钴锂金属周报：市场情绪调整，锂价波动放大

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [4][11]. Core Insights - The lithium market is experiencing price fluctuations influenced by macroeconomic sentiment, with expectations of a stable price range in the near term [11]. - Cobalt demand is slowing down, leading to stable low prices for cobalt salts, while companies are integrating into the electric new energy downstream manufacturing to enhance competitive barriers [11][12]. Summary by Sections 1. Cycle Assessment - The lithium sector is under cautious observation from downstream material manufacturers, maintaining essential purchasing needs. Recent price movements include a 6.83% drop in the Wuxi 2411 contract to 75,000 CNY/ton and a 7.34% drop in the Guangxi 2411 contract to 73,900 CNY/ton [11]. - Lithium concentrate prices increased by 9 USD/ton to 778 USD/ton, indicating a short-term price recovery followed by a rapid decline due to market sentiment [11]. - The report suggests an "Overweight" position on companies such as Yongxing Materials, Ganfeng Lithium, Tianqi Lithium, and others, while beneficiaries include Zhongjin Lingnan, Tibet Mining, and others [11]. 2. Company and Industry Dynamics Tracking - Rio Tinto announced a cash acquisition of Arcadium Lithium for 6.7 billion USD, with an estimated valuation of 5.85 USD per share, expected to complete by mid-2025 [14]. - Premier African Minerals is considering selling its Zulu lithium concentrate plant in Zimbabwe due to operational challenges, with a reported operating loss of 12 million USD in the first half of 2024 [14]. - An agreement was signed between Indian and US trade ministers to strengthen supply chains for lithium, cobalt, and other critical minerals [14]. 3. Key Data - Domestic lithium carbonate weekly production increased by 4.24%, while inventory decreased by 3.24%, indicating sustained demand during the peak season [11][32]. - The average price of battery-grade lithium carbonate was reported at 75,500-77,400 CNY/ton, reflecting a 1.06% increase from the previous week [11]. - Cobalt prices showed a slight increase, with electrolytic cobalt priced between 162,000-190,000 CNY/ton, up 2.33% from the previous week [11].