稀土永磁行业周报：上周产业链价格整体维持回升，2024年第二批稀土配额下达

Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet materials industry [1][2]. Core Insights - The rare earth permanent magnet industry experienced a decline of 3.15% last week, underperforming the benchmark by 2.6 percentage points. The industry valuation (TTM P/E) decreased by 2.01x to 33.15x, returning to a historical percentile of 27.6% [1]. - Domestic light rare earth ore prices remained stable, while heavy rare earth ore prices continued to rise. The prices of praseodymium-neodymium showed a steady increase, with the average price of praseodymium-neodymium oxide rising by 1.55% to 393,000 CNY/ton [1][2]. - The second batch of rare earth mining and smelting separation total control indicators for 2024 has been issued, indicating a significant contraction in rare earth supply growth [1][2]. Summary by Sections Market Trends - Last week, the rare earth permanent magnet industry continued its downward trend, with a weekly decline of 3.15% [1]. - The prices of mixed carbonate rare earth ore and various heavy rare earth ores remained stable, while the price of imported monazite ore increased by 1.69% to 362,000 CNY/ton [1]. Price Movements - The average price of praseodymium-neodymium oxide increased by 1.55% to 393,000 CNY/ton, while the average price of praseodymium-neodymium metal rose by 1.25% to 485,000 CNY/ton [1][2]. - The price of sintered neodymium-iron-boron continued to rise, with the average price of N35 grade increasing by 1.95% to 104.5 CNY/kg [1]. Supply and Demand Dynamics - The report highlights that the demand for rare earth materials is expected to increase due to seasonal factors and new orders from end-users, particularly in the automotive sector [2]. - The supply side remains robust, with July production of neodymium-iron-boron maintaining high growth, although the price increase potential for rare earth magnetic materials may be constrained by marginal supply-demand changes [2].