行业点评 | 有色金属 稀土出口管控持续强化，二次资源回收正式进入管控范畴 证券研究报告 2025 年 10 月 09 日 稀土产业政策点评 2025 年 10 月 9 日，商务部发布两项关于加强稀土相关物项出口管制的公 告，分别是对含有中国成分的部分境外稀土相关物项实施出口管制（商务部 公告 2025 年第 61 号）和对稀土相关技术实施出口管制（商务部公告 2025 年第 62 号）。 （一）对含有中国成分的部分境外稀土相关物项实施出口管制。管制原因为 部分境外组织和个人将原产中国的稀土管制物项直接或加工后转移、提供给 有关组织和个人，用于军事等敏感领域，对中国国家安全和利益造成重大损 害或潜在威胁。管制对象为境外组织和个人在向中国以外的其他国家和地区 出口含有、集成或者混有原产于中国的特定物项且价值比例达到 0.1% 及以 上的物项、使用原产于中国的相关技术在境外生产的特定物项以及原产于中 国的特定物项时，必须获得中国商务部颁发的两用物项出口许可证件。具体 管控金属仍以中重稀土为主，具体包含金属钐、金属镝、金属钆、金属铽、 金属镥、金属钪、金属钇、钐钴合金、铽铁合金、镝铁合金、铽镝铁合金、 氧化镝、氧化 ...

Core Viewpoint - The article critiques Lynas Corporation's claims of being a leading non-Chinese rare earth separation company, highlighting that their technology and production capabilities are significantly inferior to China's, despite Western media hype [1][3][10]. Group 1: Technology and Production Capabilities - Lynas's production line in Malaysia is described as outdated, with claims of a "heavy rare earth breakthrough" being likened to cosmetic upgrades rather than genuine technological advancements [3]. - China's advanced "cascade extraction technology" allows for the precise separation of 17 rare earth elements, achieving purity levels down to five decimal places, while Lynas's solvent extraction method fails to reach 90% purity [3][10]. - The article asserts that Lynas's claimed "independent patents" are largely derived from knowledge acquired from a bankrupt Chinese company, undermining their innovation claims [3][10]. Group 2: Cost and Production Efficiency - The cost of producing one kilogram of dysprosium oxide at Lynas is $15, compared to just $4 for the same product from China, highlighting a significant cost disadvantage [5]. - Lynas's environmental measures account for 40% of their total investment, leading to higher operational costs, while China's automated production lines operate more efficiently and at lower costs [5][10]. - Lynas's annual production capacity of 1,500 tons is dwarfed by China's North Rare Earth Group, which can produce over 10,000 tons from a single facility [5][10]. Group 3: Western Supply Chain Challenges - The article discusses the flawed nature of Western efforts to establish a rare earth supply chain, citing the limited rare earth reserves in Saudi Arabia and the reliance on China for processing [8]. - Companies like MP Materials are criticized for exporting a significant portion of their mined materials back to China for processing, undermining the goal of reducing dependence on Chinese supply [8]. - European companies face similar challenges, with high labor costs making local recycling efforts unviable compared to purchasing new materials from China [8]. Group 4: China's Dominance and Future Outlook - China's control over the rare earth supply chain is attributed to its unique "in-situ leaching" technology, which allows for efficient extraction without extensive mining [10]. - The article emphasizes that China holds over 4,000 rare earth patents, creating a significant barrier for competitors like Lynas to catch up [10]. - The Pentagon's concerns about dwindling rare earth inventories and the inability to meet production demands for military applications underscore the urgency of the situation, with potential implications for future defense capabilities [12].