The transmission of stock price fluctuations of listed companies in the rare earth industry has complex characteristics. Mastering its transmission law is of great meaning to understand the relationship between the upstream and downstream of the rare earth industry chain and market investment. This article uses the time series of daily closing prices of stocks in the global rare earth industry chain in the past ten years as the research object. The Granger causality test and complex network theory were used to construct the risk transmission network of the industrial chain. We have identified the key stocks in the network of stock price fluctuation in the rare earth industry chain and obtained the transmission path of stock price fluctuation. According to the results: (1) The stocks of Chinese and Japanese listed companies considerably influence the transmission of the stock price fluctuation in the rare earth industry chain. (2) The transmission distance of the stock price fluctuation of each network is relatively small, and the transmission speed is relatively fast. (3) The fluctuation of stock price in the rare earth industry chain is mainly transmitted from the upstream and midstream links to the midstream and downstream links.

Rare earth is an important strategic mineral resource, and the study of the causes of stock price fluctuations of rare earth listed companies and their transmission can enable all parties in the market to have a clearer understanding of current market relationships. In this study, the quantitative causality analysis model and complex network method are used to analyze each link within the rare earth industry chain and the relationship between regions from the quantitative causality of stock price fluctuations among listed companies in the rare earth industry. The main transmission paths of fluctuations in each link between companies are also given. It is found that the quantitative causal relationship between the price fluctuations of rare earth industry stocks has positive causation, negative causation, and unclear causation, and the dominant causal relationship is mostly positive causation. The positive causal relationship between enterprises in the same region is significantly greater than that between enterprises in different regions. The negative causal relationship and unclear causal relationship between enterprises in different regions are significantly greater than the negative causal relationship and unclear causal relationship between enterprises in the same region.