稀土磁材行业周报：本周板块反弹，产业链价格有望逐步企稳-20260329

Investment Rating - The industry investment rating is maintained at "Overweight" [3][41] Core Views - The rare earth magnetic materials industry rebounded by 1.42% this week, outperforming the benchmark (CSI 300) by 2.84 percentage points [5][12] - The industry valuation (TTM P/E) slightly decreased by 0.37x to 73.56x, currently at 85.6% of its historical percentile [5][12] - The prices of rare earth concentrates remained stable overall, with praseodymium and neodymium prices stabilizing after a decline, while dysprosium and terbium prices continued to show weakness [6][9] - The supply side of rare earths is experiencing a downward trend in operating rates among mineral separation enterprises, with expectations of increased waste supply to partially offset the reduction in raw ore supply [10][40] Summary by Sections Industry Performance - Over the past month, the industry has shown a relative return of -20%, a 4% return over three months, and a 48% return over the past year [4] - Absolute returns are -24% for one month, 1% for three months, and 63% for twelve months [4] Market Trends - The rare earth magnetic materials industry is expected to stabilize as downstream inventory gradually decreases, with potential support for market prices [10][40] - The demand side is experiencing a temporary decline in orders, primarily due to previous price drops causing delays in downstream purchases, but overall demand remains stable with potential for concentrated release in the future [10][40] Investment Recommendations - The report suggests focusing on upstream rare earth resource companies that may benefit from valuation premiums and stable profits due to policy support and strategic value positioning [10][44] - It also recommends paying attention to downstream magnetic material companies with good customer structures and full capacity utilization, such as Jinli Permanent Magnet, as rare earth prices are expected to continue their upward trend [10][44]