证券研究报告 2025 年 11 月 23 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周行业延续跌势，轻稀土链价格回升 相关研究： | 《本周行业继续调整，产业链价格短期转 | | --- | | 弱》 20251116 | | 《本周行业表现延续弱势，轻重稀土价格走 | | 势分化》 20251109 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -12 -9 46 绝对收益 -15 -5 57 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：本周稀土磁材行业下跌 5.29%，跑输基准 1.52 pct 据 Wind 数据，本周1稀土磁材行业下跌 5.29%，跑输基准（沪深 300）1.52 pct。行业估值（市盈率 TTM）回落 3.97x 至 69.94x，当前处于 84.1%2历 史分位。 ❑ 本周轻稀土精矿价格回升，中重 ...

Group 1: New Materials Industry - The rare earth magnetic materials industry experienced a decline of 4.08% this week, underperforming the benchmark by 3 percentage points [2] - The industry valuation (TTM P/E) fell by 3.32 times to 73.9 times, currently at 87.2% of its historical percentile [2] - Prices of rare earth concentrates showed a slight decline, with mixed carbonate rare earth ore prices dropping by 2.78% [3] - Praseodymium and neodymium prices peaked and then fell, with praseodymium oxide average price decreasing by 1.8% [3] - Dysprosium prices continued to decline, with an average decrease of 2.58% for dysprosium oxide [4] - The price of sintered neodymium-iron-boron N35 decreased by 1.45%, indicating weak demand and limited order releases [4] Group 2: Investment Recommendations - The short-term prices in the rare earth sector are driven by market sentiment, with supply expected to decrease before the end of the year, while demand remains positive [5] - The overall valuation and performance levels are supported by loose liquidity and industrial policies, but high valuations may face pressure due to declining market risk appetite [5] - The industry maintains an "overweight" rating, with expectations for price recovery and improved market conditions following the easing of export controls [6] - Focus on upstream rare earth resource companies is recommended due to expected supply contraction and strategic value positioning [6] - Downstream magnetic material companies are also expected to benefit from price recovery, particularly those with strong customer structures and new growth opportunities [6] Group 3: Food and Beverage Industry - The food and beverage industry saw a decline of 0.56% from November 3 to November 7, while outperforming the broader market indices [8] - The industry valuation is currently at a low level, with a PE ratio of 22X, ranking 23rd among primary industries [9] - The CPI showed a mild increase of 0.2% in October, with food prices declining by 2.9% [10][11] - Investment recommendations suggest focusing on leading companies with stable demand and strong risk resistance, as well as those innovating in new products and channels [12] - The food and beverage sector maintains a "buy" rating, emphasizing the potential for recovery in the current low valuation environment [12]

证券研究报告 2025 年 11 月 16 日 湘财证券研究所 行业研究 稀土磁材行业周报 1 本周行业涨跌幅及价格统计时间区间为 2025/11/10 至 2025/11/14，下同。 2 估值历史分位数计算使用数据区间为 2012/02/17 至 2025/11/14，下同。 敬请阅读末页之重要声明 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -18 -1 47 绝对收益 -16 10 61 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 本周行业继续调整，产业链价格短期转弱 相关研究： | 《本周行业表现延续弱势，轻重稀土价格走 | | | --- | --- | | 势分化》 | 20251109 | | 《本周板块小幅下跌，产业链价格回升》 | | | 20251103 | | 据 Wind 数据，本周1稀土磁材行业下跌 4.08%，跑输基准（沪深 300） 3pct。行业估值（市盈率 TTM）回落 3.32x 至 73.9x， ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][42] Core Views - The rare earth magnetic materials industry has shown a weak performance, with a decline of 4.05% this week, underperforming the benchmark by 4.87 percentage points [5][12] - The current industry valuation (TTM P/E) has decreased by 3.09 times to 77.22 times, which is at 88.9% of its historical percentile [5][12] - The prices of rare earth concentrates have continued to rise, with specific increases in praseodymium and neodymium prices, while dysprosium prices have declined [6][9][19] - The market sentiment has improved due to favorable policies, but the overall bullish expectations remain weak, leading to a cautious outlook [41][42] Summary by Sections Market Performance - The rare earth magnetic materials industry has experienced a relative return of -1% over the past month, 0% over three months, and 42% over the past year [4] - Absolute returns are 0% for one month, 13% for three months, and 55% for twelve months [4] Price Trends - Domestic mixed rare earth carbonate prices have increased by 5.88%, 3.33%, and 4% for different types of rare earth minerals [9][12] - The average price of praseodymium and neodymium has risen by 4.52% and 5.12% respectively [16] - Dysprosium prices have decreased by 1.27%, while terbium prices have remained stable with a slight increase of 0.76% [19] Supply