Core Viewpoint - The price of metallic chromium has significantly increased, with a total rise of 100,000 yuan per ton since the beginning of 2025, driven by strong supply and demand dynamics, indicating a potential new cycle of prosperity in the chromium market [1][4][6]. Group 1: Price Trends - On April 18, 2025, the company announced a price increase of 5,000 yuan per ton for metallic chromium, following previous increases of 3,000 and 2,000 yuan on February 10 and March 13, respectively [1][4]. - As of April 21, 2025, the average market price for metallic chromium in China reached 69,000 yuan per ton, reflecting an increase of 7,500 yuan per ton since the beginning of 2025 [1][4]. Group 2: Demand Growth - The demand for metallic chromium is rapidly increasing, particularly in high-temperature alloys, special alloy steels, and sputtering targets, benefiting from growth in end-use sectors such as military, aerospace, and gas turbines [2]. - Since 2018, China's metallic chromium production has grown significantly, with exports rising from 6,405 tons in 2018 to 21,770 tons in 2024, representing a compound annual growth rate (CAGR) of 23% [2]. Group 3: Supply Dynamics - The supply of metallic chromium is concentrated, with high entry barriers in the chromium salt production due to environmental regulations, resulting in no new production qualifications since 2015 [3]. - Major domestic producers with chromium salt capacity include CITIC Jinzhou Metal, Galaxy Chemical, and Zhenhua Co., with a combined market share exceeding 80% [3]. Group 4: Investment Strategy - The strategic value of metallic chromium is becoming increasingly evident as its applications expand in high-end scenarios, with prices currently at historical lows and expected to continue rising due to favorable supply-demand conditions [6].

文 ｜ 王喆 2 0 2 5年4月1 8日，振华股份宣布其金属铬产品单吨售价大幅调涨5 0 0 0元，此前公司已于2月1 0日、3月1 3日连续调涨金属铬单吨 售价3 0 0 0 / 2 0 0 0元，2 0 2 5年以来公司金属铬产品单吨售价已累计调涨1 0 0 0 0元。根据百川盈孚，截至4月2 1日，国内金属铬现货 市场均价为6 9 0 0 0元/吨，较2 0 2 5年初上涨7 5 0 0元/吨。我们看好供需共同催化下金属铬景气度向上超预期，产品价格有望持续 上涨，强烈推荐铬系产品一体化布局龙头公司。 4月1 8日，振华股份宣布其金属铬产品单吨售价大幅调涨5 0 0 0元，此前公司已于2月1 0日、3月1 3日连续调涨金属铬单吨售价 3 0 0 0 / 2 0 0 0元，2 0 2 5年以来公司金属铬产品单吨售价已累计调涨1 0 0 0 0元。根据百川盈孚，截至4月2 1日，国内金属铬现货市 场均价为6 9 0 0 0元/吨，较2 0 2 5年初上涨7 5 0 0元/吨。根据海关总署统计数据，2 0 1 7年以来中国金属铬出口价格（可理解为不 含税价）在4 4 5 7 3~9 7 9 2 7元/吨波动， ...