每当我们提及国内某个行业产能在全球范围内首屈一指、占据主导时，一方面我们自豪于国内制造业的发达，而另一方面，我们也会多出一重担心：这个行 业是否存在产能过剩的风险？ 当前，中国的稀土行业在全球范围内占据了69%的冶炼分离产能以及90%以上的精加工产能。从中期来看，我国稀土产业在全球贸易格局中的主导地位大概 率将会延续。同时，在成为世界第一之后，我国稀土产业供给侧升级优化的努力从未停歇。2025年8月，《稀土开采和稀土冶炼分离总量调控管理暂行办 法》正式发布，为稀土产业供给端的"二次进化"铺平了道路。 当前，稀土产业从盈利端看，处于商品价格走强+企业业绩走阔的高景气周期中，而从估值角度，稀土配额趋紧且总量管控严格化+全球先进制造业成长周 期贡献需求增量+美债利率的大趋势下，产业成长性预期得到了有力提振，A股稀土产业有望迎来盈利增长与估值扩张相呼应的双击机会。布局稀土产业双 击行情机遇，稀土ETF易方达（159715）管理+托管费率0.15%+0.05%/年，显著低于挂钩中证稀土产业指数的同类产品！ 1.稀土本不稀有，但我国完备稀土产业链独一无二，战略价值彰显 "稀土本不稀有"，从绝对量上来说，稀土元素在地壳中的 ...

Core Viewpoint - The company has successfully optimized the production process of rare earth wear-resistant steel, enhancing product performance and expanding its thickness specifications, positioning itself as a leader in the industry [1][3]. Group 1: Production and Technology - The company has produced over 4,000 tons of thin specification rare earth wear-resistant steel and 3,000 tons of thick specification products this year [1]. - The production line has achieved batch production and full coverage of rare earth wear-resistant steel ranging from 8mm to 60mm in thickness [1][3]. - The company has adjusted the form, method, and quantity of rare earth element addition to meet the growing market demand for both thin and thick specification products [3]. Group 2: Product Applications and Performance - The thin specification steel plates are designed for use in mining vehicle compartments, offering excellent weldability and low-temperature impact toughness suitable for harsh mining environments [3]. - The thick specification products have overcome quality challenges such as cracking, achieved through the combination of rare earth elements and hardening elements to enhance toughness and longevity [3]. - The company's rare earth wear-resistant steel has gained popularity among major domestic coal machinery manufacturers, leading to a steady increase in orders [5]. Group 3: Market Impact - The rare earth wear-resistant steel rails have been applied in heavy-load railways such as Daqin and Shenhua, significantly extending rail lifespan and reducing maintenance costs [5]. - The high wear-resistant rare earth steel used in equipment like scraper conveyors and mining trucks has improved compressive strength by over 80%, receiving high recognition from both domestic and international customers [5].