[SMM Overseas Rare Earths Update] Driven by rising prices in China and future expectations, mainstream rare earth prices outside China edged up this week. Praseodymium oxide FOB closed at $126-130/kg, neodymium oxide FOB closed at $157-189/kg, up $2/kg WoW, praseodymium metal FOB closed at $171-179/kg, up $5/kg WoW, and neodymium metal FOB closed at $159-179/kg, up $6/kg WoW.

This week coincided with the Chinese New Year holiday, with most rare earth producers temporarily suspending external shipments and maintaining pre-holiday price levels. On the trading side, overseas inquiries increased in frequency, while domestic enterprises selectively took orders. Some companies, facing a shortage of spot resources, halted external shipments. In news, the opening of India's artificial intelligence summit became the hottest topic this week, with multiple countries announcing plans to strengthen rare earth mining to secure local supply chains.

Last week, the overseas rare earth market exhibited distinct characteristics, including accelerated exploration of futures financialization, diversified development of global resource projects, deepened supply chain strategies in major consumer countries, progress in alternative technology R&D, and continuous expansion of international cooperation networks. Next week, as China enters the Chinese New Year holiday, overseas markets will maintain this pace of advancement.

According to a report on Mining.com, Dateline Resources (DR) has gained further political support. With the public endorsement of Interior Secretary Doug Burgum, the company will develop the second rare earth mine in the US. On the 8th, Burgum stated in an interview with Fox News that the resumption of production at Colosseum, California, is a "critical link" in expanding the US's critical minerals supply chain. The project owner, DR, said that this endorsement "highlights the strategic significance of Colosseum in reducing the US's reliance on overseas rare earths." Previously, the Interior Department had already approved the company's mining plan. Shortly after Burgum publicly expressed his support, the management team, led by company manager Stephen Baghdadi, met with Burgum at the Interior Department headquarters in Washington, D.C., to discuss the next steps for the project. In a press release, DR stated that the discussion affirmed the significance of the mine to the US's rare earth supply chain, which is crucial for advanced technologies and national security, and that it is a known deposit in the US with the potential for "faster development." The Australian miner said that with the support of high-level officials from the US Department of Energy (DOE) and the proposed National Energy Dominance Council by Trump, Burgum "reiterated his commitment to accelerating rare earth production in the US, reflecting his special concern for the Colosseum rare earth mine." The Colosseum project is located along the WLT (Walker Lane Trend) in California, 10 kilometers north of Mountain Pass, the only operating rare earth mine in the US. The project has a long history, having been mined as early as the California Gold Rush. In the late 1980s, LAC Minerals conducted large-scale gold mining activities here, producing a total of 344,000 ounces of gold from two pits. The mine was closed in 1993. Subsequently, Barrick Gold acquired the project but only carried out minimal work over the next 20 years. In 2021, DR purchased the Colosseum project, reviewed the work of the U.S. Geological Survey (USGS), and attempted to identify radioactive indications within the Colosseum-Mountain Pass corridor. Based on the evaluation results, the company's team believes that its geological setting is similar to that of Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a significant global rare earth producer from the 1960s to the 1990s. Technical evaluations indicate that rare earth-bearing ore is present within the boundaries of Colosseum. However, due to its proximity to the Mojave National Preserve, the mine has been on hold in recent years. Currently, Colossus has no rare earth resources, only gold resources compliant with the JORC 2012 standard, with two-thirds being measured and indicated resources. A 2024 scoping study indicates that the project has a mine life of over 8 years, with an annual gold production capacity of 75,000 ounces.

