稀土永磁行业周报：上周稀土原料端价格延续上行，钕铁硼价格仅小幅跟涨-2025-03-13

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The rare earth permanent magnet industry experienced a decline of 3.85% last week, underperforming the benchmark (CSI 300) by 1.63 percentage points. The industry valuation (TTM P/E) fell to 88.17x, currently at 98% of its historical percentile [4][11] - Prices of rare earth raw materials continued to rise, with light rare earth minerals showing significant week-on-week increases. For instance, the price of mixed carbonate rare earth minerals rose by 3.85% to 27,000 CNY/ton, while the price of heavy rare earth minerals like dysprosium saw fluctuations [5][6] - The demand side remains weak, with limited new orders being released, and high inventory levels in the market. However, the air conditioning production and sales maintain a good trend, indicating potential stability in the upcoming quarter [11] Summary by Sections Market Performance - The rare earth permanent magnet materials industry saw a relative return of 7% over one month, 8% over three months, and 34% over twelve months, with absolute returns of 9% for both one and three months, and 47% over twelve months [3][4] Price Trends - Prices for various rare earth minerals have shown upward trends, with notable increases in light rare earth minerals and fluctuations in heavy rare earth prices. For example, the average price of praseodymium-neodymium oxide rose by 0.68% to 444,000 CNY/ton [5][6][7] Industry Chain Tracking - The domestic air conditioning production in January 2025 was 16.67 million units, a year-on-year decline of 4.2%, while total sales reached 17.73 million units, a year-on-year increase of 8.7%. The production decline was attributed to the timing of the Spring Festival [9][10] Investment Recommendations - The report suggests that while the rare earth metals are supported by policy-induced supply constraints, the demand side remains weak. The overall market sentiment is cautious, with expectations of stable production in the rare earth sector. The industry is still facing overcapacity and competitive differentiation, which may pressure prices and profits [11][33]