碳酸锂底部震荡，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 Insights - The report highlights a weak overall trend in energy metal prices, with lithium carbonate prices decreasing by 1.04% to 90,550 CNY/ton, and hydroxide lithium prices down by 0.54% to 82,450 CNY/ton. Supply is increasing, but demand is weak, leading to expectations of continued price fluctuations [2][7] - The report suggests focusing on opportunities in soft magnetic materials and copper alloy materials, driven by trends in the electronics and power sectors, as well as the recovery of the economy [2][7] Summary by Sections 1. Industry Overview - The EU has imposed temporary anti-subsidy tariffs on certain Chinese electric vehicle manufacturers, with rates ranging from 17.4% to 37.6% [7] - Pilbara Minerals announced plans to expand lithium production to over 2 million tons annually by 2028 [7] - Tibet Mining has begun trial production of battery-grade lithium carbonate, with a design capacity of 9,600 tons per year [7] 2. Energy Metals - Lithium prices have seen a decline, with spodumene down 3.15% to 1,045 USD/ton and lithium carbonate down 1.04% to 90,550 CNY/ton. The profit margin for lithium carbonate from spodumene has increased significantly [15][21] - Cobalt prices are under pressure, with domestic cobalt prices down 3.81% to 20.20 CNY/ton, and cobalt sulfate down 1.01% to 2.94 CNY/ton [21][31] - Rare earth prices are also declining, with light rare earth down 0.68% to 2.91 CNY/ton and heavy rare earth down 0.30% to 16.60 CNY/ton [37] 3. New Materials - In the new materials sector, the report remains optimistic about soft magnetic and copper alloy materials, which are benefiting from the growth in the electronics and power industries [2][7] - Prices for key new materials have shown mixed trends, with phosphoric acid stable at 1.06 CNY/ton and lithium iron phosphate down 10.6% to 3.96 CNY/ton [45][53]