稀土产业链：全球主导地位稳固，高端应用描绘增长新曲线

Core Viewpoint - China holds a dominant position in the global rare earth market, with significant reserves and production capabilities, accounting for approximately 49% of global rare earth oxide (REO) reserves and 68% of global production as of 2024 [10][36][42]. Group 1: Rare Earth Resources and Production - Global rare earth oxide (REO) reserves are estimated at around 90 million tons, with China possessing nearly 49% of this total [10]. - In 2024, China's REO production is projected to be approximately 39,000 tons, maintaining its status as the largest producer globally [10]. - China's rare earth mining and processing capabilities are highly developed, with the country meeting over 90% of global demand for rare earth metal processing [12][36]. Group 2: Export and Import Dynamics - China's rare earth exports have been increasing, with light rare earth exports reaching 3,823 tons in March 2025, indicating a continuous upward trend [11]. - The export proportion of rare earth concentrates has been declining, with self-use rates remaining high, reflecting a shift towards domestic consumption [11][12]. - In the first quarter of 2025, China's rare earth exports reached 14,177 tons, a year-on-year increase of 5.14% [18]. Group 3: Industry Structure and Policy - The rare earth industry in China is characterized by a "north light, south heavy" structure, with significant production capabilities in both regions [43]. - The Chinese government has implemented strict regulations on rare earth mining and processing, emphasizing protective mining and total quantity control [50][54]. - Policies are gradually shifting towards supporting high-end applications and strategic materials, with a focus on innovation in new materials and equipment [59][62]. Group 4: Downstream Demand and Applications - The demand for rare earth materials is growing in high-tech applications, including electric vehicles, wind power, and industrial motors, with significant growth expected in these sectors [85]. - Rare earth permanent magnets are crucial in various applications, including industrial robots, where they enhance performance and efficiency [78]. - The production of rare earth permanent magnets in China is substantial, with major companies like Jinli Permanent Magnet leading the market [70][72].