锑行业月报（2024.11）：锑矿供应充足，出口博弈延续

Investment Rating - The industry rating is "Outperform the Market" [26] Core Insights - Antimony ore imports in November reached 5,723 tons, a month-on-month increase of 3,108 tons (+118.8%) and a year-on-year increase of 4,500 tons (+368%). Cumulatively, from January to November, imports totaled 49,117 tons, up 16,455 tons (+50.4%) year-on-year [21][22] - The production of antimony ingots in November was 6,775 tons, a month-on-month increase of 4.59% but a year-on-year decrease of 2.5%. Cumulative production from January to November was 70,969 tons, down 9.3% year-on-year [22] - The export of antimony ingots in November was 0 tons, marking a year-on-year decrease of 100%. Cumulatively, from January to November, exports totaled 3,834 tons, down 1,027 tons (-21.1%) year-on-year [11][22] - The production of antimony oxide in November was 9,350 tons, a month-on-month decrease of 0.3% and a year-on-year decrease of 3%. Cumulative production from January to November was 96,735 tons, down 6.5% year-on-year [18][22] - The report highlights a strong supply of antimony ore, with significant increases in imports from Russia and Tajikistan, while domestic production of antimony ingots continues to decline due to earlier export demand being met [23] Summary by Sections 1. Upstream Antimony Ore - November imports of antimony ore were 5,723 tons, with a significant increase from previous months [21] - Cumulative imports from January to November reached 49,117 tons, reflecting a strong demand [21] 2. Midstream Antimony Ingots - November production of antimony ingots was 6,775 tons, showing a slight increase month-on-month but a decrease year-on-year [22] - Exports of antimony ingots were non-existent in November, indicating a significant drop in international demand [11][22] 3. Midstream Antimony Oxide - Antimony oxide production in November was stable at 9,350 tons, with a slight decrease compared to previous periods [18] - The cumulative production from January to November was 96,735 tons, indicating a downward trend [18] 4. Downstream Demand - The report notes a decline in production for downstream products such as sodium antimonate and photovoltaic glass, reflecting weaker demand in the market [23] 5. Supply and Price - The supply of antimony ore remains robust, with increased imports from various countries, while domestic production is under pressure [23] - The overall market sentiment is weak due to lower demand and export restrictions, leading to cautious procurement strategies [23] 6. Investment Recommendations - The report suggests focusing on companies benefiting from dual drivers in antimony, such as Hunan Gold and Huaxi Nonferrous Metals, as well as those with increasing production capacity like Huayu Mining [24][62]