根据Tr e n dFo r c e集邦咨询最新调查，近期国际形势变化已切实改变了存储器供需方操作策略。 Tr e n dFo r c e资深研究副总吴雅婷表示，由于买卖双方急于完成交易、推动生产出货，以应对未来市 场不确定性，预期第二季存储器市场的交易动能将随之增强。 Apr. 17, 2025 基于对未来国际形势走向不明的担忧，采购端普遍秉持"降低不确定因素、建立安全库存"的策略， 积极提高DRAM和NAND Fl a s h的库存水位。 Tr e n dFo r c e集邦咨询表示，受到积极备货潮带动，第二季的DRAM和NAND Fl a s h合约价调涨幅度 皆较原本预期扩大。然而，这波涨势的动能可能仅限于第二季，主要来自美系品牌和有出口需求的 厂商，而后续国际形势的走向，将成为下半年存储器市场供需与价格变化的最重要观察指标。 | | 1025 | 2Q25E | | --- | --- | --- | | Blended | Conventional DRAM: down 8~13% | Conventional DRAM: up 3~8% | | DRAM | HBM Blended: | HBM ...

Investment Rating - The report indicates a positive outlook for the antimony industry, highlighting significant demand growth and supply constraints, suggesting a bullish investment rating for antimony-related assets. Core Insights - Recent price increases for antimony are driven by improved exports, rising domestic demand, and a contraction in imported ore supply [2][3] - The domestic supply-demand gap for antimony is projected to reach 25,000 tons, representing 24% of domestic demand, necessitating a price adjustment to at least 294,000 RMB per ton to align with import costs [4][6] - Global antimony demand is expected to grow from 151,000 tons in 2024 to 165,000 tons in 2027, with a CAGR of 2.9%, while supply is anticipated to decline at a rate of -1.2% during the same period [9][10] Summary by Sections Recent Price Movements - Antimony prices have risen due to three main factors: improved exports, increased domestic demand from flame retardants and photovoltaic sectors, and reduced imports [2][3] - Exports of antimony oxide have shown significant recovery, with December exports reaching 1,571 tons, a 102% month-on-month increase [2] Supply and Demand Dynamics - The domestic supply of antimony is constrained, with total supply estimated at 80,000 tons against a demand of 110,000 tons, leading to a significant shortfall [4][6] - The report emphasizes that even with maximum export recovery, a supply gap of 10,000 tons remains in overseas markets, indicating persistent tightness in the global antimony market [5] Long-term Industry Outlook - Antimony is recognized as a strategic metal with emerging demand in new applications and safety stock considerations [9] - The report highlights the importance of antimony in various sectors, including flame retardants (50% of consumption) and photovoltaic glass (24% of consumption) [9] - The global antimony supply is projected to face increasing pressure, with China's production expected to decline from 180,000 tons in 2008 to 60,000 tons in 2024, reflecting a CAGR of -7% [10] Company Performance - Companies like Hunan Gold, Huayu Mining, and Huaxi Nonferrous are positioned as key players in the antimony market, with significant resources and strategic plans to enhance their market positions [14]