中国商务部最新稀土出口管制政策首次明确针对14纳米以下芯片及256层以上存储芯片制造领域，将全球稀土争夺的焦点从材料本身延伸至关键技术应用 环节。 01 中国稀土管制升级 中国商务部的一纸公告，让全球高科技产业意识到稀土这把"工业维生素"不再轻易可得。 2025年10月9日，中国商务部发布《对境外相关稀土物项实施出口管制的决定》（公告2025第61号），明确将稀土相关物项纳入出口管制范畴。根据公 告，最终用途为研发、生产14纳米及以下逻辑芯片或256层及以上存储芯片的稀土相关物项出口申请将实行"逐案审批"。 这是继今年4月中国对本土组织和个人出口稀土物项实施管制后，首次将管制范围延伸至境外实体。公告明确指出，含有中国成分的境外稀土相关物项也 在管制范围内，且中国稀土成分占比达到0.1%及以上即触发管制条件。 商务部公告2025第61号揭示了稀土出口管制的三大关键点。 首先，管制范围显著扩大，不仅针对境内出口商，还首次将"境外特定出口经营者"纳入监管范围。 根据公告，三类物项出口必须获得中国商务部颁发的两用物项出口许可证件：一是含有、集成或混有原产于中国的稀土物项且在境外制造的物项，且中国 成分价值占比达到0. ...

Group 1 - The core viewpoint is that the recent regulatory measures on rare earths by the Chinese government are leading to an increase in rare earth product prices, reflecting the effectiveness of market control [3][4] - The Ministry of Industry and Information Technology, along with other governmental bodies, has implemented a temporary management method for the total amount of rare earth mining and separation, which is now in effect [3] - The recent export control measures on certain rare earth materials, including samarium and terbium, are aimed at regulating the market and ensuring compliance with national standards [3] Group 2 - According to Dongfang Securities, the strategic value of the rare earth sector is expected to rise as the governance capabilities of the state improve, leading to a potential increase in valuation premiums for leading companies in the sector [4] - As of July 31, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index account for 55.85% of the index, indicating a concentration of investment in key players like Northern Rare Earth and Salt Lake Co [4] - The performance of individual stocks within the rare earth sector shows positive growth, with notable increases in stock prices for companies such as Salt Lake Co (3.56%) and Northern Rare Earth (3.42%) [6]

Core Viewpoint - The rare earth sector has strengthened significantly, driven by new regulatory measures from Chinese authorities aimed at controlling production and enhancing market dynamics [1][2]. Group 1: Regulatory Changes - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources have introduced a new management approach for rare earth mining and processing, effective immediately [1]. - The new regulations include stricter total production control, inclusion of imported ores in regulatory oversight, and the establishment of a penalty system for overproduction [1][2]. - Analysts expect that these measures will lead to tighter supply constraints in the domestic market, concentrating processing capacity among larger groups and potentially increasing processing fees for heavy rare earth minerals [1]. Group 2: Company Performance - China Rare Earth announced a projected net profit of between 136.3 million and 176.3 million yuan for the first half of 2025, attributing this to favorable market conditions and effective marketing strategies [2]. - The company has optimized its production processes and upgraded its technology, contributing to improved efficiency and sales growth [2]. - China Rare Earth benefits from strong resource endowments, with stable supply from its mining operations and a strategic procurement approach for raw materials [2]. Group 3: Export Control Impact - In April, the Ministry of Commerce and the General Administration of Customs implemented export controls on several heavy rare earth materials, which China Rare Earth has complied with [3]. - The company reported that its revenue from international markets constitutes less than 5% of total revenue, indicating that the export controls will have a minimal direct impact on its sales and performance [3].

Core Viewpoint - The recent export control measures on seven types of medium and heavy rare earth elements by the Ministry of Commerce and the General Administration of Customs are aimed at enhancing national security and resource safety, reflecting a strategic upgrade in the positioning of rare earth resources [1][8]. Group 1: Policy and Regulation - On April 4, the Ministry of Commerce and the General Administration of Customs announced the implementation of export controls on seven types of medium and heavy rare earth elements, effective immediately [2]. - The policy emphasizes that rare earth indicators will only be issued to large state-backed rare earth enterprises and their affiliated mining and processing companies, indicating a trend towards concentration of rare earth resources [4]. Group 2: Market Impact - Medium and heavy rare earths are widely used in military applications, and the export control policy may lead to an increase in overseas prices for these materials [3]. - Approximately 70% of rare earth compounds and metals imported by the United States from 2020 to 2023 came from China, highlighting the U.S.'s heavy reliance on Chinese rare earth resources [3]. Group 3: Demand Growth - The demand for downstream applications such as electric vehicles and industrial robots is expected to continue growing, with a notable increase in production and penetration rates in these sectors [5]. - The global demand for neodymium-iron-boron in humanoid robots is projected to reach about 24,000 tons by 2035, with a compound annual growth rate (CAGR) of 83.8% from 2023 to 2035 [5]. Group 4: Strategic Importance - The recent export controls underscore China's heightened focus on the security of strategic resources, marking a continuation of previous measures on other strategic metals [6]. - The management of rare earth resources has been integrated into the national security framework, reflecting their critical importance to both resource security and national interests [6].