Recent news about rare earths has continued to attract market attention. The Ministry of Commerce has recently approved a certain number of export license applications and pledged to enhance the efficiency of the approval process. Buoyed by this news, related concept stocks have surged significantly. By the close of trading, China Rare Earth (00769.HK) and JL MAG Rare-Earth (06680.HK) rose by 29.41% and 2.71%, respectively. Note: Performance of rare earth concept stocks In terms of news, a spokesperson for the Ministry of Commerce stated regarding export control measures for medium-heavy rare earths that with the development of industries such as robotics and NEVs, the global demand for medium-heavy rare earths in civilian applications is growing steadily. As a responsible major country, China fully considers the legitimate needs and concerns of various countries in civilian applications and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the approval process for compliant applications. China is willing to further strengthen communication and dialogue with relevant countries on export controls to facilitate compliant trade. This policy signal has alleviated market concerns about supply chain disruptions. A research report by Dongguan Securities pointed out that adjustments to national tariff policies and the release of industry policies in 2025 have further increased attention to the rare earth industry chain. The securities firm also noted that, from a fundamental perspective, the supply side of the rare earth industry is accelerating reforms, while the demand side is witnessing new demand curves for rare earths driven by concepts such as humanoid robots and the low-altitude economy, propelling a rebound in the prosperity of the rare earth industry. In addition, relevant institutions have pointed out that China's implementation of export controls on medium-heavy rare earths since April (accounting for 80% of global supply), combined with the impact of the Myanmar earthquake on transportation, has led overseas companies to scramble for inventory at high prices, with some varieties seeing price increases of over 200% in a single month. Why are rare earths attracting market attention? The first reason is the revolutionary demand from humanoid robots. According to Morgan Stanley's research report, a single humanoid robot consumes 0.9 kg of rare earth metals, equivalent to the demand from EVs, and may generate $800 billion in rare earth demand in the future. Tesla's Optimus pilot production line has been established, with each unit consuming 2-4 kg of NdFeB. If the global number of humanoid robots reaches 100 million units, the demand for magnetic materials will recreate a rare earth market. The second reason is NEVs and the low-altitude economy. Each NEV uses approximately 2 kg of rare earths, while the demand for high-performance magnetic materials in the low-altitude economy (such as drones and electric aircraft) is also growing rapidly. China Securities pointed out that the price of dysprosium oxide in Europe is 15% higher than in China, and companies like Tesla have accepted a 35% price increase for magnetic materials. Fundamentals of the rare earth industry continued to improve in Q1 In addition to being buoyed by external positive factors, the performance of the rare earth industry rebounded significantly in Q1 2025. For example, China's rare earth industry saw a 125% YoY increase in net profit in Q1, with operating revenue reaching 728 million yuan. During the same period, JL MAG Rare-Earth's net profit was up 57.85% YoY, and its magnetic material sales increased by over 40% YoY. Guotai Haitong Securities stated that domestic export licenses have been gradually issued recently, and it is expected that overseas price increases will gradually be passed on to the domestic market. With the rise in the price center of rare earths, domestic rare earth magnetic material enterprises are expected to experience a double boost in performance and valuation. Priority should be given to leading enterprises in the resource and magnetic material sectors. The institution believes that domestic rare earth prices are currently at the bottom of a major cycle, and the price center is expected to continue rising in the future. The brokerage also pointed out that the current domestic rare earth ore sector may have entered a destocking phase. Stimulated by rigid restocking demand overseas following export controls, and with the transmission of overseas rare earth price increases to the domestic market, ore shortages are expected to emerge, potentially amplifying the elasticity of price increases. Rare earth magnetic material enterprises are expected to experience a double boost in performance and valuation.

