有色金属能源金属＆新材料周报：碳酸锂持续新低，关注软磁和铜合金材料的主题机会

Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals sector, specifically for energy metals and new materials [2][3]. Core Insights - Energy metals are experiencing a weak price trend, with lithium carbonate prices dropping by 4.77% to 80,800 CNY/ton, and hydroxide lithium prices down by 1.90% to 77,600 CNY/ton. Supply is increasing while demand is stabilizing, leading to an expected continued decline in prices [3][13]. - Cobalt prices are also under pressure, with overseas MB cobalt prices falling to 11.83 USD/pound and domestic cobalt prices down to 183,000 CNY/ton. The supply remains sufficient, but demand recovery is delayed [3][18]. - Nickel and manganese prices are fluctuating, with manganese sulfate stable at 0.63 CNY/ton and nickel sulfate down to 2.78 CNY/ton. The market is cautious due to rapid price declines [3][21]. - Rare earth permanent magnets show signs of recovery, with prices for praseodymium-neodymium oxide rising by 2.48% to 372,500 CNY/ton, driven by improved downstream orders and supply reductions [3][25]. - The new materials sector is particularly promising, with a focus on soft magnetic and copper alloy materials benefiting from trends in the electronics and power industries [3][27]. Summary by Sections Energy Metals - Lithium prices are declining, with lithium spodumene down 6.71% to 876 USD/ton and lithium carbonate down 4.77% to 80,800 CNY/ton. The refining margin for lithium carbonate from spodumene has decreased to 2,448 CNY/ton [3][13]. - Cobalt prices are under pressure, with domestic prices at 183,000 CNY/ton and a significant drop in refining margins for cobalt [3][18]. - Nickel and manganese prices are fluctuating, with manganese sulfate stable and nickel sulfate down [3][21]. New Materials - The new materials sector shows potential, particularly in soft magnetic materials and copper alloys, which are expected to benefit from the recovery of the economy and demand in the electronics sector [3][27]. - Prices for various new materials, including lithium iron phosphate and lithium hexafluorophosphate, are experiencing slight declines [3][30].