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海通證券:看好稀土價格穩步上行
海通證券研報認為,稀土價格已經完成了底部調整,價格回升反映稀土冶煉生產成本支撐。在需求復甦的環境下,看好稀土價格穩步上行。稀土供給格局正在改善,國內供給增速放緩,國外短期內難有較大增量,此外《稀土管理條例》正式實施將進一步強化稀土的供給約束。同時,新能源相關需求持續增長,機器人有望成為下一個需求爆點。庫存方面,下游需求景氣度回升,使得稀土中下游產品如鏑鐵、金屬鐠釹、燒結釹鐵硼等庫存有所下降。成本方面,由於稀土行業的集中度高,且國家對開採量、冶煉量均有生產指標管控,稀土行業的生產成本對於價格支撐力度強。
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