Today, the three major indices of Hong Kong stocks extended their gains. By the close, the Hang Seng Index rose 1.07% to close at 23,906.97 points; the Hang Seng Tech Index climbed 1.93% to close at 5,319.96 points; and the Hang Seng China Enterprises Index gained 1.26% to close at 8,684.73 points. Note: Performance of the Hang Seng Index Notably, the Hang Seng Index has risen for three consecutive days. The Hang Seng Tech Index has followed a similar trend over the same period. Today's Market In terms of market performance, individual stocks in the semiconductor and real estate sectors strengthened, while those in the pharmaceutical, tea beverage, and shipping sectors weakened. Semiconductor Stocks Lead the Market By the close, Hongguang Semiconductor (06908.HK), Hua Hong Semiconductor (01347.HK), and SMIC (00981.HK) rose 10.87%, 4.23%, and 4.19%, respectively. Note: Performance of semiconductor stocks In terms of news, the World Semiconductor Trade Statistics (WSTS) released a report stating that the global semiconductor market size will reach $700.9 billion in 2025, up 11.2% YoY. In terms of market segments, the growth in the semiconductor market this year will be led by increases in logic and memory: both markets are driven by sustained demand in areas such as AI, cloud infrastructure, and advanced consumer electronics, with double-digit YoY growth rates. Policies Continue to Stimulate Real Estate Stocks By the close, Midea Real Estate (03990.HK), China Resources Land (01109.HK), and China Overseas Land & Investment (00688.HK) rose 4.38%, 3.56%, and 1.69%, respectively. Note: Performance of real estate stocks China Index Academy stated in an article that the total bond financing of national real estate enterprises in May was 28.88 billion yuan, up 23.5% YoY. In terms of financing structure, corporate bond financing in the real estate sector was 11.17 billion yuan in May, up 5.8% YoY, accounting for 38.7%; ABS financing was 17.71 billion yuan, up 38.1% YoY, accounting for 61.3%. The average interest rate for bond financing was 2.35%, down 0.43 percentage points YoY and 0.41 percentage points MoM. China Galaxy Securities analyzed that the continuous optimization of the policy environment has driven the recovery of financing for real estate enterprises. The premium transactions of high-quality land plots in core cities indicate a restoration of market confidence, and there is significant room for valuation recovery for real estate enterprises with high-quality land reserves. Most Pharmaceutical Stocks Adjusted By the close, SinoMab BioScience (03681.HK), Harbour BioMed (02142.HK), and Giant Biogene Holding (02367.HK) fell 17.19%, 9.83%, and 8.70%, respectively. Note: Performance of pharmaceutical stocks In terms of news, this adjustment was mainly influenced by profit-taking. Taking SinoMab BioScience as an example, the stock has risen by more than 110% over the past four trading days. Soochow Securities has cautioned that after the rapid rise of the innovative drug sector, attention should be paid to the valuation match, and it is recommended to focus on enterprises with international BD capabilities and commercialization implementation. Tea beverage stocks retreat after hitting new highs By the close of trading, Gu Ming (01364.HK), Mixue Group (02097.HK), and Cha Baidao (02555.HK) fell by 7.97%, 7.72%, and 7.72%, respectively. Note: Performance of tea beverage stocks In terms of news, analysts from Everbright Securities International stated that the valuations of some consumer stocks have already factored in growth expectations, and it is necessary to pay attention to the validation of same-store sales data in Q2. It is recommended to differentiate and treat targets with the ability to continuously expand stores. Other new consumer stocks also weaken simultaneously Laopu Gold (06181.HK), Maogeping (01318.HK), and Blukoo (00325.HK), which are also new consumer stocks listed in Hong Kong, also experienced adjustments, falling by 9.05%, 6.67%, and 3.64%, respectively. Taking Laopu Gold as an example, the market is concerned about the liquidity pressure brought by the lifting of the 69.05 million share lock-up at the end of June. In addition, the stock has accumulated a gain of 212% year-to-date. Individual stock movements Dongfeng Motor's H-shares plummet over 14%; controlling shareholder clarifies no restructuring plans for now Dongfeng Motor Group (00489.HK) fell by 14.45% to close at HK$3.61. According to an announcement in the morning, the controlling shareholder stated that it is currently not involved in any business restructuring. Xindong Games surges over 8% during trading; "Etheria" international server launches today Xindong Games (02400.HK) rose by 8.25% to close at HK$40. In terms of news, the strategy turn-based RPG mobile game "Etheria" developed by Xindong Games will officially launch its international server on June 5. Kaiyuan Securities believes that following the impressive performances of "Muffin Adventure" and "Xindong Town," which were launched in 2024, the launch of "Etheria" may further drive Xindong Games' earnings growth. Citi previously pointed out that the company may have more catalysts in H2, namely the launch of "Etheria" in mid-year and the overseas version of "Xindong Town" in H2. JL MAG Rare-Earth's H-shares surge over 12%; China's rare earth export controls trigger sharp jump in overseas rare earth prices JL MAG Rare-Earth (06680.HK) rose by 12.13% to close at HK$18.86. In terms of news, affected by China's rare earth export controls, overseas medium-heavy rare earth prices jumped by 15% in a single week. Guotai Junan Securities expects that the widening price spread between domestic and overseas markets will drive profit improvements for rare earth permanent magnet enterprises, with enterprises possessing overseas channel advantages benefiting significantly.

