JLMAG (06680) rose more than 7%, reaching HK$21.72 with a turnover of HK$127 million by the time of writing. The increase follows a notable price surge in the praseodymium-neodymium market on February 9, with the average price of neodymium praseodymium oxide climbing to 805,000 yuan per ton and praseodymium-neodymium metal rising to 980,000 yuan per ton. Market activity has been unusually high for the period approaching the holiday, driven by expectations of sustained supply tightness after a separation plant halted operations after the new year, combined with active stockpiling by major magnetic material producers and growing bullish sentiment. Guotou Securities indicated that supply in 2026 is expected to be constrained by strict quotas and a whitelist system, while demand is projected to grow steadily. A new inventory replenishment cycle may begin, supporting a rise in rare earth price benchmarks. Huayuan Securities noted that tight policies and supply continue to limit the availability of neodymium praseodymium oxide, with upstream suppliers reluctant to sell at low prices. Downstream magnetic enterprises are shifting from necessary purchases to inventory building. Prices for rare earth concentrates traded by Baotou Steel and Northern Rare Earth in the first quarter increased 2.4% from the previous quarter, further underpinning the upward trend in rare earth prices.