稀土，这个听起来有点"土"的名字，却在全球科技产业中扮演着"黄金"般的角色。中国掌握着全球80% 以上的稀土供应，这看似是一张王牌，但为什么专家们都说"稀土牌"只能打一次？让我们揭开这背后的 国际博弈密码。 稀土到底有多重要？ 从智能手机到电动汽车，从战斗机到风力发电机，稀土元素无处不在。钕铁硼永磁体让手机振动马达能 如此小巧，镧系元素让LED屏幕色彩如此鲜艳。没有稀土，现代科技将倒退20年。这就是为什么各国对 稀土资源如此紧张，中国在稀土领域的优势地位让西方国家寝食难安。 但问题来了——为什么我们不多用几次这张王牌？答案藏在全球供应链的复杂棋局中。过度使用稀土武 器会引发连锁反应，刺激其他国家加速开发替代资源和技术。就像打扑克时亮出底牌后，对手就会找到 破解之道。 国际博弈如同下棋，最厉害的玩家不是靠一两个杀招取胜，而是通过全盘布局建立持久优势。稀土这张 牌，要用在刀刃上，用在最能改变游戏规则的时刻。毕竟，真正的强者不是拥有最多牌的人，而是最会 打牌的人。 稀土禁运的历史教训 稀土的真正价值在哪里？ 2010年，中国对日本实施稀土出口限制，引发全球震动。这一举措确实让日本企业措手不及，但也催生 了全球稀土供 ...

Core Viewpoint - China has announced unprecedented export controls on rare earth materials, which are critical for modern technology, potentially giving it leverage in trade negotiations with the U.S. [1][4] Group 1: Export Control Measures - On October 9, China's Ministry of Commerce issued new regulations that impose export controls on certain rare earth-related items and technologies containing Chinese components [4][9] - The new rules require foreign companies to obtain Chinese approval for exporting rare earth magnets and some semiconductor materials that contain 0.1% or more of Chinese heavy rare earth elements [4][9] - The regulations will take effect on December 1 for certain items and immediately for others, particularly those with military applications, which will generally not be permitted for export [5][9] Group 2: Impact on U.S. Economy and Technology - Experts warn that strict enforcement of these regulations could lead to a recession in the U.S. economy, particularly affecting the AI industry [1][4] - The U.S. relies heavily on Chinese rare earths for high-tech products, with China controlling approximately 70% of global rare earth mining, 90% of refining, and 93% of magnet manufacturing [4] - The new export controls are seen as a significant challenge to U.S. efforts to build domestic supply chains and reduce reliance on Chinese materials [7][9] Group 3: Strategic Timing and Negotiation Leverage - The timing of the announcement coincides with anticipated high-level talks between the U.S. and China, suggesting a strategic move to strengthen China's bargaining position [5][8] - Analysts believe that these measures are part of a broader strategy to compel the U.S. to reconsider tariffs and export controls on Chinese technology [7][8] - The U.S. may respond with increased tariffs, cutting off Chinese access to semiconductor manufacturing equipment, and accelerating domestic rare earth production [5][7]

航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达98.2%，是全市场军工含量最 高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫星、 雷达等全产业链龙头，完美契合"空天一体"的战略方向。 （文章来源：每日经济新闻） 10月10日，A股三大指数集体调整，创业板指跌幅领先，军工板块全天小幅震荡，抗跌明显，截至13点 40分，全市场军工含量最高的航空航天ETF（159227）跌幅0.42%，成交额达1.08亿元，稳居同类第 一，持仓股长城军工涨停，建设工业、内蒙一机、北摩高科、中航成飞、中国海防、中兵红箭等股涨幅 居前。航空航天ETF最新规模达13.75亿元，创成立以来新高，为全市场规模最大的空天国防类ETF。 浙商证券认为，2025年是十四五收官之年，93大阅兵展出多款先进设备+福建舰成功弹射三型舰载机， 国防装备现代化建设将步入加速期。此外随着扰动因素逐步消除、订单落地预期增强，结合三四季度往 往是国防军工产品交付的集中期，我们预计2025Q3部分重点企业业绩有望回暖。此外，2025年地缘政 治冲突不断，我国军贸出口装备在海外冲突中得到实战检验。我们 ...

