碳酸锂价格冲高回落，稀土永磁板块震荡调整

Investment Rating - The investment rating for the industry is "Positive (Maintain)" [1] Core Views - Lithium carbonate prices increased by 4.38% to 78,700 CNY/ton, while lithium hydroxide prices rose by 0.45% to 67,195 CNY/ton. Supply has steadily increased since the beginning of the year, but production has fluctuated since June. Demand has improved recently, leading to a rebound in prices. Short-term prices are expected to remain strong, while long-term prices may fluctuate weakly due to oversupply. Recommended companies include Tianqi Lithium, Ganfeng Lithium, Zhongjin Lingnan, and Yongxing Materials [1] - In the rare earth permanent magnet sector, prices for praseodymium and neodymium oxide fell by 0.83% to 420,000 CNY/ton, dysprosium oxide decreased by 2.29% to 1,705,000 CNY/ton, and terbium oxide dropped by 2.43% to 5,830,000 CNY/ton. Northern Rare Earth's November listing price increased month-on-month, and downstream orders have recovered. The market is expected to operate with strong fluctuations in the future, with a focus on future quota indicators. Recommended companies include China Rare Earth, Northern Rare Earth, Jinli Permanent Magnet, and Zhongke Sanhuan [1] Summary by Sections 1. Market Performance - The top three performing sub-sectors this week were lithium (1.53%), powder (-2.07%), and copper alloy (-3.22%). The bottom three were permanent magnets (-10.38%), rare earths (-8.42%), and diamonds (-6.16%) [19] 2. Energy Metals - Lithium prices: - Spodumene rose by 4.54% to 806 USD/ton - Lepidolite increased by 5.52% to 1,625 CNY/ton - Lithium carbonate rose by 4.38% to 78,700 CNY/ton - Lithium hydroxide increased by 0.45% to 67,195 CNY/ton - Cobalt prices: - MB cobalt price rose to 11.00 USD/pound - Domestic cobalt price increased to 182,000 CNY/ton - Cobalt sulfate rose to 27,200 CNY/ton - Nickel and manganese prices: - Manganese sulfate remained stable at 6,200 CNY/ton - Nickel sulfate decreased to 27,300 CNY/ton [26][44][60] 3. New Materials - In the power new materials sector: - Phosphate iron price remained stable at 10,400 CNY/ton - Lithium iron phosphate price rose to 34,300 CNY/ton - Precursor 622 price decreased to 71,500 CNY/ton - Ternary cathode 622 price increased to 122,500 CNY/ton - Lithium hexafluorophosphate price rose to 56,800 CNY/ton [84][85] - In the photovoltaic new materials sector: - Average processing fee for welding tape (0.3mm) remained at 4.25 CNY/kg - Average price for 421 metal silicon powder remained at 13,250 CNY/ton - Average price for photovoltaic frames decreased by 3.5% to 24,050 CNY/ton [90][91]