五矿资源(01208)：中国五矿下属的湖南锡矿山闪星锑业全资控制的锡矿山超过30万吨的锑矿资源。 江西铜业（600362）(00358)：公司产品中包括粗锑和锑酸钠化合物。 华西证券（002926）此前指出，美国政府积极重建本国稀土产业链，但短期看全球稀土永磁体生产仍高 度集中于中国。 国金证券则认为，涨价、供改兑现、供应扰动叠加板块战略属性提升，稀土板块将继续演化估值业绩双 升。 稀土及稀有金属相关板块港股： 金力永磁（300748）(06680)：金力永磁2024年产销量已位居全球稀土永磁材料行业第一，公司具备技 术+产能+客户资源等优势，并发力人形机器人等新运用领域。 商务部公布对境外相关稀土物项实施出口管制的决定。 出口非管制的货物、技术或者服务，出口经营者明知其用于或者实质性有助于境外稀土开采、冶炼分 离、金属冶炼、磁材制造、稀土二次资源回收利用活动的，按照《中华人民共和国出口管制法》第十二 条和《中华人民共和国两用物项出口管制条例》第十四条规定，应当在出口前向商务部申请两用物项出 口许可。未经许可，不得提供。 其中，对向境外军事用户的出口申请，以及向出口管制管控名单和关注名单所列的进口商和最终用户 ...

Group 1: Export Control on Rare Earths - The Ministry of Commerce has announced export controls on certain rare earth items, primarily denying export applications to military users and those on the control and watch lists [1] - Exporters must apply for dual-use item export licenses if they are aware that their goods, technology, or services will significantly assist in overseas rare earth mining, smelting, and recycling activities [1] - The definitions of "rare earth," "smelting separation," "metal smelting," and "rare earth secondary resources" follow the relevant regulations of the People's Republic of China [1] Group 2: Market Insights - Huaxi Securities noted that the U.S. government is actively working to rebuild its rare earth industry, but global production of rare earth permanent magnets remains highly concentrated in China in the short term [1] - Guojin Securities believes that price increases, supply chain adjustments, and strategic attributes of the sector will lead to continued valuation and performance growth in the rare earth sector [1] Group 3: Company Highlights - Jinli Permanent Magnet (06680) ranks first globally in the production and sales of rare earth permanent magnet materials for 2024, leveraging advantages in technology, capacity, and customer resources, while also expanding into new application areas like humanoid robots [2] - China Minmetals' Hunan Xikang Mining's subsidiary controls over 300,000 tons of antimony resources [3] - Jiangxi Copper (00358) produces products that include crude antimony and sodium antimonate compounds [3]

Group 1: Market Performance - U.S. rare earth stocks saw significant activity, with United States Antimony (UAMY.US) rising over 20%, USA Rare Earth (USAR.US) and NioCorp Developments (NB.US) increasing over 5%, TMC the metals (TMC.US) up over 3%, and MP Materials (MP.US) gaining nearly 2% [1] Group 2: Company Contracts and Revenue - UAMY announced a contract with the U.S. Defense Logistics Agency for a value of up to $245 million for the purchase of antimony ingots, which is approximately 16 times its projected 2024 revenue of $14.9 million [1] - The company operates one of the only two antimony smelters in North America and is prepared to fulfill the first order immediately [1] Group 3: Antimony Market Insights - Antimony is a strategic minor metal with strong resource scarcity, and domestic restrictions on antimony mining are increasing, while overseas mines face resource depletion [2] - The main future global antimony supply increases are expected from Huayu Mining's Takin project and Russia's Solonechenskoye antimony mine [2] - Traditional demand for antimony in flame retardants, lead-acid batteries, and polyester catalysts is stable, with photovoltaic glass expected to become the second-largest demand sector due to rising installation rates [2] Group 4: Production Forecasts - Polar Gold is a major overseas source of antimony, with a production of 27,100 tons in 2023, accounting for 26% of global output, but expected to drop to 12,700 tons in 2024, reducing its global share to 13% [2] - The production forecast for Polar Gold in 2024 is 8,616 tons in the first half and 4,056 tons in the second half, with annualized production shares of 17% and 8% respectively [2] Group 5: Price Outlook - Antimony prices are expected to rise in the medium to long term due to limited supply increases domestically and abroad, alongside the recovery of compliant antimony exports from China [3] - The cash costs for Polar Gold are projected to increase in 2025, primarily due to a significant decline in antimony production [3]

Group 1: Market Performance - Rare earth concept stocks in the US saw significant activity, with United States Antimony (UAMY.US) rising over 20%, USA Rare Earth (USAR.US) and NioCorp Developments (NB.US) increasing over 5%, TMC the metals (TMC.US) up over 3%, and MP Materials (MP.US) gaining nearly 2% [1] - UAMY announced a contract worth up to $245 million from the US Defense Logistics Agency for the purchase of antimony ingots, which is approximately 16 times its projected revenue for 2024 of $14.9 million [1] Group 2: Supply and Demand Dynamics - Antimony is a strategic minor metal with strong resource scarcity, and domestic restrictions on antimony mining are increasing, while overseas mines face resource depletion [2] - The main future global antimony supply increases are expected from Huayu Mining's Tajin project and Russia's Solonechenskoye antimony mine [2] - Traditional demand for antimony in flame retardants, lead-acid batteries, and polyester catalysts is stable, with photovoltaic glass expected to become the second-largest demand sector due to rising installation rates [2] - Polar Gold is a major overseas source of antimony, with production in 2023 at 27,100 tons, accounting for 26% of global output, but expected to drop to 12,700 tons in 2024, reducing its global share to 13% [2] Group 3: Price Trends and Future Outlook - Antimony prices are expected to rise in the medium to long term due to tightening supply and recovering exports, with domestic prices likely to increase as compliance with export regulations improves [3] - The cash costs for Polar Gold are projected to rise in 2025, primarily due to a significant drop in antimony production, which is expected to remain low [3] - The overall outlook for antimony prices is positive, with limited supply increases domestically and abroad, supporting a potential upward shift in price levels [3] Group 4: Company Involvement - China Minmetals' subsidiary, Hunan Xikang Mining, controls over 300,000 tons of antimony resources [4] - Jiangxi Copper's product line includes crude antimony and sodium antimonate compounds [5]