Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express logistics industry is expected to maintain a steady growth rate of 8% in 2026, with a projected completion of 2.14 billion packages, reflecting a year-on-year increase of approximately 8% [4] - The industry is shifting focus from traditional growth based on scale and speed to quality improvement and reasonable growth, emphasizing the role of government in regulation and compliance [4] - The demand for e-commerce express delivery remains resilient, with a "de-involution" trend driving up express prices and releasing profit elasticity for companies [14] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [15] - The air transport sector is showing signs of a long-term bullish trend, with stable demand growth and tightening supply conditions [15] Summary by Sections Express Logistics - The national postal conference highlighted the need for quality development and government involvement in the express logistics sector [4] - Jitu Express reported a 14.5% year-on-year increase in package volume for Q4 2025, with significant growth in Southeast Asia and new markets [5] - The Jiangxi Provincial Postal Administration held a meeting to address the "de-involution" issue in the express industry, focusing on protecting couriers' rights and standardizing payment structures [6] Shipping and Ports - The Iranian unrest poses potential risks to oil exports and shipping rates, with three possible future scenarios affecting the oil transport market [10] - South Korean shipowners are actively acquiring older VLCCs, indicating a positive outlook for the VLCC market [11] - The overall shipping rates have shown slight declines, with the SCFI index decreasing by 0.5% [12] - The BDI index for bulk shipping has decreased by 4.7%, indicating a downward trend in shipping rates [13] Aviation - The civil aviation sector achieved a total profit of 6.5 billion yuan in 2025, with significant increases in passenger and cargo transport volumes [9] - The overall passenger load factor for major airlines was 85.57%, reflecting a slight decrease from the previous month [59] Road and Rail - National logistics operations have been running smoothly, with a decrease in freight transport volumes reported [13] - The road freight volume for November 2025 was 3.876 billion tons, showing a year-on-year increase of 3.57% [67] Port Operations - The total cargo throughput at Chinese ports decreased by 0.65% week-on-week, while container throughput increased by 6.27% [78]

Investment Rating - Investment Rating: Positive (Maintained) [5] Core Views - The report suggests actively monitoring the business progress of Honglu Steel Structure and China National Materials International. Honglu Steel Structure's Q4 2025 production reached 1.41 million tons, up 11.94% year-on-year, with an annual production of 5.021 million tons, reflecting a 11.3% increase. The capacity utilization rate is approximately 96.55%, indicating a significant improvement from 2024, suggesting the company has entered a high-efficiency operational phase. The introduction of nearly 2,500 welding robots and supporting smart production lines is expected to enhance production efficiency and actual effective capacity. Additionally, the company has improved its overseas certification system, which may become a new growth point in the medium to long term. China National Materials International has maintained the world's leading market share in cement engineering for 17 consecutive years, with overseas markets being the primary source of business. In the first three quarters of 2025, the company signed new overseas orders worth 41.304 billion yuan, a year-on-year increase of 36.75%, indicating a high level of overseas order activity, providing a solid foundation for future business development. The company has also committed to a stable cash dividend policy, with a payout ratio of no less than 40% of the distributable profits for 2024-2026, enhancing its investment attractiveness [4][6][13][15]. Industry Performance - Recent data indicates that infrastructure and livelihood security construction in China continues to progress steadily. As of January 5, 2026, the high-speed railway network covers approximately 97.2% of cities with populations over 500,000, with operational mileage exceeding 50,000 kilometers, projected to grow by 32.98% during the 14th Five-Year Plan. Local governments are increasing efforts in affordable housing construction, with significant projects completed in regions like Xinjiang and Beijing. The national water network construction is accelerating, with 181 major water conservancy projects initiated during the 14th Five-Year Plan, with total investments reaching 5.68 trillion yuan [7][24][26]. Infrastructure Data Tracking - New special bonds issued this week amounted to 87.434 billion yuan, with a cumulative issuance of 1019.34 billion yuan as of January 11, 2026. The issuance of urban investment bonds this week was 90.859 billion yuan, with a net financing amount of 28.226 billion yuan, and a cumulative net financing amount of 19.408 billion yuan, reflecting a year-on-year increase of 30.98% [8][40]. Market Review - The Shanghai Composite Index rose by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% this week. The Shenwan Construction Decoration Index increased by 5.72%, with other professional engineering, steel structure, and landscaping engineering sectors leading the gains at +16.91%, +11.93%, and +7.34%, respectively. A total of 142 stocks in the construction sector rose, with the top five performers being Zhite New Materials (+148.84%), China Nuclear Construction (+34.50%), Yaxiang Integration (+31.41%), Nongshang Environment (+30.90%), and *ST Tianlong (+28.95%) [9][32].

