智通财经网·2025-07-03 06:48Core Viewpoint - Since 2020, the demand for new energy vehicles has become the core driving force for rare earth downstream, with terminal growth closely related to rare earth prices [1] Supply Side - Domestic integration of rare earth resources is ongoing, forming two major groups and optimizing the supply structure [2] - The import of rare earth ore from Myanmar is expected to marginally decrease due to inventory consumption and seasonal factors [2] Demand Side - The demand for rare earth magnetic materials from new energy vehicles and wind power is projected to reach 6.3 million tons in 2024, accounting for 24% of total domestic demand [3] - By 2025-2026, the demand for magnetic materials from new energy vehicles and wind power is expected to rise to 6.9/8.5 million tons and 1.1/1.5 million tons respectively, reaching 28%/31% of total demand [3] - Humanoid robots are anticipated to become a significant demand driver, with a potential requirement of 20,000 tons of neodymium-iron-boron for 5 million units [3] Market Transition - The rare earth sector is transitioning from the second phase (excess profit digestion) to the third phase (explosive growth in prosperity) [4] - The overall rare earth prices have seen slow upward movement since February 2025, with expectations of further increases due to overseas replenishment demand and the peak season for domestic new energy vehicles [4] - Recommended stocks include Northern Rare Earth, China Rare Earth, Guangsheng Nonferrous, Shenghe Resources, and Jieli Permanent Magnet, with related stocks being Ningbo Yunsheng and Zhenghai Magnetic Materials [4]