截至13日收盘，北方稀土股价涨停，总市值达2087亿元，年内涨幅超过170%。 事实上，估值超过百倍的稀土股亦不罕见。 10月13日，稀土板块涨幅达9.49%，位列所有热门概念板块首位，除了北方稀土，涨停的还有包钢股份（600010）、中国稀土 （000831）等多只成分股。 有卖方机构表示，"需求端稀土传统旺季渐行渐近，供需格局或持续向好，稀土价格或稳中有进，持续推荐稀土产业链战略配 置价值。" 反超2021年周期高点 与火热的二级市场相比，稀土行业层面表现相对理性。 根据SMM调研，10月13日，从稀土精矿、稀土氧化物、稀土金属到钕铁硼毛坯等多稀土产品出现下行，仅氧化镝1价格因头部 企业的采购活动增多而出现小幅上调。 10月13日晚，北方稀土（600111）公告称，公司收到内蒙古证监局下发的警示函。警示函指出，公司涉895万元资金占用未按 规定披露，内蒙古证监局决定对公司采取出具警示函的监管措施，并记入证券期货市场诚信档案。 就上述几家企业经营趋势来看，虽然今年整体迎来业绩拐点，但受自身营收结构、业务模式等因素影响，盈利弹性较为一般。 比如包钢股份，公司拥有全球最大的稀土原料基地，以及每年45万吨稀土精矿 ...

Core Viewpoint - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau for failing to disclose the occupation of 8.95 million yuan in funds, which has been recorded in the integrity archives of the securities and futures market [1] Group 1: Market Performance - As of October 13, Northern Rare Earth's stock price hit the daily limit, with a total market value of 208.7 billion yuan and an annual increase of over 170% [1] - The rare earth sector index rose by 9.49% on October 13, leading all popular concept sectors, with several stocks including Baogang Co. and China Rare Earth also hitting the daily limit [4] - The rare earth sector has seen a continuous upward trend since October 9, with the Wind rare earth index increasing by approximately 14% [12] Group 2: Industry Dynamics - Despite the hot secondary market, the rare earth industry remains relatively rational, with prices for various rare earth products, except for dysprosium oxide, showing a downward trend [6] - Baogang Co., which has the world's largest rare earth raw material base, generates 77% of its revenue from steel products, indicating that rare earth products do not significantly impact its overall performance [6] - Northern Rare Earth's net profit for the first three quarters is expected to be between 1.51 billion and 1.57 billion yuan, reflecting a year-on-year increase of 272.54% to 287.34% [7] Group 3: Valuation Concerns - The valuation of rare earth stocks has reached high levels, with Northern Rare Earth's stock price returning to historical highs, despite its profit not reaching previous cycle peaks [10] - The annualized valuation of Northern Rare Earth has risen to approximately 74.97 times, while other companies in the sector also show high valuation levels, such as China Rare Earth at 178 times [15] - The current high valuations in the rare earth sector are uncommon compared to other basic raw material industries, raising concerns about potential obstacles to further stock price increases [15]