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 Chinese government has announced stricter export controls on certain medium and heavy rare earth items, effective from November 8, 2025, which is expected to strengthen China's dominance in the global rare earth market and enhance its pricing power [1] Group 1: Export Control Measures - The Ministry of Commerce and the General Administration of Customs have implemented export controls on specific rare earth equipment and raw materials, as well as rare earth technologies [1] - The new export control policy expands to cover overseas transshipment and technology transfer, complicating access for foreign companies even if they obtain ore [1] Group 2: Market Impact - In 2024, China's rare earth production is projected to account for 68.57% of global output, with reserves representing 39.21%, indicating a significant supply dominance [1] - Following the previous export controls in April, overseas medium and heavy rare earth prices surged, leading to a rapid widening of the price gap between domestic and international markets [1] Group 3: Competitive Advantage - The enhanced export controls are expected to solidify China's competitive advantage across the entire rare earth industry chain, thereby reinforcing its global pricing authority [1]

Core Viewpoint The announcement by the Ministry of Commerce and the General Administration of Customs of China outlines new export controls on specific rare earth production and processing equipment to safeguard national security and fulfill international non-proliferation obligations. The measures will take effect on November 8, 2025, and require exporters to apply for licenses for the controlled items. Group 1: Export Control Items - The export control list includes various types of rare earth production and processing equipment, such as centrifugal extraction devices and ion-type rare earth mineral continuous removal equipment with a daily leaching liquid capacity of at least 5000 m³ [1][2]. - Specific equipment characteristics are detailed, including roasting kilns with dimensions ranging from Φ1.8×20 m to Φ4.6×80 m and reaction temperatures not exceeding 850 ℃ [2][3]. - Additional controlled items include extraction tanks, ion adsorption devices, and various types of reactors and furnaces used in rare earth processing [3][4][5]. Group 2: Compliance Requirements - Exporters must apply for licenses in accordance with the Export Control Law and the Two-way Control Regulations for Dual-use Items, ensuring the authenticity of the goods being exported [11][12]. - The customs declaration must clearly indicate whether the items are controlled, with specific codes noted for dual-use items, and any items that are not controlled but closely resemble controlled items must also be properly annotated [11][12]. - The announcement emphasizes the importance of accurate and complete reporting of item specifications to avoid customs questioning, which could delay the release of exported goods [11].

Core Viewpoint - The Ministry of Commerce and the General Administration of Customs of China have announced export controls on various items including superhard materials, certain rare earth equipment and raw materials, lithium batteries, and artificial graphite anode materials to safeguard national security and fulfill international obligations [1][2][5][8][13]. Summary by Categories Export Controls on Lithium Batteries and Related Items - 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 [2]. - Equipment used for manufacturing lithium-ion batteries, such as winding machines, stacking machines, and injection machines, will also be subject to export controls [2]. - The announcement includes restrictions on technologies used for producing controlled lithium battery items [2]. Export Controls on Cathode Materials - Cathode materials with a packing density of 2.5 g/cm³ or more and a specific capacity of 156 mAh/g, such as lithium iron phosphate, will be controlled [2]. - Precursors for ternary cathode materials, including nickel-cobalt-manganese hydroxide and nickel-cobalt-aluminum hydroxide, are also included in the export restrictions [2]. Export Controls on Anode Materials - Artificial graphite anode materials and mixed anode materials made from artificial and natural graphite are subject to export controls [2]. - Equipment for producing graphite anode materials, such as granulation and graphitization equipment, will require export licenses [3][11]. Export Controls on Rare Earth Materials and Equipment - Export controls will be applied to various rare earth items, including specific furnaces and equipment used in the production and processing of rare earth materials [5][8]. - The announcement includes controls on rare earth ores and extraction agents used in the production process [13]. Implementation Date - The export controls will take effect on November 8, 2025, and the list of controlled items will be updated accordingly [4][12][17].

Core Viewpoint - The Ministry of Commerce and the General Administration of Customs of China announced the implementation of export controls on certain rare earth equipment and raw materials to safeguard national security and fulfill international obligations [1][2][3]. Group 1: Export Control Items - Export controls will apply to various rare earth production and processing equipment, including centrifuge extraction devices and ion-type rare earth mineral continuous removal equipment with a daily processing capacity of 5000 m³ or more [1][2]. - Specific equipment characteristics are outlined, such as roasting kilns with dimensions ranging from Φ1.8×20 m to Φ4.6×80 m and reaction temperatures not exceeding 850 ℃ [1][2]. - Additional controlled items include extraction tanks, ion adsorption devices, and various types of furnaces and reactors used in rare earth processing [1][2][3]. Group 2: Raw Materials and Chemicals - The announcement includes controls on rare earth raw materials, such as specific types of rare earth minerals and extraction agents [5][6]. - Exporters must apply for licenses for controlled items and ensure accurate declaration of goods, including marking controlled items on customs declarations [4][6]. - The list of controlled items will be updated in accordance with the "Export Control List of Dual-Use Items" [6].

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].