稀土行业2024年中期策略：供需格局重塑，底已明待花开-240614-国泰君安-37页

供需格局重塑，底已明待花开——稀土行业2024年中期策略请参阅附注免责声明1请参阅附注免责声明2请参阅附注免责声明3请参阅附注免责声明42020-202320202020-2023295%327%451%336%2020-202120207%()202123%2019-202172%2020-202115%2020H12021357-92022-2024202072021627%2022220222/28%/21%2022/2023202%30%4.2/4.52022342.25/737/202322022320233222023/80%/68%请参阅附注免责声明52020-2023Wind202012请参阅附注免责声明6请参阅附注免责声明7USGS20231.1440040%20%19.1%9.1%80%USGS202335REO2469%40%80%24REO69%美国,1.6%格林兰岛,加拿大,0.8%其他,坦桑尼南非,0.7%中国,80%中国美国澳大利亚澳大利亚,1.4%0.0%亚,5.2%0.8%其他中国占比,40.0%印度,6.3%其他,20%40000080%35000070%30000060%俄罗斯,9.1%25000050%巴西,19.1%20000040%15000030%10000020%5000010%越南,20.0%00%201820192020202120222023USGS请参阅附注免责声明82009120112011222020-20212012-2019/320202022Wind请参阅附注免责声明920115+1”201520211298%202420222023220850596%2023201911285019150北方稀土开采指标占比中国稀土集团开采指标占比300000轻稀土（吨）中重稀土（吨）250000100%21%28%30%200000191501915090%15000019085022085080%42%29%25%10000070%500002022202360%54%60%67%70%70%19150191501915050%011285012085014885040%53%30%20192020202120%10%0%请参阅附注免责声明1020246.5/7.92024135000/127000-7.3%2024267.61014012.5%/10.4%+14.5%100%/0%yoy124860yoy24%/76%yoyyoy:20242324232423242811430280909439458010905...