and Demand Dynamics - The supply side is expected to decrease, while demand is anticipated to increase, leading to a stable outlook for rare earth prices [41][42] - The demand from downstream sectors, particularly in new energy vehicles, is showing signs of marginal decline, but overall industrial trends remain positive [41][42] Valuation and Earnings - Current absolute and relative historical valuation levels are supported by liquidity easing and industry policy, but high valuations face pressure from declining market risk appetite [41][42] - The report suggests that as rare earth prices continue to rise, downstream magnetic material companies are likely to see sustained earnings recovery [43]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][46] Core Views - The rare earth magnetic materials sector experienced a slight decline of 0.21% this week but outperformed the benchmark (CSI 300) by 0.22 percentage points [5][12] - The industry valuation (TTM P/E) has decreased to 80.31x, influenced by third-quarter earnings, currently at the 90.8% historical percentile [5][12] - The prices of rare earth minerals have shown a significant rebound, with domestic mixed rare earth carbonate, Sichuan fluorocarbon cerium ore, and Shandong fluorocarbon cerium ore prices increasing by 9.68%, 11.11%, and 13.64% respectively [9][15] - The market sentiment is improving, with expectations of stable demand and potential recovery in export demand, despite short-term price pressures [44][46] Summary by Sections Market Performance - The rare earth magnetic materials sector slightly declined by 0.21% this week but outperformed the CSI 300 benchmark by 0.22 percentage points [5][12] - Over the past 12 months, the sector has shown a relative return of 76% compared to the CSI 300 [4] Price Trends - Prices for rare earth minerals have rebounded significantly, with notable increases in various categories, including a 5.99% rise in praseodymium-neodymium oxide prices [9][18] - Dysprosium prices have shown a slight recovery, while terbium prices continue to decline [21] Supply and Demand Dynamics - The supply side is expected to tighten due to regulatory measures and a potential reduction in production from separation enterprises, while demand remains stable [44] - The demand from downstream sectors, particularly in new energy vehicles and wind power, is showing signs of marginal decline, but overall industrial trends remain positive [44] Investment Recommendations - The report suggests maintaining an "Overweight" rating, focusing on upstream rare earth resource companies and downstream magnetic material enterprises with strong customer structures and growth potential [46][10]

Group 1 - A-share market experienced a broad increase, with rare earth and lithography machine sectors leading the gains, as evidenced by the 2.82% rise in the non-ferrous metal ETF (512400.SH) and a 4.30% increase in Northern Rare Earth [1] - The U.S. September CPI data came in below expectations, alongside tightening dollar liquidity and renewed regional banking risks, which strengthened market expectations for a Federal Reserve interest rate cut [1] - China's decision to postpone the implementation of rare earth export restrictions by one year signals a temporary easing, which is expected to stabilize global key mineral supply chain expectations and support the upward movement of industrial metal prices [1] Group 2 - Precious metals saw significant volatility this week, with spot gold experiencing its largest single-day drop in nearly a decade, primarily due to profit-taking and a temporary strengthening of the dollar [2] - Industrial metals are expected to maintain strong prices due to improved macro sentiment, frequent supply disruptions, and seasonal demand recovery [2] - The lithium battery supply chain is experiencing a tightening supply-demand balance, as indicated by the surge in hexafluorophosphate lithium prices and new highs in lithium carbonate futures, reflecting a continued recovery in the lithium battery industry [2] - Rare earth materials remain a core investment theme due to their long-term scarcity and strategic value in international competition, with leading companies accelerating integration and optimizing supply chains during the policy buffer period [2]

