国泰海通｜有色：管制政策系统化，定价权再强化

Core Viewpoint - The recent export control policies on rare earths by the Ministry of Commerce are expected to strengthen China's pricing power in the global rare earth market and catalyze sector performance [1][2]. Group 1: Export Control Policies - On October 9, 2025, the Ministry of Commerce announced four export control policies related to rare earth technologies, expanding the scope of control to global production, re-export, and technology transfer [1]. - The new policies create a comprehensive system of export controls, enhancing China's competitive advantage in the entire rare earth industry chain and reinforcing its global pricing power [1]. Group 2: Market Dynamics - Recent prices for praseodymium and neodymium oxides have remained stable, with a range of 550,000 to 570,000, despite some reduction in orders reported by magnet manufacturers [2]. - Supply-side controls are extending from domestic to global materials and technologies, which is expected to strengthen supply rigidity and slow down the release of overseas supply [2]. - Demand for rare earths is anticipated to remain strong, driven by sectors such as electric vehicles, wind power, and air conditioning, with potential for continued price increases [2].