Ac t i o n | 29 Jan 2026 12:25:37 ET │ 18 pages JL MAG (300748.SZ/6680.HK) Rerating on Rare Earth Upcycle and Improving Long-term Demand Visibility; Upgrade JL Mag-A to Buy CITI'S TAKE We upgrade JL Mag-A to Buy (from Neutral) and raise our target price to Rmb48/Hkd35 for A/H shares, applying 38.2x P/E for A-sh and 25.9x for H- sh, historical averages since listed. We believe the company is entering a more favorable earnings phase driven by the upcycle in rare-earth prices, stable export operations, and imp ...