上证综指下跌0.39%，收于4003点，而深证成分股周二下跌1.03%，收于13289点，因投资者在上证指数创下十年新高后获利回吐。市场情绪进一步减弱，此前有报道称，中国正在开发一个稀土出口体系，可能会限制一些美国公司的准入，这增加了中美贸易紧张局势再次爆发的风险，因为稀土仍然是最近谈判的核心。投资者也从高飞的科技和人工智能相关股票转向高股息价值的股票，因为人们怀疑科技公司的盈利能否证明高昂的估值是合理的。据报道，由于对泡沫的担忧，几位资深的中国基金经理停止了对其产品的新订阅。科技公司如中技创新（-4.5%）、Eoptolink Technology（-3%）、Cambricon Technologies（-4.4%）、Shannon Semiconductor（-9.8%）和Victory Giant（-4.2%）均出现大幅亏损。

The Shanghai Composite fell 0.39% to close at 4,003, while the Shenzhen Component dropped 1.03% to 13,289 on Tuesday as investors took profits after the Shanghai index hit fresh decade highs. Sentiment weakened further after reports that China is developing a rare earth export system that could restrict access for some US firms, raising the risk of renewed Sino-US trade tensions as rare earths remain central to recent negotiations. Investors also rotated out of high-flying technology and AI-linked stocks into high-dividend value plays amid doubts that tech earnings can justify lofty valuations. Several veteran Chinese fund managers reportedly halted new subscriptions to their products amid bubble concerns. Sharp losses were seen from tech firms such as Zhongji Innolight (-4.5%), Eoptolink Technology (-3%), Cambricon Technologies (-4.4%), Shannon Semiconductor (-9.8%), and Victory Giant (-4.2%).

据报道，中国正在考虑建立新的稀土出口快速跟踪系统。据知情人士透露，《华尔街日报》报道称，北京正在考虑设计一个新的稀土出口促进系统，该系统将排除与美国军方有联系的公司。新系统被称为“经过验证的最终用户”系统（VEU），这将使涉及民用和国防部门的汽车/航空航天公司更加困难或复杂。

China reportedly considers new system in fast-tracking rare earth exports.The Wall St Journal is reporting that Beijing is looking into designing a new system in facilitating its rare earth exports, one that will exclude firms with ties to the US military, according to the people familiar with the plan. The new system is dubbed the "validated end-user" system (VEU) and will make it more difficult or complicated for automotive/aerospace firms that are involved in both civilian and defence sectors.

周二，上证综指下跌0.3%，至4010点以下，而深证成分股下跌0.6%，至13350点，因投资者在中国股市创下十年新高后锁定利润。投资者正从高飞的技术和与人工智能相关的名字转向高股息价值的股票，因为人们担心科技公司的盈利可能无法证明高昂的估值是合理的。据报道，由于担心市场泡沫，几位资深的中国基金经理也暂停了对其产品的新订阅。跌幅较大的包括中技创新（-2.9%）、苏州TFC光学（-7.4%）、胜利巨人（-3.8%）、富士康工业（-3.9%）和浙江三花（-3.3%）。在贸易方面，北京本周取消了对美国战略产品的出口限制，包括稀土矿物和关键技术，这反映了中美贸易紧张局势的缓和。

The Shanghai Composite fell 0.3% to below 4,010, while the Shenzhen Component dropped 0.6% to 13,350 on Tuesday as investors locked in profits after Chinese stocks reached fresh ten-year highs. Investors are shifting from high-flying technology and AI-linked names to high-dividend value plays amid concerns that tech earnings may not justify lofty valuations. Several veteran Chinese fund managers also reportedly paused new subscriptions to their products over fears of a market bubble. Notable decliners included Zhongji Innolight (-2.9%), Suzhou TFC Optical (-7.4%), Victory Giant (-3.8%), Foxconn Industrial (-3.9%), and Zhejiang Sanhua (-3.3%). On the trade front, Beijing lifted export restrictions on strategic products to the US this week, including rare earth minerals and key technologies, reflecting easing Sino-US trade tensions.

野村证券：随着需求减弱，中国的反内卷化政策不足以重振经济增长。野村证券维持其2025年的预测不变，预计CPI平均在0%左右，PPI下降2.5%。它表示，鉴于需求方面的逆风越来越大和国内支出疲软，中国旨在缓解职场竞争和提高生产率的“反内卷化”措施本身不太可能实现持续增长。

Nomura: China's anti-involution push insufficient to revive growth as demand weakens.Nomura kept its 2025 forecasts unchanged, expecting CPI to average around 0% and PPI to fall 2.5%. It said China's “anti-involution” measures — aimed at easing workplace competition and boosting productivity — are unlikely on their own to deliver sustained growth, given mounting demand-side headwinds and sluggish domestic spending.