JLMAG (06680) rose more than 4% in Hong Kong trading. At the time of writing, the stock was up 4.4% to HK$23.26, with a turnover of HK$122 million. On the news front, data from the Baotou Rare Earth Products Exchange showed that as of February 24, the average price of praseodymium-neodymium oxide reached 882,000 yuan per ton, up 41,600 yuan from before the holiday. The average price of praseodymium-neodymium metal was 1,036,700 yuan per ton, an increase of 31,700 yuan. Dysprosium oxide averaged 1,622,900 yuan per ton, rising by 170,000 yuan, while terbium oxide averaged 6,438,000 yuan per ton, up 118,000 yuan. A Guojin Securities research report noted that China's exports of rare earth permanent magnets in December fell 3% month-on-month but rose 7% year-on-year, setting a record high for the same period. Full-year 2025 exports declined 1% year-on-year, indicating substantial restocking demand overseas. The rare earth sector is expected to see both valuation and earnings improvements, with 2026 being a critical year for resolving competition among key industry players.