Seeing how they put tons of graphic options in the game, I'm fairly sure it will run well below minimum requirements. You can turn off the 3D units, buildings, trees, you can turn off shadows, reflections, rivers, cities etc.
Basically if you turn all that off, you have, graphics wise, a better looking version of HoI3, and that runs incredibly well on really outdated hardware.
Minimum requirements are certainly meant to display all the 3D things going on on the map, and if you turn all of them off, I would even give integrated graphics a very good chance of running it nicely.
CPU is always a question of what speed you expect and are fine with, and I can't comment on that until the game is out.