锑行业系列报告之四：两用物项锑禁止对美出口，锑战略价值凸显

Investment Rating - The report maintains a rating of "Overweight" for the non-ferrous metals sector [5]. Core Insights - The strategic value of antimony has been highlighted due to China's dominance in antimony resources, with 2023 global shares of 31% in reserves and 48% in production [2]. - The U.S. will face significant supply challenges for antimony following China's export ban on dual-use items, as 57% of U.S. antimony imports came from China in 2023 [2]. - Domestic antimony prices are expected to rise as exports gradually resume, with a notable price difference of 120,000 yuan/ton between domestic and international markets observed [3]. Summary by Sections Industry Overview - Antimony is classified as a critical material, consistently identified as a metal at risk of shortage in EU assessments from 2012 to 2020 [2]. - The U.S. relies heavily on imports for antimony, with 20% of its demand met through recycling and the remainder through imports [2]. Export Control Impact - Following the implementation of export controls on antimony, China's exports plummeted to 42 tons in October 2024, a 99% decrease from the previous month [3]. - The report indicates that the domestic antimony price has decreased by 8% since the export ban, while international prices have surged by 42% during the same period [3]. Investment Recommendations - The report suggests a positive outlook for antimony prices as exports to non-U.S. countries resume, recommending attention to companies such as Huaxi Nonferrous, Hunan Gold, and Huayu Mining [3].