Macro Strategy - The 20th Central Committee's Fourth Plenary Session defined the "15th Five-Year Plan" as a critical period for comprehensive efforts, emphasizing its role in the modernization process leading up to 2035 [3][4] - The strategic focus has shifted from "dual circulation" to a "new quality productivity system," highlighting the importance of technological self-reliance and advanced manufacturing [5][6] - The session emphasized the need for a balance between an active government and an effective market, aiming to enhance macroeconomic governance efficiency [7] Social Development - The focus has shifted from basic poverty alleviation to a path towards common prosperity, with an emphasis on improving quality of life and social mobility [8] - The housing policy has transitioned to promoting high-quality development in real estate, moving away from the previous "housing is for living, not for speculation" stance [8] Security Framework - The security architecture has been restructured to focus on practical defense and modernization of the national security system, with an emphasis on enhancing public safety governance [9] - The military modernization strategy aims to achieve high-quality advancements in defense capabilities, aligning with the centenary goals of the armed forces [9] Investment Recommendations - The "15th Five-Year Plan" is positioned as a transitional phase towards modernization, with a dual focus on "new quality productivity" and national security driving high-quality development [10] - Short-term market fluctuations are anticipated due to U.S.-China trade tensions, with recommendations to focus on financial sectors and environmentally sustainable industries [10] New Materials Industry - The rare earth magnetic materials sector experienced a decline of 2.06%, underperforming against the benchmark by 5.3 percentage points, with a current valuation of 91.83 times earnings [17][18] - Prices for heavy rare earth minerals continue to decline, with significant drops in praseodymium and dysprosium prices, indicating a weak demand environment [19][20] - The overall industry outlook suggests limited further price declines due to approaching cost lines for some companies, with a cautious stance on future demand recovery [20][21]

Automotive Industry - The core point of the report highlights the impressive performance of the Chinese automotive industry in the first three quarters of 2025, with strong growth in new energy vehicles (NEVs) [3][4] - In the first three quarters of 2025, production and sales of NEVs exceeded 11.24 million units, representing a year-on-year growth of 35.2% and 34.9% respectively, with a penetration rate of 46.1% [4] - In September 2025, NEV production and sales reached 1.617 million and 1.604 million units, showing a month-on-month increase of 16.3% and 15%, and a year-on-year increase of 23.7% and 24.6% [4] - The export volume of automobiles in the first three quarters of 2025 increased by 14.8% year-on-year, with a total export of 4.95 million vehicles [4] - The report suggests focusing on leading companies in the NEV supply chain and those with overseas market presence, as the increasing penetration rate of NEVs will drive the collaborative development of the entire industry chain [4][5] Investment Recommendations - The report indicates that the automotive sector is experiencing a resonance phase between new product cycles and technological advancements, particularly in smart driving and smart cockpit technologies, which are expected to drive continuous sales growth [5] - Continuous policy support for automotive consumption and the rising penetration rate of NEVs provide a broad market space for vehicle manufacturers [5] - In the components sector, the rapid increase in the penetration of smart components such as smart cockpits and electric drive systems is expected to benefit related companies [5] - The report maintains an "overweight" rating for the automotive industry, recommending attention to quality companies in the sector, such as Shuanghuan Transmission and Beite Technology [5] New Materials - The report notes a slight increase of 0.05% in the rare earth magnetic materials industry, outperforming the benchmark by 2.27 percentage points [7] - The prices of rare earth concentrates have accelerated their decline, with specific price drops reported for various rare earth minerals [9] - The report highlights the need to monitor the demand side closely, as the market's just-in-time transactions are primarily driven by basic needs, with expectations for demand to improve in the coming months [10] Medical Services - The report indicates a decline of 2.48% in the pharmaceutical and biological sector, with the medical services sub-sector experiencing a significant drop of 5.21% [11][12] - The current PE ratio for the medical services sector is 34.96, with a recent decrease of 1.96 from the previous week [13][14] - The report emphasizes the potential of ADC (Antibody-Drug Conjugates) and CDMO (Contract Development