Group 1 - The "Healthy China" strategy is driving an increase in residents' health literacy, with a projected level of 31.87% by 2024, up 2.17 percentage points from 2023 [6][10][11] - The silver economy is expected to exceed 9 trillion yuan by 2025, accounting for 6% of GDP, and reach 30 trillion yuan by 2035, indicating significant growth potential [6][11] - The Z generation has integrated health into their fixed living expenses, with 47.0% of young people frequently purchasing health products/services, leading to a high penetration rate of 84.3% in health consumption [19][21][22] Group 2 - The nutritional functional food market in China is projected to reach 233.1 billion yuan in 2024, with an annual compound growth rate (CAGR) of 8.5% expected from 2024 to 2029 [28][38] - The market for special medical foods is expected to grow at a CAGR of 26% from 2019 to 2024, with the market size increasing from 7.3 billion yuan in 2019 to 23.2 billion yuan in 2024 [28][15] - The konjac food market has shown a CAGR of 20% from 2014 to 2023, with consumption trends on the rise, particularly among younger demographics [28][39] Group 3 - The nutritional functional food industry is characterized by a diverse range of subcategories, including weight management, sports nutrition, beauty nutrition, gut health, healthy snacks, and basic nutrition, with sports nutrition being the fastest-growing segment [30][39] - The contract manufacturing market for nutritional functional foods is expected to grow from 25.3 billion yuan in 2024 to 44.1 billion yuan by 2029, with a CAGR of 11.8% [42][38] - The health snack segment is the largest application scenario within the nutritional functional food market, projected to reach 97.1 billion yuan in 2024 [38][41] Group 4 - Companies like Kangbiter, a leading brand in sports nutrition, and Hengmei Health, a contract manufacturer of nutritional functional foods, are positioned to benefit from the growing health consumption trend [28][46][48] - The nutritional functional food industry is experiencing rapid development, with increasing competition among brands and a focus on product innovation to meet diverse consumer demands [30][38] - The overall market for nutritional health foods is expected to reach 522.3 billion yuan in 2024, with a forecasted growth to 720.3 billion yuan by 2029, driven by rising consumer health awareness and regulatory improvements [30][34]

Group 1 - The report maintains a positive outlook on the beauty and personal care industry, highlighting the ongoing trend of domestic substitution and the emergence of high-quality domestic brands [1][5] - The beauty and personal care sector is expected to continue its growth trajectory, driven by strong brand marketing, product matrix, channel strategies, and management strategies [5][27] - The report identifies key investment opportunities in leading domestic brands such as Mao Ge Ping, Marubi, Proya, and RuYuchen, which are expected to maintain strong growth due to their competitive advantages [5][27] Group 2 - In 2025, the beauty and personal care sector showed stable revenue performance, with a slight increase in profit growth compared to revenue growth [17][22] - The overall performance of the beauty sector in 2025 was moderate, with a year-on-year revenue increase of 3.1% and a net profit increase of 5.0% [17][22] - The cosmetics market in 2025 experienced a steady retail growth rate, with a year-on-year increase of 4.8% in retail sales for cosmetics in China [22][27] Group 3 - The report notes a significant shift in consumer preferences towards efficacy-driven skincare products, with a growing focus on product ingredients and effectiveness [53][57] - The luxury segment of the beauty market is experiencing robust growth, particularly during promotional events, with high-end brands leading the sales increase [63][64] - The report highlights the transformation of sales channels, with Tmall focusing on high-end beauty products while Douyin showcases the rise of domestic brands [30][28] Group 4 - The medical aesthetics market is projected to maintain a compound annual growth rate (CAGR) of around 10% from 2025 to 2028, despite a slowdown in overall growth [31][38] - High-end consumers are increasingly seeking anti-aging treatments, with a notable rise in spending among this demographic [41][39] - The medical aesthetics industry is undergoing a consolidation phase, driven by stricter regulations and a slowdown in the growth of medical institutions [42][43] Group 5 - The personal care market is seeing strong growth in body care products, with a market share of 56% for body care and 44% for hair care [47][45] - The primary consumer demographic for personal care products is women aged 21-35, indicating a growing emphasis on personal care among younger consumers [48][49] - The report emphasizes the importance of product efficacy, with consumers increasingly prioritizing moisturizing, oil control, and beauty-enhancing benefits in personal care products [48][50]

