals, on October 9, the spot price of PTA was 4564.5 yuan/ton, down 0.18%; the spot price of polyethylene was 7348.3 yuan/ton, up 0.02%; the spot price of urea was 1583.8 yuan/ton, down 4.31%; the spot price of soda ash was 1262.5 yuan/ton, unchanged; the national cement price index was 135.4, up 0.44% [33] - For real estate, on October 9, the building materials composite index was 113.0 points, down 1.22%; the national concrete price index was 91.7 points, down 0.02% [33]

Core Viewpoint - The Ministry of Commerce and the General Administration of Customs of China have announced export controls on various items related to superhard materials, rare earths, lithium batteries, and artificial graphite anode materials to safeguard national security and fulfill international obligations [1][2][3]. Group 1: Export Controls on Lithium Batteries and Related Materials - Export controls will be implemented on rechargeable lithium-ion batteries with a weight energy density of 300 Wh/kg or more, including battery cells and packs [3]. - Equipment used for manufacturing rechargeable lithium-ion batteries, such as winding machines and various other production devices, will also be subject to export controls [4][7]. - Specific anode materials, including lithium iron phosphate and nickel-cobalt-manganese hydroxide, will face export restrictions [5][6]. Group 2: Export Controls on Rare Earths - Export controls will be applied to various rare earth items, including metals and alloys containing holmium, erbium, thulium, europium, and ytterbium [11][12][13][14][15]. - Specific production equipment for rare earth processing, such as centrifuge extraction devices and ion-exchange equipment, will also be regulated [20][21][22]. - The announcement includes controls on rare earth raw materials, including specific types of rare earth ores and extraction agents [27][28]. Group 3: Export Controls on Superhard Materials - Export controls will be enforced on synthetic diamond powders with an average particle size of less than or equal to 50 μm and synthetic diamond single crystals with sizes between 50 μm and 500 μm [30][31]. - Specific characteristics for synthetic diamond wire saws and grinding wheels are outlined, including size and hardness specifications [31][32][33]. Group 4: Implementation and Compliance - The new export controls will take effect on November 8, 2025, and the relevant export control lists will be updated accordingly [9][19][29][34]. - Exporters must apply for licenses and ensure the authenticity of their declared goods, with specific requirements for labeling controlled items on customs declarations [8][18].

Group 1 - The new U.S. government's attempts to reshape the global landscape through diplomatic mediation and economic pressure have faced significant setbacks, particularly in the context of the Russia-Ukraine conflict and global tariff wars, marking a severe policy deviation since 1945 [2][4][18] - The U.S. has struggled to effectively coordinate with European partners in mediating the Russia-Ukraine situation, leading to a perception of isolation in its diplomatic efforts [4][6] - The imposition of tariffs on imports from countries like China, Japan, and South Korea has revealed weaknesses in U.S. policy, as these nations have resisted additional restrictions, impacting U.S. economic interests [6][14] Group 2 - The U.S. has shifted its beef and soybean imports from domestic sources to Brazil and Argentina, resulting in a 20% increase in supply while maintaining stable prices [8] - The suspension of Boeing aircraft deliveries has led to over $20 billion in losses for the U.S. aviation industry, prompting a 30% increase in domestic production of the C919 aircraft [8][16] - The U.S. has implemented strict licensing for rare earth exports, causing delays in military production and increasing costs, with a 15% delay in F-35 components [10][12] Group 3 - The U.S. Federal Reserve's decision to maintain high interest rates has exacerbated economic pressures, with bond yields rising from 4% to 4.5% and a 10% fluctuation in the dollar's exchange rate [10][12] - The U.S. has seen a gradual reduction in its holdings of Treasury bonds, dropping from $784.3 billion at the beginning of the year to $730.7 billion by July, marking a 16-year low [12][14] - The reduction in U.S. Treasury holdings has led to increased volatility in yields, complicating U.S. financing efforts [14][18] Group 4 - The failure of U.S. mediation efforts has emboldened Russia and accelerated the trend of de-dollarization in global trade [18] - The U.S. is advised to continue reducing its Treasury bond holdings and diversify into gold and euros to safeguard its interests while promoting the internationalization of the renminbi [18]

Core Viewpoint - The European Union is facing a crisis due to China's strict export controls on rare earth elements, which are essential for various industries, including defense and renewable energy. The EU's reliance on China for these materials has led to significant operational risks for European manufacturers [1][4]. Group 1: Export Control and Approval Rates - The approval rate for rare earth export licenses in China is around 20%, with less than a quarter of approximately 140 applications being approved, indicating stringent controls [3]. - The export control measures were not sudden; they were announced in April 2025, coinciding with the U.S. imposing tariffs on China, showcasing a strategic response from China [3]. Group 2: Strategic Importance of Rare Earths - The seven categories of rare earths under control are critical for manufacturing high-temperature magnets, which are widely used in military applications, electric vehicles, and electronics [4]. - The EU is entirely dependent on imports for these resources, and any tightening of supply from China could severely impact its industrial framework [4]. Group 3: China's Dominance in Rare Earths - China holds 40% of the world's rare earth reserves, produces over 70% of the total output, and possesses 90% of the processing capacity, giving it significant leverage in the market [5]. - Other countries may have rare earth deposits but rely on China's refining technology, which is complex and costly to replicate [6]. Group 4: EU's Strategic Missteps - The EU's dual approach of aligning with U.S. pressure while expecting stable rare earth supplies from China is seen as contradictory and self-defeating [3][6]. - The EU's attempts to sanction Chinese and Indian companies for aiding Russian oil trade, while simultaneously complaining about rare earth shortages, reflect a lack of coherent strategy [6]. Group 5: Recommendations for the EU - The EU is advised to reconsider its approach towards China, as historical lessons indicate that the U.S. has not shown leniency towards the EU, and China has maintained a willingness for dialogue [14]. - The potential for the Chinese market is vast, and the EU risks missing out on development opportunities if it continues to act as a pawn for U.S. interests [14].

Group 1 - The US labor market is cooling, reinforcing expectations for a Federal Reserve interest rate cut, with ADP employment data showing an increase of 54,000 jobs in August, significantly below the market expectation of 65,000 [1] - Initial jobless claims rose by 8,000 to 237,000, exceeding the expected 230,000, marking the highest level since June [1] - The market anticipates a 25 basis point rate cut by the Federal Reserve in September, the first since December 2024 [1] Group 2 - The prices of industrial metals like copper and aluminum are expected to rise due to favorable macroeconomic conditions and the anticipated interest rate cut, supported by increased liquidity and positive fiscal policies [2] - Recent increases in operating rates for aluminum processing and copper rod production indicate a clear trend of end-users replenishing inventories, suggesting a higher probability of rising commodity prices as the peak season approaches [2] - The performance of copper and aluminum companies has exceeded expectations, with valuations at low levels, indicating a potential for rapid recovery [2] Group 3 - The recent significant price increases in medium and heavy rare earth metals have prompted regulatory measures to cool down the market, while export controls have been relaxed, potentially accelerating imports and driving domestic prices up [2] - Rare earth stocks are expected to perform well in a strong market, with significant valuation elasticity, especially during critical US-China tariff negotiations, highlighting their strategic and economic value [2]