石化化工交运行业日报第22期：金属铬、铬盐价格持续上行，下游高温合金需求旺盛

Investment Rating - The report maintains an "Overweight" rating for the chromium salt industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The chromium salt industry is experiencing a price increase due to rising raw material costs and strong demand for high-temperature alloys, which are essential in various applications including aerospace and steel manufacturing [2][3]. - The environmental regulations have tightened, limiting new production capacity in the chromium chemical sector, which is expected to sustain the upward price trend for chromium salts [2][3]. - Companies such as Zhenhua Co. and Galaxy Chemical have announced significant price hikes for various chromium products, reflecting the industry's improved profitability [1][3]. Summary by Sections Chromium Salt Market - The chromium salt market is witnessing a recovery in downstream demand, attributed to economic recovery, with approximately 10% of industrial products in China related to chromium salts [2]. - The production of basic chromium salts faces challenges due to high pollution levels and stringent environmental regulations, leading to no new production capacity being approved in recent years [2]. Metal Chromium Demand - Metal chromium is crucial for producing high-temperature alloys, with a typical alloy containing about 20% chromium to enhance heat resistance and oxidation protection [3]. - The growing demand for high-temperature alloys in various industries is expected to drive up the price of metal chromium [3]. Investment Recommendations - The report suggests focusing on companies with strong fundamentals and dividend yields, particularly in the oil and gas sector, as well as those benefiting from domestic substitution trends in materials [4].