Investment Rating - The investment rating for the small metals sector is "Positive" (maintained) [5] Core Insights - The supply-demand tension in the small metals sector is intensifying, with tungsten prices breaking through 480,000 CNY/ton, setting a new historical high [4] - The report highlights the price movements of various small metals, indicating a general upward trend in prices due to supply constraints and stable demand from downstream industries [5] Summary by Category Rare Earths - The supply-demand situation is weak, with prices for praseodymium-neodymium oxide rising by 5.31% to 624,500 CNY/ton, dysprosium oxide increasing by 8.27% to 1,440,000 CNY/ton, and terbium oxide up by 3.41% to 6,225,000 CNY/ton [6][11] - Recommendations include focusing on companies such as Guangsheng Youse, China Rare Earth, and Northern Rare Earth [6] Molybdenum - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 11.07% to 4,115 CNY/ton and molybdenum iron (Mo60) prices rising by 8.21% to 263,500 CNY/ton [20] - Suggested focus on Jinmoly Co., Ltd. [20] Tungsten - Tungsten prices continue to reach historical highs, with black tungsten concentrate prices rising by 5.02% to 481,000 CNY/ton and ammonium paratungstate prices increasing by 4.44% to 705,000 CNY/ton [26] - Recommended companies include Zhongtung High-tech, Xiamen Tungsten, and Xianglu Tungsten [26] Tin - Tin prices are showing strength, with SHFE tin prices increasing by 4.13% to 352,500 CNY/ton and LME tin prices rising by 3.17% to 44,525 USD/ton [29] - Companies to watch include Tin Industry Co., Ltd. and Huaxi Youse [29] Antimony - Antimony prices are experiencing fluctuations, with antimony ingot prices decreasing by 1.25% to 158,500 CNY/ton and antimony concentrate prices down by 1.40% to 140,500 CNY/ton [38] - Focus on companies like Huaxi Youse and Hunan Gold [38]

Group 1 - The AI application market in China is projected to grow from CNY 282 billion in 2021 to CNY 639 billion in 2024, with a compound annual growth rate (CAGR) of 31.35%, and is expected to reach CNY 1,148 billion by 2026 [3][38][39] - The number of AI companies listed on the Beijing Stock Exchange (BSE) is 28, covering various segments of the AI industry [57] - The AI application industry is segmented into upstream, midstream, and downstream, with upstream providing computing power infrastructure and data services, midstream developing solutions for various fields, and downstream targeting sectors like internet, finance, education, healthcare, and industry [35][38] Group 2 - The electronic equipment industry on the BSE has seen a median price-to-earnings (P/E) ratio increase from 54.6X to 59.7X, with a median market capitalization rise from CNY 2.35 billion to CNY 2.48 billion [3][25] - The mechanical equipment industry on the BSE has experienced a median P/E ratio increase from 41.1X to 43.6X, with a median market capitalization increase from CNY 2.17 billion to CNY 2.29 billion [3][29] - The information technology industry on the BSE has seen a median P/E ratio increase from 66.7X to 72.9X, with a median market capitalization rise from CNY 2.32 billion to CNY 2.53 billion [3][33] Group 3 - The automotive industry on the BSE has maintained a median P/E ratio of 31.9X, with a median market capitalization increase from CNY 2.07 billion to CNY 2.09 billion [3][37] - The new energy industry on the BSE has seen a median P/E ratio increase from 33.2X to 34.5X, with a median market capitalization rise from CNY 2.22 billion to CNY 2.34 billion [3][41] - The report highlights several companies in the AI+ industry chain, including those providing computing power services, AI applications, and AI-powered products across various sectors [58][59]

