【文/观察者网 陈思佳】辉长岩是一种不起眼的岩石，价格低廉且储量丰富，常被用作铺路的材料，但 美国正试图利用这种岩石来减少对中国的关键矿产依赖。据美国《华尔街日报》12月9日报道，硅谷公 司正尝试加工辉长岩，以生产铝、镁和其他需要从中国进口的关键矿物。 在美国加利福尼亚州奥克兰，一家名为Brimstone的初创企业正通过自主化学工艺和现成的设备加工辉 长岩，从中提取矿物。该公司成立于2019年，已经从科技巨头亚马逊、微软联合创始人比尔·盖茨等投 资者处筹集了超过8000万美元的资金。 特朗普政府也为相关项目投资了数亿美元，并入股了美国稀土公司MP Materials、稀土磁铁初创企业 Vulcan Elements、磁铁回收公司ReElement Technologies以及锂矿开采公司Lithium Americas。美国政府 还与乌克兰、澳大利亚、阿联酋等十多个国家签署协议，以确保获得关键矿产项目的准入。 虽然Brimstone提出了"野心勃勃"的目标，但该公司还需要先证明自己的生产能力。报道指出，现在 Brimstone还只能在实验室阶段实现部分矿物的生产，钛的生产甚至还停留在纸面阶段。该公司尚未建 成 ...

今年前10个月，广西银税互动贷款累计投放1471.7亿元，主要投向制造业、批发和零售业、租赁和商务 服务业，惠及中小微企业7.6万户。"我行与税务部门合作构建全链条信用融资转化体系，让纳税信用真 正成为企业发展的'金钥匙'。"广西农商联合银行乡村振兴与普惠金融部总经理覃安革认为，银税互动 既降低了银行放贷风险，提升了信贷投放精准度，又激励了企业依法纳税，有利于"诚信纳税—融资便 利—发展壮大"的良性循环，助推实体经济高质量发展。 依托银税互动机制，区内多家银行特设绿色通道，为企业提供融资便利服务。农行钦州分行党委书记、 行长林炳森介绍，为有效提升钦州港区小微企业的融资可得性和便利性，分行主动对接港区物流产业集 群，通过银税互动平台数据识别纳税信用优良企业，为企业办理全程线上的信用贷款"微捷贷"。 （文章来源：经济日报） "十四五"期间，广西持续深化银税互动机制，不断提升服务质效，助力企业将纳税信用转化为融资信 用，构建"以税促信、以信换贷、以贷扶企"的良性循环。数据显示，2021年以来，全区银税互动贷款累 计投放8066.9亿元，惠及中小微企业近50万户。 "由于行业产品更新迭代迅速，企业需要持续高强度的研发 ...

Price Trends - Magnesium 99.9% in Shanghai is priced at 16,905-17,005 CNY/ton, down by 50 CNY [1] - Niobium ≥99.9% is priced at 665-675 CNY/kg, with no change [1] - Vanadium ≥99.5% is priced at 1,461-1,561 CNY/kg, with no change [1] - Electrolytic manganese in Guangxi is priced at 13,400-13,600 CNY/ton, with no change [1] - Lithium metal ≥99% is priced at 590,100-625,100 CNY/ton, with no change [1] - Arsenic metal is priced at 6,705-7,205 CNY/ton, with no change [1] - Sponge titanium ≥97-98% is priced at 45-46 CNY/kg, with no change [1] - Sponge zirconium ≥99% is priced at 166-171 CNY/kg, with no change [1] Mineral Product Prices - Copper concentrate 18-20% is priced at 76,050-80,001 CNY/metal ton [1] - Lead concentrate 50% from Henan is priced at 16,650-16,750 CNY/metal ton, while from Yunnan it is priced at 16,750-16,850 CNY/metal ton [1] - Zinc concentrate 50% from Yunnan is priced at 19,092-19,192 CNY/metal ton, while from Hunan it is priced at 19,042-19,142 CNY/metal ton [1] - Molybdenum concentrate 45% is priced at 3,621-3,651 CNY/ton [1] - Black tungsten concentrate 65% is priced at 342,100-343,100 CNY/ton [1] - White tungsten concentrate 65% is priced at 341,100-342,100 CNY/ton [1] - Tin concentrate 60% from Guangxi is priced at 295,800-297,800 CNY/metal ton [1] - Titanium concentrate TiO2 ≥46% is priced at 1,631-1,681 CNY/ton [1] - Carbonate rare earth is priced at 48,105-48,405 CNY/ton [1] - Red soil nickel ore 1.8% (FOB) is priced at 72-75 USD/wet ton [1] Non-Metal Prices - 521 silicon from East China is priced at 9,600-9,800 CNY/ton [2] - Borax with 95% content from Northeast is priced at 5,000 CNY/ton [2] - Borax with 95% content from Shandong is priced at 4,500 CNY/ton [2] - Talc food grade SiO2 ≥50% with 93 800 mesh is priced at 3,000 CNY/ton [2] - Diatomaceous earth with 86% silica from Henan is priced at 3,000 CNY/ton [2]

