Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [2] Core Viewpoints - The antimony industry is expected to enter a strong prosperity cycle due to a mismatch in supply and demand growth rates [4][8] - China's antimony resource reserves account for 30% of the global total, with a significant increase in reserves from 480,000 tons in 2020 to 670,000 tons in 2024, reflecting a CAGR of 8.7% [4][18] - Global antimony production is highly concentrated, with China accounting for 58% of the total production in 2024, although production has been declining [5][23] - The demand for antimony is projected to grow significantly, driven by the rapid development of photovoltaic installations and the increasing use of antimony in glass for solar panels [6][42] Summary by Sections 1. Antimony Supply Dynamics - Antimony supply is experiencing an unexpected contraction, with China's environmental and export restrictions contributing to a rigid supply growth characteristic [8][27] - The global antimony supply is expected to decline from 137,000 tons in 2024 to 129,000 tons by 2027, with a CAGR of -2% [30][57] - China's reliance on imported antimony concentrates is high, with approximately 45.7% of the supply coming from imports in 2024 [28][31] 2. Antimony Demand Growth - Global antimony consumption is projected to increase by 10.8% year-on-year to 166,000 tons in 2024, with the fastest growth in demand coming from photovoltaic glass [6][45] - The demand for antimony in photovoltaic glass is expected to grow from 49,000 tons in 2024 to 90,000 tons by 2027, reflecting a CAGR of 22% [43][49] - The overall global antimony demand is anticipated to rise from 166,000 tons in 2024 to 224,000 tons by 2027, with a CAGR of 11% [45][50] 3. Supply-Demand Gap and Price Outlook - The supply-demand gap for antimony is expected to widen significantly, with projected deficits of 2.8 million tons in 2024 and increasing to 9.5 million tons by 2027 [51][58] - The tightening supply conditions and increasing demand are likely to push antimony prices into an upward trajectory, with potential price increases of up to 56% anticipated [52][52] - The report highlights that changes in China's export policies could fundamentally alter the global antimony trade flow and pricing dynamics [10][52] 4. Related Companies - Companies mentioned in the report include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [11][59]