钴锂金属周报：锂盐库存初去化，期货小幅反弹

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [4][9]. Core Insights - The lithium sector is experiencing a cautious market sentiment with average transaction volumes. The futures prices for lithium carbonate have shown a slight rebound, while the spot market remains subdued. The report indicates that the reduction in carbon lithium inventory is a potential signal for price stabilization [3][4][9]. - The cobalt market continues to face significant cost pressures, leading to a persistent downturn in cobalt salt prices. Companies in the cobalt sector are extending their operations into the electric new energy downstream manufacturing, creating a cost advantage through integration [4][10]. Summary by Sections 1. Cycle Assessment: Initial Inventory Reduction and Price Stabilization - The report notes a slight rebound in lithium carbonate prices, with a cautious market sentiment prevailing. The weekly production of battery-grade lithium carbonate increased by 0.07%, while inventory decreased by 0.95% [4][9]. - The average price for battery-grade lithium carbonate was reported at 73,000-76,200 CNY/ton, reflecting a 0.47% increase from the previous week [4][9]. 2. Company and Industry Dynamics Tracking - Pilbara Minerals reported a 17% increase in lithium spodumene production to approximately 730,000 tons, despite a 74% drop in average selling price [12]. - Galan Lithium signed a non-binding memorandum of understanding worth 40 million USD for lithium chloride sales, expected to start in 2025 [12]. - The report highlights that domestic supply of cobalt is excessive, with weak demand leading to a subdued market atmosphere [10]. 3. Key Data: New Energy Material Production, Imports, and Metal Prices - The report provides data on the production and pricing of various lithium and cobalt products, indicating a mixed performance across different materials. For instance, the average price of lithium hydroxide decreased by 1.64% [10][60]. - The report also notes a 36% decrease in lithium hydroxide export volume, while lithium carbonate imports increased by 23% [23][28]. 4. Listed Company Profit Forecasts - The report includes financial performance forecasts for several companies, indicating significant revenue declines for major players like Ganfeng Lithium and Yongxing Materials, with year-on-year revenue drops of 47.2% and 32.5%, respectively [12].