[CITIC Securities: Export Controls Further Strengthened, Strategic Metals May Face Value Reassessment] CITIC Securities' research report points out that on May 9, the Office of the National Export Control Coordination Mechanism organized a field meeting with the Ministry of Commerce and other departments to launch a special campaign against the smuggling and export of strategic minerals. The meeting emphasized that strengthening export controls on strategic mineral resources is crucial for national security and development interests, and combating the smuggling and export of strategic minerals has become an urgent and important task. We believe that strategic minerals possess strong strategic attributes in the current international political context, and intensifying efforts to combat smuggling and export will also strengthen supply rigidity. Prices of strategic metals such as rare earths, tungsten, and antimony are expected to continue rising, and the strategic metals sector may undergo a value reassessment. We continue to recommend the allocation value of the strategic metals industry chain.