稀土磁材行业周报：产业链上游价格坚挺，下游新增需求有限-20250706

Investment Rating - The industry investment rating is maintained at "Overweight" [3][44] Core Views - The rare earth magnetic materials industry experienced a slight decline of 0.53% this week, underperforming the benchmark (CSI 300) by 2.07 percentage points [8][11] - The current industry valuation (TTM P/E) has decreased by 0.4x to 67.68x, which is at 83.7% of its historical percentile [11][8] - The upstream prices of rare earth materials remain firm, while the downstream demand is limited, leading to a mixed outlook for the industry [8][44] Market Performance - Over the past 12 months, the industry has shown a relative return of 42% compared to the CSI 300 index [4] - Absolute returns for the industry were 58% over the same period [4] Price Trends - Domestic rare earth ore prices remained stable, while imported ore prices initially stabilized and then increased [8][14] - Prices for praseodymium and neodymium have shown slight increases, with praseodymium-neodymium oxide prices rising by 0.22% and praseodymium-neodymium metal prices increasing by 0.37% [15][17] - Dysprosium and terbium oxides have maintained strong prices due to support from market sentiment, with dysprosium oxide prices rising by 1.86% [22][8] Supply and Demand Dynamics - The supply side remains stable with upstream separation enterprises operating steadily, while some recycling enterprises have reduced output [43][8] - Demand from major magnetic material manufacturers is stable, but the overall market sentiment is cautious, with trade dynamics remaining relatively stable [43][8] Valuation and Earnings Outlook - The industry is still in a profit recovery phase, but the sustainability and height of price increases for rare earths and magnetic materials depend on the resolution of supply-demand imbalances [43][44] - The report suggests focusing on upstream rare earth resource companies that may benefit from tightening supply expectations and easing export controls [44][9]