Group 1: Military New Materials - The price of electrolytic cobalt is 430,000 CNY/ton, with a week-on-week increase of 0.2% [4] - The price of carbon fiber remains at 83.8 CNY/kg, with a gross profit of -9.92 CNY/kg [4] - The price of rhenium is 47,320 CNY/kg, reflecting a week-on-week increase of 0.5% [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 159,100 CNY/ton and 151,100 CNY/ton, with week-on-week changes of +2.5% and -0.0% respectively [5] - The price of sulfuric cobalt is 95,100 CNY/ton, showing a slight decrease of 0.05% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 193,800 CNY/ton, with week-on-week changes of 0% and +1.2% respectively [5] - The price of praseodymium-neodymium oxide is 802.69 CNY/kg, reflecting a week-on-week decrease of 5.6% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 5.65 USD/kg, with a week-on-week decrease of 2.1% [6] - The price of EVA is 11,550 CNY/ton, showing a week-on-week increase of 9.5%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/square meter [6] Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,500 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton respectively, with no change week-on-week [7] - The uranium price for February 2026 is 71.30 USD/pound, reflecting a week-on-week increase of 2.3% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 363,000 CNY/ton, remaining unchanged week-on-week [8] - The price of lithium cobalt oxide is 401.0 CNY/kg, with no change [8] - The price of silicon carbide is 5,900.00 CNY/ton, reflecting a week-on-week increase of 1.7% [8] - The prices of high-purity gallium, crude indium, and refined indium are 2,030.00 CNY/kg, 4,850.00 CNY/kg, and 4,950.00 CNY/kg respectively, with changes of +2.5%, 0%, and 0% [9] - The price of germanium dioxide is 8,950 CNY/kg, remaining stable [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 544.00 CNY/g, 2,890.00 CNY/g, and 2,140.00 CNY/g respectively, with changes of -0.6%, -2.7%, and +12.0% [9]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a favorable investment rating [1]. Core Insights - The report highlights a mixed performance in the metals sector, with the non-ferrous metals index declining by 3.69% week-on-week, underperforming the CSI 300 index by 3.88 percentage points [2][3]. - Precious metals are expected to experience price fluctuations due to geopolitical tensions in the Middle East and changes in U.S. monetary policy, with a long-term upward trend anticipated for gold prices [2][18]. - Industrial metals, particularly copper and aluminum, are projected to see price increases driven by stable supply-demand dynamics and growing investments in electric networks and AI data centers [2][29][43]. Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 0.70%, while the Shenzhen Component Index rose by 0.76%. The non-ferrous metals index decreased by 3.69% [3]. - Year-to-date, the non-ferrous metals index has increased by 14.00%, outperforming the CSI 300 index by 13.15 percentage points [3][6]. Price Changes - Industrial and precious metals saw varied price changes, with copper down by 0.63%, aluminum down by 0.19%, and gold prices down by 3.05% [2][12]. - Lithium carbonate prices increased by 1.94% for battery-grade and 1.97% for industrial-grade [2][14]. Precious Metals - The report notes a decrease in U.S. non-farm employment and an increase in unemployment rates, impacting precious metal prices. The expectation is for gold prices to rise in the long term due to increased central bank purchases [2][18]. - The gold-silver ratio is currently at 60.3, indicating potential for silver demand recovery [19]. Industrial Metals - Copper supply is expected to remain tight, with domestic social inventory at 574,000 tons, a slight decrease from the previous week. The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum [2][29]. - Aluminum production is projected to remain constrained, with a current operating rate of 98.9% and a social inventory of 1.68 million tons [43][44]. Steel Industry - Steel production has increased week-on-week, with rising demand from downstream sectors. The report emphasizes the importance of monitoring supply adjustments and seasonal demand [2][17]. Small Metals - The cobalt market is experiencing supply constraints, while lithium demand remains robust. Nickel prices have shown an upward trend due to ongoing supply disruptions [2][14]. Growth Cycle Investment Analysis - The report recommends focusing on stable supply-demand dynamics in the new energy manufacturing sector, highlighting companies like Huafeng Aluminum and Baowu Magnesium [2].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The report maintains a bullish outlook on copper prices in the medium term, as the copper fundamentals feature limited supply and increasing demand. For the short - to - medium term, the stabilization of copper prices depends on the stabilization of precious metals, and attention should be paid to the support levels of 97,000 and 99,000 for Shanghai copper [1]. - For aluminum, after the price increase, there is an unexpected increase in supply and weak terminal demand. One can wait for the supply - demand negative factors to materialize and then go long. If the situation in Iran deteriorates, it may cause the aluminum price to rise [1]. - Regarding zinc, although the domestic fundamentals are average, due to limited long - term capital expenditure and about 100,000 tons of supply disturbances from Iranian zinc mines, the market is optimistic about the allocation elasticity of zinc. Attention should be paid to reverse arbitrage opportunities [2]. - For nickel, the short - term real - world fundamentals are weak, with a slight decline in pure nickel production, weak overall demand, and continuous domestic warehousing. The reduction of the Indonesian nickel ore quota has a disturbing effect, and the overall sentiment of non - ferrous metals dominates in the short term [5]. - In the case of stainless steel, the fundamentals are generally weak, with