报告导读： 2025 年 8 月 22 日，工信部、国家发改委、自然资源部发布《稀土开采和稀 土冶炼分离总量调控管理暂行办法》，管理办法落地后，稀土冶炼分离供给端约束将实质 性显现，冶炼资产重估有望看到，进而继续催化稀土板块行情。 投资建议：维持稀土行业"增持"评级。 2025 年 8 月 22 日，工信部、国家发改委、自然资源部发布《稀土开采和稀土冶炼分离总量调控管理暂行办法》， 自发布日起，工信部于 2012 年公布的《关于印发稀土指令性生产计划管理暂行办法的通知》同时废止。相比于此前实行的政策，主要变化包括：细化冶炼分 离总量控制管理、将进口矿纳入监管、强化监管颗粒度和追溯机制，建立超产惩罚制度、新增市场反馈和动态调整机制。我们认为管理办法落地后，国内供给 端约束将实质性显现，进而催化行情加速。 管理办法落地后，供给约束将实质性显现。 本次管理办法规定仅允许由工信部、自然资源部确定的企业进行冶炼分离，且将进口矿纳入监管。相较于 2 月份 的征求意见稿，基本思路一致，但是对冶炼分离企业的表述由"两大集团"变为"指定企业"，除集团外的民营冶炼分离企业可能受到明显约束，且后续可能通 过冶炼分离白名单的形式进行 ...

Summary of Rare Earth Permanent Magnet Industry Conference Call Industry Overview - The rare earth industry is undergoing significant supply-side reforms driven by national policies aimed at integrating large rare earth groups and separating mining from smelting, enhancing supply efficiency and quality [1][2] - Export control policies will implement a licensing system for medium and heavy rare earths and magnetic materials starting April 2025, initially causing disruptions but expected to gradually ease as core countries receive licenses, indicating a recovery in the fundamentals [1][4] Key Points and Arguments - **Supply-Side Reforms**: The acceleration of supply-side reforms is evident, with policies aimed at cleaning up illegal production and managing imported ores, leading to a tightening of supply [2] - **Investment Focus**: Investors are advised to focus on large groups with quality mineral resources and smelting capabilities, as well as companies that can monitor the entire process and meet policy requirements [1][5] - **Medium and Heavy Rare Earth Valuation**: The export controls are expected to enhance the valuation of medium and heavy rare earths, with companies like China Rare Earth and Guangsheng Nonferrous showing significant potential for asset injection [1][8] - **Market Recovery**: Despite a challenging market in April and May due to export controls, the fundamentals are expected to recover, with spot prices rebounding to over 450,000 yuan [9] Additional Important Insights - **Magnetic Material Companies**: Companies such as Zhenghai Magnetic Materials, Jinli Permanent Magnet, and Ningbo Yunsheng are expected to benefit from the recovery in fundamentals and increased demand for replenishment [3][10] - **Long-Term Trends**: The integration and optimization of the supply chain from mining to smelting is a clear direction, with policies set to enhance the efficiency and quality of supply [6][7] - **Valuation Premiums**: The core listed companies are anticipated to experience significant profit elasticity in the long term due to the valuation premiums associated with medium and heavy rare earths [7][8] - **Future Investment Directions**: The focus should remain on large groups that dominate the supply chain and have strategic advantages, as these factors will be crucial for future investments [5][10] Conclusion - The rare earth sector is in a transitional phase with ongoing reforms and regulatory changes that are expected to shape the market dynamics. Investors should remain vigilant and conduct detailed research to identify potential opportunities amidst the evolving landscape [11]

Summary of Rare Earth Materials Conference Call Industry Overview - The conference call focuses on the rare earth materials industry, particularly the dynamics of neodymium-iron-boron (NdFeB) magnets and the impact of export controls on pricing trends [1][2][5]. Key Points and Arguments - **Price Trends**: Export controls have led to a significant increase in overseas rare earth prices, with yttrium oxide priced at $760 per kilogram and antimony oxide at $2,800 per kilogram, reflecting a nearly 200% premium over domestic prices [2][5]. - **Domestic vs. Overseas Prices**: Domestic prices have stabilized after a slight decline, indicating potential for upward movement as export restrictions ease and demand remains strong [2][5]. - **Demand Growth**: The demand for rare earth materials is robust, with a nearly 20% growth rate driven by applications in electric motors and consumer magnetic components, which account for 75% and 25% of the demand, respectively [4][6]. - **Supply-Side Reforms**: Structural reforms in 2025 are expected to reduce the supply of light rare earths (NdFeB) by approximately 10% and heavy rare earths (dysprosium and terbium) by 20-30%, benefiting leading companies like China Rare Earth and Northern Rare Earth [8][10]. - **Market Sentiment**: The current market conditions are viewed as an important window for investment, with expectations of quota releases and policy implementations that could enhance the sector's performance [3][9]. Additional Important Insights - **Sector Resilience**: The demand for low-end magnetic components is less sensitive to economic fluctuations, indicating a stable growth trajectory for the rare earth sector [6][7]. - **Investment Opportunities**: Key companies to watch include China Rare Earth, Guangsheng Nonferrous, and Northern Rare Earth, which are positioned to benefit from supply-side reforms and market dynamics [3][10]. - **Future Outlook**: The overall growth potential for the rare earth sector remains strong, with expectations of continued price increases and demand growth in sectors such as electric vehicles and wind energy [5][9].