Rare earth concept stocks were higher in early trading. As of press release, Jinli Permanent Magnet (06680) rose 5.27% to HK$7.39; China Rare Earth (00769) rose 3.57% to HK$0.29.
The Zhitong Finance App learned that rare earth concept stocks were higher in early trading. As of press release, Jinli Permanent Magnet (06680) rose 5.27% to HK$7.39; China Rare Earth (00769) rose 3.57% to HK$0.29.
According to the news, the Ministry of Industry and Information Technology and the Ministry of Natural Resources issued the first batch of rare earth mining, smelting and separation total control targets of 135,000 tons and 127,000 tons respectively in 2024. The year-on-year growth rate of the first batch of separation indicators was 20%/18%, respectively; this time, the growth rate of mineral products and smelting indicators was lower than in previous years. Guojin Securities believes that with a decline in supply growth and an improvement in the supply and demand pattern, rare earth prices are expected to bottom up. As rare earth prices rise, resource leaders and growth targets are expected to fully benefit. The resource side suggests focusing on China's rare earths, etc.; the target benefiting from the magnetic materials sector is Jinli Permanent Magnet.
Guolian Securities also said that looking at 2024, the rare earth supply side will not change the implementation of total volume control principles. The demand side will benefit from maintaining rapid growth in the fields of new energy vehicles, wind power, industrial robots, etc., and the supply and demand pattern may shift to short supply. At the same time, as the integration of China's rare earth industry chain accelerates and industry concentration increases, the rare earth group's voice in the industrial chain and its ability to control prices is expected to increase, and support for rare earth prices is expected to strengthen.