Investment Rating - The industry investment rating is "Overweight" for non-ferrous metals, energy metals, and new materials [4][60]. Core Viewpoints - The report highlights a weak overall price trend for energy metals, with lithium carbonate prices slightly rebounding while cobalt and nickel prices remain under pressure. The report suggests focusing on companies like Tianqi Lithium, Ganfeng Lithium, and others in the sector [5][17][22]. - The new materials sector, particularly soft magnetic and copper alloy materials, is expected to benefit from trends in the electronics and power industries, with recommendations for companies such as Wolong Nuclear Materials and Platinum New Materials [5][44]. Summary by Sections 1. Industry Overview - The report discusses significant developments in the industry, including the launch of a solid-state battery by Penghui Energy with an energy density of 280Wh/kg, expected to be mass-produced by 2026 [10]. - Ganfeng Lithium reported a net loss of 760 million yuan in the first half of 2024, with a revenue decline of 47.16% year-on-year due to falling lithium prices [10]. 2. Energy Metals - Lithium prices show mixed trends: lithium carbonate increased by 0.47% to 74,600 yuan/ton, while hydroxide decreased by 1.64% to 71,850 yuan/ton. The overall market is expected to remain weak [5][17]. - Cobalt prices are under pressure, with domestic cobalt prices dropping to 152,000 yuan/ton and overseas prices stable at 11.25 USD/pound [5][22]. - Nickel and manganese prices remain stable, with sulfuric manganese at 0.61 million yuan/ton and sulfuric nickel at 2.78 million yuan/ton [30]. - Rare earth permanent magnet prices show some fluctuations, with praseodymium-neodymium oxide increasing by 3.82% to 408,000 yuan/ton [33]. 3. New Materials - The report emphasizes the positive outlook for soft magnetic and copper alloy materials, driven by demand in the electronics and power sectors [5][44]. - Key price movements include phosphoric acid at 1.04 million yuan/ton and lithium iron phosphate at 3.40 million yuan/ton, with various other new material prices showing stability or slight declines [41][49].
有色金属能源金属&新材料周报:碳酸锂止跌反弹,关注软磁和铜合金材料的主题机会
Hua Yuan Zheng Quan·2024-09-02 03:23