今日早盘，A股全线高开高走，科技股继续领涨，科创50指数盘初一度急拉涨近6%，再创3年半来新 高，创业板指也大涨逾2%，上证指数则再创10年新高，量能进一步放大，开盘不到半小时就成交超万 亿元，半日成交超2万亿元。 盘面上，金属新材料、通信设备、人工智能、房地产等板块涨幅居前，体育、银行、日用化工、广播电 视等板块跌幅居前。 此外，能源金属领域也高度景气。据GGII不完全统计，2025年7月国内共有46个储能项目EPC/系统公布 中标结果，中标规模约19.35GWh，1月—7月中标容量规模累计达189.48GWh。 新能源汽车亦产销两旺，中汽协数据显示，7月新能源汽车产销分别完成124.3万辆和126.2万辆，同比分 别增长26.3%和27.4%，渗透率达48.7%。1月—7月累计产销突破820万辆，同比增长超38%。 人工智能再掀涨停潮 人工智能概念股早间再掀涨停潮，板块指数直接跳空创历史新高，科德教育、开普云20%一字涨停，中 文在线、ST易联众亦纷纷20cm封板，特发信息、东方电子、中科曙光、烽火通信等超20股也涨停或涨 超10%。 金属新材料行业高度景气 金属新材料概念股早间集体拉升，板块指数一度放量 ...

2025 年 8 月 24 日 有色金属 电碳价格连续 1 个月上涨，氧化镨钕价格创 2 年新高 ——金属新材料高频数据周报（20250818-20250824） 要点 军工新材料：铼粉价格上涨。（1）本周电解钴价格 26.00 万元/吨，环比 +0%。本周电解钴和钴粉价格比值 0.86 ，环比-1.7%；电解钴和硫酸钴价格 比值为 4.95 ，环比-0.6%。（2）碳纤维本周价格 83.8 元/千克，环比+0%。 毛利 -8.59 元/千克。 新能源车新材料：锂精矿价格下跌。（1）本周 Li2O 5%锂精矿中国到岸价 840 美元/吨，环比 -2.55%。（2）本周电碳、工碳和电池级氢氧化锂价格分 别为 8.35 、8.12 和 7.69 万元/吨，环比+7.9%、+8.08%和+8.5%。电碳与工 碳价差为 2024 年 11 月以来新低，或代表锂电景气度相较工业领域有所减 弱。（3）本周硫酸钴价格 5.20 万元/吨，环比+0%。（4）本周磷酸铁锂、 523 型正极材料价格分别为 3.43 、11.44 万元/吨，环比+0%、-0.1%。（5） 本周氧化镨钕价格 622.34 元/公斤，环比+11.6% ...

Group 1: Metal New Materials - The price of rhodium has increased for two consecutive months, while the price of lithium concentrate has also risen, reaching approximately 70,000 yuan/ton. Supply disruptions from the suspension of lithium mines are expected to elevate lithium prices in the short term [4] - The price of rhenium powder has risen, indicating a recovery in demand for military new materials [4] - The price of zirconium oxychloride has decreased in the nuclear power new materials sector, while silicon carbide prices have dropped in the consumer electronics new materials category [4] Group 2: Longqing Co., Ltd. (002391.SZ) - Longqing Co., Ltd. reported a revenue of 2.083 billion yuan for H1 2025, a year-on-year increase of 7.3%. The net profit attributable to shareholders reached 42 million yuan, up 117.8% year-on-year [4] Group 3: Oriental Cable (603606.SH) - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, a year-on-year increase of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan due to delays in offshore wind construction [5] Group 4: Lian Microelectronics (605358.SH) - Lian Microelectronics expects to achieve a revenue of 1.666 billion yuan in H1 2025, a year-on-year growth of 14.19%. However, the company anticipates a net loss of 121 million yuan, which is an increase in losses compared to the previous year [6] Group 5: Stone Technology (688169.SH) - Stone Technology reported total revenue of 7.9 billion yuan for H1 2025, a year-on-year increase of 79%. The net profit attributable to shareholders decreased by 40% to 700 million yuan [7] Group 6: Ecovacs Robotics (603486.SH) - Ecovacs Robotics achieved a revenue of 8.7 billion yuan in H1 2025, reflecting a year-on-year growth of 24%. The net profit attributable to shareholders increased by 61% to 1 billion yuan [8] Group 7: Tianshili (600535.SH) - Tianshili reported revenue of 4.288 billion yuan for H1 2025, a slight decrease of 1.91%. However, the net profit attributable to shareholders increased by 16.97% to 775 million yuan [8]

