中信建投：赛恩斯的几点更新 25业绩：有2600万股权激励费用可以还原 中信建投：赛恩斯的几点更新 25业绩：有2600万股权激励费用可以还原 巨龙铼项目：巨龙二期预计26年初投产，届时3万吨钼精矿产能（实物吨）预计对应约6吨金属铼。 钼精矿采购中铼不计价，利润亦不分成，但赛恩斯需承担一定期限内的钼精矿价格下跌风险，钼钨铼保持良好需 求，钼价近期稳步上涨，对公司也是利好。 洛钼铼项目：洛钼公众号宣布其铼回收进入试运行，年产能400 巨龙铼项目：巨龙二期预计26年初投产，届时3万吨钼精矿产能（实物吨）预计对应约6吨金属铼。 钼精矿采购中铼不计价，利润亦不分成，但赛恩斯需承担一定期限内的钼精矿价格下跌风险，钼钨铼保持良好需 求，钼价近期稳步上涨，对公司也是利好。 洛钼铼项目：洛钼公众号宣布其铼回收进入试运行，年产能400kg。 赛恩斯承接epc，后续赛恩斯将拥有优先采购权。 ...

25业绩：有2600万股权激励费用可以还原 巨龙铼项目：巨龙二期预计26年初投产，届时3万吨钼精矿产能（实物吨）预计对应约6吨金属铼。 钼精矿采购中铼不计价，利润亦不分成，但赛恩斯需承担一定期限内的钼精矿价格下跌风险，钼钨铼保持良好需 求，钼价近期稳步上涨，对公司也是利好。 洛钼铼项目：洛钼公众号宣布其铼回收进入试运行，年产能400kg。 赛恩斯的几点更新 25业绩：有2600万股权激励费用可以还原 巨龙铼项目：巨龙二期预计26年初投产，届时3万吨钼精矿产能（实物吨）预计对应约6吨金属铼。 钼精矿采购中铼不计价，利润亦不分成，但赛恩斯需承担一定期限内的钼精矿价格下跌风险，钼钨铼保持良好需 求，钼价近期稳步上涨，对公司也是利好。 洛钼铼项目：洛钼公众号宣布其铼回收进入试运行，年产能400kg。< 赛恩斯的几点更新 赛恩斯承接epc，后续赛恩斯将拥有优先采购权。 ...

（文章来源：证券日报） 证券日报网2月10日讯 ，赛恩斯在接受调研者提问时表示，在当前阶段，公司短期内将以战略资源储备 为主要方向，具体销售计划还需根据市场情况来确定。铼具有抗腐蚀、抗氧化、室温条件下稳定性好的 特性，金属铼在适当的条件下可长期保存。 ...

证券日报网2月10日讯 ，赛恩斯在接受调研者提问时表示，金属铼的价格由供需关系、市场周期、技术 创新等多种因素共同作用。 （文章来源：证券日报） ...

Industry Overview - Rhenium (Re) and Molybdenum (Mo) are strategic rare metals primarily obtained as by-products of copper mining [1] Market Characteristics - Molybdenum is predominantly sourced from molybdenite, with 96% derived from copper mines, while over 80% of rhenium is found in molybdenite and extracted as a by-product of copper refining [5] - The industry is characterized by an oligopolistic competition structure, with Freeport-McMoran, Codelco, and China Molybdenum holding 42% of the global market share [5] - China accounts for 42% of global consumption, making it the largest market, followed by Europe at 28% and the Americas at 18% [5] - The product structure is imbalanced, with molybdenum comprising 96% of the market and rhenium only 4% due to extraction difficulties and high costs [5] - Demand is relatively inelastic, with key application areas being machinery manufacturing (68%), aerospace (12%), and petrochemicals (10%), which are less affected by macroeconomic fluctuations [5] Industry Status (2020-2024) - The Chinese market is projected to achieve a sales revenue of XX million yuan by 2024, with steady growth in production and import volumes [6] - The upstream sector has abundant molybdenum reserves in China, but high-grade ores are scarce, and extraction technologies lag behind those in Europe and the U.S. [6] - Rhenium purification technology is monopolized by U.S. and Japanese companies, leading to lower profit margins for domestic firms compared to international leaders [6] Future Trends (2025-2031) - Key growth areas include aerospace, where rhenium is essential for enhancing turbine blade performance, with an annual demand growth rate of 8%-10% [6] - The application of molybdenum targets in semiconductor chips is expanding in the electronics sector [6] - Rhenium recovery technology from waste catalysts is expected to lower costs, and research on 3D printing of molybdenum alloy materials is underway [6] - Asia is anticipated to contribute 60% of the incremental demand from 2025 to 2031, although the CAGR is not disclosed [6] Challenges and Opportunities - The industry faces resource dependency, with 60% of rhenium being imported, making it vulnerable to geopolitical constraints [7] - Price volatility is linked to copper production, with molybdenum prices expected to fluctuate by ±15% from 2020 to 2024 [7] - High-purity rhenium (≥99.99%) commands a premium of 200% [7] - The technical barrier is significant, with only a 50% qualification rate for high-end molybdenum plates compared to an international standard of ≥85% [7] - Policy support includes the inclusion of the sector in the "Made in China 2025" new materials directory, along with fiscal subsidies [6][7]