[Table_Title] 研究报告 Research Report 7 Jan 2026 MP Materials (MP US) 稀土市场基本面向好；更多利好因素和战略合作伙伴关系有望出现 李丹怡 Catherine Li catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (This note is the Chinese translation of a note that was originally written in English and published on 7 Jan 2026) 事件 美战争部会计处理的清晰性：公司对其美战争部交易的会计处理方式十分明确，根据美国通用会计准则，该协议不 属于营收范围（第三方为五角大楼），并将出现营业利润低于营业收入的情况。该协议将包含一笔额外的钕镨付款 部分（即销售价格与 110 美元/千克之间的差额），并且根据用于回收氧化钕镨的分配量的不同，还会从钕镨精矿支 付款项至库存。 自十月中旬以来，MP Material 的股价表现弱于大市约 35%，部 ...

Group 1 - The Australian government has implemented measures to set a price floor for rare earths, leading to a rise in the stock prices of Australian rare earth miners [1] - Lynas Rare Earths saw an increase of 7.1%, reaching its highest level since March 2012 [1] - Aluka Resources rose by 8.9%, reaching 5.795 AUD, the highest since November 2024 [1] Group 2 - Luke Winchester, portfolio manager at Merewether Capital, indicated that the government's involvement has led the market to view rare earth mining and processing companies as strategic assets [1]