<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>在美国政府停摆期间，本周发布了其最重要的政策更新之一。埋藏在头条新闻中的，是 2025 年关键矿物的最终名单，该名单于 11 月 7 日在《联邦公报》上发布。</p>
<p>《联邦公报》作为美国政府的官方期刊，虽然关注度不如美国财政部或其他机构，但它包含了来自联邦机构和组织的公共通知、提案规则、最终规则及其他文件。</p>
<p>该组织至关重要，因为它为公众、企业甚至有眼光的投资者提供法律通知，帮助他们展望未来。</p>
<p>根据 2020 年《能源法》编制的新名单，由美国地质调查局（USGS）整理，将美国的 “关键” 材料官方名单从 50 种扩展到 60 种，增加了 20%。</p>
<p>该名单直接反映了华盛顿如何定义经济和国家安全优先事项，预期下一个供应链冲击将在哪里发生，以及白宫将如何定位资金和公私合作项目以应对这些冲击。</p>
<h2><strong>更广泛、更重的关键矿物名单</strong></h2>
<p>2022 年发布的美国地质调查局关键材料名单的最后版本，更加关注电池金属。尽管这一点依然重要，但 2025 年的更新在此基础上进行了扩展——现在增加了更多工业相关的内容。</p>
<p>除了锂、镍和钴外，还增加了铜、银、硼、铼、铅、硅和钾肥——这些材料涵盖了电网、半导体、先进制造和食品生产。</p>
<p>如今，鉴于政府对能源和安全的关注，更新后的名单还包括铀、磷酸盐和冶金煤——这些矿物与关键的核能、肥料的进步以及工业发展所需的钢铁制造密切相关。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! hGUT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8599e2b3-ddeb-4d35-b6bb-ac76c78f69f1_1248x646.png)</p>
<p>USGS</p>
<p>这些更 “传统” 资源的纳入标志着战略转变，从电动车或智能手机的输入转向从基础负荷电力到肥料的所有内容，这些构成了工业生活和扩展的物质基础。</p>
<p>USGS 指出，2025 年名单基于超过 1200 个供应中断场景，涵盖 84 种商品和 400 个行业。该模型发现，即使是小规模的贸易中断也可能对关键行业产生巨大的经济影响。铜、银、铀、硅和钾肥在这一指标上得分较高，因此被提升为 “关键”。</p>
<h2><strong>谁是新面孔，谁回归，为什么重要</strong></h2>
<p>2025 年的名单包含 60 种矿物，宛如全球权力和战略竞争的地图。铝、石墨、镍以及所有稀土元素仍在名单上。新加入的有铜、银、铅、硼、磷酸盐、钾肥、冶金煤、铀和硅。</p>
<p>![](https://substackcdn.com/image/fetch/$s_! sJTh!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bc31a1c-193a-44f0-b2e5-a1b5507a235f_600x1069.png)</p>
<p>USGS</p>
<p>这些新增反映了更广泛的风险指标，包括加工集中度、共产品依赖性和单一来源暴露。</p>
<p>该名单本身并不会自动产生补贴或关税，但它确立了这些政策的基本规则。这是因为被标记为 “关键” 将为简化许可、国防生产法资金以及获得能源部和国防部等有影响力的政府组织及其贷款项目的机会打开大门。它还影响贸易政策、储备优先级、外交战略和私人投资。</p>
<p>实际信息是，华盛顿现在正式将矿物安全视为工业政策，而将工业政策视为国家安全。</p>
<p>对于投资者来说，这是一种信号。铜，作为全球增长的风向标，现在承载着额外的地缘政治溢价。银则位于绿色科技、电子产品和货币对冲的交汇点。铀的存在确认了市场今年一直在定价的内容，以及我们广泛讨论的内容，即核能是任何能源安全计划的内在组成部分。</p>
<p>而且，尽管常常被忽视，磷酸盐和钾肥这两种肥料也被提升到了同样的战略层级。由于肥料供应链仍集中在俄罗斯、白俄罗斯和摩洛哥，美国承认粮食安全和矿物政策是同一枚硬币的两面。</p>
<h2><strong>接下来会发生什么，为什么重要</strong></h2>
<p>《联邦公报》的通知明确表示，这份名单并非最终版。它将根据需要进行审查，至少每两年一次，以捕捉供应和生产风险的变化。该方法论现在完全是定量的，依赖于贸易数据和生产数据。</p>
<p>这使得过程更加透明，但也更加政治化。哪些矿物能否进入下一轮名单将取决于政策方向与地质条件的同等程度。</p>
<p>与此同时，这份新名单也使华盛顿在塑造联邦工业投资、资助私营部门公司和项目方面拥有更强的主动权。联邦贷款项目现在可以支持更广泛的金属项目，从铜冶炼厂到铀加工和国内肥料厂，所有这些我们多年来一直在密切关注。</p>
<p>在这些材料正式成为关键材料之前，我们早已关注银、铜、铀和稀土领域的发展。这一最新确认至关重要。这些材料现在都明确位于美国 “关键” 定义之内。</p>
<p>在 Pr insights Founders+ 的读者中，我们在 <strong>八月</strong> 和 <strong>十月</strong> 的月刊中提供了关键建议，以补充在关键矿产领域的这些举措——我们将继续在未来提供这样的机会。</p>
<p>我们将继续跟踪推动这一重大转变的公司、项目和政策，从国内和盟友的矿工和加工商到依赖它们的全球供应链。因为这个新名单列出了今天重要的元素，以及在下一个投资周期中将继续重要的元素。</p>
<hr/>
<p><em>更多来自此作者：</em></p>
<p>再次生存于美联储与华尔街的较量</p>
<p>稀土战争正在升温</p>
<p>这就是为什么白银的时刻即将到来</p>

<p>美国政府更新了 2025 年关键矿产清单，将其从 50 种扩展到 60 种矿产，包括铜、银和铀。该清单由美国地质调查局编制，反映了政府对经济和国家安全的关注，突显了这些矿产在各个行业中的重要性。铀和磷酸盐等传统资源的纳入表明，国家安全作为工业政策组成部分的战略转变。该清单将每两年审查一次，影响联邦投资和贸易政策</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/09/09/18/03/bullion-932218_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>In the midst of its shutdown, the U.S. government dropped one of its most consequential policy updates this week. Buried in the headlines is the final 2025 List of Critical Minerals, as published November 7 in the Federal Register <em>.</em></p>
<div class="lb-trans"><p>在美国政府停摆期间，本周发布了其最重要的政策更新之一。埋藏在头条新闻中的，是 2025 年关键矿物的最终名单，该名单于 11 月 7 日在《联邦公报》上发布。</p>
