在中国，铼的发现时间较晚。2010年，陕西洛南县某矿区勘测出约176吨铼储量，这是我国首次大规模发现铼。2017年，安徽泾县又发现了30吨左右铼矿。 虽然数量相比其他矿产不大，但意义非凡，因为我国每年的铼使用量也仅在两吨左右。这些发现让中国逐渐摆脱了对外依赖，增强了战略主动性。铼的价格 也十分高昂，每克与白金接近，约三百元人民币。 铼在工业中的地位极其重要，尤其是航空发动机制造领域。发动机造价占飞机总成本的三成，而铼是发动机核心部件不可或缺的材料。由于其耐高温、抗腐 蚀的特性，被广泛用于单晶涡轮叶片、燃烧室和喷嘴等关键部位。那看似轻薄的涡轮叶片，输出动力却能与一辆2.0排量汽车相当。上世纪五十年代，美国 工程师发现，将铼与镍合金化能有效提升发动机耐高温性能，于是铼开始在航空工业中大规模应用。后来，随着添加比例的增加，发动机性能得到进一步增 强。也正因为铼的作用，它被称为"航空生命"。 现代国家要想快速发展，离不开科技进步，而科技进步的背后则是自然资源的支撑。先进技术再高，如果缺乏与之匹配的资源，也会陷入"巧妇难为无米之 炊"的境地。中国以资源丰富而闻名，但在一些稀有矿产方面依然存在短缺，例如铼。 铼是一种极其 ...

Core Viewpoint - The U.S. Department of the Interior has designated six minerals—potash, silicon, copper, silver, rhenium, and lead—as critical minerals, with formal recognition expected by the end of September. This move aims to bolster domestic production and reduce reliance on imports, which poses economic risks [2][4]. Group 1: Economic Impact - If the supply of the six designated minerals is halted for one year, the U.S. GDP is projected to decrease by approximately $4.95 billion [8]. - The U.S. Geological Survey indicates that the import dependency for potash and silicon exceeds 80%, raising concerns about economic security [4]. - The potential GDP loss from the disruption of each mineral varies, with potash estimated to cause a $2.5 billion loss and silicon $1 billion [7]. Group 2: Government Actions - The Trump administration is accelerating efforts to secure domestic production of critical minerals, having previously declared a national emergency due to insufficient domestic supply [4][6]. - The designation of these minerals will facilitate access to funding and loans for mining and production companies, as well as expedite the review process for production permits [6]. - The critical minerals list is updated approximately every three years, with the upcoming update expected to increase the total number of critical minerals to 54 [6]. Group 3: Specific Minerals and Risks - The designation process now includes minerals whose processed products face supply risks, such as copper, which, despite low import risk for ore, has significant economic implications if refined copper supply is disrupted [6]. - The U.S. is 100% reliant on China for certain critical minerals like samarium, which is essential for defense and aerospace industries. A one-year supply halt of samarium could lead to a GDP decrease of approximately $4.498 billion [8]. - The U.S. Department of Defense has become the largest shareholder in MP Materials, the only rare earth mine operating in the U.S., ensuring price stability for rare earth magnets over the next decade [8].

Core Insights - Yunnan Copper reported a net profit attributable to shareholders of 1.317 billion yuan in the first half of 2025, representing a year-on-year increase of 24.32% [1] - The rise in precious metal prices positively impacted the company's performance, although the low self-sufficiency in copper concentrate limited the overall growth from rising copper and precious metal prices [1] - The copper smelting processing fees have remained low this year, creating pressure on companies primarily engaged in smelting within the copper industry [1] Company Strategy - The company is strategically focusing on "digital transformation, expanding resources, refining mining, optimizing smelting, solidifying recycling (copper), and fine-tuning rare and scattered (metals)" [1] - There is an emphasis on increasing the extraction of urban mines and rare metals, as well as enhancing the contribution of by-products such as sulfuric acid, selenium, tellurium, platinum, palladium, and rhenium to profits [1] - The company plans to increase the procurement of urban mines and collaborate effectively to ensure raw material supply, thereby enhancing its overall competitiveness and mitigating challenges posed by low processing fees [1]

