有色金属：重估战略矿产系列（一）-中国优势战略资源梳理

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report emphasizes the revaluation of strategic mineral resources in China, identifying 15 major metal varieties where China holds significant advantages in both resource reserves and production capacity [3] - China has absolute advantages in rare earths, tungsten, and antimony, while it is relatively weaker in energy metals like lithium and nickel [3] - The report suggests that if the trend of de-globalization intensifies by 2025, China may impose export restrictions on these strategic resources, enhancing their strategic value and potentially increasing equity valuations in the sector [3] Summary by Category Strategic Mineral Resources Overview - The report identifies that electrolytic aluminum, tungsten, rare earths, antimony, tin, lead, and zinc each account for over 20% of China's resource reserves, marking them as advantageous varieties [3] - In terms of production, China also holds a dominant position in the aforementioned varieties [3] Precious Metals - Gold: China's 2023 estimated production is 370 tons, approximately 12.33% of global output; reserves are 3000 tons, about 5.08% of global reserves [10] - Silver: China's 2023 estimated production is 3400 tons, approximately 13.08% of global output; reserves are 72000 tons, about 11.8% of global reserves [10] - Rare Earths: China's 2023 estimated production is 240000 tons, approximately 68.57% of global output; reserves are 44000000 tons, about 40% of global reserves [10] Industrial Metals - Copper: China's 2023 estimated mine production is 170000 tons, about 7.73% of global output; smelting production is 1200000 tons, about 44.44% of global output; reserves are 41000000 tons, about 4.1% of global reserves [14] - Aluminum: China's 2023 estimated bauxite production is 93000000 tons, about 23.25% of global output; alumina capacity is 82000000 tons, about 58.57% of global capacity; electrolytic aluminum production is 41000000 tons, about 58.57% of global output [14] Energy Metals - Lithium: China's 2023 estimated production is 33000 tons, about 18.33% of global output; reserves are 300000 tons, about 10.71% of global reserves [21] - Nickel: China's 2023 estimated production is 110000 tons, about 3.06% of global output; reserves are 4200000 tons, about 3.23% of global reserves [21] Minor Metals - Tungsten: China's 2023 estimated production is 63000 tons, about 80.77% of global output; reserves are 230000 tons, about 52.27% of global reserves [24] - Antimony: China's 2023 estimated production is 40000 tons, about 48.19% of global output; reserves are 64000 tons, about 32% of global reserves [24] Black and Grey Metals - Iron Ore: China's 2023 estimated production is 280 million tons, about 11.2% of global output; reserves are 2 billion tons, about 10.53% of global reserves [33] - Titanium Sponge: China's 2023 estimated production is 22000 tons, about 66.67% of global output; capacity is 26000 tons, about 63.41% of global capacity [33]