证券研究报告 传媒 行业定期报告 hyzqdatemark 2026 年 01 月 11 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 许孟婕 SAC：S1350525120004 xumengjie@huayuanstock.com 魏桢 weizhen@huayuanstock.com 板块表现： AI 应用仍是核心，重视 AI 营销 GEO 模式 投资评级： 看好（维持） ——传媒互联网行业周报（2026.1.5-2026.1.11） 投资要点： 电影/电视剧方向：《飞驰人生 3》正式定档 2026 年春节，或将随着春节档演绎。 我们建议关注相关电影出品/发行方以及院线公司：包括中国电影、猫眼娱乐、大麦 娱乐、上海电影、幸福蓝海、横店影视、金逸影视等。同时，电视剧行业方面，国 家广播电视总局印发实施《进一步丰富电视大屏内容 促 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [4] Core Insights - The pharmaceutical index rose by 7.81% from January 5 to January 9, outperforming the CSI 300 index by 5.03%. The brain-machine interface and AI medical sectors are expected to remain active in Q1 2026, with a strong rebound in innovative drugs, particularly small nucleic acids [5][25] - The report highlights the potential for significant advancements in small nucleic acids in 2026, driven by breakthroughs in liver-targeted delivery technologies and a surge in clinical data readouts [8][22] - The report emphasizes the importance of selecting innovative drug stocks with strong fundamentals and suggests focusing on companies that have undergone sufficient adjustments [5][49] Summary by Sections Industry Performance - The pharmaceutical index saw 443 stocks rise and 25 fall during the week, with notable gainers including Innovative Medical (+61.04%) and Sanbo Brain Science (+56.15%). Conversely, Baohua Pharmaceutical saw a decline of -21.65% [5][26][27] Small Nucleic Acids - 2026 is projected to be a pivotal year for the small nucleic acid sector, with advancements in liver-targeted delivery technologies and a high frequency of clinical data readouts expected [8][22] - Arrowhead's delivery platform has shown promising results in clinical trials, validating the feasibility of RNAi therapies for obesity and other conditions [9][11] Investment Recommendations - The report suggests focusing on companies with leading platform capabilities and differentiated pipeline layouts, such as Rebio Biotech, Yuyuan Pharmaceutical, and Frontier Biotech [20][24] - It also recommends a diversified investment approach, including innovative drugs, brain-machine interfaces, and AI medical technologies [47][48] Market Trends - The report notes that the aging population and increasing healthcare demands are driving growth in the pharmaceutical sector, with a focus on chronic diseases and innovative medical technologies [47] - The report highlights the ongoing trend of domestic companies enhancing their capabilities in the global market, particularly in innovative drug development and medical devices [46][47] Key Companies to Watch - Recommended stocks include China National Pharmaceutical Group, Rebio Biotech, Shanghai Yizhong, and Yuyuan Medical [49]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the second half of 2025, the "anti-involution" policy has catalyzed the stabilization and recovery of commodity prices, and the fundamentals of some industries have shown signs of repair. For example, the non-ferrous metals industry has seen an upward shift in the price center of major metals under the multiple positive factors of continuous increase in policy support for stable growth, rapid expansion of downstream emerging industry demand, and steady improvement in domestic resource security capabilities. The profitability, operational capacity, and solvency of issuing entities have been enhanced. In 2026, the excess returns in the credit bond market may come from the value discovery of industries with fundamental repair. For the non-ferrous metals industry with fundamental repair, it is recommended to focus on allocating AA+/AAA-level central enterprises and regional leading state-owned enterprises and appropriately extend the duration, while also paying attention to avoiding the credit risks of bonds issued by small and medium-sized smelting and processing enterprises with low resource self-sufficiency rates and single industrial chain layouts [5][7][48] - Overall, this week, the credit spreads of most industries and ratings were compressed by less than 10BP, while the AA+ credit spread of the non-bank financial sector widened significantly by 20BP. In terms of urban investment bonds, the credit spreads of urban investment bonds with different maturities were compressed by 1-4BP compared with last week. In terms of industrial bonds, the short-term (1Y) credit spreads of industrial bonds widened significantly, while those above 1Y were mostly compressed to varying degrees. In