稀土永磁行业周报：上周原料端价格反弹，成本支撑叠加需求平淡钕铁硼价格弱稳

Investment Rating - The industry rating is "Overweight" [2] Core Views - The rare earth permanent magnet industry experienced a decline of 1.96% last week, outperforming the benchmark by 1.71 percentage points [2] - The industry valuation (TTM P/E ratio) decreased by 0.76x to 36.21x, reaching a historical percentile of 38.1% [2] - The demand for neodymium iron boron remains weak, with significant price pressure from downstream procurement [4] Market Trends - Last week, the prices of light rare earth minerals remained stable, while medium and heavy rare earth mineral prices rebounded [2] - The average price of mixed carbonate rare earth minerals was stable at 20,000 CNY/ton, with heavy rare earth prices showing slight increases [2] - The average price of praseodymium-neodymium rose slightly, with the national average reaching 363,000 CNY/ton [2][4] Industry Chain Tracking - The retail market for narrow passenger vehicles in July is estimated to be around 1.73 million units, a year-on-year decrease of 2.2% [4] - The retail sales of new energy vehicles are expected to be approximately 860,000 units, maintaining a year-on-year growth of 34.1% [4] - The demand for air conditioning is expected to decline, while external demand remains strong [4] Investment Suggestions - The raw material prices have strengthened due to tightening low-price sources, providing some support for neodymium iron boron costs [4] - Despite the cost support, the demand remains low, and the pressure on profit levels continues due to aggressive pricing from end-users [4] - The industry is currently in a bottoming phase, and further performance improvement is needed for valuation adjustments [4]