Group 1: Supply Dynamics - In 2024, the global supply landscape for rhenium is changing as a major Chilean mining company has renewed a supply agreement with a U.S. firm, prioritizing U.S. market demands [1] - Rhenium is extremely rare, with only 2,650 tons of proven reserves globally, making it more precious than gold [3] - Chile holds half of the world's rhenium reserves at 1,300 tons, while the U.S. has about 400 tons, and China has only 237 tons, which is 9% of the global total [5] Group 2: Importance in Aviation - Rhenium is critical for the aerospace industry, particularly in jet engine turbine blades, which operate under extreme conditions [4] - The F-22 fighter jet's F119 engine contains 15% rhenium in its turbine blades, ensuring stable operation under high temperatures [5] Group 3: China's Rhenium Challenges - China faces a significant rhenium supply challenge, with domestic production only 2-3 tons per year against an annual demand of 30 tons, leading to a 90% reliance on imports [9] - The international market price for rhenium has risen to $10 per gram, increasing costs for China's aviation manufacturing by over 10% [9] Group 4: U.S. Strategic Positioning - The U.S. has strategically positioned itself in the rhenium supply chain, securing long-term agreements with major producers like Chile and Kazakhstan [11] - In 2023, Chile produced 60 tons of rhenium, with 90% directed to the U.S. market [9] Group 5: China's Response Strategies - China is actively seeking solutions to its rhenium shortage, including the commencement of mining operations in Anhui and plans for further geological exploration [12] - A breakthrough in recycling technology has been achieved, allowing for a 10% recovery rate of rhenium from discarded turbine blades [12] - China is diversifying its supply sources through international partnerships, including a contract with Kazakhstan for 5 tons of rhenium annually [12] Group 6: Technological Innovations - Chinese research institutions are advancing the development of molybdenum-based alloys as potential substitutes for rhenium, although they currently do not match rhenium's high-temperature performance [14] - New processes to improve rhenium utilization efficiency and reduce consumption are being developed [14] Group 7: Geopolitical Context - The U.S. is leveraging its control over rhenium to counter China's advancements in aviation technology, viewing it as a strategic asset in the ongoing geopolitical competition [11][16] - Despite the challenges, China's comprehensive manufacturing capabilities and resource advantages in other critical minerals provide a foundation for overcoming rhenium supply issues [14][16]

Core Viewpoint - The U.S. Department of the Interior has proposed adding six minerals, including copper, silicon, silver, and potassium, to the 2025 critical minerals list, emphasizing their importance for the U.S. economy and national security [1][3][4]. Group 1: Proposed Additions - The six minerals proposed for addition are copper, potassium, silicon, silver, lead, and rhenium, which are deemed strategically significant for economic development and national security [4]. - Copper is highlighted as a key material for the electrical grid, transportation, and defense sectors, with increasing demand driven by the growth of data centers and artificial intelligence [3][4]. - Potassium is primarily used in fertilizer production, playing a crucial role in ensuring agricultural production safety [4]. Group 2: Policy Implications - The update of the critical minerals list is seen as a roadmap to reduce U.S. dependence on imports and expand domestic production, reflecting the government's focus on enhancing the security of critical resource supply chains [3][4]. - Resources listed as critical minerals will benefit from various policy advantages, including federal funding support and streamlined permitting processes, which will enhance the competitiveness of domestic companies due to tariffs on imported products [4]. Group 3: Exclusions and Adjustments - Metallurgical coal and uranium, despite being considered for inclusion, were not added to the draft list, although public comments are welcomed for potential future inclusion [5]. - Arsenic and tellurium are recommended for removal from the critical minerals list, with the final list subject to adjustments based on public feedback during the 30-day comment period [6].