terms of bank capital bonds, the short-term (within 1Y) spreads of bank perpetual and secondary capital bonds widened slightly, the 3Y spreads were significantly compressed, and the medium- and long-term (5-10Y) spreads were slightly compressed [6][47][48] 3. Summary According to the Directory 3.1 This Week's Credit Hot Events - On January 9th, the National Association of Financial Market Institutional Investors (NAFMII) issued a business reminder on further standardizing the issuance of debt financing instruments, emphasizing five aspects: distribution information entry, withdrawal reporting, subscription record-keeping, lead underwriting syndicate mechanism, and information disclosure quality. It is expected that in the short term (Q1 2026), the issuance efficiency of inter-bank bonds may decline, and the issuance difficulty of some weakly qualified issuers may increase. In the long term, the inter-bank bond issuance market will become more standardized and transparent, which is conducive to improving market liquidity and pricing efficiency [11][12][13] - On January 9th, the Guizhou Provincial People's Government issued policies to support the integrated development of industry, county prosperity, and people's well-being. In the short term, the policies will directly support county-level "Three Guarantees" and debt risk mitigation. In the long term, they will support the continuous improvement of local debts through industrial upgrading and fiscal revenue growth. For the existing platform debts in Guizhou, the policies strengthen the financing support for high-quality projects and force county-level platforms to transform into operating entities, which may further intensify regional credit differentiation [14][15] 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset-backed securities) was 115.3 billion yuan, an increase of 191.6 billion yuan compared with last week. The total issuance was 285.5 billion yuan, an increase of 209.2 billion yuan, and the total repayment was 170.3 billion yuan, an increase of 17.6 billion yuan. The net financing of asset-backed securities was 14.7 billion yuan, an increase of 15 billion yuan [16] - By product type, the net financing of urban investment bonds was 30.9 billion yuan, an increase of 37.5 billion yuan; the net financing of industrial bonds was 89.7 billion yuan, an increase of 144.5 billion yuan; and the net financing of financial bonds was -5.4 billion yuan, an increase of 9.6 billion yuan [16] 3.2.2 Issuance Cost - This week, the issuance volume of urban investment bonds and industrial bonds increased significantly, and the issuance rates of AA and AA+ decreased significantly compared with last week. Specifically, the average issuance rates of AA urban investment bonds and industrial bonds were in the range of 2.6-2.8%, the average issuance rates of AA+ urban investment bonds and industrial bonds were in the range of 2.2-2.3%, and the issuance rates of AAA-level bonds of different varieties were all below 2.3% [23] 3.3 Secondary Market 3.3.1 Transaction Volume - In terms of trading volume, the trading volume of credit bonds (excluding asset-backed securities) increased by 554.6 billion yuan compared with last week. Among them, the trading volume of urban investment bonds was 246 billion yuan, an increase of 139.5 billion yuan; the trading volume of industrial bonds was 329.6 billion yuan, an increase of 172.8 billion yuan; the trading volume of financial bonds was 498.8 billion yuan, an increase of 242.3 billion yuan. The trading volume of asset-backed securities was 16.2 billion yuan, an increase of 4.8 billion yuan [24] - In terms of turnover rate, the overall turnover rate of credit bonds increased compared with last week. Specifically, the turnover rate of urban investment bonds was 1.58%, an increase of 0.89 percentage points; the turnover rate of industrial bonds was 1.7%, an increase of 0.89 percentage points; the turnover rate of financial bonds was 3.21%, an increase of 1.56 percentage points. The turnover rate of asset-backed securities was 0.44%, an increase of 0.13 percentage points [25] 3.3.2 Yield - This week, the yields of 5Y credit bonds of different ratings widened slightly, while the yields of credit bonds of other ratings and maturities fluctuated by no more than 3BP compared with last week. Taking AA+ 5Y bonds of each variety as an example, the yields of different