金属行业2025年度投资策略系列报告之小金属&新材料篇：“优势在我”，顺“势”而为

Investment Rating - The report maintains a "Buy" rating for the strategic resource sector, particularly focusing on small metals and new materials [3]. Core Insights - The report emphasizes the importance of strategic metal allocation opportunities, driven by advancements in AI and military demand, which are expected to create material upgrade opportunities [3][4]. - Domestic control over strategic metal resources has significantly increased, with a focus on continuous rapid iteration driving material upgrades in line with new productivity development strategies [3][4]. - The report highlights that the supply of tungsten is expected to remain tight, with long-term price increases anticipated due to reduced mining sources and strict control over mining quotas [3][4]. - The demand for antimony is projected to continue growing, with a persistent supply-demand gap due to limited new mining projects and stricter environmental policies [3][4]. - The rapid development of commercial aerospace is expected to drive significant growth in the demand for germanium, while tin supply disruptions are anticipated to benefit the market [3][4]. Summary by Sections Strategic Metal Allocation - Domestic advantages in strategic small metals are highlighted, with low import dependency for tungsten, molybdenum, rare earths, antimony, germanium, gallium, and vanadium [21][22]. - The report notes that the supply of rare earths is stabilizing after a period of volatility, with a projected increase in demand driven by electric vehicles and energy-efficient motors [3][4]. AI and Material Upgrades - The ongoing iteration of AI technology is expected to enhance the demand for electronic materials, with a focus on miniaturization and improved thermal management [3][4]. - The report indicates that the electronic industry is showing signs of recovery, which is likely to accelerate the demand for new materials [3][4]. Aerospace and High-Temperature Alloys - The aerospace sector is experiencing rapid growth, which is expected to increase the demand for titanium and other high-performance materials [3][4]. - The report emphasizes the potential for niobium in superconducting and aerospace applications, predicting significant growth in demand [3][4]. Investment Recommendations - The report recommends focusing on domestic strategic resource sectors and companies that are expected to benefit from these trends, including Jinli Permanent Magnet, Zhongtung High-tech, and Xiamen Tungsten [3][4].