点击注册小程序 （1）本周碳酸锂和氢氧化锂价格分别为17.19 、16.26 万元/吨，环比+19.6%、+12.4%。（2）本周硫酸钴 价格9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523型正极材料价格分别为5.24 、19.38 万元/吨，环比 +0%、+3.4%。（4）本周氧化镨钕价格890.57 元/公斤，环比+4.8%。 光伏新材料：多晶硅价格下跌 （1）本周光伏级多晶硅价格6.16 美元/千克，环比 -0.5%。（2）本周EVA价格9,650元/吨，环比+0%，处 于2013年来较低位置。（3）本周3.2mm光伏玻璃镀膜价格24.0 元/平米，环比+0%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 军工新材料：电解钴价格上涨 （1）本周电解钴价格43.60 万元 ...

2026 年 3 月 4 日 有色金属 铼价格元月以来已涨 36%、电解钴 1 月产量同比下滑 93% ——金属新材料高频数据周报（20260223-20260301） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 43.60 万元/吨，环比 +3.1%。本周电解钴和钴粉价格比值 0.76 ，环比+3.1%；电解钴和硫酸钴价 格比值为 4.44 ，环比+3.1%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-9.19 元/千克。 新能源车新材料：氢氧化锂价格上涨。（1）本周碳酸锂和氢氧化锂价格分别 为 17.19 、16.26 万元/吨，环比+19.6%、+12.4%。（2）本周硫酸钴价格 9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523 型正极材料价格分别为 5.24 、19.38 万元/吨，环比+0%、+3.4%。（4）本周氧化镨钕价格 890.57 元/公斤，环比+4.8%。 光伏新材料：多晶硅价格下跌。（1）本周光伏级多晶硅价格 6.16 美元/千 克，环比 -0.5%。（2）本周 EVA 价格 9,650 元/吨，环比+0%，处于 2013 年 来较低位置。（3） ...

有色金属 2026 年 2 月 26 日 氧化镨钕价格已至 85 万元/吨，近一个月涨 26%、近三个月涨 56% ——金属新材料高频数据周报（20260209-20260215） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 42.30 万元/吨，环比 +0.7%。本周电解钴和钴粉价格比值 0.74 ，环比+0.7%；电解钴和硫酸钴价 格比值为 4.31 ，环比+0.7%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-9.19 元/千克。 新能源车新材料：氢氧化锂价格上涨。（1）本周碳酸锂和氢氧化锂价格分别 为 14.38 、13.76 万元/吨，环比+6.9%、+3.9%。（2）本周硫酸钴价格 9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523 型正极材料价格分别为 5.24 、18.73 万元/吨，环比+0%、+4.1%。（4）本周氧化镨钕价格 849.82 元/公斤，环比+12.2%。 光伏新材料：价格持平。（1）本周光伏级多晶硅价格 6.19 美元/千克，环比 +0%。（2）本周 EVA 价格 9,650 元/吨，环比+0%，处于 2013 年来较低位 置。（3）本 ...

2026 年 2 月 9 日 有色金属 铼粉价格连续 2 个月上涨 ——金属新材料高频数据周报（20260202-20260208） 要点 军工新材料：电解钴价格下跌。（1）本周电解钴价格 42.00 万元/吨，环比 -5.2%。本周电解钴和钴粉价格比值 0.73 ，环比-5.2%；电解钴和硫酸钴价格 比值为 4.28 ，环比-5.2%。（2）碳纤维本周价格 83.8 元/千克，环比+0%。 毛利-9.19 元/千克。 新能源车新材料：氢氧化锂价格下跌。（1）本周碳酸锂和氢氧化锂价格分别 为 13.44 、13.25 万元/吨，环比-16.2%、-16.1%。（2）本周硫酸钴价格 9.53 万元/吨，环比+0%。（3）本周磷酸铁锂、523 型正极材料价格分别为 5.24 、18.00 万元/吨，环比+0%、-3.5%。（4）本周氧化镨钕价格 757.72 元/公斤，环比+1.2%。 光伏新材料：多晶硅价格下跌。（1）本周光伏级多晶硅价格 6.19 美元/千 克，环比 -6.5%。（2）本周 EVA 价格 9,650 元/吨，环比+0%，处于 2013 年 来较低位置。（3）本周 3.2mm 光伏玻璃镀膜价格 ...

