钴锂金属周报：市场情绪助力，锂价跟随反弹

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [4][10]. Core Insights - The report indicates that the lithium market is experiencing a rebound due to favorable policies and increased market sentiment, with lithium prices expected to fluctuate within a high range over the next month [11]. - The cobalt segment is facing stable prices but with sluggish terminal demand, leading to a cautious outlook for cobalt salts [10][11]. Summary by Sections 1. Cycle Assessment - The lithium sector is seeing slight inventory replenishment and improved market transactions, with the Wuxi 2411 contract price rising by 5.92% to 80,500 CNY/ton and the Guangxi 2411 contract increasing by 5.91% to 79,800 CNY/ton [10]. - Lithium concentrate prices have increased to 769 USD/ton, up by 22 USD/ton week-on-week, reflecting a significant improvement in market inquiries and transactions [10][11]. 2. Company and Industry Dynamics - The report highlights that companies like Yongxing Materials, Ganfeng Lithium, Tianqi Lithium, and others are recommended for overweight positions due to their potential benefits from the current market conditions [10]. - Cobalt companies are extending their reach into the electric new energy manufacturing sector, creating a cost advantage through integrated operations [10]. 3. Key Data - The report notes a 2.49% week-on-week decrease in domestic lithium carbonate production and a 1.65% decrease in inventory, indicating a continued destocking process [11]. - The average price of battery-grade lithium carbonate rose by 1.95% to a range of 74,800-76,500 CNY/ton, while battery-grade lithium hydroxide saw a slight decline of 0.87% [11]. 4. Monthly Production of New Energy Materials - The report mentions that the production of lithium iron phosphate increased by 9% month-on-month and 62% year-on-year, while ternary materials saw a 3% increase month-on-month and an 8% increase year-on-year [11][13].