Core Viewpoint - The lithium battery supply chain has experienced significant price increases from 2020 to 2022, driven by strong demand and a smooth transmission of price hikes across the industry [2][3]. Group 1: Price Trends - Electrolyte prices started at 70,000 CNY/ton in September 2020, rising to 100,000 CNY/ton by the end of the year, and reaching a peak of 580,000 CNY/ton in February 2022, with long-term contract prices stabilizing between 200,000 to 300,000 CNY/ton [2][3]. - Iron lithium cathode prices, including phosphoric acid iron and processing fees, doubled in 2021, peaking at over 40,000 CNY/ton by the end of that year [2][3]. - Anode prices began to rise in Q3 2021 due to graphite production constraints, increasing from 12,000 CNY/ton to a high of 25,000 to 28,000 CNY/ton by Q2 2022 [2][3]. Group 2: Supply Chain Dynamics - Lithium carbonate prices rebounded from a low of 40,000 CNY/ton at the end of 2020 to 50,000 CNY/ton in early 2021, and surged to 300,000 CNY/ton by the end of 2021, eventually reaching 520,000 CNY/ton by February 2022 [2][3]. - The battery sector has effectively transmitted raw material price increases, with battery prices rising by 1 cent/wh in Q1 2021 and accelerating to 2-3 cents/wh in Q1 and Q2 of 2022, reaching over 1 CNY/wh [2][3]. Group 3: Future Outlook - Current market conditions resemble Q4 2020, with expectations for continued price increases due to strong demand and low profitability levels compared to previous years [3]. - The industry's expansion willingness is significantly lower than in 2021, with limited new supply expected by 2026, suggesting a more stable price environment [3]. - The anticipated price increases are not expected to be as dramatic as in 2021, with supply-demand tightness projected to be lower, particularly for hexafluorophosphate and lithium carbonate [3]. Group 4: Investment Recommendations - The current valuation of leading companies is considered reasonable, with expected industry growth of 20% in 2027, suggesting potential for investment in the battery sector, including companies like CATL, Yiwei Lithium Energy, and others [4]. - Material leaders such as Keda Lithium and others are also highlighted as strong investment opportunities, alongside companies in the lithium carbonate sector [4]. - The solid-state battery sector is recommended for investment, particularly with catalysts expected to materialize in Q4 2025 [4].

证券日报网讯2月9日，永兴材料（002756）在互动平台回答投资者提问时表示，公司锂离子电池业务专 注于超高安全、超宽温区、超长寿命、超快充放电速度、超高功率钛酸锂电池的电芯、模组、电池 PACK及系统的研发、生产和销售，目前主要产品为方形铝壳钛酸锂电池及其模组、PACK与系统，可 广泛应用于电网调频/调峰及无功补偿、再生能源并网、轨道交通、港口机械、家用储能、极寒地区室 外电源、工程机械、重型卡车、高功率装备、数据中心UPS电源、特种工业设备UPS电源等领域。 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry [2]. Core Views - Demand is expected to gradually bottom out, and supply-side adjustments are beginning to show, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to a quicker industry upturn [4]. - The report highlights that approximately 60% of steel companies are currently operating at a loss, but market-driven supply adjustments are starting to occur, suggesting a gradual recovery in the steel sector [5]. Summary by Sections Steel Market Overview - Last week, the apparent consumption of five major steel products was 7.607 million tons, a decrease of 5.12% week-on-week but an increase of 32.12% year-on-year. Rebar consumption was 1.476 million tons, down 16.3% week-on-week, but up 143.03% year-on-year [16]. - The total steel inventory reached 13.3775 million tons, an increase of 4.63% week-on-week, maintaining a low level [5]. - The average gross profit for rebar was 159.5 CNY/ton, down 37.4 CNY/ton from the previous week, while hot-rolled coil profit was 19.5 CNY/ton, down 27.4 CNY/ton [5][33]. Raw Materials - Iron ore spot prices decreased, with the price for PB powder (61.5% iron content) at 766 CNY/ton, down 26 CNY/ton week-on-week. The main iron ore futures price fell by 31 CNY/ton to 760.5 CNY/ton, a decline of 3.92% [42]. - Iron ore port inventory rose to 171.41 million tons, an increase of 0.7% week-on-week, with the average available days of imported iron ore for domestic steel companies increasing to 31 days, up 14.81% [45][48]. Production and Capacity Utilization - The operating rate of blast furnaces among 247 steel mills increased to 79.53%, up 0.53 percentage points week-on-week, while the capacity utilization rate was 85.69%, up 0.22 percentage points [24]. - The total steel production last week was 8.199 million tons, a decrease of 3.27 million tons week-on-week [31]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel, Hualing Steel, and Shougang, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...

