碳酸锂价震荡筑底，重点关注25年增量企业

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [1] Core Views - Lithium carbonate prices are stabilizing after fluctuations, with a focus on companies expected to grow in 2025 [1] - The supply of lithium carbonate has been steadily increasing since the beginning of the year, but production has seen fluctuations since June [2] - Demand recovery in downstream production is accelerating inventory depletion, while Australian mining reductions are expected to support price rebounds [2] - The report suggests monitoring the demand during the peak season next year and the performance of incremental companies [2] Summary by Sections 1. Market Performance - The top three performing sub-sectors this week are high-temperature alloys (3.76%), powder materials (3.39%), and copper alloys (2.28%) [21] - The bottom three performing sub-sectors are permanent magnets (-4.15%), rare earths (-3.70%), and diamonds (-3.56%) [21] 2. Energy Metals - Lithium prices: - Spodumene down 0.12% to $810/ton - Lithium mica down 0.30% to ¥1650/ton - Lithium carbonate down 0.65% to ¥76400/ton - Lithium hydroxide up 0.50% to ¥68950/ton [28] - Cobalt prices: - MB cobalt steady at $11.05/lb - Domestic cobalt price steady at ¥176000/ton - Cobalt sulfate down to ¥26800/ton [3] - Nickel and manganese prices: - Manganese sulfate steady at ¥6100/ton - Nickel sulfate steady at ¥26300/ton [4] 3. New Materials - Prices for new materials: - Phosphate iron steady at ¥10700/ton - Lithium iron phosphate steady at ¥33900/ton - Precursor 622 steady at ¥68000/ton - Ternary cathode 622 steady at ¥123000/ton - Lithium hexafluorophosphate up to ¥61000/ton [84][92]