Core Points - The U.S. Department of the Interior has proposed adding six minerals, including copper, silicon, silver, and potassium, to the 2025 critical minerals list, emphasizing their importance for the U.S. economy and national security [1][3][4] - The proposal aims to reduce U.S. dependence on imports and expand domestic production, coinciding with a rise in electricity demand driven by data centers and artificial intelligence [3][4] - The critical minerals list is typically updated every three years, and the inclusion of these minerals will provide various policy advantages, such as federal funding support and streamlined permitting processes [4] Summary by Category Proposed Additions - The six minerals proposed for addition are copper, potassium, silicon, silver, lead, and rhenium, which are deemed strategically significant for economic development and national security [4] - Copper is highlighted for its essential role in electrical networks, transportation, and defense, while potassium is crucial for fertilizer production and agricultural safety [4] Exclusions and Public Feedback - Metallurgical coal and uranium, despite earlier considerations for inclusion, were not added to the list, although public feedback is welcomed during the 30-day comment period [5][6] - Arsenic and tellurium are recommended for removal from the critical minerals list [6] Policy Implications - Resources included in the critical minerals list will benefit from federal funding, simplified permitting processes, and enhanced competitiveness for domestic companies due to import tariffs [4]

Core Viewpoint - Yunnan Copper achieved significant growth in revenue and net profit in the first half of 2025, driven by optimized resource allocation and production efficiency [1][2]. Financial Performance - The company reported a revenue of 88.913 billion yuan, a year-on-year increase of 4.27% [1] - Total profit reached 1.895 billion yuan, up 2.94% year-on-year [1] - Net profit attributable to shareholders was 1.317 billion yuan, reflecting a growth of 24.32% [1] Production and Cost Management - Yunnan Copper's production of cathode copper reached 779,400 tons, marking a year-on-year increase of 53.22% [1] - The company has successfully reduced costs, with unit costs for copper concentrate and cathode copper better than annual reduction targets [1][3]. Industry Context - The copper price experienced high volatility, with a significant increase in the first quarter, surpassing 80,000 yuan per ton [2] - The demand from downstream processing enterprises surged, providing strong support for copper prices and boosting production in smelting companies [2]. Strategic Focus - The company is committed to high-quality development and cost reduction, enhancing the profitability of by-products such as sulfuric acid and molybdenum [2][4]. - Yunnan Copper is advancing towards intelligent mining and refining, investing over 80 million yuan in smart ore selection systems to improve efficiency and precision [4]. Environmental and Technical Improvements - The company has improved various technical indicators, including mining loss rates and overall recovery rates in copper smelting [3]. - Yunnan Copper aims to maximize resource utilization and promote green development through technological innovation [4].

