Core Viewpoint - The Shandong Provincial Government is implementing a new round of mineral exploration strategies to enhance the reserves and production of strategic minerals, emphasizing the importance of mineral resources for national security and economic stability [1]. Group 1: Strategic Actions for Mineral Resource Development - Strengthening basic geological surveys by accelerating the implementation of a new geological mapping plan to comprehensively understand the geological resources at a scale of 1:50000, focusing on key mineral areas [2]. - Accelerating offshore and deep geological exploration, particularly in the coastal areas where significant mineral resources are expected, and expanding exploration efforts to depths of 3000 meters [2]. - Enhancing technological support for mineral exploration by integrating advanced research and artificial intelligence to improve the efficiency and accuracy of mineral resource identification [2]. Group 2: Market Innovation and Environmental Sustainability - Innovating the mining market by encouraging geological survey units and mining companies to conduct strategic mineral investigations, providing financial incentives for successful exploration rights transfers [3]. - Promoting green transformation in the mining industry by ensuring high completion rates of green mining standards across various sizes of production mines and enhancing the utilization of by-products and low-grade ores [3]. - Strengthening regulatory enforcement to combat illegal mining activities and ensure sustainable development in the mining sector, aiming for high-quality growth in the industry [3].

Core Viewpoint - The recent tariff policy implemented by the Trump administration, imposing a 25% tariff on imports from Canada and Mexico and an additional 10% on Chinese goods, has led to a significant decline in the U.S. stock market, erasing all gains since the last presidential election [1][3]. Economic Impact - The overall earnings of S&P 500 companies may decline by 2.8% due to the tariff policy, with Barclays analysts indicating that the market had not fully assessed the potential risks associated with import tariffs [3]. - Goldman Sachs economists predict that the implementation of tariffs on Canada and Mexico could lead to a 0.7% increase in core inflation and a 0.4% contraction in GDP [3]. - Nomura Securities forecasts that the U.S. GDP growth rate could drop to 0.6% by 2025, while Barclays' model suggests a potential negative growth of 0.1% [3]. Trade Relations - Canada and Mexico are crucial suppliers of agricultural products to the U.S., with significant reliance on U.S. markets for their exports (80% for Canada and 84% for Mexico) [3]. - The Midwest U.S. refineries heavily depend on Canadian crude oil, and the tariffs could lead to a rapid increase in gasoline prices in that region [3]. - Mexico, as the largest buyer of U.S. diesel and gasoline, may seek alternative suppliers from Europe and Asia, potentially disrupting the North American energy system [3]. Consumer Confidence and Market Reactions - Consumer confidence has sharply declined, with the index dropping to 98.3 in February, marking the largest monthly decline since August 2021 [5]. - A survey indicates that 57.1% of U.S. investors hold a pessimistic view of the stock market for the next six months, with bearish sentiment at historical highs [5]. - Job creation in the non-farm sector has slowed significantly, with only 151,000 new jobs added in February, falling short of market expectations [5]. Policy Instability - The Trump administration's tariff policy has faced rapid changes, including exemptions for major automakers and delays in implementation, highlighting the uncertainty in policy-making [7]. - The tariffs are harming U.S. manufacturers that produce in Canada and Mexico, affecting their ability to sell goods to American consumers [7]. - The overall economic environment is described as a "perfect storm," making it difficult for businesses to plan long-term strategies [5][7].

Core Viewpoint - The titanium dioxide industry in China is experiencing significant growth, with a focus on the chloride process for production, which generates substantial waste that poses environmental risks. Dragon Group's subsidiary has developed a comprehensive recycling technology for waste and wastewater from titanium dioxide production, enhancing resource recovery and reducing environmental impact [1][2]. Group 1: Technology and Process - The new technology utilizes a process of "wet separation + chemical transformation + resource recovery," allowing for the recovery of valuable resources such as titanium, chlorine, and sodium from waste [1]. - The technology has increased the titanium resource recovery rate from less than 20% to 85%, equivalent to reducing the need for 80,000 tons of titanium ore extraction annually [2]. - The process involves multiple steps, including dissolution, filtration, neutralization, and evaporation concentration, which require precise control and technical expertise [2]. Group 2: Environmental and Economic Impact - The implementation of this technology reduces waste generation by 120,000 tons annually and decreases carbon dioxide emissions by 0.7 tons for every ton of waste processed [2]. - Since its operation began in 2022, the technology has alleviated environmental pressures from waste storage and generated significant economic benefits, with sales of by-products reaching 140 million yuan in 2023 and projected to increase to 160 million yuan in 2024 [3]. - The company plans to further research the comprehensive utilization of hydroxide slag to recover additional elements such as iron, magnesium, and aluminum, promoting sustainable development in the industry [3].

报告限于篇幅，目前暂时对22个HS编码商品大类进行了分析。由于每个商品大类由若干两位数HS章节 构成，而每个章节又包含大量六位数HS编码的细分品类(例如，2022—2024年我国第16类机电产品出口 中包括84章和85章，共涉及830个细分品类)，因此，在实际应用中，可根据需要利用对外供应链波动指 数，对特定子行业或细分品类的波动情况进行实时监测。 吴肖乐指出，尽管报告主要聚焦于中国对外商品贸易的波动情况，但该指数体系也可根据需要拓展至其 他国家为分析主体。例如，可以围绕美国的对外供应链波动开展分析，辅助识别美国加征关税后其贸易 格局的变化趋势。此外，海关与供应关系数据包含企业级别信息，亦可将企业作为分析单元，监测特定 企业在不同产品或贸易对象下的供应链波动情况，进一步服务于更精细化的经营决策需求等。 "任何指数模型都无法完全捕捉复杂多变的现实世界。"吴肖乐表示，"我们希望通过持续的研究与迭代 更新，不断完善指数体系并推出系列专题报告，深入分析不同行业、区域与贸易伙伴的差异化表现，为 用户提供更有针对性的观察与理解，使这一工具逐步成为连接中国与全球经济互动的一扇窗口。" 4月14日，复旦大学全球供应链研究中心 ...