and Manufacturing Organization) in the innovative drug sector, projecting significant growth in the ADC outsourcing market [15][16] - The report maintains a "buy" rating for the medical services industry, recommending attention to high-growth companies and those with improving expectations, such as WuXi AppTec and Aier Eye Hospital [17] ETF Market Overview - As of October 17, 2025, there are 1,328 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 55,264.48 billion [19] - The report notes that the average weekly change in shares for stock ETFs was an increase of 27.63 million shares, with significant increases in bank and brokerage ETFs [20] - The report recommends focusing on the automotive, coal, and agriculture sectors within the PB-ROE framework for ETF rotation strategies, highlighting the potential for these sectors to outperform [24]

Core Insights - Jinli Permanent Magnet reported a net profit increase of 161.81% year-on-year for the third quarter, with a steady rise in gross margin [1] - The company achieved a revenue of 5.373 billion yuan, a 7.16% increase year-on-year, and a net profit of 515 million yuan, reflecting strong operational performance [1] - The gross margin for the first three quarters of 2025 was 19.49%, up 9.46 percentage points from the previous year, indicating improved profitability [1] Financial Performance - Revenue for the third quarter reached 5.373 billion yuan, marking a 7.16% year-on-year growth [1] - Net profit for the same period was 515 million yuan, showing a significant increase of 161.81% year-on-year [1] - The company's net profit growth outpaced revenue growth, with a non-recurring net profit of 430 million yuan, up 381.94% year-on-year [1] Market and Industry Trends - The company operates in the high-performance rare earth permanent magnet materials sector, focusing on the research, production, and sales of neodymium-iron-boron magnetic steel [1] - The prices of rare earth materials have started to recover since the fourth quarter of 2024, driven by a tightening supply in the upstream market [1] - Jinli Permanent Magnet has implemented flexible inventory strategies to mitigate risks associated with rising raw material prices, ensuring stable delivery capabilities [2] Product Applications and Sales - The company's products are widely used in various sectors, including new energy vehicles, energy-efficient variable frequency air conditioners, wind power generation, robotics, and industrial servo motors [3] - In the new energy vehicle sector, sales revenue reached 2.615 billion yuan, with a year-on-year sales volume increase of 23.46% [3] - The energy-efficient variable frequency air conditioner sector generated 1.446 billion yuan in sales revenue, with a year-on-year sales volume increase of 18.48% [3] Future Outlook - The company has a strong order backlog for the fourth quarter, indicating continued demand and growth potential [3] - Jinli Permanent Magnet's stock price has increased by 125% this year, with a current market capitalization exceeding 55 billion yuan [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9] Core Insights - The rare earth magnetic materials industry experienced a slight increase of 0.05% this week, outperforming the benchmark (CSI 300) by 2.27 percentage points [5][11] - The industry valuation (TTM P/E) has slightly decreased to 95.79x, currently at 96.1% of its historical percentile [5][11] - The report indicates a downward trend in rare earth concentrate prices, with significant declines in various rare earth mineral prices [6][8][39] Market Performance - Over the past month, the industry has shown a relative return of 4%, a 3-month return of 33%, and a 12-month return of 117% [4] - Absolute returns for the same periods are 3%, 45%, and 136% respectively [4] Price Trends - Domestic mixed rare earth carbonate prices fell by 13.89%, 12.9%, and 15.38% for different types of rare earth minerals [8][12] - The average price of praseodymium and neodymium oxide decreased by 6.11%, while the metal price dropped by 6.63% [8][15] - Dysprosium oxide prices saw a slight increase of 0.62%, while terbium oxide prices declined by 0.57% [18] Investment Recommendations - The report suggests that the supply side of rare earths has limited short-term growth, with stable output from major manufacturers and limited increases in scrap supply [39][40] - It is recommended to focus on upstream rare earth resource companies due to expected supply contraction and strategic value positioning [9][42] - Downstream magnetic material companies are also highlighted for potential profit recovery as rare earth prices are expected to rise [9][42]