记者丨董鹏 编辑丨巫燕玲 这还不是个案，而是行业普遍现象，甚至还有年化估值更高的公司。 盈利拐点 二级市场的突出表现，既与行业盈利结束两年下滑，迎来业绩拐点有关，又受到今年稀土战 略价值提升所引发的价值重估影响。 以申万划分的4家稀土行业公司为例，2024年同期仅有北方稀土一家实现小幅盈利，今年 上半年不仅实现了全线扭亏，同时受到利润低基数的影响，这几家公司归母净利润增速达 到723%。 更为重要的是，作为大国博弈的重要筹码，资本市场也为相关公司给予了更高的估值溢价。 比如北方稀土，公司上半年每股收益为0.26元，全年卖方一致性盈利预期值为0.76元，公司股 价则超过了56元。 稀土板块，悄然成为了今年A股最强赛道。 截至8月末，由北方稀土、中国稀土4家公司构成的申万稀土板块，今年以150.8%的平均涨幅 位居申万300多个细分行业的首位。 如果将样本公司范围扩大，稀土行业指数近期更是超越了2015年牛市高点。 今年稀土行业的景气度好于去年。 上海有色数据显示，上半年镨钕金属、镨钕氧化物现货均价分别为54万元/吨、44.1万元/吨， 分别同比上涨11.9%和12.7%。 "虽然受国际贸易等因素影响，市场订单以 ...

Core Viewpoint - The rare earth sector has emerged as the strongest segment in the A-share market this year, with an average increase of 150.8% as of the end of August, leading over 300 other sub-industries [1] Group 1: Industry Performance - The rare earth industry index has recently surpassed the peak levels seen during the 2015 bull market, driven by a recovery in profitability after two years of decline and a strategic value reassessment of rare earths [2] - The average net profit growth for four major rare earth companies reached 723%, with North Rare Earth showing a staggering 1952% increase in net profit [7] - The prices of praseodymium and neodymium metals increased by 11.9% and 12.7% year-on-year, respectively, contributing to the industry's improved performance [5] Group 2: Company-Specific Insights - North Rare Earth reported a significant recovery in profitability, with a net profit margin increase of 4.32 percentage points to 12.28% [5] - The sales volume of key products such as rare earth metals and functional materials saw substantial growth, with rare earth metal sales increasing by 32.33% [6] - The stock price of North Rare Earth has reached over 56 yuan, reflecting a high valuation premium, with an annualized valuation of 74 times based on projected earnings [9] Group 3: Market Dynamics - The capital market has assigned higher valuation premiums to rare earth companies due to their strategic importance in national competition [3][10] - Fund holdings in the rare earth sector have increased, with a notable rise in shares held by funds in companies like China Rare Earth and Guangsheng Nonferrous [8] - Recent government policies, including export controls and management regulations, have heightened the focus on the rare earth industry, further influencing market valuations [11][12]