有色金属 能源金属＆新材料周报：碳酸锂冲高回落，关注软磁材料配置机会

Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals sector, specifically for energy metals and new materials [2][3]. Core Insights - Energy metals are experiencing a weak price trend, with lithium carbonate prices dropping by 1.04% to 76,450 CNY/ton, and hydroxide lithium prices decreasing by 0.29% to 68,425 CNY/ton. Supply has increased steadily since the beginning of the year, but demand has softened due to sufficient downstream inventory [3][14]. - Cobalt prices show mixed trends, with overseas MB cobalt prices falling to 10.80 USD/pound while domestic cobalt prices rose to 181,000 CNY/ton. The supply remains ample, but demand is low, maintaining an oversupply situation [3][23]. - The rare earth permanent magnet market is seeing fluctuations, with praseodymium-neodymium oxide prices down by 0.92% to 432,000 CNY/ton and dysprosium oxide down by 3.21% to 1,810,000 CNY/ton. The market is expected to stabilize due to recovering orders and reduced supply from mines [3][33]. - The report highlights a positive outlook for soft magnetic materials, driven by the dual demand from the electronics and power sectors, particularly benefiting from trends in renewable energy and AI computing [3][44]. Summary by Sections 1. Industry Overview - The report provides key updates on lithium carbonate auction results and joint ventures in lithium projects, indicating ongoing developments in the sector [8][9]. 2. Energy Metals - Lithium prices are under pressure, with carbonate and hydroxide prices declining. The report suggests monitoring companies like Tianqi Lithium and Ganfeng Lithium for potential investment opportunities [3][14]. - Cobalt prices are fluctuating, with domestic prices showing resilience while international prices decline. Companies like Tengyuan Cobalt and Huayou Cobalt are highlighted for potential investment [3][23]. - Nickel and manganese prices remain stable, but the market is cautious due to rapid price declines affecting profitability [3][29]. - Rare earth prices are experiencing slight declines, but the market outlook remains cautiously optimistic due to recovering demand [3][33]. 3. New Materials - The report notes stable pricing in the power new materials sector, with phosphoric acid and lithium iron phosphate prices holding steady. Companies in this space are expected to benefit from ongoing technological advancements [3][44][49].