haitong sec research reports believe that rare earth prices have completed the bottom adjustment, and the price rebound reflects the support of rare earth smelting production costs. In the context of demand recovery, we are bullish on the steady rise of rare earth prices. The rare earth supply pattern is improving, with the domestic supply growth rate slowing down and limited potential for significant increase in foreign supply in the short term. In addition, the official implementation of the "Rare Earth Management Regulations" will further strengthen the supply constraints of rare earths. At the same time, the continuous growth of new energy-related demand, robots are expected to become the next demand hotspot. In terms of inventory, the recovery of downstream demand has led to a decrease in inventory of downstream rare earth products such as dysprosium iron, metal praseodymium neodymium, and sintered neodymium iron boron. In terms of costs, due to the high concentration in the rare earth industry and the state control over production indicators for mining and smelting, the production costs in the rare earth industry provide strong price support.