有色金属 能源金属＆新材料周报：锂稀土持续走弱，关注软磁和铜合金材料的主题机会

Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals sector, specifically focusing on energy metals and new materials [3][4]. Core Insights - Energy metals prices are experiencing fluctuations, with lithium carbonate prices decreasing by 2.69% to 98,450 CNY/ton, and hydroxide lithium prices down by 2.37% to 88,450 CNY/ton. Supply is increasing, but demand is weak, leading to a bearish outlook for prices [4][17]. - Cobalt prices have also seen a decline, with overseas MB cobalt prices dropping by 1% to 12.38 USD/pound and domestic cobalt prices down by 0.45% to 220,000 CNY/ton. The supply-demand balance remains challenging, but price declines are expected to be limited due to anticipated demand [4][23]. - Nickel and manganese prices are stable, with manganese sulfate prices holding at 0.63 CNY/ton and nickel sulfate prices decreasing by 2.27% to 3.23 CNY/ton. Supply constraints are expected to limit further price declines [4][31]. - Rare earth permanent magnet prices are also under pressure, with prices for praseodymium-neodymium oxide down by 0.82% to 361,000 CNY/ton and dysprosium oxide down by 1.59% to 1,860,000 CNY/ton. The market is expected to remain weak in the short term [4][37]. - The report highlights opportunities in soft magnetic materials and copper alloy materials, driven by trends in the electronics and power sectors, as well as the recovery of the economy [4][5]. Summary by Sections Energy Metals - Lithium prices are declining, with carbonate at 98,450 CNY/ton and hydroxide at 88,450 CNY/ton. Production is increasing, but demand is weak, leading to a bearish outlook [4][17]. - Cobalt prices are also down, with MB cobalt at 12.38 USD/pound and domestic prices at 220,000 CNY/ton. Supply remains tight, but demand recovery is delayed [4][23]. - Nickel and manganese prices are stable, with manganese sulfate at 0.63 CNY/ton and nickel sulfate at 3.23 CNY/ton. Supply constraints are expected to limit further declines [4][31]. - Rare earth prices are under pressure, with praseodymium-neodymium oxide at 361,000 CNY/ton and dysprosium oxide at 1,860,000 CNY/ton. The market is expected to remain weak [4][37]. New Materials - The report expresses optimism for soft magnetic and copper alloy materials, driven by developments in the electronics and power sectors, as well as economic recovery [4][5]. - In the new materials sector, prices for iron phosphate are stable at 1.06 CNY/ton, while lithium iron phosphate has decreased to 4.17 CNY/ton. Other materials like precursor 622 and ternary cathode 622 have also seen price declines [46][47]. - The photovoltaic materials segment shows mixed results, with silver paste prices down to 7,544 CNY/kg and industrial silicon at 11,930 CNY/ton [52].