On May 29, at the 2025 SMM (2nd) Rare Earth Industry Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Su Zhanpeng, an analyst from SMM's Rare Earth Division, shared insights on the transformation of the NdFeB industry driven by policies, the restructuring of supply and demand, and strategies for enterprises to break through. NdFeB permanent magnets dominate the permanent magnet materials market, with high-performance NdFeB leading the industry's development. Overview of Magnetic Materials: Currently, magnetic materials are mainly divided into two categories: permanent magnet materials and soft magnetic materials. Permanent magnet materials possess enduring magnetism and are the most widely used magnetic materials. Among them, NdFeB alloys and ferrite permanent magnet materials hold significant positions in the technological field. On the other hand, although soft magnetic materials can be magnetized under the influence of an external magnetic field, their magnetism is unstable and easily lost due to external factors. Compared to ferrite, NdFeB exhibits higher BH and coercivity, enabling it to provide stronger magnetic performance in a smaller volume. Meanwhile, NdFeB permanent magnets, with their high energy density and stability, are irreplaceable in high-end industrial, new energy, and consumer electronics applications, while ferrite, due to its performance limitations, is mostly used in low-power, low-cost, low and mid-end applications. Overview of NdFeB Permanent Magnet End-Use Markets The end-use markets for NdFeB permanent magnets are mainly concentrated in six areas: consumer electronics, NEVs, clean energy, new-type fields, energy-efficient elevators, and energy-efficient home appliances. Among these, emerging markets such as NEVs, energy-efficient home appliances, wind power generation, and industrial robots account for the majority of the market share. In 2025, the increasing penetration of NEVs, the rise of emerging economies such as humanoid robots and the low-altitude economy, and the national subsidy policies in the home appliances and consumer electronics sectors will continue to inject new vitality into the future market of NdFeB. However, due to adjustments in the real estate market and technological breakthroughs in wind power raw materials, the demand for NdFeB in energy-efficient elevators and wind power generation has decreased. Analysis and Forecast of NdFeB End-Use Demand Affected by export controls, rare earth permanent magnet exports in April 2025 decreased by 45% YoY. In April 2025, rare earth permanent magnet exports were affected by export controls, decreasing by 45% YoY and 51% MoM. However, the cumulative export volume from January to April increased by 2% YoY. Due to the newly implemented export control measures in April, there has been a certain impact on export trade, resulting in a need for improvement in recent export conditions. With the smooth recovery of exports of magnetic materials that do not contain medium-heavy rare earth and the sequential approval of licenses for those that do, rare earth permanent magnet exports will show a trend of recovery, but it will be difficult to restore the original export volume in the short term. China's NEV production in 2025 is expected to reach 17.89 million units, up approximately 29% YoY. According to CAAM data, full-year 2024 NEV production and sales reached 12.888 million and 12.866 million units respectively, up 34.4% and 35.5% YoY. China's NEV market maintained growth momentum in 2024, with sales accounting for 40.9% of total auto sales. NdFeB demand from NEVs reached 57,000 mt, up 38% YoY. In 2025, NEV policies will feature "central coordination + local refinement", promoting market penetration through consumption subsidies, technical support, and public sector pilots. NEV production is expected to maintain rapid growth, with China's output projected at 17.89 million units (up 29% YoY), market penetration likely exceeding 55%, and total NdFeB demand reaching 75,000 mt. China's new wind power installations in 2025 are forecast at 87GW, up 8% YoY. Per National Energy Administration statistics, China added 80.454GW of wind capacity in 2024 (up 6% YoY), with NdFeB demand at 9,735 mt (YoY growth rate down 21%). Due to cost constraints, the penetration rate of direct-drive motors has declined annually, leading to reduced NdFeB demand from China's wind installations in 2024. As a key end-use sector for rare earths, although demand growth