Looking ahead to the 2025 rare earth sector strategy, Guotai Junan said that in the future, as the dynamic growth rate of core demand such as new energy vehicles and wind power slows down, demand in the rare earth market will face downward pressure on growth. However, we expect that the increase in the consumption of magnetic materials for new energy vehicles and the warming demand for wind power will still support the basic demand growth market, and the demand for equipment renewal, which will be implemented starting in 2024, is expected to become a new driving force for rare earth demand. On the supply side, an orderly pattern of domestic supply has been established. Overseas plans have increased a lot, but actual volume is slow, and supply-side constraints continue. In addition, the long-term incremental “options” brought about by humanoid robots are also expected to help raise sector valuations.