varieties all increased to varying degrees [27][28] 3.3.3 Credit Spread - Overall, the credit spreads of most industries and ratings were compressed by less than 10BP this week, while the AA+ credit spread of the non-bank financial sector widened significantly by 20BP. Specifically, the credit spreads of AA media, mining, commercial trade, and transportation industries were compressed by 7BP, 6BP, 7BP, and 6BP respectively; the credit spreads of AA+ building materials and machinery industries were compressed by 8BP and 10BP respectively; the credit spread of the AAA computer industry was compressed by 7BP. The credit spreads of other industries and ratings fluctuated by no more than 5BP [31] - **Urban Investment Bonds**: In terms of maturity, the credit spreads of urban investment bonds of different maturities were compressed by 1-4BP compared with last week. In terms of regions, the credit spreads of urban investment bonds in different regions were compressed to varying degrees [36][37] - **Industrial Bonds**: This week, the short-term (1Y) credit spreads of industrial bonds widened significantly, while those above 1Y were mostly compressed to varying degrees [40] - **Bank Capital Bonds**: This week, the short-term (within 1Y) spreads of bank perpetual and secondary capital bonds widened slightly, the 3Y spreads were significantly compressed, and the medium- and long-term (5-10Y) spreads were slightly compressed [43] 3.4 This Week's Bond Market Sentiment - This week, the implied ratings of 41 bond issues of 8 entities were downgraded, including 16 issues of AVIC Industry Finance Holdings Co., Ltd. and 10 issues of New Hope Wuxin Industrial Group Co., Ltd. The "21 Wantong 02" issued by Guangxi Wantong Real Estate Co., Ltd. was extended; the "H20 Zhengrong 2" issued by Zhengrong Real Estate Holdings Co., Ltd. defaulted substantially; Shandong Zhangqiu Blower Co., Ltd. was placed on the watch list, and its "Zhanggu Convertible Bond" was also placed on the watch list [4][45] 3.5 Investment Recommendations - This week, a total of 1,323.6 billion yuan of reverse repurchases matured in the open market, and the central bank conducted a total of 102.2 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 1,221.4 billion yuan for the whole week. As of the close on Friday, DR001 closed at 1.28% [6] - For the non-ferrous metals industry with fundamental repair, it is recommended to focus on allocating AA+/AAA-level central enterprises and regional leading state-owned enterprises and appropriately extend the duration, while also paying attention to avoiding the credit risks of bonds issued by small and medium-sized smelting and processing enterprises with low resource self-sufficiency rates and single industrial chain layouts [7][48]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Aluminum prices have reached new highs, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to experience high-level fluctuations due to inventory accumulation and supply disruptions [5] - Lithium demand remains strong, with a reversal in supply and demand dynamics leading to an upward trend in lithium prices [76] - Cobalt prices are expected to continue rising due to tight raw material supply [88] Summary by Sections 1. Industry Overview - The U.S. December ISM Manufacturing PMI was reported at 47.9, below expectations [9] - The U.S. December non-farm employment figure was 50,000, also below expectations [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with an 8.56% increase compared to a 3.82% increase in the index [11] - The sector ranked fourth among all sectors in terms of performance [11] 3. Valuation Changes - The TTM PE for the non-ferrous metals sector is 30.92, with a change of 1.69 [21] - The PB for the sector is 3.81, with a change of 0.20 [21] 4. Industrial Metals - Copper prices increased by 3.84% for London copper and 3.23% for Shanghai copper [26] - Aluminum prices rose by 5.02% for London aluminum and 5.47% for Shanghai aluminum, with aluminum enterprise profits increasing by 23.33% to 8,463 CNY/ton [36] - Lead and zinc prices also saw increases, with lead prices up by 1.57% and zinc prices up by 0.38% [47] 5. Energy Metals - Lithium prices saw significant increases, with lithium carbonate rising by 18.14% to 140,000 CNY/ton [76] - Cobalt prices increased by 2.61% to 25.53 USD/pound, while domestic cobalt prices fell by 6.53% to 458,000 CNY/ton [88]