这两天，中美关系再度像坐上过山车一样起伏不定。美国似乎受到某种刺激，再次对中方下狠手。10月8日，华尔街日报报道称，美国商会在9月发布的一份 报告指控中国系统性地背离二十五年前在世界贸易组织（WTO）上的承诺，特别是在扩大市场改革、减少国家干预等方面；报告还声称中国利用不透明 的"国家安全"法，打造出一辆经济发动机。它还说中国一边高谈多边主义，一边在打经济消耗战，要求美国对中国采取更强硬的政策，比如取消对美国大豆 的报复性关税等。 不过，这份报告的口气被许多人视为情绪化甚至偏颇。人们 pointed out，近些年真正践踏WTO规则、对世界各国发动关税战、发起所谓"301调查"、对他国 企业和个人实施制裁的，往往是美国自己。没有特朗普政府对中国商品加征的高额关税，也就不会有中国对美国大豆等商品的报复性关税。有人认为，美国 才是全球范围内产生经济与政治冲突、甚至对全球和平造成威胁的源头之一；美国的货币扩张与对外干预，给许多国家带来负面影响。 据美国布朗大学"战争成本核算"项目披露的数据，在新一轮以哈冲突发生后的两年里，美国对以色列的军事援助已超过217亿美元。以色列现役的武器装 备，包括战斗机、导弹等，很多都来 ...

Core Viewpoint - The aerospace and defense sector is experiencing positive momentum, driven by recent developments in China's space missions and anticipated growth in military procurement and new strategic areas. Group 1: Market Performance - As of September 26, 2025, the CN5082 aerospace industry index increased by 0.41%, with notable gains in constituent stocks such as Aerospace Technology (688239) up 5.17%, AVIC Chengfei (302132) up 3.04%, and Aero Engine Corporation (600893) up 2.69% [1] - The Aerospace ETF (159227) rose by 0.18%, with the latest price reported at 1.13 yuan [1] Group 2: Industry Insights - China Galaxy Securities highlights the optimistic outlook for the "14th Five-Year Plan," focusing on military trade and new strategic areas, with expected procurement orders likely to start in Q4 2025 [2] - The military industry is expected to see a surge in demand for new main battle equipment and enhanced combat capabilities as the 100th anniversary of the military in 2027 approaches [2] - The military trade sector is entering a "Deepseek" phase, with a rapid increase in global market share, driving both quantity and price growth in equipment demand [2] Group 3: ETF and Index Composition - The Aerospace ETF (159227) tracks the CN5082 index, which has a high military content of 97.96%, focusing on aerospace and defense sub-sectors [2] - The constituent stocks cover a comprehensive range of the industry, including fighter jets, transport aircraft, helicopters, aero engines, missiles, satellites, and radar, aligning with the "integrated aerospace" strategic direction [2]

Core Viewpoint - The military industry sector experienced a strong opening on September 19, with the aerospace ETF (159227) leading the market with a 2.06% increase and a trading volume of 55.67 million yuan, indicating robust investor interest in defense-related stocks [1] Group 1: Market Performance - The aerospace ETF (159227) is the largest in the market with a total size of 317 million yuan, reflecting its dominance in the aerospace and defense category [1] - Key stocks such as Guorui Technology and AVIC Shenyang Aircraft Corporation saw significant gains, with Guorui Technology hitting the daily limit and AVIC Shenyang Aircraft rising over 6% [1] Group 2: Industry Developments - The Changchun Airshow opened today, featuring 16 types of aircraft, including the Airborne Early Warning and Control Aircraft (KJ-500) and the H-6 bomber, marking their first display at this event [1] - The increasing importance of air power in modern warfare has made aerospace equipment a focal point for military development, highlighting the high technical barriers and complex processes involved in the industry [1] Group 3: ETF Composition and Strategy - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high concentration of 97.96% in the first-level military industry, making it the ETF with the highest military content in the market [1] - The ETF focuses on the aerospace segment of the military industry, covering leading companies across the entire supply chain, including fighter jets, transport aircraft, helicopters, and missile systems, aligning with the strategic direction of "integrated aerospace" [1]

Core Points - The event commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War was held in Beijing, showcasing China's military strength through a grand parade [1][3][5] - International media, including Reuters, BBC, and NHK, provided extensive coverage of the event, highlighting the participation of over twenty foreign leaders and the impressive display of military equipment [3][5][6] Group 1: Event Overview - The ceremony took place on September 3 at Tiananmen Square, featuring a large-scale military parade [3][5] - Notable attendees included Russian President Vladimir Putin and North Korean leader Kim Jong-un, emphasizing the event's international significance [3][5] - The parade was described as one of the largest in China's history, showcasing advanced military technology such as fighter jets, hypersonic missiles, and drones [5][6] Group 2: Media Coverage - Various international outlets reported on the event, with BBC noting the excitement of Beijing citizens who cheered during the aerial display [3][5] - The event was characterized as a significant day for China's "main stage diplomacy," reflecting its global ambitions [3] - Coverage from Iranian and Venezuelan media highlighted the technological prowess displayed during the parade, reinforcing China's military capabilities [6][7] Group 3: Key Messages from Leadership - President Xi Jinping emphasized the importance of the People's Liberation Army as a trustworthy force for the party and the people, calling for the construction of a world-class military [5][6] - Xi's speech also underscored the need to remember history, cherish peace, and promote a shared future for humanity, aligning with China's diplomatic narrative [6][7]

