碳酸锂持续下跌，关注软磁和铜合金材料的主题机会

Investment Rating - The industry investment rating is "Positive" (Maintain) [1] Core Viewpoints - The report highlights a continuous decline in lithium carbonate prices, with a focus on opportunities in soft magnetic and copper alloy materials [3] - The energy metals sector is experiencing a fluctuating price trend, with electrolytic cobalt showing signs of recovery [3] - The report suggests monitoring companies such as Tianqi Lithium, Ganfeng Lithium, and others for potential investment opportunities [3] Summary by Sections 1. Industry Overview - In May, China's power battery installation volume reached 39.9 GWh, a year-on-year increase of 41.2% and a month-on-month increase of 12.6% [7] - The Ministry of Industry and Information Technology has revised regulations to encourage technological innovation and reduce production costs in the lithium-ion battery industry [7] 2. Energy Metals - Lithium carbonate price decreased by 3.66% to 94,850 CNY/ton, while hydroxide lithium fell by 4.35% to 84,600 CNY/ton [12] - The production of lithium carbonate increased by 18% month-on-month in May, reaching 62,538 tons [3] - Cobalt sulfate price dropped by 2.27% to 30,200 CNY/ton, with a year-to-date decline of 5.34% [12] 3. New Materials - The report maintains a positive outlook on soft magnetic and copper alloy materials due to their benefits from the development of the electronic and power industries [3] - In the new materials sector, the price of lithium iron phosphate decreased by 3.12% to 40,400 CNY/ton, while the price of ternary cathode 622 fell by 4.18% to 126,000 CNY/ton [42][43] - The average price of silver paste (front) increased by 5.04% to 7,925 CNY/kg [50]