其中，辽宁省成功探明的大东沟金矿，是国内首个千吨级、低品位超大型金矿床，金矿探明量 1444.49吨，成为新中国成立以来发现的规模最大单体金矿床。 自然资源部表示，2026年，我国将继续开展新一轮找矿突破战略行动，加强基础地质调查，健全找 矿突破支持政策，促进战略性矿产增储上产。同时，关志鸥介绍，我国还将持续推进绿色勘查及绿色矿 山建设，组织开展探矿权人"圈而不探"专项整治行动，严厉打击违法开采战略性矿产资源行为。 关志鸥："十五五"时期，我们要完善战略性矿产资源的探、产、供、储、销统筹和衔接体系，强化 战略性矿产资源的安全风险监测预警，优化战略性矿产资源目录，制定提高勘探、开发、储备能力的方 案，持续推进战略性矿产资源增储上产。 自然资源部部长关志鸥：新发现10个大型油田、19个大型气田，铀、铜、金、锂、钾盐资源量大幅 增长。辽宁大东沟金矿、湖南鸡脚山锂矿、内蒙古白云鄂博稀土矿取得新成果。 央广网北京1月8日消息（记者王泽华）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，"十四五"期间，我国新一轮找矿突破战略行动取得新成效，全面完成"十四五"找矿目标。 "十四五"期间，我国聚焦重点矿种，编制"一矿一策 ...

一艘油轮停泊在委内瑞拉苏利亚州马拉开波湖上。 新华社发 长期来看，市场格局或将迎来深度调整。特朗普已明确表态将推动美国石油公司投资数十亿美元重建委内瑞拉能源部门，雪佛龙等企业有望优先获得资源开 发权。这意味着委内瑞拉石油出口重心可能从中国转向美国及西方盟友。 此前，中国是委内瑞拉最大石油买家，2025年对华出口占其出口总量的85%，且这些重质原油是中国广东石化等炼化项目的核心原料，若贸易流向重塑，中 国将面临稳定供应源缺失的风险，需加速从中东、中亚等地区扩大进口替代。同时，美国主导下的委内瑞拉产量恢复可能削弱OPEC+对全球油价的影响 力，全球重油供应结构将发生根本性变化。 影响2：国际油价 当地时间上周六，特朗普表示，对委内瑞拉的"石油禁运"已全面生效，委内瑞拉石油出口陷入瘫痪。 分析师鲍勃·麦克纳利则表示，他在这个周末前就已经提醒客户，委内瑞拉约1/3的石油产量面临风险。虽然他没有预测到委内瑞拉的所有石油产出都会被切 断，但他认为，短期内这不会对石油市场构成重大风险。 2026年1月3日凌晨，美军对委内瑞拉发动军事行动并抓捕总统马杜罗及其夫人，随后将其送往纽约受审。这场被俄罗斯外交部直指为"赤裸裸武装侵略 ...

稀土科学技术奖 近日，中国稀土（000831）学会2025学术年会暨稀土新材料与仪器设备展览会在厦门开幕。山东省地矿局五队申报的"基于岩浆 型稀土找矿技术体系构建与鲁西特大型矿床勘探"项目，荣获2024年度"稀土科学技术奖"二等奖。 中国稀土学会 中国稀土行业协会 2025年1月14日 该项目依托院士工作站，通过战略矿产找矿团队持续创新研究，建立了稀土矿新找矿理论，在郗山稀土矿成矿机理、成矿规 律、成矿预测等方面取得重要成果，实现郗山稀土三维信息成矿空间的三维地质模型计算机重构系统、深部找矿预测平台等数 字化建设的突破，显著提升了山东省战略性矿产资源的接续保障能力。 基于前期成果，地矿五队顺利承担山东微山湖稀土有限公司2025年市场项目"山东省微山县微山湖东南段稀土矿勘查"工作。目 前，该项目已有7台钻机同时施工，累计完成钻探工作量超4000米。 下一步，地矿五院战略矿产找矿团队继续以微山郗山稀土矿为依托，在成矿规律研究、科技创新、人才培养和成果推广等方面 不断发力，以技术突破加速实现稀土矿找矿新突破，为国家战略性矿产资源储备提供有力支撑。 项目名称: 基于岩浆型稀土找矿技术体系构建与鲁西特 大型矿床勘探 获 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

