JLMAG (06680) rose more than 9% during Hong Kong trading. At the time of writing, the stock was up 9.06% to HK$23.36, with a turnover of HK$157 million. The price increase follows reports of rising rare earth product prices. According to the Baotou Rare Earth Products Exchange, on February 10, prices for mainstream rare earth products showed an overall upward trend. The average price of praseodymium-neodymium oxide reached 850,200 yuan per ton, up 51,400 yuan per ton. The average price of praseodymium-neodymium metal was 1,016,000 yuan per ton, an increase of 39,700 yuan per ton. Dysprosium oxide averaged 1,412,200 yuan per ton, rising 11,400 yuan per ton, while terbium oxide averaged 6,234,300 yuan per ton, up 20,000 yuan per ton. Analysts from SDIC Securities recently noted that rare earth prices have been climbing steadily since January. They anticipate that supply in 2026 will be tightly constrained by production quotas and approved company lists, while domestic and international demand is expected to grow steadily. A new inventory restocking cycle may also begin, supporting a bullish outlook for rare earth price trends in 2026. The rare earth market is less affected by macroeconomic sentiment, suggesting potential allocation opportunities in the sector. Similarly, Sinolink Securities believes the rare earth sector will continue to experience both valuation expansion and earnings growth, with 2026 being a critical year for resolving competition among key industry players.