FAST PRINT(SZ:002436) Dongxing Securities·2026-02-27 07:45Investment Rating - The industry investment rating is "看好" (positive outlook), indicating a relative performance stronger than the market benchmark index by over 5% [21]. Core Insights - The metal industry is experiencing an optimization in supply-demand structure, with a weak supply cycle in the upstream and a potential increase in demand driven by green energy transition and technological advancements [1][2]. - The liquidity cycle shift is expected to enhance the price elasticity of metals, particularly small metals, as global monetary policy transitions to a more accommodative stance [2]. - The report highlights the potential for price and valuation elasticity in the small metals sector due to ongoing supply-demand improvements and liquidity premiums [2]. Summary by Sections Rare Earths - The rare earth industry is witnessing a continuous optimization in its supply-demand structure, with supply growth slowing down and demand increasing due to sectors like electric vehicles and robotics [3]. - The introduction of export controls has redefined the value of the rare earth industry, enhancing China's global pricing power [3]. Rubidium and Cesium - The global rubidium and cesium market is entering a rapid expansion phase, driven by supply improvements and increasing demand from upgraded consumption structures and new applications [5]. - Demand is projected to grow significantly, with a compound annual growth rate (CAGR) of 36.6% from 2025 to 2027 [5]. Lithium - The lithium supply-demand relationship is expected to improve, with global supply projected to increase from 1.231 million tons LCE in 2024 to 1.86 million tons LCE in 2027, reflecting a CAGR of 15% [6]. - Demand for lithium is anticipated to grow significantly due to the expansion of the electric vehicle market and energy storage systems, with a projected CAGR of 21% [6]. Antimony - The antimony industry is entering a strong growth cycle due to supply constraints and increasing demand from sectors like photovoltaics [7]. - The supply-demand gap for antimony is expected to widen, leading to upward price pressure [7]. Molybdenum - The molybdenum market is expected to maintain a tight balance, with prices projected to rise to 5,000 yuan/ton, benefiting from increased demand in high-end steel applications [9]. Magnesium - The magnesium industry is entering a sustained tight balance, with global demand expected to grow significantly due to trends in automotive lightweighting and other emerging applications [10]. - The supply-demand gap is projected to fluctuate, indicating a potential upward trend in magnesium prices [10].