The largest downstream application of rare earths is neodymium iron boron, which is mainly used in traditional automobiles, new energy automobiles, inverter air conditioners, wind power and other fields. With the continuous recovery of automobile production, especially the continuous increase of new energy automobile production, the global economy will gradually recover. The consumption of NdFeB is expected to continue to increase. High-performance NdFeB permanent magnet materials have huge demand potential. High-performance NdFeB materials belong to the third generation of rare earth permanent magnet materials. In 2018, high-performance NdFeB materials are used in traditional automobiles, new energy automobiles, wind power generation, consumer electronics, and inverter air conditioners. The demand accounted for 37.5%, 11.8%, 10%, 9.1%, and 9% respectively. From 2019 to 2025, the demand for neodymium iron boron magnets for new energy vehicles is expected to increase rapidly from 8,050 tons to 31,500 tons for tramcar magnets, with a CAGR of 33.7%, the fastest growth; the demand will account for 14% Increase to 36%, accounting for the largest proportion of the five major demand areas. Downstream demand has recovered more than expected, and the performance flexibility of leading companies is expected to release. In November 2020, the production and sales of new energy vehicles will continue to pick up. According to the latest data released by the Passenger Association, the wholesale sales of new energy passenger vehicles in my country reached 180,000 in November, a year-on-year increase 128.6%, an increase of 24.7% from October. With the continuous recovery of automobile production, especially the continuous increase in the production of new energy vehicles, the consumption of NdFeB is expected to continue to increase. In addition, as the global epidemic situation continues to improve in the future, downstream demand in other industries will also continue to pick up, and the profit elasticity of leading companies is expected to be released.