金吾财讯 | 海通国际表示，认为稀土价格已经完成了底部调整，价格回升反映稀土冶炼生产成本支撑。在需求复苏的环境下，该行看好稀土价格稳步上行。该行指，供给端，24年国内供给指标增速放缓，海外产量及进口量下降，供给约束强化。需求端，新能源相关需求持续增长，机器人有望成为下一个需求爆点。库存方面，稀土分离厂小幅累库，中下游库存同比减少。该行认为下游需求景气度回升，使得稀土中下游产品如镝铁、金属镨钕、烧结钕铁硼等库存有所下降。成本方面，金属镨钕成本给予价格底部支撑。该行认为由于稀土行业的集中度高，且国家对开采量、冶炼量均有生产指标管控，稀土行业的生产成本对于价格支撑力度强。该行续指，国内稀土龙头资源壁垒深厚，市场份额稳定，建议关注北方稀土、中国稀土(00769)；稀土下游加工端磁材产品在新兴产业带动下需求向好，建议关注金力永磁(06680)。
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