Core Insights - Xiamen Tungsten (600549) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 12.823 billion yuan, a year-on-year growth of 39.27%, and net profit of 810 million yuan, up 109.85% [1] - For the first three quarters of 2025, the company achieved a total revenue of 32.001 billion yuan, reflecting a year-on-year increase of 21.36%, and a net profit of 1.782 billion yuan, which is a 27.05% increase compared to the previous year [1] - The surge in revenue and profit is attributed to the significant rise in prices of tungsten ore, rare earth ore, and cobalt raw materials, along with increased sales volume of most products [1] Financial Performance - Q3 2025 revenue: 12.823 billion yuan, up 39.27% year-on-year [1] - Q3 2025 net profit: 810 million yuan, up 109.85% year-on-year [1] - First three quarters 2025 revenue: 32.001 billion yuan, up 21.36% year-on-year [1] - First three quarters 2025 net profit: 1.782 billion yuan, up 27.05% year-on-year [1] - Basic earnings per share: 1.1223 yuan [1] Market Factors - The increase in revenue and profit is linked to the substantial rise in prices of key raw materials, including tungsten ore, rare earth ore, and cobalt [1] - The company experienced a year-on-year increase in sales volume for most of its products, contributing to the overall revenue growth [1]

Group 1 - The Ministry of Commerce announced export controls on certain rare earth items, including logic chips and storage chips with potential military applications, requiring case-by-case approval for export applications [1] - The table lists various companies involved in rare earth production, detailing their market capitalization, production capacity, and output figures [1] Group 2 - Guangxi Rare Earth has a market capitalization of 20.41 billion yuan and produces over 5,000 tons of rare earth minerals [1] - Shenghe Resources has a market capitalization of 43.52 billion yuan with a rare earth oxide output of 21,800 tons and a production capacity of 30,000 tons [1] - Xiamen Tungsten has a market capitalization of 50.07 billion yuan, with rare earth reserves of 130,000 tons and an oxide output of 1,415 tons [1] - China Rare Earth has a market capitalization of 59.16 billion yuan, producing 2,384 tons of rare earth minerals and planning a new separation demonstration in 2024 [1] - Baotou Steel has a market capitalization of 80.33 billion yuan, with a rare earth concentrate output of 377,300 tons [1] - Northern Rare Earth has a market capitalization of 192 billion yuan, producing 5,730.86 tons of rare earth oxides and expected to advance production by 10,000 tons [1] Group 3 - Dadi Xiong has a market capitalization of 4.343 billion yuan, with a sintered neodymium-iron-boron permanent magnet output of 4,560 tons [2] - Galaxy Magnet has a market capitalization of 7.811 billion yuan, with a rare earth permanent magnet capacity of 30,000 tons [2] - Ningbo Yunsheng has a market capitalization of 16.35 billion yuan, with an ammonium iron boron blank capacity of 21,000 tons per year [2] - Zhenghai Magnetic Materials has a market capitalization of 16.4 billion yuan, with a rare earth permanent magnet capacity of 30,000 tons, expected to reach 36,000 tons by 2026 [2] - Zhongke Sanhuan has a market capitalization of 18.02 billion yuan, with a sintered platinum-iron-boron capacity of 25,000 tons [2] - Jinli Permanent Magnet has a market capitalization of 44.65 billion yuan, with a rare earth permanent magnet capacity of 38,000 tons [2]

Core Viewpoint - China's recent announcements regarding rare earth exports have tightened control over the entire supply chain, impacting Western countries, particularly the United States, which heavily relies on Chinese imports for rare earth materials [1][4]. Group 1: Regulatory Changes - The Chinese Ministry of Commerce issued two documents that impose export licensing on all stages of rare earth processing, including mining, separation, and manufacturing [1][2]. - The regulations require that any overseas production using Chinese technology or components must notify Chinese authorities before export [1][2]. Group 2: Historical Context - China's actions are rooted in historical experiences where it accounted for 70% of global rare earth production and 90% of refining capacity, leading to low prices and environmental issues [4]. - The current strategy aims to transition from merely selling raw materials to controlling the entire supply chain, thereby enhancing China's strategic position [4]. Group 3: Impact on the United States - Approximately 70% of U.S. rare earth imports come from China, creating significant vulnerabilities for American companies that have faced production halts due to supply chain disruptions [6]. - The U.S. government is investing in domestic mining companies and attempting to establish minimum purchase prices, but industry experts suggest that the U.S. is at least 20 years behind China in rare earth separation technology [6][8]. Group 4: Global Supply Chain Dynamics - The new regulations are seen as a restructuring of the global rare earth supply chain, emphasizing that control over technology is crucial for maintaining supply chain stability [8]. - The announcements serve as a reminder that the true competitive advantage lies not just in resource availability but in the entire processing capability and strategic patience [8][9]. Group 5: Technical Challenges - The real challenges in rare earth processing lie in high-barrier processes such as refining, separation, and sintering, which China has developed over decades [9]. - Even if other countries invest in mining, they may struggle to achieve the necessary processing capabilities to produce high-quality materials [9].