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights a mixed trend in prices for various materials, with cobalt prices declining while sulfuric cobalt prices have increased. The lithium price has reached approximately 92,000 yuan per ton, indicating a strong market for lithium-related materials [4][23] - The report suggests focusing on companies with cost advantages and expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 406,000 yuan per ton, down 0.5% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.78, down 1.0% [9][10] - Carbon fiber price remains stable at 83.8 yuan per kilogram, with a gross profit of -9.61 yuan per kilogram [21] New Energy Vehicle Materials - Sulfuric cobalt price is 90,200 yuan per ton, up 1.86% week-on-week. The price of lithium iron phosphate and 523-type cathode materials are 39,100 and 158,600 yuan per ton, respectively [23][36] - The production of new energy vehicles reached 1.88 million units in October 2025, with a penetration rate of 52.8%, up 3.39 percentage points [23][25] Photovoltaic New Materials - EVA price is 9,800 yuan per ton, down 1.0%, while the price of photovoltaic-grade polysilicon is stable at 6.50 USD per kilogram [2] Other Materials - Platinum price increased by 3.8% to 440 yuan per gram, while rhodium and iridium prices also saw slight increases [3][4] - The report emphasizes the importance of monitoring price trends in various materials to gauge industry health and investment opportunities [9][10]

Group 1: Market Overview - The A-share market saw a collective rebound with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component increasing by 0.84%, and the ChiNext Index up by 0.97% [1] - The total market turnover was approximately 2.11 trillion yuan [1] Group 2: Power Sector Activity - The electricity chain remained active, with the controllable nuclear fusion sector showing strong performance, particularly Tianli Composite hitting a historical high with a 30% limit up, and a five-day increase of 117.21% [1] - Other active sectors included nuclear power, power grid equipment, superconducting concepts, and new metal materials, with multiple stocks such as Zhongneng Electric and Tongguang Cable reaching their daily limit up [1] Group 3: Energy Demand and Supply Dynamics - According to Tianfeng Securities, rising electricity demand, increased power generation, and rapid changes in energy structure are posing challenges for U.S. power operators, who face low flexibility and high volatility in resource combinations [1] - Major tech companies like Amazon and Google are utilizing gas turbines as core backup or primary power sources for new data centers to ensure continuous power support for AI services [1] - It is projected that by 2027, global gas turbine supply will reach 87 GW, with a net increase of 26 GW, indicating a supply-demand gap compared to the expected annual average of over 100 GW from 2026 to 2035 [1] Group 4: Semiconductor Sector Activity - The semiconductor sector was active, with stocks like Jingfeng Mingyuan hitting a 20% limit up, and several others such as Yandong Micro and Xindong Link exceeding 10% gains [2]

Group 1: Market Performance - The controllable nuclear fusion sector is leading the market, with Tianli Composite hitting a historical high of 60.84 CNY per share, achieving a 117.21% increase over five trading days [2][5][10] - The precious metals sector is performing strongly, with companies like Zhaojin Gold and Xiaocheng Technology rising over 6% [4] - The semiconductor sector saw active trading in the afternoon, with Jingfeng Mingyuan hitting a "20CM" limit up, and other stocks like Yandong Micro and Zhongke Feice rising over 10% [4][13] Group 2: Sector Developments - The controllable nuclear fusion sector continues to strengthen, with multiple stocks hitting their daily limit, including Zhongzhou Special Materials and Aike Saibo [5][10] - A recent policy from Beijing emphasizes the development of future energy industries, supporting various technological paths in fusion energy, including key material research and development [10] - The semiconductor industry is expected to see increased demand, with SMIC projected to exceed a monthly wafer production capacity of 1 million pieces by Q3 2025, indicating strong industry demand [14]

Group 1 - The controllable nuclear fusion sector is leading the market, with Tianli Composite hitting a historical high of 60.84 CNY per share, achieving a 117.21% increase over five trading days [2][5] - The stock of Tianli Composite has experienced a consecutive limit-up, indicating strong investor interest and market momentum [5][6] - Other active sectors include power grid equipment, superconducting concepts, and new metal materials, with multiple stocks reaching their daily limit [8] Group 2 - The precious metals sector showed strong performance, with stocks like Zhaojin Gold and Xiaocheng Technology rising over 6% [4] - The semiconductor sector was active in the afternoon, with stocks such as Jingfeng Mingyuan and Yandong Microelectronics hitting their daily limit, and several others increasing by over 10% [10][11] - The retail sector displayed mixed results, with some companies experiencing significant declines while others, like Baida Group, saw rapid gains [4] Group 3 - The recent measures from the Beijing Economic and Technological Development Zone aim to accelerate the cultivation of future energy industries, particularly in fusion energy, supporting various technological paths [8] - The report from Tianfeng Securities highlights challenges faced by U.S. power operators due to rising electricity demand and the need for flexible resource combinations [9]

