出口管制全面细化，持续看好稀土板块：稀土行业跟踪报告之五

Investment Rating - The report maintains an "Overweight" rating for the rare earth sector, indicating a positive outlook for investment opportunities in this industry [5]. Core Insights - The recent export control measures by the Ministry of Commerce on rare earths have significantly broadened the scope of controlled items, including additional rare earth elements and related technologies, reflecting a strategic tightening of supply [1][3]. - The recovery of rare earths in China has shown a compound annual growth rate (CAGR) of 15.10% from 2020 to 2023, reaching approximately 30,500 tons in 2023, indicating advancements in recycling technology [2][7]. - The strategic value of rare earths is highlighted by international developments, such as the U.S. government's investments in rare earth projects, underscoring the geopolitical importance of these resources [3]. Summary by Sections Export Control Measures - The recent announcements include a comprehensive expansion of export controls on heavy rare earths and related materials, which now encompass additional elements like holmium, erbium, thulium, europium, and ytterbium, as well as various processing equipment and technologies [1][3]. Supply and Demand Dynamics - The tightening of supply due to export controls is expected to enhance the resilience of demand for rare earths, with exports showing signs of recovery in mid-2025 after initial declines [3][13]. - The report notes that the export volume of rare earths and tungsten products has rebounded, with a year-on-year increase of 19.60% in August 2025 for rare earths [3][13]. Industry Growth Potential - New growth opportunities are emerging in sectors such as humanoid robotics and low-altitude flying vehicles, which utilize neodymium-iron-boron magnets, indicating a diversification of demand for rare earth materials [4]. - The report suggests a continued bullish outlook for the rare earth permanent magnet sector, driven by its strategic value and resource scarcity [4]. Key Companies to Watch - The report recommends monitoring companies such as China Rare Earth, Guangxi Chicheng, Northern Rare Earth, Shenghe Resources, and Baotou Steel for their positions in the resource sector, as well as companies like Zhenghai Magnetic Materials and Ningbo Yunsheng in the magnetic materials processing segment [4].