有色金属周报 20260208 情绪趋稳，商品价格筑底 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价（元） | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601899.SH | 紫金矿业 | 37.19 | 1.21 | 2.00 | 2.71 | 31 | 19 | 14 | 推荐 | | 603993.SH | 洛阳钼业 | 21.99 | 0.63 | 0.88 | 1.29 | 35 | 25 | 17 | 推荐 | | 000807.SZ | 云铝股份 | 31.70 | 1.27 | 1.94 | 2.31 | 25 | 16 | 14 | 推荐 | | 603799.SH | 华友钴业 | 70.45 | 2.50 | 3.15 | 4.17 | 28 | 22 | 17 | 推荐 | | 00 ...

格隆汇2月3日丨永兴材料(002756.SZ)在互动平台表示，目前公司与SpaceX公司暂无接触。 ...

每经AI快讯，有投资者在投资者互动平台提问：永兴材料有N06625镍基耐蚀合金。公司是否与马斯克 的spacex火箭公司有接触？ 永兴材料（002756.SZ）2月3日在投资者互动平台表示，目前公司与SpaceX公司暂无接触。 （记者 王瀚黎） ...

Group 1 - The energy metals sector increased by 4.02% on February 3, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the energy metals sector showed significant price increases, with Boqian New Materials rising by 8.49% to a closing price of 91.00 [1] Group 2 - The main capital inflow in the energy metals sector was 77.59 million yuan, while retail investors saw a net inflow of 17 million yuan [1] - Boqian New Materials had a net inflow of 71.92 million yuan from main capital, with a 5.07% share of the total [2] - Retail investors showed a net outflow of 1.12 billion yuan from Shengxin Lithium Energy, despite a net inflow of 68.88 million yuan from main capital [2]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting a positive outlook for gold and silver prices in the medium to long term [2][4]. Core Views - The new Federal Reserve Chairman's policies have raised concerns, leading to a correction in gold and silver prices. However, the long-term trend remains bullish due to central bank gold purchases and a weakening dollar credit [2][8]. - The report emphasizes the importance of geopolitical factors and macroeconomic policies in influencing metal prices, particularly in the context of expanding domestic demand in China [8][24]. Summary by Sections 1. Industry and Stock Performance - The SW Non-ferrous Index increased by 3.37% during the week, while the Shanghai Composite Index fell by 0.44% [8]. - Key companies recommended for investment include Zijin Mining, China Molybdenum, and Yunnan Aluminum, among others, with a focus on their earnings forecasts and valuations [2][8]. 2. Base Metals - Aluminum prices are influenced by geopolitical tensions and domestic production adjustments, with a notable increase in aluminum inventory [24][28]. - Copper prices are expected to remain stable, supported by a weak dollar and increased import activity, despite a generally subdued demand environment [45][48]. - Zinc prices have shown volatility due to external factors and domestic supply disruptions, with a recent increase in prices observed [49][50]. 3. Precious Metals and Minor Metals - Gold and silver prices are projected to rise in the medium term, driven by central bank purchases and a weakening dollar [2][8]. - The report highlights the potential for price increases in cobalt and nickel due to supply constraints and geopolitical factors [2][24][63]. 4. Rare Earths - The report does not provide specific insights into rare earths, focusing instead on the broader non-ferrous metals market [10].

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Insights - Demand is expected to gradually stabilize, while supply-side constraints are anticipated to continue, leading to a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, facilitating a quicker industry upturn [3][4]. Summary by Sections Steel Market Overview - Steel prices have decreased, with the Shanghai rebar price dropping by 20 CNY/ton to 3240 CNY/ton, a decline of 0.61%. The total inventory of steel has increased by 1.70% to 12.7851 million tons [8][12]. - Apparent consumption of five major steel products was 8.0174 million tons, down 0.96% week-on-week but up 28.96% year-on-year [21]. - The production of five major steel products was 8.2317 million tons, an increase of 0.44% week-on-week [12][37]. Supply and Demand Dynamics - Approximately 60% of steel companies are currently operating at a loss, indicating a market-driven supply clearance is beginning to occur [4]. - The construction sector's demand for steel is expected to stabilize, while demand from infrastructure and manufacturing is projected to grow steadily [4]. Profitability and Production Margins - The average gross profit for rebar was 196.9 CNY/ton, down 11.7 CNY/ton from the previous week, while hot-rolled coil profit increased by 2.3 CNY/ton to 46.9 CNY/ton [39]. - The profitability rate of 247 steel companies was 39.39%, a decrease of 1.3% from the previous week [28]. Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel and Hualing Steel, as well as low-cost firms like Fangda Special Steel and New Steel [4]. - It also highlights the potential of upstream resource companies like Hebei Resources and Erdos, which may benefit from a recovery in demand [4].