Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the Xinjiang Uygur Autonomous Region is a key area for mineral exploration, particularly focusing on antimony resources in southern Xinjiang, with significant investments planned for geological exploration projects [1][4] - The report indicates that Xinjiang's three major mineralization belts possess rich mineral resources, with the western Kunlun-Altyn mineralization belt being particularly noted for its antimony deposits [2] - Recent years have seen an acceleration in the granting of antimony mining rights in Xinjiang, with several notable projects underway, including the Huangyangling and Shierkule antimony mines, which are expected to contribute significantly to the region's antimony output [3] Summary by Sections Exploration and Development - The report outlines that during the 14th Five-Year Plan, Xinjiang will continue to prioritize exploration and mining activities, particularly in the Hotan region, aiming to enhance the domestic supply of antimony resources [4] - Specific plans include the establishment of a new mining development framework in Hotan, targeting the discovery of 2-3 medium to large mineral deposits and increasing antimony resources by 50,000 tons during the planning period [4] Market Outlook - The report concludes that as eastern China's antimony resources are rapidly depleting, the westward shift of resources presents a viable alternative for the mining industry, with Xinjiang's favorable geological conditions and rich mineral resources positioning it as a critical base for mineral resources in China [4]

通报指出，案例涉及的违法违规行为严重破坏矿产资源管理秩序，扰乱矿业市场环境，造成国家矿产资 源损失。广西各级自然资源部门要依法依规严肃查处整改，符合立案条件的必须立案查处，涉嫌违法犯 罪的必须移送司法机关追究刑事责任，涉重金属违法行为的坚决从快从严查处。要深刻汲取教训、引以 为戒，切实加强辖区矿产资源监管执法，防止出现类似问题。 近日，广西壮族自治区自然资源厅通报6起矿产资源违法违规典型案例，涵盖非法采矿、以工程建设为 名在临时用地上取土、违规批准采矿等情形，旨在进一步发挥典型案例警示教育作用，强化矿产资源监 管执法，坚决遏制矿产资源违法违规行为。 此次通报的6起典型案例如下：2024年年底，南宁市武鸣区张某留等4人在未取得采矿许可证的情况下， 擅自在双桥镇下渌村开采重金属锑矿，今年5月13日被立案查处，初步查明违法开采锑矿约5.2吨，目前 案件正在调查中；2024年，梧州市岑溪市某矿业公司超出采矿许可证批准范围开采重金属铅锌矿，当地 自然资源部门于今年5月20日立案查处；2024年5月起，贺州市八步区某矿业公司擅自超出采矿许可证批 准范围开采钾长石矿，同年11月15日被立案查处，初步查明越界开采钾长石资源量 ...

Core Viewpoint - The transformation of China's rare earth industry from a low-cost exporter to a strategic resource powerhouse has significant implications for global power dynamics, particularly in military and high-tech sectors [1][5][6]. Group 1: Historical Context - Thirty years ago, China sold rare earth resources at low prices to five countries, which were then used for military and technological applications [1]. - In the 1990s, rare earth prices plummeted, with domestic miners selling below cost while international prices for processed materials soared [3]. Group 2: Key Turning Points - A pivotal moment occurred in 2010 when China cut off rare earth supplies to Japan during a diplomatic dispute, highlighting its control over 90% of global rare earth production [5]. - In 2025, the U.S. faced a crisis when China restricted access to key rare earth elements, severely impacting military production capabilities, particularly for the F-35 fighter jet [6]. Group 3: Strategic Advantages - China maintains complete control over the rare earth supply chain, from mining to production, with significant capabilities in refining and manufacturing [6]. - The complexity of rare earth separation technology has been a barrier for foreign competitors, with Chinese engineers developing processes that remain elusive to U.S. laboratories [6]. - Environmental regulations have been tightened, leading to the closure of small mines and the establishment of six major rare earth groups that collaborate to stabilize prices [6][9]. Group 4: Current Challenges for the U.S. - Despite the reopening of the Mountain Pass mine in the U.S., the country still relies on China for processing, revealing a dependency in the supply chain [7]. - The U.S. military's secret stockpile of 15 tons of dysprosium is only sufficient for six months of operations, underscoring the urgency of the situation [7]. Group 5: Environmental and Economic Impact - The cost of pollution control in China's rare earth mining regions has reached 13 billion yuan, reflecting the environmental challenges associated with the industry [9]. - China has implemented strict environmental standards and advanced recycling technologies, achieving both resource control and pollution management [10].

氧化锑：1）产量：4 月产量 6470 吨，环比-3.5%，同比-32%；1-4 月 累计产量 2.7 万吨，同比-21%。2）出口：4 月出口 957 吨，环比+56 吨/+6.2%， 同比-1664 吨/-63.5%。1-4 月累计出口 4405 吨，同比-6417 吨/-59.3%。 下游需求：1）焦锑酸钠：4 月产量 2042 吨，环比-1.8%，同比-46%。 1-4 月累计产量 7792 吨，同比-50%。2）光伏玻璃：4 月产量 228 万吨，环 比+16.2%，同比-6.7%；1-4 月累计产量 795 万吨，同比-10.9%。3）化纤： 4 月化纤产量 730 万吨，环比-5.3%，同比+5.3%；1-4 月累计产量 2781 万 吨，同比+5.7%。4）ABS 树脂：4 月产量 52 万吨，环比-8.1%，同比+36.6%； 1-4 月累计产量 216 万吨，同比+33%。5）PET：4 月聚酯切片、聚酯平片、 涤纶短纤及涤纶长丝合计产量 628 万吨，环比+0.2%，同比+10.4%。1-4 月 累计产量 2356 万吨，同比+11.7%。 华福证券 行 华福证券 有色金属 2025 年 ...

Group 1: Rare Earth Elements - Rare earth elements are highly valued non-renewable mineral resources in China, crucial for various industrial applications, especially in metallurgy and manufacturing [1] - China remains the largest country in terms of rare earth reserves and also leads the world in export volume [1] - Due to decades of continuous exports, China's rare earth reserves are depleting, prompting the government to implement policies to strengthen management and monitoring of rare earth exports [1] Group 2: Antimony Mining - Antimony is a hard metal with a high luster, historically used since ancient Egypt, and recognized for its strong corrosion and oxidation resistance [4] - The unique properties of antimony, such as thermal expansion and hardness adjustment, have led to its widespread application in military and industrial developments, including rockets and alloys [6] - Global consumption of antimony ore is approximately 130,000 tons annually, while current global reserves are just over 1 million tons, indicating a potential depletion risk in the coming years [6] Group 3: China's Antimony Resource Management - China is the country with the largest antimony reserves and export volume, and has begun to restrict antimony ore exports to protect this valuable resource [6][8] - The reduction in exports is not aimed at any specific country but is a necessary measure for resource protection, with significant cuts initiated in 2020 [8] - The U.S. has historically relied on imports for antimony, having ceased domestic mining two decades ago, and is now facing challenges due to China's export restrictions [8]

中信建投：长期看好锑价中枢上移 智通财经4月28日电，中信建投指出，据海关数据，2025年3月中国锑矿砂及精矿进口量为1483.0吨，环 比下降55.8%，同比下降63.9%；1—3月锑矿砂及精矿进口量为9530.2吨，同比下降25.5%。锑精矿进口 量下降明显，支撑锑价高位运行。目前内外价差仍然较大，海外矿石进口依旧受阻，缅甸强震对矿端供 给或存扰动，国内主要矿企品位下降、生产成本上升态势凸显，锑价持续向其内在价值回归逻辑未改， 中信建投长期看好锑价中枢上移。 ...