EBSCN·2025-09-15 05:07Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in the prices of various metals, particularly electrolytic cobalt and polysilicon, while lithium concentrate prices have seen a decline. This indicates a mixed outlook for different segments within the new materials industry [1][2][4]. Summary by Relevant Sections Non-Ferrous Metals - Electrolytic cobalt price is at 271,000 CNY/ton, up 3.0% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.87, up 1.4% [1][10]. - Lithium concentrate (Li2O 5%) price is at 700 USD/ton, down 3.58% week-on-week [1]. - The price of lithium iron phosphate and 523-type cathode materials is stable at 343,000 CNY/ton and 1,147,000 CNY/ton, respectively [1]. Photovoltaic New Materials - Polysilicon price is at 6.45 USD/kg, up 4.0% week-on-week, indicating a recovery in the solar materials market [2]. - EVA price remains stable at 10,800 CNY/ton, reflecting a low position since 2013 [2]. Nuclear Power New Materials - Uranium price is at 59.58 USD/lb, up 4.0% week-on-week, indicating a positive trend in nuclear materials [2]. Consumer Electronics New Materials - The price of cobalt tetroxide is at 214,200 CNY/ton, up 0.56% week-on-week, while lithium cobalt oxide price remains stable at 175.0 CNY/kg [3]. - Silicon carbide price is stable at 5,300 CNY/ton, reflecting steady demand in the electronics sector [3]. Investment Recommendations - The report suggests focusing on the metal new materials sector, particularly lithium and cobalt, due to price increases and supply disruptions. Companies like Salt Lake Co., Zangge Mining, and Huayou Cobalt are highlighted as potential investment opportunities [4].