from wind power has slowed recently, it remains a major long-term driver for sustained rare earth demand. Projections indicate China will add 87GW of wind capacity in 2025 (up 9% YoY), requiring 8,341 mt of NdFeB. China's 2025 air conditioner production is expected to reach 320 million units, up 18% YoY. NBS data shows China produced 270 million air conditioners in 2024 (up 10% YoY), with NdFeB demand at 21,000 mt (YoY growth rate 26%). Since September 2024, government trade-in subsidies combined with promotional events like "Double 11" and year-end sales have boosted the home appliance market. In 2025, the home appliance sector will demonstrate positive development trends driven by recovering demand, technological innovation, and policy support. Expanded trade-in subsidies will significantly boost air conditioner production and sales. Output is projected at 330 million units (up 25% YoY), generating 26,000 mt of NdFeB demand. It is projected that the production of energy-efficient elevators will reach 1.41 million units in 2025, down 3% YoY. According to the latest data from the National Bureau of Statistics (NBS), in 2024, the national production of elevators, escalators, and lifts was 1.458 million units, a 5.8% decrease YoY. The demand for NdFeB was 7,508 mt, with the YoY growth rate of demand declining by 6%. In 2024, the adjustment of the real estate market had a certain impact on the demand for new elevator installations. In 2025, the demand for elevators in infrastructure, industrial sectors, and retrofitting projects in old residential communities is expected to grow significantly. In particular, the export market in countries along the "Belt and Road" initiative provides new growth opportunities for Chinese elevator enterprises. It is projected that the production of energy-efficient elevators will reach 1.41 million units in 2025, down 3% YoY, and the demand for NdFeB will reach 7,368 mt. It is projected that the production of mobile phones will reach 1.85 billion units in 2025, up 10% YoY. According to the latest data from the NBS, in 2024, China's mobile phone production was 1.68 billion units, up 7.3% YoY, and the demand for NdFeB reached 3,362 mt, up 7.3% YoY. In 2024, the "national subsidy" policy implemented by the state provided generous purchase subsidies to consumers, significantly stimulating market demand. With the recovery of the mobile phone industry and technological innovation, the rare earth industry will gain new development opportunities. The increase in market demand for mobile phones will drive the expansion of capacity and technological progress in the rare earth industry. It is projected that the production of mobile phones will reach 1.85 billion units in 2025, up 10% YoY, and the demand for NdFeB is expected to reach 3,698 mt. It is projected that the production of industrial robots in China will reach 941,000 units in 2025, up 55% YoY. According to the latest data from the NBS, in 2024, the cumulative production of industrial robots in China was 608,000 units, up 41.4% YoY, and the demand for NdFeB was 12,147 mt, with a YoY growth rate of 41%. With the deepening implementation of the national "Intelligent Manufacturing 2035" action plan, combined with special government subsidies for robot industry clusters and the outbreak of emerging application scenarios, the acceleration of industrial automation transformation has been further promoted, leading to a continuous expansion in the demand for industrial robots. 2025 is regarded as the first year of mass production for humanoid robots, and the high growth prospects of this industry have created new growth opportunities for the rare earth permanent magnets market. It is projected that the production of industrial robots in China will reach 941,000 units in 2025, up 55% YoY, and the demand for NdFeB is expected to reach 18,828 mt. Review and Forecast of NdFeB Supply It is projected that China's rare earth mining quotas will remain unchanged in 2025. On February 19, 2025, the Ministry of Industry and Information Technology (MIIT) issued the "Administrative Measures for the Regulation of Total Rare Earth Mining and Smelting and Separation" and the "Administrative Measures for the Traceability of Rare Earth Product Information."According to the "Administrative Measures for Total Volume Control", the scope of rare earth ore products in China explicitly includes imported ores from overseas, monazite by-product ores, etc. For the first