2025年上半年，全国非油气矿产勘查投入资金69.93亿元，同比增长23.9%，保持了快速增长势头，同比 增幅持续扩大。 今年上半年，全国重要矿种找矿取得重大突破，非油气矿产勘查投入继续增长。 自然资源部新一轮找矿突破战略行动办公室今天（10日）介绍，今年上半年，全国新发现矿产地38处， 同比增长31%。 其中大中型25处。重要矿种找矿取得重大突破。自然资源部地质勘查管理司有关负责人介绍，在黑龙江 省发现全省首个特大型铀矿；在河北省兴隆县，新增铷资源量337万吨，达到特大型规模，进一步巩固 我国铷矿优势地位。 此外，在河北省隆化县，新增钴资源量2.7万吨，达到大型规模；在贵州省松桃县，新增锰资源量2285 万吨，达到大型规模；在新疆维吾尔自治区特克斯县，新增金资源量81吨，累计查明近百吨，达到超大 型规模。 "截至目前，绝大多数矿种已提前完成'十四五'找矿目标任务。"该负责人说。 与此同时，今年上半年全国非油气矿产勘查投入继续增长。自然资源部初步统计数据显示，2025年上半 年，全国非油气矿产勘查投入资金69.93亿元，同比增长23.9%，保持了快速增长势头，同比增幅持续扩 大。 矿产资源是经济社会发展的重要 ...

智通财经APP获悉，天风证券发布研报称，刚果(金)钴禁令再延期三个月，该禁令适用于所有来源的钴 矿。之前市场预期禁令或将延期2个月，主要基于以下几点考量：1)刚果(金)政府此前未就禁令后续安排 提供明确指引；2)短期内建立并落实新的出口配额制度难度较高；3)尽管禁令实施初期钴价有所上涨， 但近几个月钴价从高位回落并呈现震荡态势，尚未发挥钴合意价值。从库存角度看，由于刚果(金)去年 放量明显，禁令实施前产业链有一定库存，截至目前已累计禁运4个月，往后看主要钴冶炼厂在7月、8 月或普遍面临减停产。 天风证券主要观点如下： 刚果(金)钴禁令再延期三个月 此次延期或超出市场预期 钴价波动风险，刚果金政策不及预期，技术替代风险，地缘政治风险升级 此前2月实施的刚果(金)出口禁令已近尾声，产业内确有预期该禁令存在较大概率延期。之前市场预期 禁令或将延期2个月，主要基于以下几点考量：1)刚果(金)政府此前未就禁令后续安排提供明确指引；2) 短期内建立并落实新的出口配额制度难度较高；3)尽管禁令实施初期钴价有所上涨，但近几个月钴价从 高位回落并呈现震荡态势，尚未发挥钴合意价值。因此，对比市场此前的普遍预期(延期2个月)，此次 ...

21日，刚果（金）战略矿产市场监管控制局（ARECOMS）发布公告，决定自当日起将钴出口的临时性 全面禁令再延长三个月，覆盖所有开采形式。声明称，延长期的目的是缓解当前"库存高企"的市场压 力，并为下一阶段市场调控和政策更新创造条件。公告指出，此次禁令适用于"工业、半工业、小型或 手工采矿的所有钴矿产品"，是继2月22日首次出台相关措施后的再度延长。（新华财经） ...

