Investment Rating - The report does not explicitly state an investment rating for the strategic metals industry. Core Insights - Strategic metals are critical for national economic security, defense, and the development of strategic emerging industries, with supply facing high risks due to scarcity, geographical concentration, and geopolitical instability [2][13]. - The competition for strategic metal resources is intensifying due to their essential role in technology, economy, and military applications, leading to increased demand and supply chain security concerns [13][14][15]. Summary by Sections Definition and Importance of Strategic Metals - Strategic metals are defined as key minerals crucial for a country's economic and defense security, with high supply risks and irreplaceability [2]. - China has identified 24 strategic minerals, including tungsten, lithium, and rare earth elements, as essential for national interests [2][6]. Global Developments and Policies - On September 5, 2025, an executive order by Trump confirmed the importance of strategic metals by implementing tariff exemptions on several key metals, reaffirming their critical status [3]. - The global landscape for strategic metals has evolved, with various countries, including the EU and Japan, establishing their own critical mineral lists and strategies [4]. China's Strategic Metal Advantages - China holds significant advantages in tungsten, antimony, tin, and molybdenum, with global production shares of 80.8%, 48.2%, 23.4%, and 42.3% respectively [7][9]. - Despite its production capabilities, China still relies on imports for high-value applications in advanced manufacturing [8]. Supply and Demand Dynamics - The supply-demand imbalance for strategic metals is exacerbated by their scarcity and concentrated geographical distribution, with increasing demand from sectors like electric vehicles and renewable energy [14]. - The U.S. and China are engaged in a strategic competition over these resources, with both countries enhancing their policies to secure supply chains [15][16]. Innovations and Breakthroughs in Applications - Chinese companies are making significant advancements in strategic metal applications, such as the production of 80-nanometer nickel powder and the development of high-efficiency rare earth permanent magnet motors [25][26]. - New technologies, including lithium sulfide preparation for solid-state batteries, are being pioneered by Chinese firms, enhancing energy density and safety [30].

Core Viewpoint - The company has confirmed that its nano nickel powder meets customer requirements and is currently in the silk printing verification phase, focusing on electrical performance, with the capability for pilot testing scale production if verification is successful [1]. Group 1 - The company is engaged in the development of nano nickel powder with controllable sizes ranging from 50 to 200 nanometers [3]. - The verification phase for the product is currently ongoing, and there are inquiries regarding the duration of this phase and the immediate availability of mass production capabilities upon successful verification [3]. - The company has indicated readiness for large-scale production if the product passes the verification process [1].

Core Viewpoint - The company is focusing on the development of high-purity nano nickel powder products in collaboration with leading domestic downstream enterprises to meet the demand for high-end MLCC applications [1] Group 1 - The company is actively engaging with domestic leading enterprises to develop nano nickel powder products with high granularity concentration [1] - The emphasis on high-end MLCC applications indicates a strategic alignment with industry trends and customer needs [1] - Future announcements from the company regarding this development should be monitored for further insights [1]