稀土磁材行业周报：精矿价格加速下行，稀土及磁材价格延续弱势-20251019

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9] Core Insights - The rare earth magnetic materials industry experienced a slight increase of 0.05% this week, outperforming the benchmark (CSI 300) by 2.27 percentage points [5][11] - The industry valuation (TTM P/E) has slightly decreased to 95.79x, currently at 96.1% of its historical percentile [5][11] - The report indicates a downward trend in rare earth concentrate prices, with significant declines in various rare earth mineral prices [6][8][39] Market Performance - Over the past month, the industry has shown a relative return of 4%, a 3-month return of 33%, and a 12-month return of 117% [4] - Absolute returns for the same periods are 3%, 45%, and 136% respectively [4] Price Trends - Domestic mixed rare earth carbonate prices fell by 13.89%, 12.9%, and 15.38% for different types of rare earth minerals [8][12] - The average price of praseodymium and neodymium oxide decreased by 6.11%, while the metal price dropped by 6.63% [8][15] - Dysprosium oxide prices saw a slight increase of 0.62%, while terbium oxide prices declined by 0.57% [18] Investment Recommendations - The report suggests that the supply side of rare earths has limited short-term growth, with stable output from major manufacturers and limited increases in scrap supply [39][40] - It is recommended to focus on upstream rare earth resource companies due to expected supply contraction and strategic value positioning [9][42] - Downstream magnetic material companies are also highlighted for potential profit recovery as rare earth prices are expected to rise [9][42]