钴锂金属周报：交割行情驱动，期货锂价反弹

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [4]. Core Insights - The lithium market is experiencing a stable price environment with slight increases in futures prices, while the demand from downstream sectors remains cautious and focused on essential purchases [10]. - Cobalt prices are under pressure due to weak downstream demand, with companies in the cobalt sector extending their operations into the electric new energy manufacturing sector to enhance competitive advantages [10]. Summary by Sections 1. Market Analysis - The report indicates that the lithium carbonate price has stabilized with a slight weekly increase, while the lithium concentrate price is reported at 747 USD/ton, down 4 USD/ton from the previous week [10]. - The report highlights that the overall inventory of lithium carbonate has decreased by 2.12% week-on-week, continuing the trend of inventory reduction [10]. 2. Key Data - The average price for battery-grade lithium carbonate is reported to be between 72,300 and 75,400 CNY/ton, reflecting a 0.75% increase from the previous week [10]. - The average price for battery-grade lithium hydroxide is between 64,500 and 69,300 CNY/ton, showing a 0.37% decrease from the previous week [10]. 3. Company Performance - Recommended stocks for investment include Yongxing Materials, Ganfeng Lithium, Tianqi Lithium, and others, while companies benefiting from the sector include Zhongmin Resources and Tibet Mining [10]. - The report notes that companies in the cobalt sector, such as Huayou Cobalt and Luyuan Cobalt, are extending their operations to create a cost advantage through integrated production [10]. 4. Production and Inventory Trends - The report states that the weekly production of lithium carbonate has decreased by 0.44%, while the inventory has also seen a decline [10][56]. - The report provides insights into the production trends of various lithium and cobalt products, indicating fluctuations in production levels and prices across different materials [11][19].