研选行业丨稀土高端应用“内外双轮驱动”，多个行业需求旺盛，四条重点投资主线已圈出

Group 1 - The core viewpoint emphasizes the strong demand in the new energy vehicle, wind power, and robotics sectors, highlighting a dual-driven growth in high-end applications of rare earths [2][6] - The "14th Five-Year Plan" period is expected to accelerate capital expenditure in controlled nuclear fusion, presenting opportunities for companies involved in specific segments like FRC and Z-pinch devices [3][5] Group 2 - In the power equipment sector, the capital expenditure for controlled nuclear fusion is anticipated to enter a rapid release phase, which will enhance the value of power systems and create opportunities for related companies [3][5] - The report suggests focusing on companies involved in the construction of FRC and Z-pinch devices, as well as those providing pulse capacitors and fast control switches, which are expected to see increased orders [3][5] Group 3 - The rare earth industry is projected to transition towards high-end and green applications, driven by policy guidance, with leading companies likely to benefit from this shift [6] - Four key investment themes have been identified: 1. Export controls highlighting rare earth resource advantages 2. Increased global competition leading to wider price differentials 3. Midstream industries moving towards higher value-added production 4. Continuous expansion of downstream applications in China [6]