东兴证券发布的此报告，聚焦铯铷行业发展，剖析资源特性、市场需求、供需格局及重点企业，为行业投资提供参考。 铯铷为稀有轻金属，资源稀缺且提取难度大。铯地壳含量低（3×10⁻⁶），多存于铯榴石；铷多为锂、铯开采副产品，2024年全球供应量不足40吨，价格高达 400万元/吨。二者化学性质活泼，下游应用广泛，涵盖传统领域（石油完井液、催化剂等）、高科技领域（原子钟、离子推进器等）及医药领域（医疗灭 菌、肿瘤诊断等）。 全球铯铷需求增长明确，消费结构差异显著。2020年全球铯消费量2400吨，美国（960吨，占40%）、中国（800吨，占33%）、日本（300吨，占14%）为主 要消费国。美国消费集中于高科技领域（占80%），中国则以传统领域为主（占89%），高科技领域占比仅5%，未来结构改善空间大。需求增长受三大主线 驱动：一是消费结构升级，中国"十四五"规划推动下，2025年中国铯需求或达1016吨（较2020年增27%），原子钟、离子推进器随5G、航空航天发展需求提 升；二是钙钛矿太阳能电池新兴需求爆发，2025 - 2030年全球钙钛矿对应铯铷盐需求或从110吨增至4428吨，CAGR达109%；三是铷盐供给 ...

Investment Rating - The report maintains a positive outlook on the rare metal industry, specifically focusing on cesium and rubidium resources, indicating a favorable investment environment [3]. Core Insights - The global demand for cesium and rubidium salts is expected to continue increasing, driven by improvements in consumption structure and emerging demands, particularly in high-tech applications and new energy sectors [7][8]. - The report highlights that the cesium and rubidium market is entering a rapid expansion phase, with supply and demand expected to rise simultaneously [9]. Summary by Sections 1. Cesium and Rubidium: Unique Properties and Applications - Cesium (Cs) is a rare light metal with unique physical and chemical properties, making it valuable in various applications, including electronics, catalysts, and medical diagnostics [5][24]. - Rubidium (Rb) is even rarer than cesium, primarily produced as a byproduct of lithium and cesium mining, and shares similar applications [19][24]. 2. Global Demand for Cesium and Rubidium Salts - Global cesium consumption in 2020 was 2,400 tons, with the US, China, and Japan being the top consumers [6][28]. - The demand for cesium in China is projected to reach 1,016 tons by 2025, a 27% increase from 2020, driven by advancements in high-tech applications [38][39]. - The report anticipates a compound annual growth rate (CAGR) of 32.7% for global cesium and rubidium salt demand from 2025 to 2027 [8][54]. 3. Recommended Companies - Zhongkuang Resources is identified as a leading player in the cesium and rubidium sector, controlling over 80% of global cesium resources and possessing significant production capabilities [57][58]. - Jinyin Galaxy is also mentioned as a key company in the industry, contributing to the expansion of cesium and rubidium salt production [57].