国防军工行业专题研究：铼：先进航空发动机、燃气轮机、商业航天具备通胀逻辑核心材料

Investment Rating - The industry investment rating is "Accumulate" [7] Core Viewpoints - Rhenium is a core material for advanced aerospace engines, gas turbines, and commercial space, with significant inflationary attributes due to its scarcity and high processing difficulty [1][12] - The demand for rhenium is expected to grow rapidly driven by advanced aerospace engines, gas turbines, and commercial space, while supply constraints are anticipated to exacerbate the supply-demand imbalance [3][4] Summary by Sections Rhenium as a Core Material - Rhenium is one of the highest melting point elements and is considered a strategic element due to its rarity and high cost, with a price of 47.15 million yuan per ton as of March 10, 2026 [1][12] - Over 70% of rhenium consumption is in high-temperature alloys, which are critical for aerospace applications [2][13] Demand Growth and Supply Constraints - The domestic demand for rhenium is projected to increase significantly, with advanced aerospace engines alone expected to require 45.9 tons by 2030, compared to 7.8 tons in 2023 [3][22] - The supply of rhenium in China is limited, with only 200 tons of reserves, leading to a forecasted supply shortage starting in 2026 [4][35] Investment Recommendations - It is recommended to focus on companies involved in rhenium production, such as Sains [5][38]