有色金属行业周报：锡精矿进口维持低位，支撑锡价中枢上行

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Insights - The import of tin concentrate from Myanmar in August was approximately 579 metal tons, a decrease of 57.68% month-on-month and 87.33% year-on-year [5]. - The investment strategy recommends focusing on metals with relatively inelastic supply, such as rare earths, tin, antimony, and tungsten, due to manufacturing restocking and increased supply-side uncertainties [5]. - The report highlights a general upward trend in small metal prices, with specific recommendations for rare earths, antimony, and tin due to their supply constraints and demand recovery in sectors like semiconductors and photovoltaics [5]. Summary by Sections Market Overview - The industry has 131 listed companies with a total market value of 2,437.29 billion yuan and a circulating market value of 2,154.11 billion yuan [3]. - The non-ferrous metals sector outperformed the market, with the Shenwan Non-ferrous Index rising by 5.21%, outperforming the CSI 300 Index by 3.88 percentage points [9]. Price Trends - The prices of small metals showed divergence, with SHFE tin prices increasing by 1.71% and LME tin prices rising by 3.88% [5]. - Domestic prices for rare earths, such as praseodymium and neodymium oxide, increased by 2.43% to 421,500 yuan/ton [15]. Demand and Supply Dynamics - The photovoltaic sector saw a year-on-year increase in new installations, with 21.05 GW added in July 2024, reflecting a 12.3% growth [18]. - In the new energy vehicle sector, production and sales reached 1.092 million and 1.1 million units in August, respectively, marking a year-on-year growth of 29.6% and 30% [19]. - The report notes a decrease in lithium carbonate prices, with battery-grade lithium carbonate priced at 74,500 yuan/ton, remaining stable compared to pre-holiday prices [13]. Production Insights - In August, the total production of power and other batteries reached 101.3 GWh, a month-on-month increase of 10.4% and a year-on-year increase of 36.8% [31]. - The production of cathode materials in August was 279,900 tons, with a month-on-month increase of 8.82% [31].