Group 1 - The security of critical mineral supply chains has become a forefront area of global geopolitical and economic competition, with major economies seeking to reduce strategic dependencies and enhance self-sufficiency in critical supply chains [1][2] - Since 2017, the United States has initiated a process to rebuild critical mineral supply chains, aiming for independence from geopolitical competitors like China, while the EU emphasizes diversification without fully decoupling from China [1][2][34] - The G7 summit in June 2025 highlighted the collaboration among the US and its allies to address China's export controls on critical minerals, particularly rare earths, and initiated a "Critical Minerals Action Plan" [2][30] Group 2 - Critical minerals are defined as non-fuel minerals essential for economic and industrial development, with supply disruptions posing significant risks to economic and national security [3][4] - The list of critical minerals varies by country, with the US identifying 50 minerals in its 2022 final list, while the EU confirmed 34 critical raw materials in its 2024 legislation [4][6] - The global distribution of critical minerals is highly concentrated, with a few countries holding significant reserves and production, leading to increased strategic importance and resource nationalism [7][10] Group 3 - The US has implemented various legislative measures to enhance domestic resource development and strategic reserves, including the Defense Production Act and multiple key mineral-related acts [24][26] - The US has invested over $439 million since 2020 to support the rare earth supply chain, focusing on developing a complete supply chain from mining to processing [27][30] - The US aims to establish a global supply chain network for critical minerals through partnerships and agreements with resource-rich countries, while also increasing tariffs on imports from China [30][31] Group 4 - The EU's strategy emphasizes reducing reliance on single countries and diversifying supply chains, while still maintaining trade relations with China [34][35] - The EU has introduced the Critical Raw Materials Act to enhance local production capabilities and reduce dependency on third countries, aiming for a significant portion of consumption to be met by domestic sources by 2030 [35][36] - The EU is actively limiting Chinese investments in its critical mineral projects through regulatory measures and environmental standards [37] Group 5 - China is responding to the US and EU strategies by consolidating its critical mineral industry, enhancing domestic exploration and investment, and implementing export controls [38][39] - The country has initiated significant investments in mineral exploration and established strategic reserves to secure its supply chains [39][40] - China is also engaging in global resource diplomacy and infrastructure investments to strengthen its position in critical mineral supply chains [41][42]

2025年5月12日，中美双方在日内瓦达成和解，美国取消91%对华关税，而中国暂停加征关税90天。 协议停止之后，云集在美国港口的货运船涌向中国港口，一时之间竟然船满为患，货物吞吐量激增。 但是美国发现，美国传统出口的主要产品，如能源农产品芯片等领域并没有被中国再次接受。 中国产品似乎正在有意识地同美企进行切割。 一、中国市场的反应 此次解禁之后，美国2025年第一季度的大豆出口，同比下跌32%。 与此同时，巴西大豆出口量达到6,000万吨，中国粮食储备局更是表明购买大道必须优先挑选南美，每 吨补贴30美元运费。 对此美国农场主协会主席表示，去年中国要进口，今年中国连封邮件都不回了。 能源领域，此次美国的丙烷运输船并没有获批进入中国港口，反而是开向东南亚方向。 与此同时，中国则同卡塔尔和加拿大签署了相关协议，根据报道，中国国家能源集团同阿联酋签署了15 年的合同，内容包括每年400万吨液化天然气。 在制造业领域，中国传统的金属加工，过去每年从美国进口废钢，如今全面替换印尼的镍生铁，越来越 多的金属加工企业寻找美国之外的货源。 非洲刚果金的钴矿，对华出口暴涨47%。 | | | | | 2024年 | | | ...

Core Viewpoint - The Democratic Republic of the Congo (DRC) is becoming increasingly significant in the global economy due to its rich cobalt and copper reserves, essential for the battery manufacturing in the new energy sector, especially as traditional oil reserves lose their importance [1][3]. Group 1: Economic Context - The DRC has substantial mineral resources, particularly cobalt and copper, ranking high globally, with cobalt being crucial for new energy battery production [3]. - Despite the wealth of resources, the local population has historically lived in poverty, benefiting little from these natural riches until Chinese investments began to develop the mining sector and infrastructure [3][6]. Group 2: Sino-Congolese Relations - The DRC has a long-standing cooperative relationship with China, particularly in mineral development, highlighted by a $7 billion infrastructure financing agreement signed in early 2024 [4]. - Recently, the DRC has expressed dissatisfaction with the current situation, feeling that most benefits are captured by Chinese companies, prompting a review of existing agreements and outreach to the U.S. for potential support [6][4]. Group 3: U.S. Involvement and Risks - The DRC's shift towards seeking U.S. support raises questions about its strategic intentions, as it may be attempting to leverage its mineral resources to enhance bargaining power against China [4][12]. - However, the U.S. has shown a lack of commitment to substantial investments in African infrastructure and mining, raising concerns about the DRC's expectations from this potential partnership [9][15]. Group 4: Strategic Implications - The DRC's strategy of balancing relations between China and the U.S. is seen as risky, especially given the internal instability and ongoing conflicts within the country [12][14]. - The global demand for cobalt and lithium is significant, but the DRC does not hold a decisive advantage as other regions also possess these resources, and China's established global partnerships mitigate the DRC's leverage [17].

