稀土永磁行业周报：上周矿端价格普涨，稀土及磁材价格冲高后回调

Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet materials industry [1][3][18] Core Views - The industry has seen a short-term valuation rise to a relatively high level, with the cost side of the supply chain impacting prices [1] - The rare earth permanent magnet materials sector experienced a price increase of 5.45% last week, slightly outperforming the benchmark [1] - The report indicates that while raw material prices have risen, the downstream demand remains weak, leading to a potential price correction in the near term [3][17] Market Trends - The average price of praseodymium-neodymium oxide increased by 0.7% to 43.1 million yuan per ton, while the metal price rose by 0.95% to 53.3 million yuan per ton [1][3] - The prices of light rare earth minerals have shown significant increases, with domestic mixed carbonate rare earth minerals rising by 3.77% to 27,500 yuan per ton [1] - The production of new energy passenger vehicles in September 2024 saw a year-on-year growth of 51.5%, indicating strong demand in the electric vehicle sector [2] Supply and Demand Dynamics - The report highlights that the supply of praseodymium-neodymium remains high, with production growth outpacing demand, which may limit price increases [3][17] - The demand in the air conditioning sector is expected to increase, while the elevator and fuel vehicle sectors are experiencing a decline [3][17] - The overall demand in the industrial sector is recovering, but traditional sectors are growing at a slower pace, impacting the overall industry performance [3][17] Price Trends - The report notes that the prices of neodymium-iron-boron materials are expected to stabilize in the short term, despite recent fluctuations [3][17] - The average price of neodymium-iron-boron N35 decreased by 0.89% to 111.5 yuan per kilogram, indicating a recent price correction [1][3] - The overall market sentiment has improved due to macroeconomic policies, leading to a short-term surge in the industry [3][18]