钴锂金属周报：旺季尾声，现货成交平平

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][3]. Core Insights - The macro sentiment has stabilized, leading to a mild increase in commodity prices, with lithium carbonate futures prices slightly recovering. However, as the market enters a demand off-season, the report anticipates a shift from inventory depletion to accumulation by November, with lithium prices expected to follow supply-demand dynamics [2][3][7]. Summary by Sections Industry Overview - The report highlights that the lithium sector is experiencing weak downstream inventory replenishment intentions, resulting in a flat market. The weekly price for lithium carbonate in Wuxi rose by 2.10% to 73,000 CNY/ton, while the price in the Guangxi market increased by 0.74% to 74,700 CNY/ton. The lithium concentrate price is reported at 743 USD/ton, down by 9 USD/ton [3][7]. Lithium Sector - The report notes that the overall inventory depletion process for lithium carbonate continues, with a weekly production increase of 0.49% and a decrease in inventory by 1.82%. The average price for battery-grade lithium carbonate is reported to be between 71,600 and 75,000 CNY/ton, reflecting a 0.48% decrease from the previous week [3][7][41]. Cobalt Sector - In the cobalt segment, the report indicates that the cost support for cobalt salts is weakening, with downstream enterprises maintaining only essential purchases. The average price for electrolytic cobalt is reported to be between 160,000 and 190,000 CNY/ton, down by 1.41% from the previous week [8][10]. Price Trends - The report provides insights into price trends, noting that the average price for lithium iron phosphate remained stable, while the average price for ternary materials decreased by 1.37%. The average price for battery-grade lithium hydroxide is reported to be between 64,800 and 69,500 CNY/ton, down by 1.07% [8][10]. Company Recommendations - The report recommends increasing positions in companies such as Yongxing Materials, Ganfeng Lithium, Tianqi Lithium, and Rongjie Co., among others. Beneficiaries include Zhongmin Resources, Tibet Mining, and Jiangte Electric [3][7].