a slight decline in steel mill production, downstream entering the off - season, and seasonal inventory accumulation. The Indonesian quota news continues to cause disturbances, and the overall sentiment of non - ferrous metals dominates in the short term [9]. - For lead, the supply - demand contradiction is alleviated, and there is an expectation of looser spot supply. It is recommended to try short positions at high prices in the short term, and the lead price is expected to fluctuate within a narrow range next week [10][12]. - For tin, in the short term, it is recommended to wait and see due to large macro - sentiment fluctuations. In the long term, 2026 is a year with a large - scale supply recovery, and if there is a macro inflection point, the price may fluctuate downward significantly in the second half of the year [14]. - For industrial silicon, in the short term, the supply and demand are close to balance, and the price is expected to fluctuate with costs. In the long term, the price is expected to fluctuate at the bottom of the cycle, anchored by the seasonal marginal cost [18]. - For lithium carbonate, the short - term fundamentals are strong, and it maintains a de - stocking trend in the off - season. If the inventory in the intermediate link is further reduced to a low level, there is a large space for calendar spread arbitrage [20]. Group 3: Summary by Metal Copper - **Price and Inventory**: The copper price fluctuated significantly this week. The Shanghai copper spot price, premium and discount, waste - refined copper price difference, and inventory data showed certain changes. For example, from February 12 to February 26, the Shanghai copper spot premium and discount changed from - 170 to - 410, and the LME inventory increased from 196,650 to 253,600 [1]. - **Market Analysis**: The US's ability to siphon inventory is gradually disappearing, causing concerns in the market. However, global consumption performance is good, and there is still strong rigid demand support for copper. The industrial end still provides support, and the copper price is expected to rise in the medium term [1]. Aluminum - **Price and Inventory**: The aluminum price fluctuated, and the spot premium and discount strengthened. The Shanghai aluminum social inventory and LME inventory data showed certain changes. For example, from February 12 to February 26, the Shanghai aluminum price increased by 110, and the LME inventory decreased by 2,000 [1]. - **Market Analysis**: After the price increase, there is an unexpected increase in supply and weak terminal demand. The situation in Iran may affect the aluminum price [1]. Zinc - **Price and Inventory**: The zinc price slightly decreased, and the inventory data remained relatively stable. The spot premium and discount remained at - 40, and the social inventory remained at 14,610 tons [2]. - **Supply and Demand**: On the supply side, the domestic and imported TC is accelerating its decline, and it is expected to ease after the resumption of production of northern mines after the Spring Festival. On the demand side, domestic demand is seasonally weak, and overseas demand is average [2]. - **Strategy**: The market is optimistic about the allocation elasticity of zinc, and attention should be paid to reverse arbitrage opportunities [2]. Nickel - **Price and Inventory**: The price of nickel ore and nickel products changed. For example, from February 12 to February 26, the price of 1.5% Philippine nickel ore increased from 64.5 to 70.5, and the LME inventory increased from 286,386 to 289,506 [5]. - **Supply and Demand**: The pure nickel production decreased slightly, the demand was weak, and the domestic inventory continued to be warehoused [5]. Stainless Steel - **Price and Inventory**: The prices of 304 cold - rolled coils, 304 hot - rolled coils, etc. increased to varying degrees. The inventory increased seasonally, and the warehouse receipts increased slightly [9]. - **Supply and Demand**: The steel mill production decreased slightly, and the downstream entered the off - season [9]. Lead - **Price and Inventory**: The spot premium and discount and inventory data changed. For example, from February 12 to February 26, the spot premium and discount changed from - 130 to - 145, and the social inventory increased from 6,000 to 7,000 [10]. - **Supply and Demand**: On the supply side, the production of primary lead decreased seasonally, and the production of recycled lead was affected by environmental protection and losses. On the demand side, the battery production rate declined, and the demand was weak [10][12]. Tin - **Price and Inventory**: The tin price fluctuated downward, and the inventory data changed. For example, from February 12 to February 26, the LME inventory decreased from 7,490 to 7,575 [13][14]. - **Supply and Demand**: There are differences in the expectation of the resumption of production in Wa State. The downstream replenishment willingness is divided, and the overseas consumption is flat [14]. Industrial Silicon - **Price and Inventory**: The basis of 421 grade in Yunnan, Sichuan and 553 grade in East China, Tianjin changed, and the warehouse receipt quantity remained unchanged [18]. - **Supply and Demand**: The production in the southwest region decreased, and a large factory in Xinjiang reduced production. The supply and demand are expected to decrease in February, and the inventory is expected to decrease [18]. Lithium Carbonate - **Price and Inventory**: The SMM electric carbon price and SMM industrial carbon price increased, and the inventory data changed. For example, from February 12 to February 26, the SMM electric carbon price increased from 142,500 to 173,000, and the warehouse receipt quantity decreased by 74 [20]. - **Supply and Demand**: In the short term, the upstream maintenance intensity exceeded expectations, and the downstream cathode enterprise maintenance was less than expected. The fundamentals are strong, and the inventory is decreasing [20].

