钴锂金属周报：关税预期施压，钴锂横盘震荡-2025-03-29

Investment Rating - The report maintains an "Overweight" rating for the lithium and cobalt industry [2][4] Core Views - The lithium sector is experiencing a gradual decline in market activity, with stable lithium salt prices. The Wuxi 2505 contract increased by 1.37% to 74,100 CNY/ton, while the Guangxi 2505 contract rose by 1.04% to 74,000 CNY/ton. Lithium concentrate prices are at 821 USD/ton, down by 10 USD/ton [4][11] - The cobalt sector is characterized by cautious purchasing from buyers and sellers holding back inventory. Cobalt companies are extending their operations towards the electric new energy downstream, creating a cost advantage through integration [4][11] Summary by Sections 1. Cycle Assessment - The report maintains an "Overweight" rating for the lithium and cobalt industry. The lithium market is seeing reduced trading activity, with stable lithium salt prices. The Wuxi 2505 contract increased by 1.37% to 74,100 CNY/ton, and the Guangxi 2505 contract rose by 1.04% to 74,000 CNY/ton. Lithium concentrate prices are at 821 USD/ton, down by 10 USD/ton. Recommended stocks include Yongxing Materials, Ganfeng Lithium, Tianqi Lithium, and others [4][11] 2. Company and Industry Dynamics - Recent developments include the Democratic Republic of Congo potentially extending its cobalt export ban, which has already led to a price increase of over 50%. Additionally, Tianqi Lithium has successfully developed a new battery-grade lithium sulfide micro-powder product [15][4] 3. Key Data: New Energy Material Production, Imports, and Metal Prices - In February, domestic production of key new energy metal materials saw a month-on-month decline. The report highlights that the carbon lithium weekly production decreased by 3.50%, while inventory increased by 1.20% [34][45]