China International Capital Corporation Limited(601995) believes that the production and sales of rare earths in the upstream have increased steadily, and the downstream magnetic material companies are expected to see both volume and price rise. The company is expected to maintain a stable growth in the upper reaches of the rare earth price control index, and the rare earth output is expected to remain at a high level. Second, the magnetic material company has benefited from the revaluation of inventory, the growth of production and sales, as well as the replacement and increase of magnetic material price contract. The profit per ton is up, and it is expected to see both volume and price rise in 2022.