资料图（REUTERS） 用于高性能磁铁的镝和铽的价格5月份环比涨至3倍，刷新了最高价，6月份仅小幅下降，仍处 于高点附近。由于中国与美国的对立激化，中国4月启动出口管制，稀土短缺感一下子增 强…… 日经中文网 https://cn.nikkei.com 纯电动汽车（EV）和风力发电所等所必需的稀土的价格处于历史最高点附件。用于高性能磁 铁的镝和铽的价格5月份环比涨至3倍，刷新了最高价，6月份仅小幅下降，仍处于高点附近。 由于中国与美国的对立激化，中国4月启动出口管制，稀土短缺感一下子增强。很多观点认为 一段时间内价格仍将居高不下。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 英国调查公司阿格斯媒体（Argus Media）汇总了作为中国以外价格指标的欧洲的6月上旬价 格。截至4日，镝和铽分别比上月下跌12%和5%，仍处于有可比数据的2015年5月以来的最 高附近。 ...

Summary of Rare Earth Industry Conference Call Industry Overview - The rare earth sector is experiencing changes in export control expectations, with a potential easing of restrictions, although official documents primarily address dual-use items without explicitly banning exports to the U.S. [2] - Current rare earth prices are at historical lows, with praseodymium-neodymium oxide at approximately 440,000 RMB/ton, dysprosium oxide at 1.6 million RMB/ton, and terbium oxide at 7 million RMB/ton [1][3] - The domestic rare earth indicators show limited growth expectations, and the inclusion of imported ore in indicator control raises concerns about the exit risk of private enterprises [1][5] Key Market Dynamics - Following the U.S.-China tariff negotiations, downstream demand from magnet material companies is showing signs of recovery, with overseas companies increasing procurement to ensure inventory safety [1][4] - The supply chain for heavy rare earths is significantly short in overseas markets, with prices for certain products being two to three times higher than domestic prices [7] - The NdFeB market is expected to tighten from 2024 onwards, with price elasticity anticipated to be greater than that of heavy rare earths if export restrictions are relaxed [3][8] Supply Chain and Production Insights - The U.S. MP Company's separation plant is gradually increasing its praseodymium-neodymium output, with an annualized production of about 2,000 tons expected to reach an 80% capacity utilization by year-end [6] - Lynas is expanding its production capacity, maintaining a quarterly output of around 15,000 tons, with plans to increase to over 10,000 tons by mid-year [6][5] - The supply situation is affected by the rainy season and the recent recovery of border supplies from Myanmar, although production in certain regions remains stagnant [5] Investment Opportunities - The core valuation logic in the rare earth industry focuses on heavy rare earth resource targets, with companies like China Rare Earth and Guangfeng being highlighted [9] - Zhenghai Magnetic Material is recommended due to its advantageous position in overseas markets, particularly in Europe, which positively impacts profitability [9] - Hon Hai is advancing its development of non-heavy rare earth magnetic materials, which, if performance improves, could be applied in air conditioning and electric vehicles, opening further growth opportunities [12] Additional Considerations - The difference in supply chain management between domestic and overseas companies is notable, with domestic firms changing suppliers more frequently, while overseas companies tend to maintain long-term relationships [11] - The market for terbium is relatively small, with a stable price due to limited supply, while dysprosium inventory levels are high, leading to weaker price increases [7]