Group 1 - The domestic equity market indices generally rose, with the ChiNext Index increasing by 1.86%. Cycle-themed funds outperformed, while consumer and pharmaceutical-themed funds experienced net value adjustments. A total of 39 new funds were established, with a combined issuance of 36.589 billion units. Stock ETFs saw a slight inflow of funds, primarily increasing positions in mid-cap and TMT-themed ETFs, while Hong Kong stock ETFs experienced significant inflows. The active equity fund positions showed a downward trend [5]. - The price of praseodymium and neodymium oxide has risen for a consecutive month, and the price of electrolytic cobalt has also increased for a month. The lithium price has reached approximately 92,000 yuan per ton, and it is recommended to focus on companies with cost advantages and resource expansion in the lithium mining sector. Prices for various cobalt products have risen, and tungsten prices remain at a high level not seen since 2012. The price of praseodymium and neodymium oxide is at a 19-month high [5]. - The new version of the medical insurance directory and the first version of the commercial insurance innovative drug directory were released simultaneously. The success rate of negotiations for the basic medical insurance reached 88%, the highest in seven years, while the first commercial insurance directory included 19 drugs with a negotiation success rate of 79%. The expansion and quality improvement of the medical insurance directory are emphasized, with a pass rate of 41.48% for drugs outside the directory undergoing expert review, indicating a strict overall standard. The renewal rate for negotiated drugs within the directory is as high as 75% [5]. Group 2 - The investment value analysis of Laopu Gold highlights its successful penetration into the market through product design that incorporates classic cultural elements from both Eastern and Western traditions, appealing to younger consumers. The brand's positioning in high-end shopping districts enhances its luxurious image, and despite a limited number of stores, the output per store is significant. The online strategy accelerates the penetration of traditional gold products, attracting young customers with lower-priced items, which also supports long-term offline development [7]. - For Anjui Foods, the company continues to show positive operational trends in the fourth quarter. Although the intensity of price competition in the industry remains to be observed, feedback from distributors and market responses indicate a potential easing of price competition among frozen food companies since the third quarter, which may lead to improved profitability [7].

Investment Rating - The report maintains a rating of "Add" for the non-ferrous metals sector [5] Core Views - The report highlights a continuous increase in the prices of praseodymium and neodymium oxide, as well as electrolytic cobalt, indicating a positive trend in the metal new materials sector [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, as lithium prices have reached approximately 92,000 yuan per ton [4] - The report emphasizes the importance of monitoring price ratios between electrolytic cobalt and cobalt powder, as well as between electrolytic cobalt and cobalt sulfate, to gauge the relative health of the military and new energy vehicle sectors [10][11] Summary by Sections Military New Materials - The price of electrolytic cobalt is reported at 408,000 yuan per ton, with a week-on-week increase of 2.0% [1] - The price ratio of electrolytic cobalt to cobalt powder is 0.78, up by 1.5% week-on-week, while the ratio to cobalt sulfate is 4.44, up by 1.2% [11] - Carbon fiber prices remain stable at 83.8 yuan per kilogram, with a gross profit of -9.53 yuan per kilogram [1][22] New Energy Vehicle Materials - The price of praseodymium and neodymium oxide is reported at 582.72 yuan per kilogram, reflecting a week-on-week increase of 2.8% [1] - The prices of battery-grade lithium hydroxide and lithium iron phosphate are reported at 82,400 yuan per ton and 39,100 yuan per ton, respectively, with slight changes [1][39] - The report notes that the production of new energy vehicles reached 1.7718 million units in October 2025, with a year-on-year increase of 21.1% [24] Photovoltaic New Materials - The price of EVA has decreased to 9,900 yuan per ton, marking a 2.0% decline and remaining at a low level since 2013 [2] - The price of photovoltaic-grade polysilicon is stable at 6.50 USD per kilogram [2] Other Materials - The report indicates that the price of platinum has increased by 2.9%, while rhodium has decreased by 3.4% [3] - The price of high-purity gallium and indium remains stable, while silicon carbide has seen a significant drop of 6.9% [3]