有色金属行业周报：锂库存去化，价格回升

Investment Rating - The report maintains an "Overweight" investment rating for the non-ferrous metals sector [2]. Core Insights - The report highlights a recovery in lithium prices due to inventory depletion, with a focus on the supply-side uncertainties affecting small metal prices [2][3]. - The report recommends investing in supply-rigid varieties such as rare earths, tin, antimony, and tungsten, anticipating a gradual recovery in demand for rare earths and a bullish trend for tin and tungsten prices [2][3]. Summary by Sections Market Review - The non-ferrous metals sector showed strong performance, with the Shenwan Non-ferrous Index rising by 1.06%, outperforming the CSI 300 Index by 1.23 percentage points [5]. - Lithium carbonate prices increased by 2.74% to 75,000 CNY/ton, while lithium hydroxide prices decreased by 0.33% to 75,300 CNY/ton [7][9]. Industry Chain Sentiment - The photovoltaic sector saw a year-on-year increase in new installations, with July 2024 adding 21.05 GW, a 12.3% increase compared to the previous year [13]. - In the new energy vehicle sector, production and sales reached 984,000 and 991,000 units respectively in July, marking year-on-year growth of 22.3% and 27% [14]. - Battery production in July totaled 91.8 GWh, reflecting a month-on-month increase of 8.6% and a year-on-year increase of 33.1% [26]. Lithium Market - Lithium inventory depletion is stabilizing prices, with the weekly production of lithium carbonate at 13,450 tons, a slight increase of 0.1% [2][3]. - The report notes that current lithium prices are approaching the industry's marginal cost, leading to potential production cuts from major suppliers [2]. Rare Earths - The Ministry of Industry and Information Technology has set total mining and separation quotas for rare earths in 2024, indicating a slowdown in supply growth [3]. - Prices for praseodymium and neodymium oxide rose by 3.94% to 408,500 CNY/ton, while dysprosium oxide prices fell by 3.39% to 1,710,000 CNY/ton [9]. Tin and Antimony - Tin prices are expected to rise due to supply constraints, with SHFE tin prices at 264,100 CNY/ton, down 1.29% [3]. - Antimony prices remain stable, with domestic antimony concentrate prices at 138,000 CNY/ton, reflecting a month-on-month increase of 0.73% [10].