Group 1 - The stock price of Freeport-McMoRan Copper & Gold (FCX.N) has shown significant volatility in the past week, with a range fluctuation of 9.60%, indicating increased short-term market speculation [1] - The copper sector overall has declined by 2.77%, while the broader U.S. stock market has experienced mixed performance [1] Group 2 - On February 5, the stock price fell by 4.27% to $59.22, with a trading volume of $1.323 billion; on February 6, it rebounded by 2.45% to $60.67, with a trading volume of $1.218 billion; on February 9, it surged by 4.85% to $63.61, with a trading volume of $935 million; on February 10, it slightly decreased by 0.55% to $63.26, with a trading volume of $733 million [2] Group 3 - Recent fluctuations in precious metal prices have become a focal point in the market, driven mainly by overseas macro policy expectations and trading behaviors; tight liquidity in silver and index rebalancing operations have amplified volatility, which may indirectly affect mining stocks like Freeport-McMoRan [3] - On February 7, the Chinese embassy in the Democratic Republic of Congo issued a safety reminder against participating in illegal mining activities, although this event has limited direct impact on FCX, as the company primarily operates in Indonesia and the U.S. [3]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report indicates that copper prices may experience short-term fluctuations due to inventory accumulation, with recent price changes of -4.02% for LME copper, -3.45% for SHFE copper, and -1.33% for COMEX copper. The report anticipates a decrease in price volatility and potential high-level fluctuations in the near term [5] - The report highlights that the Chinese Nonferrous Metals Industry Association is considering including copper concentrate in national reserves, which could positively impact copper prices in the medium to long term [5] - For aluminum, the report notes that inventory accumulation may lead to short-term price fluctuations, with SHFE aluminum prices dropping by 7.74% to 23,400 CNY/ton and LME aluminum prices down by 2.20% to 3,063 USD/ton [5] - Lithium demand remains strong despite seasonal trends, with a potential reversal in supply-demand dynamics for lithium carbonate, suggesting a possible upward price trend [5] - Cobalt raw material tightness persists, with a recommendation to monitor downstream replenishment after the Spring Festival [5] Summary by Sections 1. Industry Overview - The report provides macroeconomic insights, including a better-than-expected ISM manufacturing PMI in the US for January at 52.6, and lower-than-expected ADP employment figures [9] - The overall performance of the non-ferrous metals sector shows a decline, with the Shenwan non-ferrous sector down 8.51%, underperforming the Shanghai Composite Index by 7.24 percentage points [11] 2. Industrial Metals 2.1 Copper - LME copper prices fell by 4.02%, SHFE copper by 3.45%, and COMEX copper by 1.33%. Inventory levels increased, with LME copper stocks up 4.74% and SHFE copper stocks up 6.83% [24] 2.2 Aluminum - LME aluminum prices decreased by 2.20%, while SHFE aluminum prices dropped by 7.74%. The report notes a significant increase in SHFE aluminum inventory by 13.09% [34] 2.3 Lead and Zinc - LME lead prices fell by 2.82%, and SHFE lead prices decreased by 3.05%. LME zinc prices dropped by 1.93%, with SHFE zinc prices down by 6.95% [45] 2.4 Tin and Nickel - LME tin prices decreased by 13.93%, and SHFE tin prices fell by 18.32%. LME nickel prices dropped by 3.71%, while SHFE nickel prices decreased by 8.98% [56] 3. Energy Metals 3.1 Lithium - Lithium prices saw a significant decline, with lithium carbonate down 16.20% to 134,500 CNY/ton and lithium hydroxide down 16.14% to 132,500 CNY/ton [73] 3.2 Cobalt - The report notes a decrease in MB cobalt prices by 0.19% to 25.88 USD/pound, with domestic cobalt prices down 9.60% to 405,000 CNY/ton [85]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report expresses optimism for key metals in the future despite recent price declines due to market panic [1] - Supply tightening expectations remain for nickel, cobalt, antimony, lithium, rare earths, tin, tungsten, and uranium, which may support prices in the coming months [1][2][8][11][13][14][22] Nickel and Cobalt Industry Summary - As of