稀土永磁行业周报：稀土原料价格涨后回落，钕铁硼上行受制于需求释放，行业短期面临估值高位压力

Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet materials industry [3][13]. Core Insights - The rare earth raw material prices have fluctuated recently, with overall stability observed. However, the demand for neodymium iron boron is not being released effectively, leading to slow new orders and price constraints due to overcapacity and intense competition. Short-term upward momentum is insufficient [3][13]. - The demand side shows an upward revision in air conditioning production for November-December, while demand in the elevator and fuel vehicle sectors is declining. Industrial demand is recovering overall, and emerging sectors remain strong, but traditional sectors are experiencing low to moderate growth. External demand is recovering but at a slower pace [3][13]. - The supply side indicates that neodymium iron boron production remains high, but growth is marginally declining due to base effect. Short-term price recovery for rare earth magnetic materials is expected due to seasonal demand, but the current supply growth outpaces demand growth, limiting price increases [3][13]. Summary by Sections Market Trends and Valuation Changes - Last week, the rare earth permanent magnet materials industry rose by 23.93%, outperforming the benchmark (CSI 300) by 25.61 percentage points. The industry's valuation (TTM PE) increased to 83.08x, reaching 98.3% of its historical percentile [5][6]. Industry Chain Data Tracking - The prices of rare earth concentrates remained stable, with mixed carbonate rare earth ore prices holding steady at 24,000 CNY/ton, while heavy rare earth ore prices saw slight increases. The price of praseodymium-neodymium fluctuated, with the average price of praseodymium-neodymium oxide remaining at 423,000 CNY/ton [6][7][12]. Production and Demand Insights - The report highlights that the production of household air conditioners is expected to reach 15.192 million units in November 2024, a year-on-year increase of 41.6%. Domestic production is projected to grow by 18.5% year-on-year [2][3].