Core Viewpoint - The article questions the public's misjudgment regarding the U.S. rare earth refining technology and argues that the U.S. is accelerating the "re-industrialization" of its rare earth supply chain through various partnerships and initiatives, challenging China's dominance in the market [1][3]. Group 1: U.S. and Turkey Collaboration - Turkey has decided to collaborate with the U.S. to develop the newly discovered Beylikova rare earth deposit after unsuccessful negotiations with Russia and China [4][6]. - The Beylikova deposit contains critical elements such as cerium, lanthanum, and neodymium, which are essential for high-tech industries, including electric vehicles and wind turbines [4][6]. - Turkey's shift towards the U.S. partnership is part of a broader strategy to reduce reliance on China for rare earth elements [7][9]. Group 2: Pakistan's Rare Earth Deal - Pakistan has initiated a $500 million partnership with the U.S., delivering its first batch of concentrated rare earth elements, marking a significant shift in U.S.-Pakistan relations [10][11]. - The agreement includes establishing a multi-metal rare earth refining facility in Pakistan, which is expected to enhance the supply chain security for both nations [13]. Group 3: MP Materials' Strategic Shift - MP Materials has ceased exporting rare earth ores to China, a move aligned with the U.S. efforts to re-establish its domestic rare earth supply chain [15][19]. - This decision reflects a significant change in the dynamics of rare earth trade, indicating a growing determination by the U.S. to regain control over its strategic supply chains [17][19]. - The company has transitioned to refining all its rare earth concentrates domestically, enhancing its capability to produce rare earth metals independently [19]. Group 4: Historical Context and Future Implications - Historically, the U.S. accounted for 50% of the global rare earth market until the 1990s, but has since seen a decline due to various factors, including China's strategic investments [21][23]. - The U.S. has been working to rebuild its rare earth refining capabilities since 2010, with recent developments indicating a potential shift in market dynamics that could lead to a decline in China's market share [21][23].

Core Insights - The article discusses China's current position in the rare earth market, emphasizing that it has transitioned from being a low-cost exporter to a net importer of rare earths, with imports in 2022 reaching 121,000 tons compared to exports of 48,000 tons, indicating a shift in market dynamics [3][5] - China's rare earth processing capabilities are highlighted as superior, with a 30% higher efficiency and 50% lower costs compared to foreign competitors, supported by unique extraction technologies and a limited pool of specialized talent [8][10] - The article also addresses the U.S. rare earth situation, noting that while the U.S. ranks second globally in production, it struggles with the refining process, which has led to reliance on foreign sources for processed materials [13][15] China's Rare Earth Market Position - In 2022, China exported 48,000 tons of rare earths while importing 121,000 tons, making imports 2.5 times higher than exports [3] - The majority of imports (69%) come from the U.S., primarily in unprocessed forms, which are then refined in China for domestic use [5][6] - China's production capacity for critical materials like neodymium-iron-boron magnets and dysprosium-doped materials exceeds 70% of global supply [10][12] U.S. Rare Earth Challenges - The U.S. produced 14.3% of the world's rare earths in 2022 but lacks the refining technology and talent necessary to process these materials effectively [13][15] - The Mountain Pass mine, once a leading U.S. rare earth source, faced bankruptcy due to mismanagement and market fluctuations, highlighting the challenges in maintaining domestic production [15][17] - A partnership with Singapore's commodity firm, which is backed by Chinese resources, illustrates the ongoing dependency of U.S. operations on Chinese expertise [19] Geopolitical Implications - Pakistan's recent moves to engage with U.S. companies for rare earth development are seen as a strategic necessity rather than a shift in allegiance, reflecting the complexities of international relations based on mutual interests [21][23] - The article suggests that maintaining a focus on mutual benefits in partnerships is crucial for sustaining long-term relationships, regardless of short-term resource collaborations [25][27]

Group 1 - The core point of the article revolves around the recent meeting between US President Trump and Pakistani Prime Minister Shehbaz, which has raised concerns among Indian media regarding the evolving US-Pakistan relationship [1] - The meeting lasted approximately 80 minutes and was described as pleasant, with discussions expected to cover mutual concerns and regional and global issues [1] - There is a notable shift in US-Pakistan relations, with Trump previously criticizing Pakistan but now seemingly deepening ties, contrasting with the tension in US-India relations due to tariffs on Russian oil [1] Group 2 - The meeting is speculated to have included discussions on rare earth elements, particularly following Pakistan's recent agreement with a US strategic metals company to establish a rare earth refining facility [3] - The US aims to reduce its dependence on Chinese rare earths, but challenges remain due to China's technological superiority in rare earth processing, which has a purity exceeding 99.9999% [3] - Various countries, including Myanmar and Greenland, have been considered as potential alternatives to China for rare earth supplies, but logistical and technological challenges hinder their viability [7][10] Group 3 - Australia is attempting to enhance its rare earth production capabilities with significant government loans to local companies, yet experts remain skeptical about its competitiveness against China due to higher production costs [10][11] - The US has substantial rare earth reserves but faces challenges in production and processing, leading to a reliance on China for processing despite having the largest reserves [13] - The article suggests that both Mongolia and Pakistan's rare earth collaborations with the US may not significantly alter the global supply chain dominated by China, as both countries lack complete processing capabilities [15]