January 30, LME nickel settled at $17,540 per ton, down 5.85% from January 23, with total LME nickel inventory increasing by 0.90% to 286,284 tons [1] - Supply constraints are expected due to increased rainfall in Indonesia affecting mining and shipping operations, alongside regulatory pressures leading to conservative sales strategies [1] - The Indonesian government plans to reduce nickel mining quotas to 250-260 million tons, which is anticipated to support nickel prices [1][16] - Cobalt prices are expected to rise due to supply tightness, with electrolytic cobalt priced at 446,000 yuan per ton as of January 30, up 1.83% [2][17] Antimony Industry Summary - Antimony prices have increased, with antimony ingot averaging 162,500 yuan per ton as of January 29, up 1.25% [6] - Supply constraints are expected to persist due to production halts at Hunan Zhenqiang Antimony Industry, which may reduce output by over 2,000 tons [6][19] Lithium Industry Summary - Lithium carbonate prices fell to 160,400 yuan per ton as of January 30, down 6.22% [8] - Supply disruptions are anticipated due to environmental assessments delaying mining operations in Jiangxi, impacting future supply [8] - Demand is expected to remain strong, potentially stabilizing prices despite recent declines [8][19] Rare Earth Industry Summary - The report highlights tightening supply expectations for rare earths, particularly due to new regulations in Vietnam and ongoing geopolitical tensions [20] - The global rare earth supply chain remains heavily reliant on China, which continues to dominate production capabilities [20] Tin Industry Summary - Tin prices are supported by uncertainties in overseas supply, with LME tin settling at $54,000 per ton as of January 30, down 0.37% [11] - Supply concerns persist due to slow recovery in Myanmar and ongoing regulatory actions in Indonesia [11][12] Tungsten Industry Summary - Tungsten prices have seen significant increases, with white tungsten concentrate priced at 597,500 yuan per ton as of January 30, up 11.58% [13] - Supply constraints are expected to continue due to strict mining quotas and environmental regulations [13][21] Uranium Industry Summary - Uranium prices remain high, with global market prices at $63.51 per pound, supported by ongoing supply tightness and geopolitical factors [14][22] - The report indicates a persistent supply-demand gap in the uranium market, with expectations for continued price support [14][22]

Group 1 - The article discusses a significant decline in metal prices across the board, indicating a bearish trend in the metals market [3]. - Despite the overall downturn in metal prices, a specific asset has emerged as a "dark horse," suggesting potential investment opportunities amidst the general decline [3].

Core Viewpoint - Dadi Ocean (301068) is actively selling dismantled products from discarded electronic devices, which contain precious metals like gold and silver, to qualified downstream companies without direct refining [1] Group 1: Company Operations - The company has stated that it sells dismantled products, such as waste circuit boards, directly to downstream enterprises with relevant qualifications [1] - The company does not engage in the direct refining of these dismantled products [1] Group 2: Market Response - The company acknowledges that fluctuations in metal prices in 2025 may impact its procurement and sales prices [1] - To address potential price volatility, the company is enhancing its metal price monitoring and adjusting its pricing strategies flexibly [1]

Group 1 - Goldman Sachs believes that the volatility in silver prices may continue, while emphasizing that its expectation for gold prices to reach $5,400 by the end of the year still faces significant upside risks [1] - The firm has slightly adjusted its forecast for the global aluminum market surplus in 2026 from 1.1 million tons to 800,000 tons, while maintaining its 2027 surplus forecast at 1.6 million tons [1] - Additionally, Goldman Sachs has raised its forecast for aluminum prices in Q4 2026 from $2,350 per ton to $2,500 per ton, while keeping the average price forecast for 2027 unchanged at $2,400 per ton [1]

Group 1 - The core point of the article is that the price of London copper has dropped by 4.00%, currently reported at $40,505.00 per ton [1]