10月9日，商务部公布对境外相关稀土物项实施出口管制的决定。 米及以下逻辑芯片或者256层及以上存储芯片，以及制造上述制和 者研发具有潜在军事用途的人工智能的出口申请，逐案审批。资l 端工艺中关键部件（如刻蚀机、沉积设备）和先进封装材料核心 *风险提示：股市有风险，入市需谨慎 | | 大地熊 | 43.43 | 烧结铰铁硼永磁材料毛 坯产量4560吨 | 公司已顺 | | --- | --- | --- | --- | --- | | 磁材 | 银河磁体 | 78.11 | 稀土永磁产能3万吨 | 公司为粘 | | | 宁波韵升 | 163.5 | 铵铁硼坯料产能2.1万 吨/年 | 公司是国t 早拥有住2 | | | 正海磁材 | 164 | 稀土永磁产能3万吨,预 计2026年前达到3.6万吨 | 公司稀土j | | | 中科三环 | 180.2 | 烧结铂铁硼产能为2.5万 置 | 公司是是[ | | | 金力永磁 | 446.5 | 稀土永磁产能达3.8万吨 公司稀土j | | 稀土磁材上市公司相关产能 *免责声明：文章内容仅供参考，不构成投资建议 | 分类 | 股票名称 | 流通市值 | 稀土矿/氧 ...

中国一纸公告，震动西方国家，美国的稀土困局，再被上了一道更紧的锁 很多人没意识到，这两份公告像榫卯一样相互咬合，拼出了一张立体网：资源、技术、境外衍生链，一 个都跑不掉。其实中国对稀土动刀并非即兴。早在2001年，相关技术就被写进《中国禁止出口限制出口 技术目录》；2025年4月又对部分稀土物项按下"刹车"，如今这一记组合拳，只是把防护墙再抬高了一 格。 曾经看着风平浪静的稀土市场，10月9日突然掀起大浪。那天深夜，中国商务部甩出两份编号分别为61 号、62号的文件。内容不长，却句句扎心：从稀土矿的开采、分离，到磁材制造再到再生利用，统统纳 入出口许可管理；就算生产地点搬到海外，只要用了中国技术或含有中国成分，也得先回国"打招呼"。 消息一出，朋友圈直接炸锅，西方同行的眉头更是拧成了麻花。 压力首先砸向美国。统计显示，美国约70%的稀土进口依赖中国。此前某些美企因为磁材断供，不得不 让生产线空转。更扎心的是，在9月25日，中国刚把亨廷顿·英格尔斯工业公司等三家美国企业列进出口 管制清单，军工圈的神经已被绷紧，再碰上新规，简直屋漏偏逢连夜雨。 美国当然不甘心挨打。五角大楼一边砸钱入股本土矿企，一边抛出最低采购价 ...

内容提要： 文章质疑民众对美国稀土精炼技术的误判，通过土耳其转向美合作开发贝利科娃稀土矿、巴基斯坦5亿美元稀土交易及MP Materials停止 稀土对华出口等事件，论证美国正加速"再工业化"稀土供应链。历史回顾显示，美国曾占全球50%市场，现借助G7+四方机制，挑战中 国稀土金属垄断。未来，中国稀土市场份额恐下滑，企业面临产能闲置。 稀土精炼产品出口限制，是中国目前对抗美国非关税贸易措施的主要工具。在大多数国人眼中，美国虽然有稀土矿，但美国没有稀土精 炼技术，没有稀土产业链，美国开采出来的稀土矿都需要送到中国精炼加工提纯。一旦中国对稀土精炼产品实施出口管制，美国的很多 企业，从汽车到芯片，从飞机到军工，都会面临灭顶之灾。美国再有钱，也发展不起稀土产业链，因为稀土精炼技术都是中国的专利。 国人的这些认知，真真假假，虚虚实实。美国真的缺乏稀土精炼技术吗？美国真的缺乏重稀土的精炼能力吗？美国的稀土国产化，失败 了吗？美国的稀土产业链，真的无路可走到了死胡同吗？ 相信大家看完以下三则消息，不管你懂不懂稀土技术，能不能查询到稀土精炼的专利在中美欧的分布情况，仅仅从逻辑的角度，你就能 判断美国稀土供应链是否失败了？是否 ...

