本周行业继续调整，产业链价格短期转弱：稀土磁材行业周报-20251116

Investment Rating - The industry rating is maintained at "Overweight" [6][43] Core Insights - The rare earth magnetic materials industry experienced a decline of 4.08% this week, underperforming the benchmark (CSI 300) by 3 percentage points [2][10] - The current industry valuation (TTM P/E) has decreased to 73.9x, which is at the 87.2% historical percentile [10] - Short-term price fluctuations are driven by market sentiment, with no significant increase in supply expected before year-end, while demand remains positive [7][42] - The export demand is anticipated to improve following the easing of export controls, which may lead to a recovery in prices and industry sentiment [43][44] Market Performance - The industry has shown relative performance of -18% over the past month, -1% over three months, and +47% over the past year [6] - Absolute performance indicates a decline of -16% over the past month, an increase of +10% over three months, and +61% over the past year [6] Price Trends - Rare earth concentrate prices have shown a slight decline, with mixed carbonate rare earth ore prices dropping by 2.78% [3][12] - Praseodymium-neodymium prices have fluctuated, with an average decrease of 1.8% for praseodymium oxide and 1.03% for praseodymium metal [14][15] - Dysprosium prices have continued to decline, with a decrease of 2.58% for dysprosium oxide [19] - Neodymium-iron-boron sintered block prices have also decreased, with N35 and H35 grades falling by 1.45% and 0.96%, respectively [38] Supply and Demand Dynamics - The supply side is characterized by a tight balance, with expectations of reduced output in November due to lower operating rates [42] - Demand remains stable, with improved foreign orders and good domestic demand, particularly in the magnetic materials sector [42][43] - The overall trend in the industrial sector is positive, although growth in downstream sectors like new energy vehicles and air conditioning is expected to slow [42] Valuation and Performance Outlook - Current absolute and relative valuation levels are supported by loose liquidity and favorable industrial policies, but high valuations may face pressure due to declining market risk appetite [42][43] - The industry is expected to enter a phase of stabilization after recent adjustments, with potential for price recovery and improved sentiment in the near term [43][44]