稀土永磁行业周报：上周产业链价格上行受制新增需求，行业估值行至高位

Investment Rating - The industry rating for rare earth permanent magnet materials is "Overweight" (maintained) [1][2][13] Core Views - The rare earth permanent magnet industry experienced a significant increase of 11.83% last week, outperforming the benchmark (CSI 300) by 11.03 percentage points [1][2] - The valuation (TTM P/E) of the industry has rebounded to 66.15x, reaching 89.9% of its historical high [1][2] - The short-term market outlook for price increases in the fourth quarter is limited due to weak terminal order releases and insufficient new orders [2][13] Market Trends - Last week, prices for rare earth raw materials showed a general decline, with the price of neodymium-iron-boron initially rising but then stabilizing due to weak demand [2][12] - In September, the production of household air conditioners increased by 3.75% month-on-month, achieving a year-on-year growth of 26% due to a low base last year [1][2] Supply and Demand Dynamics - The demand side shows an upward revision in air conditioning production for October, while demand in the elevator and fuel vehicle sectors is declining [2][12] - Supply side data indicates that the production growth rate of neodymium-iron-boron remains high, with marginal increases observed [2][12] - The overall supply growth is currently outpacing demand growth, which may limit price increases in the near term [2][12]