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]

据环球网9月26日援引巴基斯坦《黎明报》等媒体综合报道称，当地时间9月25日，朗普在白宫椭圆形办公室与巴基斯坦总理夏巴兹和巴陆军元帅、陆军参谋 长穆尼尔举行会谈，并引发多家印媒表示关注。《黎明报》提到，巴基斯坦总理办公室在会谈后发布声明称，本次会谈在愉快的气氛中进行，会谈共持续约 80分钟。但此次会谈不对媒体开放，这与特朗普的一贯做法不同。巴基斯坦国家电视台对此报道称，双方"预计将就共同关心的问题以及地区和全球局势进 行讨论"。据《印度时报》报道称，特朗普与巴基斯坦不断深化关系引人注目，此前还曾指责巴基斯坦。而《今日印度》、《经济时报》则报道称，在特朗 普任期内，美国和巴基斯坦的关系有所升温，而特朗普与印度总理莫迪曾经牢固的关系反而出现紧张迹象，因购买俄罗斯石油报导致加征关税高达50%。 图1 特朗普与夏巴兹和穆尼尔举行会谈（巴基斯坦政府官方X账号） 美巴这次会谈引发网络舆论，有部分称，会谈肯定绕不开的一个点—稀土，是的，是稀土！据巴基斯坦此前报道称，巴方在9月8日与美国战略金属公司 （USSM）签署相关矿产协议，该合作项目包含在巴方建立一家专门的稀土精炼厂和出口巴方"易得矿产"到美国。正是所谓地"美方砸5亿 ...

晨会纪要（2025/09/30） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.09.30） 宏观及策略研究 利润率获持续推动，工企利润同比增速转正——2025 年 1-8 月工业企业效益 数据点评 固定收益研究 初看 REITs 的投资机会（系列四）：收益视角——固定收益专题报告 基金研究 主动偏股基金经理市场状态"能力圈"研究——基金专题报告 金融工程研究 证 支持向量机在量化金融中的应用——金融工程专题报告 券 公司研究 研 内修主业稳健发展，优质资产注入可期——中国稀土（000831）深度报告 究 行业研究 报 包装纸提价向下游扩散，美国关税政策再生变化——轻工制造&纺织服饰行 业周报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 8 晨会纪要（2025/09/30） 宏观及策略研究 利润率获持续推动，工企利润同比增速转正——2025 年 1-8 月工业企业效益数据点评 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩 ...

Summary of Guangsheng Nonferrous Metal Conference Call Company Overview - Guangsheng Nonferrous Metal is a leading rare earth enterprise in South China, involved in copper and tungsten businesses. The company holds all three types of rare earth mining licenses in Guangdong Province and controls four rare earth smelting separation plants in Southern China. [3][4] Key Industry Trends and Developments - The rare earth industry is currently in a transitional phase, with the recent implementation of the "Interim Measures for the Administration of Rare Earth Mining and Smelting," which includes stricter controls on imported ores and higher requirements for smelting qualifications. This is expected to reduce non-compliant supply and benefit state-owned enterprises, leading to further industry consolidation. [2][4][5] - The rise in processing fees for heavy rare earths and the production halt in Myanmar are contributing to supply tightening, which is driving an upward trend in the rare earth market. [5] Financial Performance and Projections - Guangsheng Nonferrous Metal's performance was negatively impacted by falling rare earth prices last year, but the company is expected to benefit from rising prices this year, with projected earnings of approximately 300 million yuan in 2025 and 400 million yuan in 2026. [2][9][14] - The company’s main profit sources are from its mining operations, with total production expected to reach around 5,000 tons after the new mining license from Xinfeng Company is operational. [2][9] Resource and Business Layout - The company has significant resource holdings, including the Shirenzhang tungsten industry, Hongling tungsten mine, and a 40% stake in the Dabaoshan copper mine, which has reserves of approximately 20 million tons. The Dabaoshan copper mine generated 1.8 billion yuan in revenue last year, contributing over 400 million yuan in net profit. [2][10][13] - Guangsheng Nonferrous Metal is expanding its smelting business through partnerships and collaborations, including a notable partnership with Japan's TDK for magnetic tape production. [4][10] Strategic Developments - The transfer of 18.45% of shares from the largest shareholder, Guangdong Rare Earth Group, to China Rare Earth Group is expected to enhance Guangsheng Nonferrous Metal's strategic position and market expectations. [2][3][8] - There is potential for asset injection between Guangdong Rare Earth Group and China Rare Earth Group, which could further enhance Guangsheng Nonferrous Metal's growth prospects. [11][12] Market Outlook and Investment Recommendations - The market is advised to focus on state-owned enterprises benefiting from industry reforms and heavy rare earth mining, such as Guangsheng Nonferrous Metal. Other companies with flexible business models, like Baogang Group and Northern Rare Earth, are also recommended for consideration. [7] - The company's valuation is expected to improve significantly, with potential growth of over 50% if asset injections occur and if the company’s name changes to reflect its new strategic positioning. [14]