Group 1 - The A-share market indices continued to rise, with strong performance in sectors such as optical modules, optical chips, and semiconductors, while the aerospace ETF (159227) saw significant trading volume and price increases in its constituent stocks [1] - The aerospace ETF (159227) has attracted considerable attention since its launch in May, reaching a total size of 1.012 billion yuan, making it the largest aerospace ETF in the market [1] - The increasing importance of air power in modern warfare has led to a focus on aerospace equipment in military construction, with high technical barriers and significant value in the military industrial chain [1] Group 2 - Northeast Securities indicated that the military industry is poised for significant improvement due to the elimination of disruptive factors and a recovery in downstream demand, with clear long-term growth prospects [2] - The National Aerospace Index, tracked by the aerospace ETF (159227), has a high concentration of military stocks, covering the entire industrial chain from fighter jets to satellites, aligning with the strategic direction of "aerospace integration" [2] - The National Aerospace Index has outperformed other military indices, with a return of 62.45% from August 26, 2024, to August 26, 2025, surpassing the returns of other military indices [2]

Group 1 - The White House and the European Commission have established a trade agreement framework covering 19 items, including tariffs on various goods from lobsters to fighter jets [1] - The EU has agreed to eliminate all tariffs on US industrial products and commit to purchasing $750 billion worth of US energy over the next three years, including liquefied natural gas and nuclear products [1] - The US has set a tariff cap of 15% on EU goods, which includes sensitive categories like automobiles and semiconductors [1] Group 2 - The agreement contains clauses aimed at preventing technology transfer to specific destinations, clearly targeting China, with the EU committing to purchase $40 billion worth of US AI chips [1] - The deal also includes provisions for economic security cooperation, such as mutual investment reviews and export controls, mirroring US strategies against China [1] Group 3 - There is significant dissent within the EU regarding the agreement, with leaders expressing concerns that it primarily benefits US energy and defense companies while European consumers and businesses bear the costs [3] - The EU's commitment to purchase $750 billion in energy is seen as unrealistic, given that the US's total energy exports were only $166 billion last year [3] Group 4 - Trump's approach to trade negotiations includes leveraging agricultural products like soybeans as bargaining chips while maintaining tariffs, which has led to dissatisfaction among US farmers due to rising costs and falling prices [5] - The strategy of using unilateral sanctions and alliance pressure is evident in both the US-EU agreement and Trump's soybean diplomacy, indicating a shift in how the US engages with global trade [7] Group 5 - The potential consequences for the EU in aligning with US technology restrictions could result in significant losses in the Chinese market, which is crucial for industries like German automotive and French wine [6][7] - The current geopolitical landscape suggests that China is no longer easily influenced, possessing sufficient market strength and technological resilience to counteract US and EU pressures [7]

Core Viewpoint - The aerospace and defense sector is experiencing notable growth, driven by increasing complexities in the international environment and the need for advanced military capabilities [1] Group 1: Market Performance - Major indices opened higher but showed mixed performance, with significant gains in digital currency and cross-border payment sectors [1] - The aerospace ETF (159227) rose by 0.08% with a trading volume of 1.07 billion yuan, maintaining its position as the leading ETF in the military sector [1] - Key stocks in the aerospace sector, such as Hitec High-New, surged to their daily limit, with other major players like AVIC Chengfei, AVIC Shenyang, AVIC Xi'an, and Aero Engine Corporation leading the gains [1] Group 2: Industry Insights - Guotai Junan Securities emphasizes the necessity of advanced aircraft and missiles for modern warfare, alongside efficient and cost-effective equipment like rockets and a reliable communication command system [1] - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high military industry representation of 97.86%, focusing on the aerospace segment and covering a full range of industry leaders in fighter jets, transport aircraft, helicopters, engines, missiles, satellites, and radars [1] - From July 31, 2024, to July 31, 2025, the Guozheng Aerospace Index is projected to yield a return of 37.28%, outperforming other indices such as the CSI National Defense Index (33.06%), CSI Military Industry Index (30.4%), and Military Leaders Index (26.78%) [1]