本周行业仍跑输大盘，需求支撑不足下产业链价格延续下行：稀土磁材行业周报-20251221

Investment Rating - The industry rating is maintained at "Overweight" [3][10] Core Insights - The rare earth magnetic materials industry has underperformed the market, with a decline of 1.81% this week, lagging behind the benchmark (CSI 300) by 1.53 percentage points [5][12] - The industry valuation (TTM P/E) has decreased by 1.42x to 72.08x, currently at the 85.5% historical percentile [5][12] - Supply of rare earths remains tight, with separation companies continuing to reduce production, and no new output expected [40] - Demand from downstream sectors is stable but weak, with a decrease in procurement intentions due to high upstream prices [40] Summary by Sections Industry Performance - Over the past month, the industry has shown a relative return of -1%, -6% over three months, and a significant 53% over twelve months [4] - Absolute returns are -2% for one month, -4% for three months, and 69% for twelve months [4] Price Trends - Prices for imported light and medium-heavy rare earth ores continue to decline, with specific decreases noted in praseodymium-neodymium and dysprosium prices [6][9][20] - The average price of praseodymium-neodymium oxide has decreased by 0.86% to 574,000 CNY/ton, while the metal price has dropped by 1.06% to 697,500 CNY/ton [14][16] - Dysprosium and terbium prices have also continued to fall, with dysprosium oxide down 1.46% and terbium oxide down 2.23% [20] Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting that while there is pressure on high valuations due to low risk appetite, the market may stabilize with improved downstream operations and export demand [10][41] - It is recommended to focus on upstream rare earth resource companies due to expected supply tightening and strategic value positioning, as well as on downstream magnetic material companies with strong customer structures and growth potential [10][43]