有色金属 能源金属＆新材料周报：碳酸锂震荡格局， 关注软磁材料配置机会

Investment Rating - The industry investment rating is "Overweight" for the non-ferrous metals sector, indicating an expectation of outperforming the overall market [2][58]. Core Insights - The report highlights a weak overall trend in energy metal prices, with lithium carbonate prices increasing by 1.82% to 75,550 CNY/ton, while hydroxide lithium prices decreased by 0.87% to 68,675 CNY/ton. The supply side shows a steady increase in lithium carbonate production since the beginning of the year, although there was a slight decline in August. Demand has stabilized, leading to a relatively quiet spot market [2][15]. - The report suggests focusing on companies such as Tianqi Lithium, Ganfeng Lithium, and Yongxing Materials due to their potential in the current market environment [2]. - The cobalt market shows mixed price movements, with overseas MB cobalt prices rising to 10.98 USD/pound and domestic cobalt prices increasing to 172,000 CNY/ton. However, the supply remains ample, and demand is relatively low [2][21]. - The report emphasizes the ongoing demand for soft magnetic materials driven by the electronics and power sectors, particularly benefiting from trends in renewable energy and AI computing [2][30]. Summary by Sections 1. Industry Overview - Important developments include Enjie Co., Ltd. planning a 2 billion CNY investment in a lithium battery separator project in Malaysia, and Wanrun New Energy's subsidiary planning a 168 million USD investment in a lithium iron phosphate project in the USA [7]. 2. Energy Metals - Lithium prices: Spodumene increased by 2.95% to 769 USD/ton, lithium carbonate rose by 1.82% to 75,550 CNY/ton, while hydroxide lithium fell by 0.87% to 68,675 CNY/ton [15]. - Cobalt prices: Domestic cobalt prices increased to 172,000 CNY/ton, while sulfuric cobalt dropped to 28,300 CNY/ton [21]. - Nickel and manganese prices remained stable, with sulfuric manganese at 6,100 CNY/ton and sulfuric nickel at 28,100 CNY/ton [26]. - Rare earth prices: Praseodymium-neodymium oxide rose by 1.30% to 428,000 CNY/ton, while dysprosium oxide increased by 0.57% to 1,770,000 CNY/ton [30]. 3. New Materials - In the new materials sector, lithium iron phosphate prices increased to 32,900 CNY/ton, while the price of hexafluorophosphate lithium rose to 55,500 CNY/ton [41]. - The report notes a stable trend in photovoltaic materials, with silver paste prices increasing by 4.89% to 7,726 CNY/kg [46].