钴锂金属行业周报：上行趋势不改，价格加速走强

Investment Rating - The industry investment rating is maintained as "Positive" for lithium and cobalt core targets, suggesting active positioning in these sectors [9][14]. Core Insights - Short-term, lithium prices are expected to fluctuate at high levels due to futures market sentiment, with potential for a temporary spike before the holiday season. However, downstream acceptance of high prices is limited, leading to a possible shift towards price stabilization [4][9]. - In the medium term, supply constraints and rising cost levels have been confirmed, maintaining an upward trend for lithium prices. Cobalt demand is weak, but tight raw material supply and smelting cost support keep cobalt salt prices relatively firm, limiting short-term price declines [4][9]. Summary by Sections 1. Cycle Assessment: Upward Trend in Lithium and Cobalt Prices - Lithium prices are experiencing strong upward momentum driven by futures market fluctuations, with the Wuxi 2605 contract rising 23.11% to 179,000 CNY/ton and the Guangzhou 2605 contract increasing 24.16% to 181,500 CNY/ton. Lithium concentrate prices rose to 2,214 USD/ton, up 234 USD from the previous week [9][14]. - Cobalt prices are supported by raw material costs, but demand from downstream sectors is weakening as the holiday approaches, leading to a market characterized by stable prices and low trading activity [9][14]. 2. Company and Industry Dynamics: Policy, Technology, and Performance Signals - The Ministry of Industry and Information Technology introduced regulations for the recycling and comprehensive utilization of used power batteries in electric vehicles. This aims to enhance the low-carbon competitiveness of battery products [18]. - Tianhua New Energy is planning to issue H shares and list on the Hong Kong Stock Exchange to enhance its international presence and capital strength [18]. - Yongxing Materials reported that its lithium extraction project has achieved full production capacity and key performance indicators [18]. 3. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - In December, domestic lithium carbonate production increased by 4% month-on-month, while lithium hydroxide production rose by 2% [19][20]. - The import volume of lithium carbonate increased by 9% month-on-month, and the export volume of lithium hydroxide surged by 88% [35][37].