Investment Rating - The report maintains a rating of "Add" for the non-ferrous metals sector [5] Core Views - The report expresses a positive outlook on the metal new materials sector, highlighting potential investment opportunities in lithium, cobalt, tungsten, and rare earth materials [4][9] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price increased to 248,000 CNY/ton, up 5.1% week-on-week [1] - The price ratio of electrolytic cobalt to cobalt powder is 0.92, down 1.3% [10] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -8.56 CNY/kg [1][21] New Energy Vehicle Materials - Lithium carbonate price is 54,500 USD/ton, up 1.87% week-on-week [2] - Sulfuric cobalt price increased to 48,800 CNY/ton, up 2.31% [37] - Phosphate iron lithium and 523-type cathode material prices are 30,300 CNY/ton and 105,500 CNY/ton, respectively, with slight increases [2][42] Photovoltaic New Materials - Photovoltaic-grade polysilicon price decreased to 4.22 USD/kg, down 0.7% [2] - EVA price remains at 10,450 CNY/ton, stable since 2013 [2] Nuclear Power New Materials - Uranium price increased to 57.31 USD/lb, up 8.8% [3] Consumer Electronics New Materials - Tetracobalt oxide price increased to 193,500 CNY/ton, up 3.75% [3] - Silicon carbide price decreased to 5,400 CNY/ton, down 3.6% [3] Other Materials - Platinum price increased to 333 CNY/g, up 10.3% [3]

Group 1: Real Estate - The land auction heat in core cities continues, with the average transaction price of residential land in 30 core cities increasing by 24% year-on-year from January to May 2025 [4] - From January to May, the total area of residential land sold in 100 cities was 69.91 million square meters, a decrease of 3.4% year-on-year, with an average floor price of 7,466 yuan per square meter, up 26.2% year-on-year [4] - In May, the overall premium rate for residential land transactions in the 30 core cities was 9.2%, an increase of 7.1 percentage points year-on-year, with 15 plots exceeding a premium rate of 20% [4] - The top 50 real estate companies saw a 42% year-on-year increase in the value of newly acquired land reserves, while the area of new land reserves decreased by 1% year-on-year [4] - The high-energy cities' real estate market is expected to gradually stabilize after a period of decline [4] Group 2: Metals and New Materials - The price of iridium reached a nearly 10-month high, while the price of polysilicon hit a new low since 2014 [4] - Prices for military new materials remained stable, while lithium hydroxide prices decreased in the new energy vehicle sector [4] - Polysilicon prices have dropped, and uranium prices have increased in the nuclear power new materials sector [4] - The price of high-purity gallium fell in the consumer electronics new materials sector, and platinum prices also decreased [4] - Lithium prices have dropped to around 60,000 yuan per ton, with the potential for accelerated capacity exit in the future; companies with cost advantages and resource expansion in the lithium mining sector are recommended for attention [4]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - The report highlights the recent price trends in various new materials, indicating a mixed performance across sectors, with some materials experiencing price stability while others see declines [4][9] - The lithium price has dropped to around 60,000 yuan per ton, suggesting potential accelerated capacity clearance in the lithium mining sector [4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, as well as those in the cobalt and tungsten sectors [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price remains stable at 236,000 yuan per ton, with a price ratio of electrolytic cobalt to cobalt powder at 0.93, indicating a slight increase of 0.1% [9][10] - Carbon fiber price is stable at 83.8 yuan per kilogram, with a negative gross profit margin of 8.56 yuan per kilogram [21] - Beryllium price remains unchanged [20] New Energy Vehicle Materials - Lithium hydroxide price has decreased, with Li2O 5% lithium concentrate at 540 USD per ton, down 0.92% [23] - Prices for battery-grade lithium hydroxide and other lithium materials show mixed trends, with battery-grade lithium hydroxide at 59,600 yuan per ton, down 2.3% [28] - Cobalt sulfate price remains stable at 47,700 yuan per ton [37] Photovoltaic New Materials - Photovoltaic-grade polysilicon price has decreased to 4.25 USD per kilogram, down 0.7% [2] - EVA price remains stable at 10,450 yuan per ton, maintaining a high level since 2013 [2] Nuclear Power New Materials - Uranium price has increased to 57.31 USD per pound, up 8.8% [2] Consumer Electronics New Materials - High-purity gallium price has decreased to 1,865 yuan per kilogram, down 0.5% [3] - The price of silicon carbide remains stable at 5,600 yuan per ton [3] Investment Recommendations - The report recommends focusing on companies in the lithium sector with cost advantages and resource expansion potential, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also suggests monitoring companies in the cobalt sector, particularly Huayou Cobalt, due to the extension of the cobalt export ban in the Democratic Republic of Congo [4] - In the tungsten sector, companies like Zhangyuan Tungsten and Zhongtung High-tech are highlighted due to high tungsten prices [4]