time, imported resources have been incorporated into smelting and mining quotas for total volume control. It is projected that the rare earth smelting and separation quota will reach 350,000 mt in 2025. On April 4, 2025, the state announced the implementation of export control policies for medium-heavy rare earth, which partially impacted the NdFeB market. Based on the analysis of the current market situation, SMM expects that rare earth mining quotas in 2025 may remain flat. This includes 251,000 mt of rock-type rare earth and 19,000 mt of ion-adsorption type rare earth. NdFeB production in 2025 will continue to rise due to supply and demand dynamics. As the largest producer of rare earth permanent magnet materials, China has maintained a steady growth trend in both production and consumption of rare earth permanent magnet materials in recent years. In 2024, China's rare earth permanent magnet material production was approximately 246,500 mt, up 14% YoY. It is expected that production will reach 265,000 mt in 2025. In 2025, several top-tier enterprises have expansion plans, including those in Zhejiang, Jiangxi, Inner Mongolia, Beijing, etc. However, due to the impact of export controls, rare earth permanent magnet exports have decreased, affecting NdFeB production and potentially delaying enterprise expansion plans. China's Rare Earth Supply-Demand Pattern and Market Outlook Monthly NdFeB Supply-Demand Balance and Future Projections The supply-demand gap widened in November-December 2024, mainly due to the concentrated release of end-use demand at year-end, such as wind power projects pushing for annual installation targets at year-end. Downstream end-user production increased, leading to a surge in NdFeB demand. In January-February 2025, end-use demand decreased following the concentrated release in Q4 2024 and the approaching Chinese New Year, with magnetic material enterprises reducing their operations. From April to July 2025, exports plummeted due to export controls. Additionally, May is a traditional off-season, and magnetic material enterprises took fewer orders due to end-use demand, resulting in lower supply. As end-use demand recovered in June, the supply-demand gap continued to widen. Starting from August 2025, export license approvals were gradually granted, leading to a rebound in exports. In September, influenced by the end-use market's advance stockpiling for production, demand surged. Review and Causes of NdFeB Price Trends from 2024 to 2025 Taking 52UH as an example, as of December 31, 2024, the price of 52UH blanks was reported at 390 yuan/kg, up 25 yuan/kg from 365 yuan/kg at the beginning of the year, representing a 6.8% increase. As the most widely used blank grade in NEVs, the price of 52UH is influenced by end-use supply and demand and raw material prices, showing an overall upward trend. However, under the impact of the export control policy announced in April 2025, export orders decreased significantly, causing prices to pull back. With the implementation of policies and the increase in end-use demand, it is expected that prices will rise slightly in the later period. Outlook for Rare Earth Development Trends in 2025 Demand Side: 1. Affected by export control policies, the exports of rare earth permanent magnets have significantly decreased. Despite the sequential approval of export licenses, it will be difficult to restore the original export volume in the short term. 2. In 2025, China's NEV industry will enter a critical stage of high-quality development, with significant breakthroughs expected in industry scale, technological innovation, market penetration, and other aspects. 3. In 2025, new installations of wind power will continue to grow due to the influence of green transformation and low-carbonization. However, due to technological iterations in raw materials, the demand for NdFeB in onshore wind power projects will decrease. Nevertheless, with the development of offshore wind power, the demand for NdFeB will surge. In the long run, it will remain the main driving force for the sustained growth of rare earth demand. 4. In 2025, the home appliance industry will show a positive development trend driven by the recovery of market demand, technological innovation, and policy support, leading to a continuous increase in the demand for NdFeB. 