每当我们提及国内某个行业产能在全球范围内首屈一指、占据主导时，一方面我们自豪于国内制造业的发达，而另一方面，我们也会多出一重担心：这个行 业是否存在产能过剩的风险？ 当前，中国的稀土行业在全球范围内占据了69%的冶炼分离产能以及90%以上的精加工产能。从中期来看，我国稀土产业在全球贸易格局中的主导地位大概 率将会延续。同时，在成为世界第一之后，我国稀土产业供给侧升级优化的努力从未停歇。2025年8月，《稀土开采和稀土冶炼分离总量调控管理暂行办 法》正式发布，为稀土产业供给端的"二次进化"铺平了道路。 当前，稀土产业从盈利端看，处于商品价格走强+企业业绩走阔的高景气周期中，而从估值角度，稀土配额趋紧且总量管控严格化+全球先进制造业成长周 期贡献需求增量+美债利率的大趋势下，产业成长性预期得到了有力提振，A股稀土产业有望迎来盈利增长与估值扩张相呼应的双击机会。布局稀土产业双 击行情机遇，稀土ETF易方达（159715）管理+托管费率0.15%+0.05%/年，显著低于挂钩中证稀土产业指数的同类产品！ 1.稀土本不稀有，但我国完备稀土产业链独一无二，战略价值彰显 "稀土本不稀有"，从绝对量上来说，稀土元素在地壳中的 ...

Core Viewpoint - The rare earth industry has shown strong performance since the beginning of the year, with the China Securities Rare Earth Industry Index rising over 40% as of August 8, 2025, indicating potential for continued investment opportunities in the sector [1]. Group 1: Short-term and Long-term Catalysts - The current support for the rare earth industry comes from both short-term and long-term factors, including strong price momentum and positive mid-year earnings reports [3]. - Short-term catalysts include (1) rising prices and (2) strong earnings performance for Q2, while long-term factors involve (3) stricter national control over rare earth quotas, (4) increased demand from advanced manufacturing, and (5) high pricing due to international trade tensions [3]. Group 2: Price and Earnings Performance - Since June 2025, rare earth prices in China have entered an upward trend, with the price index increasing by 12% month-on-month and 28% year-on-year as of August 8, 2025 [5]. - Key rare earth products, such as praseodymium and neodymium oxide, have seen significant price rebounds, with average prices exceeding 530,000 yuan per ton, reflecting a month-on-month increase of over 14% [5]. - The Q2 earnings reports for major companies in the rare earth sector have shown substantial growth, with North Rare Earth expecting a net profit increase of 1882.54% year-on-year, and other companies like China Rare Earth and Shenghe Resources also reporting significant profit improvements [5][6]. Group 3: Supply and Demand Dynamics - The supply side is characterized by stricter management of rare earth resources, with a slowdown in quota growth, which is expected to limit supply expansion relative to demand [11]. - The demand side shows robust growth potential, particularly in advanced manufacturing sectors such as new energy vehicles and industrial robots, which heavily rely on rare earth permanent magnets [13]. - The international landscape is also shifting, with the U.S. Department of Defense planning to invest in domestic rare earth production, which could further elevate prices and highlight the strategic value of rare earth resources [16]. Group 4: Investment Opportunities - The rare earth ETF managed by E Fund (159715) offers a low management and custody fee of 0.15% and 0.05% per year, making it an attractive option for investors looking to capitalize on the rare earth industry's growth potential [17].