Group 1 - The article provides a detailed overview of the current prices of various metals and minerals, indicating fluctuations in market prices for specific commodities [1][2] - Cadmium is priced between 28,600 to 29,600 RMB per ton, while chromium ranges from 81,100 to 84,600 RMB per ton [1] - Lithium metal is reported at 575,100 to 610,100 RMB per ton, reflecting significant interest in battery materials [1] Group 2 - Non-metallic products such as boron and talc are also listed, with boron priced at 4,500 RMB per ton in Shandong and talc at 3,000 RMB per ton in Henan [2] - The report highlights the price of rare earth carbonate at 44,305 to 44,705 RMB per ton, indicating ongoing demand in the market [1] - The pricing for various ores, including copper and lead concentrates, shows a range of 16,650 to 16,800 RMB per ton for lead in Henan [1]

Investment Rating - Industry Rating: Recommended [4] Core Views - The report indicates that the recent U.S. non-farm employment data exceeded expectations, which has suppressed interest rate cut expectations for the year, leading to downward pressure on metal prices [3][20] - Precious metals have seen price declines due to weakened rate cut expectations, with COMEX gold down 0.53% to $4,062.80 per ounce and COMEX silver down 1.47% to $49.66 per ounce [30][46] - The overall outlook for precious metals remains cautious, with geopolitical tensions and global debt concerns driving long-term investment in gold [20][49] Summary by Sections Precious Metals - COMEX gold and silver prices have decreased, with significant changes in ETF holdings, indicating a shift in market sentiment [30][46] - The U.S. job market shows mixed signals, complicating the Federal Reserve's decision-making regarding interest rates [3][9] - The report highlights a potential long-term bullish trend for gold due to rising global debt and inflation concerns [20][49] Base Metals - Base metal prices are under pressure due to reduced rate cut expectations, with copper, aluminum, zinc, and lead all experiencing price declines [8][9] - The supply side is facing challenges, with major copper producers reporting production declines due to operational issues [9][12] - Demand for copper is expected to remain tight in the long term, supported by energy transition policies and infrastructure investments [22] Small Metals - The report notes that magnesium prices are under pressure due to rising costs, while demand remains stable [18] - Molybdenum and vanadium prices are weak, reflecting a challenging market environment for these metals [19] Investment Recommendations - The report suggests a focus on gold and silver stocks, highlighting specific companies that may benefit from rising metal prices [20][50] - For base metals, companies involved in copper production are recommended due to expected supply constraints and long-term demand growth [22]

Summary of Conference Call Notes Industry Overview - The conference call discusses the aluminum and copper industries, highlighting the current market dynamics and future outlooks for both metals. Key Points on Aluminum - **High Copper-Aluminum Ratio**: The copper-aluminum ratio is currently at a historical high of approximately 4, indicating a significant potential for aluminum price increases as it is seen as a substitute for copper in various applications, particularly in the electrical and home appliance sectors [2][6] - **Aluminum Price Dynamics**: LME aluminum prices have reached new highs, while domestic aluminum prices remain relatively weak. This price discrepancy creates conditions for aluminum to experience a price correction or "catch-up" [1][2] - **Supply Constraints**: China's electrolytic aluminum capacity utilization is nearing its limit at 98%, with a total capacity of 45 million tons. This limits further production increases. Additionally, overseas production is constrained due to power supply issues in regions like Canada and Australia [8] - **Export Tax Changes**: The cancellation of export tax rebates has led to a significant decrease in China's aluminum and aluminum product exports in 2025 compared to 2024. However, there has been an increase in scrap aluminum imports, indicating strong domestic consumption capabilities [9] - **Inventory Levels**: Both domestic and global electrolytic aluminum inventories are at low levels, which supports price stability and potential increases in 2026 [10] Key Points on Copper - **Supply Growth Slowdown**: Global copper mine supply growth has slowed to 1-2% due to issues such as mining difficulties in Indonesia. This limited supply makes copper prices more resilient to declines [3][4] - **Market Optimism**: The market outlook for copper prices is optimistic, supported by favorable macroeconomic conditions and easing trade tensions between China and the U.S. [3][5] - **Profitability in the Lead Industry**: The profitability in the electrolytic lead industry is concentrated in the electrolytic segment, with production profits nearing 4,000 RMB per ton. This indicates a healthy market for related stocks [11] Other Important Insights - **Downstream Demand Variability**: The demand in the casting industry is mixed, with stable orders for automotive profiles but pressure on construction-related profiles. Overall, downstream consumption is maintaining a year-on-year growth trend [12] - **Future Outlook for Copper and Magnesium**: Both copper and magnesium are expected to remain attractive investment options due to ongoing supply issues. Magnesium, in particular, is anticipated to see a price increase due to its favorable fundamentals compared to copper [13]

