中信建投：稀土产业链投资机遇

Core Viewpoint - The rare earth industry is entering a traditional consumption peak season in August, with increased downstream demand leading to higher procurement. The relaxation of export controls is expected to strengthen both domestic and export orders, driving up rare earth product prices and marking the beginning of a second trading phase of price increases and profit growth in the sector [1] Group 1 - Since June, multiple companies have received export licenses, breaking down market barriers between domestic and international markets, allowing high overseas prices to gradually influence the domestic market [1] - The U.S. Department of Defense has provided MP Materials with a minimum price of $110 per kilogram, significantly higher than domestic prices, raising expectations for price increases in praseodymium and neodymium [1] - Since July, domestic rare earth product prices have shown signs of recovery, with prices for praseodymium-neodymium oxide and praseodymium-neodymium metal both increasing, supporting the spot market [1] Group 2 - The traditional consumption peak season in September and October is leading to preemptive raw material procurement, with expectations for downstream inventory replenishment, making it easier for rare earth prices to rise rather than fall [1] - Historical trends indicate that high overseas prices often lead to domestic price increases, enhancing corporate profits and resulting in a dual boost in valuation and profits for the sector [1] - It is recommended to actively monitor investment opportunities in the sector as price increases are realized [1]