稀土供需两端均迎催化，中期看好稀土表现

Core Viewpoint - The rare earth sector has shown significant price increases this year, driven by supply-side export controls and strong demand from downstream industries like renewable energy [1][2]. Supply Side - Export controls have been a major factor affecting the supply of rare earths, with stricter regulations implemented in October [2]. - Myanmar's domestic issues have also contributed to changes in the supply landscape for rare earths [2]. - China holds approximately 44 billion tons of rare earth oxide reserves, accounting for nearly half of the global total of around 90 billion tons [1]. Demand Side - Demand for rare earths remains robust, particularly from sectors such as new energy vehicles and wind power, which are experiencing peak production seasons in the fourth quarter [2]. - The export licensing system is functioning normally, and there is potential for overseas stockpiling of rare earths due to supply constraints [2]. Market Outlook - The rare earth sector is expected to perform well in the medium term, supported by favorable supply and demand dynamics [2]. - The overall non-ferrous mining sector is experiencing a tight balance between supply and demand, benefiting from anticipated interest rate cuts by the Federal Reserve and strong downstream demand [3]. - The mining ETF tracking the non-ferrous mining index shows a high concentration of leading companies, with industrial metals, gold, and rare earths making up over 50% of the index [3].