Global Landscape - The strategic interaction and policy choices between China and the US significantly impact global trade, industrial chain layout, and capital flows [4] - China is estimated to account for over 40% of global manufacturing capacity, reinforcing its influence in trade and industry [4] - The debt-driven growth model poses challenges but also reflects China's substantial policy resources and market development potential [4] Chinese Economy - The current economic situation is characterized as "high at the front and low at the back," with a GDP growth rate of 5.2% in the first three quarters, making the annual target achievable [6] - Consumption grew by 4.5%, supported by policies like "old-for-new" exchanges, while investment saw a decline of 0.5% [6] - Exports were a highlight, increasing by 6.1%, particularly strong in emerging markets like Africa and ASEAN [6] "14th Five-Year" Plan Highlights - The plan emphasizes accelerating "technological self-reliance," aiming to build a modern industrial system with advanced manufacturing as its backbone [8] - There is a strong push for consumption and increased social welfare spending, particularly in response to an aging population [8] - The establishment of a nationwide unified market is prioritized, optimizing resource allocation in energy, public services, and data [8] Asset Allocation Strategies - In a low-interest-rate environment, high-dividend assets are highlighted as scarce and valuable, with Hong Kong stocks offering a dividend rate 30% higher than A-shares [11] - Sectors like military, gold, and rare earths are recommended as strategic allocations in response to global geopolitical tensions [11] - Focus on AI technology sectors, including computing power and robotics, is essential as they represent a significant investment opportunity [11] - New consumption trends driven by younger demographics and single-person economies present emerging investment opportunities [11]

Group 1: China's Dominance in Key Elements - China dominates the global production of critical elements, with a 99% share in gallium, over 70% in magnesium, tungsten, and natural graphite, and 69% in rare earth elements [1][2] - In 2024, China's share of global production in key elements for the electronic manufacturing industry is projected to exceed 90% [3] - The importance of these elements is significant, as gallium is essential for 5G communication and artificial intelligence, while rare earth elements are crucial for missile guidance systems [5] Group 2: Global Dependency on Chinese Supply - The global electronic manufacturing industry heavily relies on Chinese supply chains, with 90% of solar cells depending on Chinese gallium and 70% of lithium battery anode materials relying on Chinese natural graphite [5] - A reduction in Chinese exports could severely impact industries such as renewable energy and defense technology, leading to potential disruptions in production efficiency [5] Group 3: China's Export Control Strategy - China's export controls are a strategic choice to ensure domestic industry stability amid rising global demand and geopolitical risks [6] - The measures are also a response to Western attempts to reduce dependency on Chinese critical elements, exemplified by the U.S. blocking Chinese acquisitions of overseas rare earth mines [7] Group 4: Implications of Export Controls - Export controls may drive domestic companies towards technological innovation and higher value-added production, moving away from low-end exports that have historically resulted in environmental damage [9] - These measures could lead to a restructuring of global supply chains, with Western countries attempting to increase local mining efforts, though facing challenges in cost and technology [9] - China's actions may also influence global resource governance rules, shifting the balance of power in resource distribution and allowing China to set new standards [11]

Core Insights - Kingdawei announced on November 5 that its Doctor's Best brand offers a variety of products in China, including those for cardiovascular health, anti-aging, bone strength, and basic vitamins [1] - Popular products include Coenzyme Q10, Ergothioneine, NAD+, Magnesium, Vitamin K, and Vitamin D, along with related compound products [1] - The revenue and profit for Doctor's Best in China have continued to grow in the first three quarters of this year [1] - The company is actively supporting its ongoing Double Eleven sales event [1]

Core Insights - China dominates the production of at least 15 key minerals, including gallium (98.7%), magnesium (95%), tungsten (82.7%), and rare earths (69.2%), which are essential for clean energy, defense, and electronics [2][3]. Group 1: Key Mineral Production - Gallium is produced at a global share of 98.7% by China [2]. - Magnesium accounts for 95% of global production, also led by China [2]. - Tungsten production is 82.7% controlled by China [2]. - Rare earths have a global production share of 69.2% from China [2]. Group 2: Other Significant Producers - Brazil produces nearly 91% of the world's niobium, crucial for high-strength steel used in pipelines and jet engines [3]. - The Democratic Republic of Congo contributes 75.9% of global cobalt production, essential for batteries and microelectronics [3]. - South Africa supplies 70.6% of platinum and nearly half of chromium globally [3].