Core Insights - The recent agreement between China and the U.S. on rare earth cooperation highlights a strategic exchange rather than a unilateral concession, with China issuing temporary export licenses to U.S. automakers in exchange for reduced technology export restrictions from the U.S. [2] - The U.S. military's heavy reliance on rare earth elements is critical, with 87% of its main battle equipment depending on these materials, indicating a severe vulnerability in the supply chain [4] - China's strategic move to establish a dual barrier of technology and regulatory standards in the rare earth sector positions it as a rule-maker in the global market, enhancing its leverage in future negotiations [6][7] Group 1: Strategic Dynamics - The temporary export licenses issued by China to companies like General Motors and Ford are part of a broader strategy to secure high-end technology while maintaining its position as a key player in the rare earth market [2] - The U.S. has invested $50 billion to rebuild its rare earth supply chain, but it may take 10-15 years to achieve self-sufficiency, highlighting a significant strategic miscalculation [4] - China's establishment of a tracking system and zero-carbon certification for rare earths reflects its ambition to transition from being a mere exporter to a global standard-setter [7] Group 2: Global Implications - The dependency of U.S. industries on Chinese rare earths has prompted Europe and Japan to form alliances to diversify their supply chains, yet many European automakers still seek limited engagement with China [6] - The competition for rare earths has evolved into a battle for standards, with China leveraging its dominant production and refining capabilities to create a closed-loop system for resource management [6][8] - The ongoing rare earth competition is a microcosm of broader resource conflicts, with China's integrated strategy transforming rare earths into a pivotal factor in shaping global industrial dynamics [8]

文 ｜ 李超 陈旺 俞腾 郭柯宇 ▍ 国常会核准1 0台机组，数量及核准时间超预期。 据新闻联播4月2 7日消息，当天召开的国务院常务会议决定核准浙江三门三期工程等核电项目。据核电那些事微信公众号，此 次在国常会上获批的新项目分别是广西防城港核电三期（5、6号机组），广东台山核电二期（3、4号机组），浙江三门核电 三期（5、6号机组），山东海阳核电三期（5、6号机组），福建霞浦核电一期（1、2号机组），共计5个工程、1 0台新机组。 2 0 2 2年以来，我国已连续四年每年核准1 0台及以上核电机组，保持了常态化审批节奏，且此次4月份即有一次性十台机组核 准，我们认为此次核准数量及时间均大超预期。 ▍ 自主可控，国产化龙头显著受益。 核电板块无惧关税变动风险，为进一步保证能源安全，我国早已围绕关键设备材料国产化替代、在役机组安全性能提升、核电 自主软件开发取证等积极推进研发工作，已形成百万千瓦级压水堆核电主设备成套供应能力。根据新华网2 0 2 4年5月1 6日文章 《中核集团：打造"硬核"科技的更多可能》，目前"华龙一号"相关设备国产化率已超9 0%。进口替代趋势有望拉动我国自主生 产的核电零部件单位价值量 ...