钴锂金属周报：供需博弈延续，锂价跌幅收窄

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [1][2][7]. Core Insights - The supply-demand dynamics continue, with a narrowing decline in lithium prices. Domestic lithium salt supply has contracted, leading to a more active market inquiry and a slowdown in price declines [2][7]. - The report anticipates that July will be a month of stabilization for spot lithium carbonate prices, with expectations of a slight rebound towards the end of July and into August [1][2]. Supply and Demand Analysis - Lithium prices have shown a narrowing decline, with the Wuxi 2408 contract dropping 0.54% to 92,000 CNY/ton, and the Guangxi 2409 contract decreasing 0.05% to 92,800 CNY/ton. Lithium concentrate prices are reported at 1,045 USD/ton, down 340,000 CNY/ton [2][7]. - The report notes that while battery manufacturers face increased competition and cost pressures, demand from end markets such as electric vehicles provides some cost support [2][7]. - The report highlights a decrease in domestic lithium carbonate production in the first week of July, with a year-on-year decline noted [2][7]. Company and Industry Dynamics - Beneficiaries of the current market conditions include companies such as Yongxing Materials, Ganfeng Lithium, Tianqi Lithium, and Rongjie Co., among others [2][7]. - The cobalt sector is experiencing inventory digestion at the downstream level, with procurement slowing down and producers under pressure to reduce prices [2][7]. - The report identifies companies extending their operations into the electric new energy downstream manufacturing sector, enhancing their competitive barriers [2][7]. Key Data - The report provides various data points, including a 1.76% week-on-week decline in domestic lithium carbonate production and a 3.91% increase in weekly inventory levels [2][7]. - The average price for battery-grade lithium carbonate was reported between 88,300 and 92,800 CNY/ton, reflecting a 1.46% decrease from the previous week [2][7]. - The average price for battery-grade lithium hydroxide (coarse particles) was reported between 81,300 and 83,700 CNY/ton, down 1.01% from the previous week [2][7]. Profit Forecasts for Listed Companies - The report includes profit forecasts for various companies, with several maintaining an "Overweight" rating, including Yongxing Materials, Ganfeng Lithium, and Tianqi Lithium, among others [27].