锑行业点评：锑价筑底，有望启动新一轮上涨

Investment Rating - The report maintains a "Recommended" rating for the antimony industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [8]. Core Insights - Antimony prices have stabilized and are expected to initiate a new round of increases, with domestic antimony ingot prices at 180,500 CNY/ton and antimony concentrate prices at 161,000 CNY/metal ton as of August 19 [1]. - Following the implementation of export controls in September 2024, antimony exports saw a significant decline, with only 4,650 tons of antimony oxide exported in the first half of 2025, representing just 27% of the same period last year [1][4]. - Antimony prices experienced a peak increase from 137,000 CNY/ton to 233,000 CNY/ton during the first quarter of 2025, but have since retreated due to a crackdown on strategic mineral smuggling [1]. - New trade support policies are anticipated to be introduced in early September, coinciding with the traditional peak season for demand, which may lead to a rebound in antimony prices [1][4]. Summary by Sections Export Trends - After a brief recovery, antimony exports plummeted following the implementation of export controls, with monthly average exports of antimony oxide at 1,195 tons from December to April, only 38% of the average for the first nine months of 2024 [4]. - The export volume of antimony oxide dropped significantly in May, with only 320 tons exported in total from May to July [4]. Industry Scale - The antimony industry comprises 235 listed companies, with a total market capitalization of 496.67 billion CNY and a circulating market value of 461.06 billion CNY [8]. Import Trends - Antimony ore imports from January to July 2025 totaled 20,223 tons, a decrease of 36.9% year-on-year, indicating a tight domestic supply situation [13]. Recommendations - The report suggests focusing on companies such as Hunan Gold, Huayu Mining, Huaxi Nonferrous, Zhuhai Group, and Xingye Silver Antimony as potential investment opportunities [15].