</div><p>The Federal Register serves as the official journal of the U.S. government. And while it is not as well-followed as the U.S. Treasury or other institutions, it contains public notices, proposed rules, final rules, and other documents from federal agencies and organizations.</p>
<div class="lb-trans"><p>《联邦公报》作为美国政府的官方期刊，虽然关注度不如美国财政部或其他机构，但它包含了来自联邦机构和组织的公共通知、提案规则、最终规则及其他文件。</p>
</div><p>The organization is essential because it provides legal notice to the public, businesses and even savvy investors looking to the future.</p>
<div class="lb-trans"><p>该组织至关重要，因为它为公众、企业甚至有眼光的投资者提供法律通知，帮助他们展望未来。</p>
</div><p>The new list, compiled by the U.S. Geological Survey (USGS) under the Energy Act of 2020, expands America’s official roster of “critical” materials by 20% from 50 to 60 minerals.</p>
<div class="lb-trans"><p>根据 2020 年《能源法》编制的新名单，由美国地质调查局（USGS）整理，将美国的 “关键” 材料官方名单从 50 种扩展到 60 种，增加了 20%。</p>
</div><p>That list reveals a direct window into how Washington now defines economic and national security priorities, where it expects the next supply-chain shocks to hit, and how the White House will position funding and public-private initiatives to get ahead of them.</p>
<div class="lb-trans"><p>该名单直接反映了华盛顿如何定义经济和国家安全优先事项，预期下一个供应链冲击将在哪里发生，以及白宫将如何定位资金和公私合作项目以应对这些冲击。</p>
</div><h2><strong>A Broader, Heavier Critical Minerals List</strong></h2>
<div class="lb-trans"><h2><strong>更广泛、更重的关键矿物名单</strong></h2>
</div><p>The last version of this U.S. Geological Survey List of Critical Materials, released in 2022, focused more on battery metals. And while that remains materially important, this 2025 update expands on that foundation – now with an extra industrial edge to it.</p>
<div class="lb-trans"><p>2022 年发布的美国地质调查局关键材料名单的最后版本，更加关注电池金属。尽管这一点依然重要，但 2025 年的更新在此基础上进行了扩展——现在增加了更多工业相关的内容。</p>
</div><p>Added to lithium, nickel, and cobalt are copper, silver, boron, rhenium, lead, silicon, and potash <strong>–</strong> materials that span the electrical grid, semiconductors, advanced manufacturing and food production.</p>
<div class="lb-trans"><p>除了锂、镍和钴外，还增加了铜、银、硼、铼、铅、硅和钾肥——这些材料涵盖了电网、半导体、先进制造和食品生产。</p>
</div><p>Today, given the administration’s focus on energy and security, the updated list now includes uranium, phosphate, and metallurgical coal <strong>–</strong> minerals tied to crucial nuclear power, advances in fertilizer and key steelmaking for industrial development.</p>
<div class="lb-trans"><p>如今，鉴于政府对能源和安全的关注，更新后的名单还包括铀、磷酸盐和冶金煤——这些矿物与关键的核能、肥料的进步以及工业发展所需的钢铁制造密切相关。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!hGUT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8599e2b3-ddeb-4d35-b6bb-ac76c78f69f1_1248x646.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!hGUT!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8599e2b3-ddeb-4d35-b6bb-ac76c78f69f1_1248x646.png"/></p>
<p>USGS</p>
<div class="lb-trans"><p>USGS</p>
</div><p>The inclusion of those more “traditional” resources signals a strategic turn from inputs for electric vehicles or smartphones to everything from baseload power to fertilizer, which constitute the physical foundations of industrial life and expansion.</p>
<div class="lb-trans"><p>这些更 “传统” 资源的纳入标志着战略转变，从电动车或智能手机的输入转向从基础负荷电力到肥料的所有内容，这些构成了工业生活和扩展的物质基础。</p>
