稀土行业跟踪报告之四：供改文件正式落地，稀土上行动力仍存

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Viewpoints - The implementation of the "Interim Measures for Total Control of Rare Earth Mining and Smelting Separation" by the Ministry of Industry and Information Technology on August 22, 2025, indicates a tightening of rare earth quotas, which is expected to limit the increase in production [1][4]. - The report highlights a clear policy trajectory in the rare earth sector, with increasingly stringent regulations, suggesting continued upward momentum for rare earth prices due to their strategic importance [4]. - The report recommends focusing on upstream companies such as Northern Rare Earth, Shenghe Resources, China Rare Earth, and Guangxi Guangwei, as well as magnetic material companies like Jieli Permanent Magnet, Ningbo Yunsheng, and Zhenghai Magnetic Materials [4]. Summary by Sections Section 1: Policy Changes - The new interim measures do not publicly disclose annual rare earth quotas, contrasting with the previous draft which included public announcements [1]. - The definition and scope of rare earth mining and smelting have been broadened, with the new measures omitting specific clauses from the draft [2]. - The responsibility for decomposing control indicators has shifted directly to the Ministry of Industry and Information Technology, removing the role of rare earth groups [2]. - A detailed tracking system for rare earth product flows has been established, requiring monthly reporting to enhance resource protection [3]. - Stricter accountability measures have been introduced, including potential criminal liability for violations of the new regulations [3]. Section 2: Market Outlook - The report anticipates limited growth in rare earth quotas for 2025, influenced by export controls and a decrease in tungsten quotas [1]. - The continuous rise in light rare earth prices since July 2025 is noted, reinforcing the strategic value of rare earth resources [4]. - The overall sentiment in the rare earth sector remains positive, with expectations for further price increases and investment opportunities [4].