Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [4] Core Views - Rare earth prices have experienced fluctuations, with a notable decline in praseodymium and neodymium oxide by 10.22% to 500,500 CNY/ton, while tungsten prices have rebounded due to supply constraints and price adjustments [5][6] - The controlled fusion new materials sector is accelerating towards commercialization, with significant advancements in technology and international collaborations [6] Summary by Sections Rare Earths - Recent price adjustments include a 10.22% drop in praseodymium and neodymium oxide to 500,500 CNY/ton, a 5.25% drop in dysprosium oxide to 1,535,000 CNY/ton, and a 4.06% drop in terbium oxide to 6,740,000 CNY/ton [5][12] - The demand side shows weakening terminal demand, with major manufacturers primarily purchasing based on essential needs [5] Molybdenum - Molybdenum concentrate prices increased by 0.46% to 4,395 CNY/ton, while molybdenum iron (Mo60) prices decreased by 0.18% to 275,500 CNY/ton [24] Tungsten - Black tungsten concentrate prices rose by 3.73% to 278,000 CNY/ton, and ammonium paratungstate prices increased by 3.70% to 406,000 CNY/ton [29] Tin - SHFE tin prices fell by 0.72% to 284,300 CNY/ton, and LME tin prices decreased by 1.58% to 35,925 USD/ton [34] Antimony - Antimony ingot prices declined by 4.78% to 159,500 CNY/ton, and antimony concentrate prices fell by 5.35% to 141,500 CNY/ton [45] Controlled Fusion New Materials - The domestic controlled fusion industry is witnessing rapid commercialization, with significant breakthroughs in energy extraction technology and international collaborations [6]