Core Viewpoint - The recent contract between the U.S. and a Chilean mining company highlights the strategic importance of rhenium, a metal more scarce than gold, which is crucial for modern aviation engine technology and is seen as a strategic leverage against China's aviation industry [1][5]. Rhenium Supply and Demand - Rhenium, element 75 on the periodic table, is extremely rare in the Earth's crust, with only about 2,000 tons of proven reserves globally, significantly lower than the annual production of over 3,000 tons of gold. Chile holds over half of the global reserves (approximately 1,300 tons), while the U.S. has about 400 tons, and China only possesses around 237 tons, primarily in molybdenum mines in Shaanxi and Anhui [2]. - The unique physical properties of rhenium make it an ideal material for turbine blades in aircraft engines, which operate under extreme conditions. The F119 engine blades of the U.S. F-22 stealth fighter contain a high percentage of rhenium, and the CJ-1000A engine of China's C919 aircraft also relies on high-performance rhenium alloys. However, China faces a significant challenge as it relies on imports for 90% of its rhenium, leading to high costs and supply chain risks. The price of rhenium has surged to several thousand dollars per kilogram, exceeding gold prices, and has increased by 15% since 2023, resulting in over a 10% rise in the cost of Chinese aircraft engines [4][6]. U.S. Control Over Rhenium Supply - Although the U.S. does not have the largest rhenium reserves, it effectively controls the global supply chain by securing long-term contracts with major rhenium-producing countries like Chile and Kazakhstan. The U.S. imports 40 tons of rhenium annually, using 25 tons and storing 15 tons in strategic reserves, totaling 400 tons, which is significantly higher than its own reserves. The U.S. also maintains a technological edge in manufacturing turbine blades and imposes high prices and technology restrictions on Chinese companies, reinforcing its "rhenium hegemony." The upcoming Critical Minerals Security Act and the establishment of a "mineral alliance" with countries like Australia and Canada further enhance the U.S.'s resource control and political leverage [5]. Challenges and Responses in China's Aviation Industry - The shortage of rhenium poses severe challenges for China's aviation industry, hindering research and development progress and threatening production. For instance, a research center in Xi'an had to adjust the rhenium content in the CJ-1000A engine blades due to unstable supply, resulting in performance testing failures. If the U.S. fully restricts rhenium exports, China could face a significant rhenium shortfall, jeopardizing the mass production of the C919 aircraft and the domestic development of military engines [6]. - In response to these challenges, China is taking several measures: - Increasing domestic mining efforts, with the Anhui Zhanling rhenium mine already in operation, despite limited reserves. Geological exploration is ongoing to discover new rhenium resources [7]. - Developing recycling technologies to recover rhenium from discarded aircraft engine blades, achieving a high recovery rate, which helps alleviate supply pressure [7]. - Expanding partnerships with countries like Kazakhstan and exploring collaborations in Africa and Central Asia to diversify supply sources and mitigate risks [7]. - Researching alternative materials, such as new high-temperature alloys and improving processes to enhance rhenium usage efficiency [9]. - Leveraging China's advantages in rare earths, gallium, and germanium to negotiate favorable conditions in international discussions [9]. Conclusion - The U.S. aims to use rhenium to constrain China's aviation industry, but this may accelerate China's innovation in critical technologies. China is actively working on resource development, recycling, material substitution, and international cooperation, which will ultimately help overcome the "rhenium dilemma" and achieve greater autonomy in aviation engine production [11].

Core Viewpoint - The article discusses the intense competition between the United States and China over rhenium, a rare metal critical for aerospace applications, highlighting the strategic implications of resource control in the context of national security and technological advancement [1][4]. Resource Constraints - Global rhenium reserves are limited to 2,650 tons, with Chile holding 1,300 tons and the U.S. possessing 400 tons, while China has only 237 tons, insufficient to meet U.S. military consumption for six months [4][6]. - The supply chain is heavily skewed, with 90% of Chile's annual rhenium production of 60 tons directed to the U.S., exacerbating China's resource challenges [4][6]. Performance and Demand - Rhenium's exceptional properties, such as a melting point of 3,186°C and high corrosion resistance, make it essential for advanced military engines like the F-22, which contains 15% rhenium in its components [6][8]. - China's CJ-1000A engine requires 30 tons of rhenium annually, but domestic production is only 2 tons, leading to a significant supply gap [6][8]. Strategic Responses - China is exploring multiple avenues to mitigate the rhenium shortage, including: 1. **Recycling Efforts**: Increasing recovery rates from scrap materials, with a notable rise from 3% to 10% in rhenium extraction from discarded turbine blades [8][10]. 2. **Material Innovation**: Developing molybdenum-based alloys that can withstand high temperatures at a fraction of the cost of rhenium alloys [8][10]. 3. **Global Sourcing**: Establishing supply agreements with countries like Kazakhstan and exploring mining opportunities in Africa to secure additional rhenium sources [8][10]. National Strategy - The Chinese government has initiated a "100-ton rhenium strategy," aiming to accumulate significant reserves amid rising global prices, with 68 tons already secured for strategic purposes [10]. - This strategic accumulation is seen as a long-term investment to ensure self-sufficiency in critical materials for aerospace development [10].

Group 1 - The company ST Shengtun (600711.SH) announced that it will achieve mass production of high-purity germanium dioxide with a metal output of 8,326.82 kg in the first half of 2025 [1] - The company has not produced rhenium [1]