Group 1 - The stock price of Guangsheng Nonferrous fell to 62.24 yuan, a decrease of 4.08 yuan or 6.15% from the previous trading day [1] - The opening price was 65.52 yuan, with a highest point of 65.67 yuan and a lowest point of 61.49 yuan, resulting in a trading volume of 247,610 hands and a transaction amount of 1.556 billion yuan [1] Group 2 - Guangsheng Nonferrous specializes in rare earth mining, smelting separation, and deep processing, with products widely used in new energy and electronic information sectors [1] - The company is part of the small metals and Hainan Free Trade Zone concept sectors [1] Group 3 - The Ministry of Industry and Information Technology and other departments recently issued the "Interim Measures for Total Control Management of Rare Earth Mining and Smelting Separation," which implements total control over rare earth mining and smelting separation [1] - The new regulations adjust the indicator distribution process, decentralizing management to the county level and for the first time including imported rare earth ores in the management [1] - Industry analysis indicates that the new regulations may strengthen supply-side constraints, but attention should be paid to the flexibility in policy execution [1] Group 4 - Data shows that on August 26, Guangsheng Nonferrous experienced a net outflow of 279 million yuan in main funds, with a cumulative net outflow of 279 million yuan over the past five days [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT), along with the National Development and Reform Commission and the Ministry of Natural Resources, has officially released the "Interim Measures for Total Quantity Control Management of Rare Earth Mining and Smelting Separation" on August 22, 2023, which aims to regulate the rare earth industry more effectively and protect resources [1][2]. Group 1: Policy Background and Changes - The new measures are based on the "Rare Earth Management Regulations" announced by the State Council, which will take effect on October 1, 2024, establishing total quantity control for rare earth mining and smelting separation [1][2]. - The new measures replace the previous 2012 notification, which was deemed outdated due to changes in the industry [1][2]. - The new policy allows for a broader definition of rare earth production enterprises, not limited to large state-owned groups, thus providing opportunities for other companies, including those engaged in imported ore processing [4][6]. Group 2: Implementation and Reporting Changes - The reporting structure has shifted from a provincial level to a county level, streamlining the process and enhancing efficiency in data reporting [5][7]. - The new measures require enterprises to report their monthly and annual data to local county-level authorities, which will then aggregate and report to higher levels, simplifying the previous multi-tiered reporting system [5][7]. - The inclusion of imported rare earth ores and independent minerals into the smelting separation index management is a significant change, allowing for better control over these resources [7]. Group 3: Market Impact and Future Outlook - The implementation of the new measures is expected to significantly constrain the supply side of rare earth smelting and separation, potentially leading to a revaluation of smelting assets and stimulating market activity in the rare earth sector [8]. - The upcoming peak season for electric vehicles is anticipated to drive strong replenishment demand from domestic and international companies, contributing to a rapid increase in rare earth prices [8]. - The measures are designed to stabilize market prices and prevent excessive resource extraction, although there are concerns that the inability to quickly adjust supply in response to rising demand could lead to price increases and supply shortages [8][9].

Core Viewpoint - The article highlights a significant shift in U.S. policy towards Myanmar, particularly regarding the lifting of sanctions against certain allies of the military government, which raises concerns about human rights and geopolitical implications [2][10]. Group 1: U.S. Policy Changes - On July 24, the U.S. lifted sanctions on several allies of Myanmar's military government, indicating a major policy shift [3][4]. - The U.S. Treasury did not provide an explanation for this decision, and the White House did not immediately respond to requests for comments [7][10]. - The action has been described as alarming by human rights organizations, suggesting it undermines previous efforts to penalize the military regime [10]. Group 2: Myanmar's Rare Earth Production - Myanmar is a major producer of rare earth minerals, with a projected production of 31,000 tons in 2024, a decrease of 12,000 tons from 2023, accounting for 7.9% of global production [2][15]. - The country ranks as the third-largest rare earth producer globally, following China and the U.S. [15]. - Rare earth elements are critical for high-tech applications, including defense and consumer electronics, making Myanmar strategically important for U.S. supply diversification efforts [11][12]. Group 3: Geopolitical Implications - The Kachin Independence Army (KIA) controls areas rich in rare earth resources, which may become a focal point in geopolitical competition [12][13]. - The U.S. is actively seeking to diversify its rare earth supply chains, and Myanmar's resources are increasingly under scrutiny [11][12]. - The lifting of sanctions may facilitate access to these resources, despite ongoing calls for the military government to cease violence and engage in dialogue with opposition groups [9][10]. Group 4: Tin Production - Myanmar is also the third-largest tin producer globally, with significant contributions to the global supply chain for semiconductors, 5G communications, and defense industries [17][18]. - The country’s tin resources are primarily located in the Wa region, which accounts for 90% of its production [19].