5. In 2025, energy-saving elevators will be affected by adjustments in the real estate market, but the demand for elevators in infrastructure, industrial sectors, and the installation of elevators in old residential communities will increase significantly, resulting in a relatively small decrease in the demand for NdFeB. 6. In 2025, with the recovery of the mobile phone industry and technological innovation, the increase in mobile phone market demand will drive the expansion of capacity and technological progress in the rare earth industry. 7. The application of humanoid robots in manufacturing, healthcare, services, security, and other fields continues to expand, and is expected to become a new growth point for rare earth downstream demand. This trend will become more pronounced in 2025 and the coming years. Supply Side: 1. The rare earth mining quotas for 2025 have not yet been issued. Affected by export control policies and combined with the current market situation, it is expected that the mining quotas for 2025 will remain flat YoY. 2. The implementation of the "Administrative Measures for the Regulation of Total Rare Earth Mining and Smelting and Separation" and the "Administrative Measures for the Traceability of Rare Earth Product Information" will enhance the transparency of the circulation of rare earth products. Additionally, for the first time, overseas rare earth ores will be included in the smelting and separation quotas, facilitating macroeconomic regulation. The smelting and mining quotas will increase. 3. Affected by export controls, the exports of rare earth permanent magnets are restricted. However, driven by the increase in domestic end-use market demand, the production of NdFeB will increase, and the production of NdFeB in 2025 will increase slightly. 》Click to view the special report on the 2025 SMM (2nd) Rare Earth Industry Forum

[SMM Analysis: NdFeB Production May Increase Slightly in 2025, with Rising Demand from NEVs, Home Appliances, and Robots as Highlights] Su Zhanpeng, an analyst from SMM's Rare Earths Division, shared insights into the transformation of the NdFeB industry driven by policies, the restructuring of supply and demand, and strategies for enterprises to break through. In 2025, the home appliance industry, driven by a rebound in market demand, technological innovation, and policy support, is showing a positive development trend, with a continuous increase in demand for NdFeB. The application of humanoid robots in manufacturing, healthcare, services, security, and other fields is expanding, and they are expected to become a new growth point for demand in the downstream rare earths sector. This trend will become more pronounced in 2025 and the coming years. Benefiting from increased demand in the domestic end-use market, which drives an increase in NdFeB production, NdFeB production will increase slightly in 2025.

[Live Broadcast of Rare Earth Forum | Outlook for Rare Earth Market, Comprehensive Analysis of Industrial Opportunities in Wind Power, Humanoid Robots, etc., Latest Technology Sharing] ►Analysis of the Situation in the Rare Earth Industry ►In-situ Short-process Regeneration Technology and Application of Sintered NdFeB Magnetic Sludge ►Recent Developments in the Overseas Rare Earth Industry ►Research Progress on Hot-pressed and Hot-deformed Rare Earth Permanent Magnet Materials ►Interpretation of China's Rare Earth Industry Data and Outlook for Market Development Trends, 2024-2025 ►Outlook for the Latest Technology and Application Market of Cerium-containing Permanent Magnets ►Outlook and Technical Discussion on the EVTOL Propeller Motor Industry ►Industry Trends and Industry Chain Analysis of Humanoid Robots ►Rare Earths & Wind Power: Contributing to Carbon Neutrality

[Rare Earth Forum Live Stream | Outlook for Rare Earth Market, Development Opportunities in Wind Power, Humanoid Robots, and Other Industries, Latest Technology Sharing] ►Analysis of the Current Situation in the Rare Earth Industry ►In-situ Short-process Regeneration Technology and Application of Sintered NdFeB Magnetic Sludge ►Recent Developments in the Overseas Rare Earth Industry ►Research Progress in Hot-pressed and Hot-deformed Rare Earth Permanent Magnet Materials ►Interpretation of China's Rare Earth Industry Data and Market Outlook for 2024-2025 ►Outlook for the Latest Technology and Application Market of Cerium-containing Permanent Magnets ►Outlook and Technical Discussion on the EVTOL Propeller Motor Industry ►Trends and Industry Chain Analysis of the Humanoid Robot Industry ►Rare Earths & Wind Power: Contributing to Carbon Neutrality