锑（antimony），金属元素，元素符号Sb。金属锑是一种银白色有光泽的脆性金属，它具有独特的物理 和化学性质。金属锑在地壳中的丰度相对较低，通常以硫化物矿物如方锑矿（Sb₂S₃）的形式存在。金 属锑具有较高的密度和熔点，其纯度较高的形式具有良好的导电性和导热性。金属锑在常温下相对稳 定，但在高温下可与氧气、卤素等发生反应。 锑按分布形式分类 内容概要：金属锑是一种具有独特物理化学性质的金属元素，在多个领域有着广泛应用。中国的锑矿储 量和产量长期占据全球主导地位。近年来，国内金属锑行业产量整体呈现下滑态势，2024年国内金属锑 行业产量8.21万吨，较2023年增长0.17万吨；行业产值110.34亿元，较2023年增长43.14万吨；需求量下 滑至7.9万吨，较2023年增长0.29万吨。预计2025年，国内金属锑行业产量7.51万吨，行业产值144.74亿 元，需求量下滑至7.47万吨。 上市企业：湖南黄金[002155]、华钰矿业[601020]、华锡有色[600301] 相关企业：锡矿山闪星锑业有限责任公司、云南木利锑业有限公司 关键词：金属锑行业政策、金属锑行业SWOT、金属锑行业产业链、金属锑市 ...

Core Viewpoint - The article discusses the strategic acquisition by Beijite (300774) of a controlling stake in Yunnan Wenye Nonferrous Metals Co., aiming to enhance its position in the antimony industry chain from raw material extraction to smelting and recycling [2][3]. Group 1: Acquisition Details - Beijite's subsidiary, Beijite (Beijing) New Materials Technology Co., signed a framework agreement to acquire a controlling stake in Wenye Nonferrous [2]. - This acquisition is part of Beijite's strategy to integrate its operations in the antimony industry, complementing its previous acquisition of a 55% stake in Dahao Mining for 224.8 million yuan [3]. - The goal is to establish a complete industrial chain covering antimony extraction, smelting, and recycling, thereby improving resource utilization and profitability [3]. Group 2: Company and Financial Overview - Wenye Nonferrous, established in June 2001 with a registered capital of 10.68 million yuan, specializes in antimony ore smelting and sales, located in Yunnan province [4]. - The smelting capacity of Wenye Nonferrous is expected to complement the antimony resources from Dahao Mining, addressing upstream raw material processing issues [4]. - Dahao Mining, previously acquired by Beijite, has not yet turned a profit, with projected net losses of 16.5 million yuan and 12.9 million yuan for 2024 and 2025 respectively [5]. Group 3: Industry Insights - Antimony is a critical raw material in the semiconductor and new energy sectors, with increasing market demand [5]. - According to Dongxing Securities, antimony consumption in the global photovoltaic glass sector is expected to grow by 38.6% year-on-year in 2024, with a compound annual growth rate of 22% from 2024 to 2027 [5]. - The global supply-demand gap for antimony is projected to widen over the next three years, supporting a long-term high price range for antimony [5].

Core Viewpoint - China is the dominant country in global antimony resources and production, but the depletion of high-quality resources and increasing mining difficulties are significant challenges. The National Development and Reform Commission has included antimony in the "National Security Reserve List," aiming to increase the reserve target to 25,000 tons [1][6]. Industry Overview - Antimony oxide, primarily in the forms of antimony trioxide (Sb₂O₃) and antimony pentoxide (Sb₂O₅), is a common antimony oxide. Antimony is a chemical element with the symbol Sb and atomic number 51. Antimony trioxide is a white cubic crystal, soluble in hydrochloric acid and tartaric acid, but insoluble in water and acetic acid. Antimony pentoxide is a pale yellow powder, difficult to dissolve in water, and slightly soluble in alkali, forming antimonates [2][4]. Industry Chain - The upstream of the antimony oxide industry chain includes antimony ore resources, coal, soda ash, and various production equipment. The midstream involves the production and manufacturing of antimony oxide. The downstream applications include flame retardants, bearings, glass clarifiers, lead-acid batteries, electronic materials, and pharmaceuticals [4]. Industry Status - In 2024, China's antimony oxide production is projected to be 105,100 tons, a year-on-year decrease of 6.76%, while consumption is expected to be 74,900 tons, down 2.87% [6]. The average grade of domestic antimony ore has declined from 0.8% in 2010 to 0.6% in 2024, increasing mining costs by 30% [8]. The operating rate of antimony mines in China is expected to remain below 50% due to strict environmental inspections and safety issues [10]. Key Enterprises - The antimony industry in China is highly concentrated, with Hunan Gold Group and Flash Star Antimony Co., Ltd. forming a duopoly. Hunan Gold holds the largest market share, followed by Flash Star Antimony, Huaxi Nonferrous Metals, and Hunan Yutong Mining [14][16]. Hunan Gold has a comprehensive antimony industry chain and produced 29,200 tons of antimony products in 2024, a decrease of 6.15% year-on-year [16]. Development Trends 1. **Policy-Driven Resource Integration and Strategic Reserve Enhancement** - China is constructing a national security system for antimony resources through export controls, environmental inspections, and strategic reserve policies. The export control policy implemented in September 2024 aims to prioritize domestic demand, leading to a surge in antimony prices globally [20]. 2. **Technological Innovation Leading Industry Upgrade and High-End Transformation** - The antimony industry is advancing through technological innovations that enhance resource utilization and extend into high-value-added fields. New smelting processes and product developments are addressing environmental concerns and improving recovery rates [21][22]. 3. **Breaking Resource Constraints and Deepening Global Layout** - Companies are accelerating global expansion to address resource constraints. Hunan Gold plans to increase high-end antimony production capacity and pursue overseas resource acquisitions [23].