供给方面，特朗普将Smackover锂矿列入"关键矿产快速通道"计划项目名单，北美锂矿开发可能提速， 此外大中矿业称预计其加达锂矿将在2025年实现一定规模的副产原矿销售，这些事件均进一步强化了市 场供大于求的悲观氛围;需求侧，下游即将步入传统淡季，消费预期边际转弱，加上美国关税政策引发 市场对储能电池及磷酸铁锂订单可能被削减的忧虑，市场整体情绪不佳。 智通财经APP获悉，国泰海通发布研报称，维持锂钴行业增持评级。锂板块：下游备货谨慎，锂价重心 走低。1)无锡盘2507合约周度跌2.84%至6.85万元/吨;广期所2507合约周度跌2.85%至6.82万元/吨;2)锂精 矿：上海有色网锂精矿价格为793美元/吨，环比下降15美元/吨。矿山挺价态度不敌国内碳酸锂期货下 行趋势，弱支撑下矿价跌幅较大。钴板块：供应端多数厂商仍能维持正常生产，钴价偏强震荡。钴业公 司多向电新下游制造延伸，构成钴-镍-前驱体-三元的一体化成本优势，增强竞争壁垒。 国泰海通主要观点如下： 节前无强补货动力，锂盐随矿价下跌 尽管部分中小锂盐厂因成本倒挂减产或检修，但一二线大厂通过技改降本提效，整体供应仍处于高位， 储能项目需求预期疲软，临 ...

Group 1 - The company is a leading player in the metallurgical engineering sector, holding approximately 90% of the Chinese market share and nearly 60% of the global market share as of 2022 [1] - The company is undergoing a strategic transformation from traditional metallurgical engineering to infrastructure and emerging markets, with a projected revenue of 552 billion yuan in 2024, a decrease of 12.9%, and a net profit of 6.75 billion yuan, down 22.2% [1] - The low-carbon transition in the metallurgical industry presents development opportunities, with the company actively expanding its non-steel engineering business and leveraging its technological advantages in low-carbon equipment [1] Group 2 - The company is recognized as a key resource enterprise in China, with substantial mineral reserves including 1,795,000 tons of copper, 184,200 tons of nickel, 64,290 tons of zinc, 32,110 tons of lead, and 20,900 tons of cobalt as of the end of 2024 [2] - The demand for the company's metal products, such as copper, nickel, and cobalt, is strong due to the steady growth of downstream industries like electricity and new energy, which is expected to enhance the profitability of its resource segment [2] - The company has two pending production mines with a copper reserve of 1,614,000 tons, which are anticipated to contribute significantly to performance once operational [2]

牵一发而动全身。 起点锂电获悉，近日由于全球钴矿重要生产国刚果（金）改变政策，该国钴矿暂停出口，引发 电池行业地震。 受此影响，多家国内公司也发布公告进行响应，例如网传新余赣锋电子发出一封客户告知函提 及"因为钴价大涨，所有正极材料供应商停止报价，短期内无法下单采购，即日起所有新订单 均需重新确认价格。"目前赣锋锂业暂未回复此事。 同样，在宣布禁止出口政策第二天，国内钴矿相关上市公司寒锐/腾远/利源/永茂泰/华友纷纷股 价上涨。钴价格也迎来逆袭， 截至3月10日，国内钴(1#)平均价达到22.3万元/吨，较2月24日 低点累计上涨40.25%。昔日的"钴奶奶"大势重聚。 01 暂停出口原因： 利润过低 相关人士表示，刚果（金）已不是第一次做出此类行为，暂停进口均是在价格底部的时候出禁 令。 随着消费电子以及新能源汽车的流行，对于电池的需求增多导致钴矿开采规模扩大，让刚果 （金）获得了不少利润，但供需关系反转之时，刚果（金）为保持利润均衡，做出过数次暂停 出口行为。 2002年刚果（金）政府为允许私营资本进入矿产资源领域，中国民营企业进入刚果（金）矿业 市场，以华友钴业、寒锐钴业为代表，为中国钴产业应用奠定基础 ...