【Galaxy Securities: Rare Earth Prices Expected to Steadily Rise from the Bottom】Galaxy Securities' research report on February 19th indicated that assuming the second batch of rare earth mining, smelting, and separation total control indicators in China in 2024 are the same as the first batch, and no special issuance of the third batch of indicators, the total domestic rare earth mining in 2024 will be 270,000 tons, an increase of only 5.9% compared to 2023, a decrease of 15.5 percentage points from 2023. The significant slowdown in the increment of domestic rare earth ore supply will greatly improve the supply-demand structure of rare earths, and the further optimization of the rare earth industry landscape through the integration into two major players will lead to a steady rise in rare earth prices, and the profitability of rare earth companies is expected to be significantly improved.