国信证券：有色金属矿产资源属性凸显 供给脆弱下价格中枢有望稳步抬升

Group 1 - The core viewpoint is that critical minerals have become a focal point for many countries due to concerns over supply chain security, leading to increased resource value and price stability [1] - "Critical minerals" are defined as non-fuel minerals or materials essential for national economy and security, with China referring to them as "strategic minerals" [1] - The US Geological Survey's list of critical minerals has expanded to 60 types, adding 10 new minerals since the 2022 version [1] Group 2 - China can leverage its strategic mineral export restrictions to counter Western countries, holding significant advantages in rare metals like tungsten (82.7% global share) and rare earths (69.2% global share) [2] - The US is attempting to create market conditions for resource security through high tariffs, with 12 critical minerals fully reliant on imports and 29 over 50% dependent on imports [2] - Global geopolitical risks are prompting resource-exporting countries to tighten resource policies, impacting global pricing power for critical minerals [2] Group 3 - The necessity of researching critical minerals is emphasized due to the current international political environment, with 16 types analyzed for their supply chain and fundamentals [3] - Most critical minerals exhibit supply vulnerabilities, primarily controlled by a few countries, making them susceptible to geopolitical risks [3] - In a tight supply-demand balance, any supply disruptions can lead to rapid price changes for these commodities [3]