有色金属行业周报：供需双增，锂价弱稳

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Views - The report highlights that Yabao auctioned 10,000 tons of lithium concentrate (SC5.77) at a final transaction price of 9,372 CNY/ton (including tax), while Sigma reached an agreement with Glencore for 22,000 tons of lithium concentrate at 1,160 USD/ton [5] - The investment strategy continues to recommend sectors such as rare earth permanent magnets, antimony, and tin for medium to long-term investment [5] - The report notes a seasonal decline in demand for February, with a significant drop in new energy vehicle sales in China [5][18] Summary by Sections Market Overview - The industry has 131 listed companies with a total market value of 28,097.05 billion CNY and a circulating market value of 24,775.99 billion CNY [3] Price Trends - The report indicates a mixed price trend for energy metals, with the main contract LC2407 down by 6.91%, battery-grade lithium carbonate down by 3.54%, and various rare earth prices showing divergence [5][6] - Lithium prices are under pressure, with domestic battery-grade lithium carbonate priced at 10.90 million CNY/ton, reflecting a 3.54% decrease [10][40] Supply and Demand Dynamics - The report discusses the supply chain dynamics, noting that lithium prices are stabilizing amid increased competition and high inventory levels [5][40] - In the photovoltaic sector, domestic new installations reached 36.72 GW in January-February, a year-on-year increase of 80.27% [17] - The new energy vehicle sector saw a decline in sales, with February sales at 477,000 units, down 9.2% year-on-year [18] Sector-Specific Insights - Rare earth prices are under pressure due to weak demand, with praseodymium-neodymium oxide prices down by 0.70% [6] - Antimony prices remain stable at 75,500 CNY/ton, supported by tight raw material supply [6] - Tin prices are expected to face upward pressure due to supply constraints and recovering semiconductor demand [5][6] Lithium Market Analysis - The report notes that lithium prices are fluctuating, with the main contract LC2407 down to 107,100 CNY/ton, and the lithium concentrate auction prices indicating a cost structure around 100,000 CNY/ton [40] - The report highlights that lithium salt manufacturers are facing profitability challenges due to high raw material costs and inventory levels [40]