</div><p>The USGS notes the 2025 list draws on more than 1,200 supply-disruption scenarios covering 84 commodities and 400 industries. That modeling found that even small interruptions in trade could have outsized economic consequences across key sectors. Copper, silver, uranium, silicon, and potash scored high on that metric, hence their promotion to “critical.”</p>
<div class="lb-trans"><p>USGS 指出，2025 年名单基于超过 1200 个供应中断场景，涵盖 84 种商品和 400 个行业。该模型发现，即使是小规模的贸易中断也可能对关键行业产生巨大的经济影响。铜、银、铀、硅和钾肥在这一指标上得分较高，因此被提升为 “关键”。</p>
</div><h2><strong>Who’s New, Who’s Back, Why It Matters</strong></h2>
<div class="lb-trans"><h2><strong>谁是新面孔，谁回归，为什么重要</strong></h2>
</div><p>The 2025 list, at 60 minerals, reads like a global map of power and strategic competition. Aluminum, graphite, nickel, and the full suite of rare earths remain on it. New entrants include copper, silver, lead, boron, phosphate, potash, metallurgical coal, uranium, and silicon.</p>
<div class="lb-trans"><p>2025 年的名单包含 60 种矿物，宛如全球权力和战略竞争的地图。铝、石墨、镍以及所有稀土元素仍在名单上。新加入的有铜、银、铅、硼、磷酸盐、钾肥、冶金煤、铀和硅。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://substackcdn.com/image/fetch/$s_!sJTh!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bc31a1c-193a-44f0-b2e5-a1b5507a235f_600x1069.png" alt="" original-src="https://substackcdn.com/image/fetch/$s_!sJTh!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7bc31a1c-193a-44f0-b2e5-a1b5507a235f_600x1069.png"/></p>
<p>USGS</p>
<div class="lb-trans"><p>USGS</p>
</div><p>The additions reflect broader risk metrics, including processing concentration, co-product dependency, and single-source exposure.</p>
<div class="lb-trans"><p>这些新增反映了更广泛的风险指标，包括加工集中度、共产品依赖性和单一来源暴露。</p>
</div><p>The list itself doesn’t create automatic subsidies or tariffs, but it does set the ground rules for them. That’s because being labeled “critical” opens the door to streamlined permitting, Defense Production Act funding, and access to influential government organizations like the Department of Energy and Department of Defense and their loan programs. It also shapes trade policy, stockpiling priorities, diplomatic strategy, and private investment.</p>
<div class="lb-trans"><p>该名单本身并不会自动产生补贴或关税，但它确立了这些政策的基本规则。这是因为被标记为 “关键” 将为简化许可、国防生产法资金以及获得能源部和国防部等有影响力的政府组织及其贷款项目的机会打开大门。它还影响贸易政策、储备优先级、外交战略和私人投资。</p>
</div><p>The practical message is that Washington now officially views mineral security as industrial policy, and industrial policy as national security.</p>
<div class="lb-trans"><p>实际信息是，华盛顿现在正式将矿物安全视为工业政策，而将工业政策视为国家安全。</p>
</div><p>For investors, this is a signal. Copper, already the bellwether of global growth, now carries an added geopolitical premium. Silver sits at the intersection of green tech, electronics, and monetary hedge. Uranium’s presence confirms what the market has been pricing in all year and what we’ve written about extensively, that nuclear power is intrinsic to the future of any energy-security plan.</p>
<div class="lb-trans"><p>对于投资者来说，这是一种信号。铜，作为全球增长的风向标，现在承载着额外的地缘政治溢价。银则位于绿色科技、电子产品和货币对冲的交汇点。铀的存在确认了市场今年一直在定价的内容，以及我们广泛讨论的内容，即核能是任何能源安全计划的内在组成部分。</p>
