稀土出口禁令影响、中国汽车、印度国防、欧盟建筑材料情绪改善

Specialist SalesAPAC Specialist Sales05 June 2025JPMORGANRare-earth export ban impact, China Auto, India Defense, EU Building Material sentiment improvingJoann Kim+852 2800 8016joann.kim@jpmorgan.comMultiple incomings on China rare earth export ban and its impact on key Asian Auto makers under our coverage with Suzuki & Ford production halts. While Trump - Xi agrees to further trade talks to resolve tariffs & rare-earth issues, Bill Peterson (US clean tech/metal & mining) believes the relations look increasingly fragile with damages done and bottleneck issue could continue. Under such circumstance, Jose (EU Auto) notes this could ultimately underpinning the strength of Chinese Auto industry control over globally auto supply chain to help ability for Chinese OEMs to expand globally. With continued positive export growth news headline & govt warned industry to self-regulate pricing war, we note investors’ sentiment bottomed on BYD while still remain negative on Geely and Great Wall Moto