Group 1 - The core viewpoint is that the non-ferrous metal industry is experiencing a bullish trend, with significant growth potential in new materials, particularly in AI-related materials, precious metals, industrial metals, strategic minor metals, and rare earth magnetic materials [1][2]. - As of June 17, 2025, the non-ferrous metal industry index (399395) increased by 0.23%, with notable stock performances from Huayou Cobalt (603799) up 3.34%, Tengyuan Cobalt (301219) up 3.21%, and Shengxin Lithium Energy (002240) up 2.58% [1]. - The non-ferrous ETF fund (159880) has seen a net value increase of 8.78% over the past year, reflecting the overall performance of the non-ferrous metal industry [1]. Group 2 - As of May 30, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 51.92% of the total index, with major companies including Zijin Mining (601899) and Northern Rare Earth (600111) [2]. - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which is based on a selection of 50 securities that are prominent in terms of scale and liquidity within the non-ferrous metal sector [1].

Investment Rating - The report maintains a rating of "Overweight" for the non-ferrous metal sector [5] Core Insights - The report highlights that platinum prices have reached a new high since 2018, while tungsten prices have hit a new high since 2013, indicating strong market dynamics in the metal new materials sector [4] - The lithium price has dropped below 80,000 yuan per ton, suggesting potential accelerated capacity clearance in the lithium mining sector [4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and others [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 237,000 yuan per ton, down 0.4% week-on-week [10] - Carbon fiber price is stable at 83.8 yuan per kilogram, with a gross profit of -8.78 yuan per kilogram [25] - Rhenium powder price is 17,980 yuan per kilogram, with a production volume of 0.215 tons in December 2023, down 4.4% [22] New Energy Vehicle Materials - Lithium spodumene price is 535 USD per ton, down 1.83% week-on-week [28] - Battery-grade lithium hydroxide prices are 62,600 yuan per ton, down 1.9% [32] - Phosphate lithium price is 303,000 yuan per ton, down 3.81% [41] Photovoltaic New Materials - Photovoltaic-grade polysilicon price is 4.28 USD per kilogram, stable week-on-week [28] - EVA price is 10,500 yuan per ton, down 0.9% [28] Nuclear Power New Materials - Uranium price is 52.17 USD per pound, up 0.6% week-on-week [3] Consumer Electronics New Materials - Cobalt tetroxide price is 186,500 yuan per ton, down 0.27% [28] - Silicon carbide price is 5,600 yuan per ton, stable week-on-week [28] Other Materials - Rhodium price is 1,480 yuan per gram, up 1.7% week-on-week [28]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metal sector [5] Core Views - The report highlights the continuous increase in the price of praseodymium and neodymium oxide, suggesting a positive outlook for demand in 2025. It recommends focusing on companies with cost advantages and expansion potential in the lithium mining sector, as well as those in the cobalt market due to supply adjustments [4][26] Summary by Sections Non-Ferrous Metals - Cobalt prices remain stable at 240,000 CNY/ton with a week-on-week change of 0% [10] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -18.31 CNY/kg [24] - The price of lithium carbonate has decreased to 69,100 USD/ton, reflecting a 2.33% decline [26] New Energy Vehicle Materials - The price of praseodymium and neodymium oxide has risen to 423.30 CNY/kg, marking a 3.0% increase [26] - Lithium hydroxide prices are reported at 67,000 CNY/ton, down by 1.0% [31] - The report notes a significant increase in new energy vehicle production, with March 2025 figures showing 1.277 million units produced, a 43.9% month-on-month increase [27] Photovoltaic Materials - The price of photovoltaic-grade polysilicon has decreased to 4.34 USD/kg, down 1.1% [2] - EVA prices are reported at 11,250 CNY/ton, a decrease of 0.9% [2] Nuclear Power Materials - Uranium prices have dropped to 51.83 USD/lb, reflecting a 4.6% decrease [2] Consumer Electronics Materials - The price of indium has decreased, with rough indium priced at 24.25 CNY/kg, down 4.0% [3] - The price of silicon carbide remains stable at 5,600 CNY/ton [3] Recommendations - The report suggests focusing on companies in the non-ferrous metal sector, particularly those involved in rare earths and lithium mining, as well as cobalt and tin producers due to expected price increases [4]

