金吾财讯 | 中信证券表示，金属铬主要作为合金添加剂应用于高温合金、特种合金钢、溅射靶材等领域，受益于终端军工、航空航天、燃气轮机等需求增长，根据海关总署统计数据，2018年以来中国金属铬产量高速增长，出口总量由2018年的6405吨增长为2024年的21770吨、CAGR高达23%，2025年1~3月国内金属铬出口量分别为1980/1484/2169吨，一季度累计出口数量同比增长超20%。金属铬作为地球已知最硬金属，耐高温抗腐蚀属性突出，随着高端需求场景逐步拓展，金属铬战略价值逐步凸显，国内外需求快速增长。该行指，金属铬作为地球已知最硬金属，耐高温抗腐蚀属性突出，随着高端需求场景逐步拓展，金属铬战略价值逐步凸显。目前金属铬价格处历史低位，2025年以来金属铬市场均价已连续上涨超10%，该行看好供需共同催化下金属铬景气度向上超预期，产品价格有望持续上涨，强烈推荐铬系产品一体化布局龙头公司。
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