</div><p>And while often overlooked, phosphate and potash, both fertilizers, were elevated to the same strategic tier. With fertilizer supply chains still concentrated in Russia, Belarus, and Morocco, the U.S. is acknowledging that food security and mineral policy are two sides of the same coin.</p>
<div class="lb-trans"><p>而且，尽管常常被忽视，磷酸盐和钾肥这两种肥料也被提升到了同样的战略层级。由于肥料供应链仍集中在俄罗斯、白俄罗斯和摩洛哥，美国承认粮食安全和矿物政策是同一枚硬币的两面。</p>
</div><h2><strong>What Comes Next and Why It Matters</strong></h2>
<div class="lb-trans"><h2><strong>接下来会发生什么，为什么重要</strong></h2>
</div><p>The Federal Register notice made it clear that this list isn’t final. It will be reviewed “as needed,” at least every two years, to capture shifts in supply and production risk. The methodology is now fully quantitative, relying on trade figures as well as production data.</p>
<div class="lb-trans"><p>《联邦公报》的通知明确表示，这份名单并非最终版。它将根据需要进行审查，至少每两年一次，以捕捉供应和生产风险的变化。该方法论现在完全是定量的，依赖于贸易数据和生产数据。</p>
</div><p>That makes the process more transparent, but also more political. Which minerals make or miss the next cut will depend as much on policy direction as on geology.</p>
<div class="lb-trans"><p>这使得过程更加透明，但也更加政治化。哪些矿物能否进入下一轮名单将取决于政策方向与地质条件的同等程度。</p>
</div><p>Meanwhile, this new list also gives Washington a stronger hand in shaping federal industrial investment, funding private-sector companies and projects. Federal loan programs can now back projects across a broader range of metals, from copper smelters to uranium processing and domestic fertilizer plants, all of which we’ve been watching closely for years.</p>
<div class="lb-trans"><p>与此同时，这份新名单也使华盛顿在塑造联邦工业投资、资助私营部门公司和项目方面拥有更强的主动权。联邦贷款项目现在可以支持更广泛的金属项目，从铜冶炼厂到铀加工和国内肥料厂，所有这些我们多年来一直在密切关注。</p>
</div><p>We’ve been following developments across silver, copper, uranium, and the rare-earth space long before they became official. This latest confirmation matters. Each of these materials now sits squarely inside the U.S. definition of “critical.”</p>
<div class="lb-trans"><p>在这些材料正式成为关键材料之前，我们早已关注银、铜、铀和稀土领域的发展。这一最新确认至关重要。这些材料现在都明确位于美国 “关键” 定义之内。</p>
</div><p>With Prinsights Founders+ readers, we’ve delivered key recommendations in our <strong>August</strong> and <strong>October</strong> monthly issues that serve to complement these moves in the critical mineral space – and we’ll continue to deliver opportunities like these in the future.</p>
<div class="lb-trans"><p>在 Pr insights Founders+ 的读者中，我们在 <strong>八月</strong> 和 <strong>十月</strong> 的月刊中提供了关键建议，以补充在关键矿产领域的这些举措——我们将继续在未来提供这样的机会。</p>
</div><p>And we’ll continue tracking the companies, projects, and policies driving this major shift from domestic and allied miners and processors to the global supply chains that move and rely on them. Because this new list names the elements that matter today and will in the next investment cycle.</p>
<div class="lb-trans"><p>我们将继续跟踪推动这一重大转变的公司、项目和政策，从国内和盟友的矿工和加工商到依赖它们的全球供应链。因为这个新名单列出了今天重要的元素，以及在下一个投资周期中将继续重要的元素。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者：</em></p>
</div><p>Surviving The Fed Vs Wall Street (Again)</p>
<div class="lb-trans"><p>再次生存于美联储与华尔街的较量</p>
</div><p>Rare Earths War Is Heating Up</p>
<div class="lb-trans"><p>稀土战争正在升温</p>
</div><p>Here’s Why Silver’s Moment Is Coming</p>
<div class="lb-trans"><p>这就是为什么白银的时刻即将到来</p>
</div>

铜、银和铀被纳入美国关键矿物俱乐部