Group 1 - The three major indices opened higher and rose, with the ChiNext Index leading the gains. The sectors of controllable nuclear fusion and new metal materials performed well [1] - The newly launched Free Cash Flow ETF (159201) saw a trading increase of over 0.6%, with a trading volume exceeding 150 million yuan, and its constituent stock, Laibao High-Tech, reached the daily limit [1] - Since its launch, the Free Cash Flow ETF (159201) has attracted a total of 2.708 billion yuan, with the latest scale reaching 3.253 billion yuan and a total of 3.402 billion shares, outperforming similar indices [1] Group 2 - According to浦银国际, the current phase of tariff negotiations between the US and certain countries has increased uncertainty, leading to greater market volatility. It is suggested to increase the allocation weight of the dividend end in a barbell structure during periods of weakened market sentiment [1] - The Free Cash Flow ETF (159201) has the lowest management and custody fee rates in the market. The latest price-to-earnings ratio (PE-TTM) of the index it tracks is 11.65 times, which is below 86.98% of the time over the past year, indicating a historical low and a potential opportunity for low-cost allocation [1]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a general decline in prices for electric vehicle materials and polysilicon, with specific price movements noted for various materials [1][2][3]. - The report suggests a continued positive outlook for the metal new materials sector, particularly focusing on the demand for rare earths and lithium [4]. Summary by Relevant Sections Military New Materials - Electrolytic cobalt price remains stable at 240,000 CNY/ton, with a ratio of electrolytic cobalt to cobalt powder at 0.94, unchanged [10][11]. - Carbon fiber price is stable at 83.8 CNY/kg, with a gross profit of -18.31 CNY/kg [24][25]. - Beryllium price remains unchanged [24]. New Energy Vehicle Materials - Lithium ore price reaches 732 USD/ton, stable [27]. - Prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 71,200 CNY/ton, 69,500 CNY/ton, and 68,400 CNY/ton, reflecting declines of 1.4%, 1.63%, and 0.8% respectively [32]. - Lithium iron phosphate and 523-type cathode material prices are 33,300 CNY/ton and 105,400 CNY/ton, stable and up 0.5% respectively [41]. Photovoltaic New Materials - Photovoltaic-grade polysilicon price is 4.49 USD/kg, down 2.0% [2]. - EVA price is 11,450 CNY/ton, down 0.4% [2]. Other Materials - Rhodium price decreased, while platinum and iridium prices increased slightly [3]. - The report emphasizes the importance of monitoring price trends in the context of supply and demand dynamics across various sectors [4][10]. Suggested Focus Stocks - The report recommends 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]. - It also suggests monitoring cobalt supply dynamics due to export suspensions in the Democratic Republic of Congo [4].

点击注册小程序 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。 今 日 聚 焦 【有色】多晶硅价格连续1个月下跌，电车材料价格普遍下滑——金属新材料高频数据周报（20250414- 20250420） 继续全面看好金属新材料板块。氧化镨钕价格仍处于40万元/吨以上，关注2025年需求及第一批配额释放情 况。锂价已跌至8 万元/吨以内，产能后续存在加速出清的可能性，锂矿板块建议关注成本具有优势且资源 端存在扩张的标的。刚果（金）决定暂停钴出口4个月，有望缓解全球钴市场供应过剩程度。Bisie锡矿停 产，看好锡价上行。 （王招华/马俊/王秋琪） 2025- 04-21 您可点击今日推送内容的第1条查看 【华友钴业（603799.SH）】2024年镍产品毛利占比升至52%，继续看好镍板块业绩释放——202 ...