Q1：什么是战略金属？战略金属为何广受关注？

Investment Rating - The report does not explicitly state an investment rating for the strategic metals industry. Core Insights - Strategic metals are critical for national economic security, defense, and the development of strategic emerging industries, with supply facing high risks due to scarcity, geographical concentration, and geopolitical instability [2][13]. - The competition for strategic metal resources is intensifying due to their essential role in technology, economy, and military applications, leading to increased demand and supply chain security concerns [13][14][15]. Summary by Sections Definition and Importance of Strategic Metals - Strategic metals are defined as key minerals crucial for a country's economic and defense security, with high supply risks and irreplaceability [2]. - China has identified 24 strategic minerals, including tungsten, lithium, and rare earth elements, as essential for national interests [2][6]. Global Developments and Policies - On September 5, 2025, an executive order by Trump confirmed the importance of strategic metals by implementing tariff exemptions on several key metals, reaffirming their critical status [3]. - The global landscape for strategic metals has evolved, with various countries, including the EU and Japan, establishing their own critical mineral lists and strategies [4]. China's Strategic Metal Advantages - China holds significant advantages in tungsten, antimony, tin, and molybdenum, with global production shares of 80.8%, 48.2%, 23.4%, and 42.3% respectively [7][9]. - Despite its production capabilities, China still relies on imports for high-value applications in advanced manufacturing [8]. Supply and Demand Dynamics - The supply-demand imbalance for strategic metals is exacerbated by their scarcity and concentrated geographical distribution, with increasing demand from sectors like electric vehicles and renewable energy [14]. - The U.S. and China are engaged in a strategic competition over these resources, with both countries enhancing their policies to secure supply chains [15][16]. Innovations and Breakthroughs in Applications - Chinese companies are making significant advancements in strategic metal applications, such as the production of 80-nanometer nickel powder and the development of high-efficiency rare earth permanent magnet motors [25][26]. - New technologies, including lithium sulfide preparation for solid-state batteries, are being pioneered by Chinese firms, enhancing energy density and safety [30].