Core Viewpoint - The rare metals sector is experiencing fluctuations, with the China Rare Metals Theme Index down by 1.43% as of August 12, 2025, while the Rare Metals ETF has shown a significant increase of 7.68% over the past week [1][4]. Group 1: Market Performance - As of August 11, 2025, the Rare Metals ETF has reached a new high in scale at 1.404 billion yuan, ranking first among comparable funds [4]. - The ETF's latest share count is 2.098 billion, also a three-month high, maintaining its leading position among similar funds [4]. - The ETF has seen a net inflow of 102 million yuan recently, with a total of 131 million yuan over the past five trading days [4]. Group 2: Stock Performance - The top ten weighted stocks in the China Rare Metals Theme Index account for 55.85% of the index, with notable companies including Northern Rare Earth, Salt Lake Co., and Luoyang Molybdenum [5]. - The performance of individual stocks has varied, with Jiangte Electric leading with a 4.38% increase, while Yongshan Lithium and others have seen declines [1][7]. Group 3: Supply and Demand Dynamics - The suspension of the Jiangxia Lithium Mine by CATL is expected to reduce domestic lithium supply by 8,300 tons per month, impacting the market balance and potentially driving lithium prices up [5]. - The ongoing strong demand for lithium batteries and a decrease in overseas lithium salt imports are expected to sustain the upward trend in lithium prices [5].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - The lithium price is expected to rise in the short term due to the suspension of operations at the Jiangxia lithium mine, along with supply disruptions from other mines [4] - The report highlights the price trends of various materials, including a decrease in cobalt prices and an increase in lithium concentrate prices [1][2][3] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 260,000 CNY/ton, down 1.9% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.89, down 6.9% [1][10] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -8.64 CNY/kg [1][21] New Energy Vehicle Materials - Lithium concentrate price is 669 USD/ton, up 4.69% week-on-week [1][8] - Prices for battery-grade lithium hydroxide and other lithium products show mixed trends, with battery-grade lithium hydroxide at 65,600 CNY/ton, up 0.6% [1][28] - Phosphate lithium price is 327,000 CNY/ton, stable week-on-week [1][40] Photovoltaic New Materials - Photovoltaic-grade polysilicon price is stable at 4.94 USD/kg [2] - EVA price remains at 10,100 CNY/ton, at a low level since 2013 [2] Nuclear Power New Materials - Uranium price is 59.58 USD/pound, up 4.0% [2] Other Materials - Rhodium price increased by 2.4% to 1,910 CNY/gram [3][18] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium sector, such as Tianqi Lithium and Ganfeng Lithium [4]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - The report highlights significant price movements in various metals, with rhenium reaching a six-year high and tungsten hitting a ten-year high. It emphasizes the importance of monitoring price trends in key materials such as cobalt, lithium, and rare earth elements to gauge market dynamics and investment opportunities [4][9] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price increased to 265,000 CNY/ton, up 6.9% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.95, up 4.5% [9][10] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -8.24 CNY/kg [20] New Energy Vehicle Materials - Lithium concentrate price decreased to 677 USD/ton, down 4.51% week-on-week. Battery-grade lithium hydroxide prices increased by 8.2% to 65,200 CNY/ton [22][27] - Sulfuric cobalt price rose to 50,800 CNY/ton, up 2.01% [36] Photovoltaic New Materials - EVA price decreased by 0.5% to 10,100 CNY/ton, remaining at a low level since 2013 [2] - Photovoltaic-grade polysilicon price stable at 4.94 USD/kg [2] Nuclear Power New Materials - Uranium price increased to 59.58 USD/lb, up 4.0% [2] Consumer Electronics New Materials - Tetracobalt oxide price increased to 207,500 CNY/ton, up 2.47% [3] - Silicon carbide price remains stable at 5,400 CNY/ton [3] Investment Recommendations - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also recommends monitoring companies in the cobalt sector due to the extension of the cobalt export ban from the Democratic Republic of Congo, including Huayou Cobalt [4]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a recent increase in the price of electrolytic cobalt, which reached 250,000 CNY/ton, reflecting a 0.8% week-on-week increase. The price ratio of electrolytic cobalt to cobalt powder is 0.93, also up by 0.8% [1][10]. - The lithium carbonate price has seen a rise, with the Li2O 5% lithium concentrate CIF price at 582.5 USD/ton, marking a 6.88% increase [2]. - The report suggests a continued positive outlook for the metal new materials sector, particularly in lithium and cobalt, with specific companies recommended for investment [4]. Summary by Sections Non-Ferrous Metals - Electrolytic cobalt price is 250,000 CNY/ton, up 0.8% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.93, up 0.8% [1][10]. - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -8.51 CNY/kg [1]. - Beryllium price remains unchanged [1]. New Energy Vehicle Materials - The price of lithium carbonate has increased to 582.5 USD/ton, reflecting a 6.88% rise [2]. - The prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 61,300 CNY/ton, 59,800 CNY/ton, and 57,700 CNY/ton, respectively, with week-on-week changes of +1.6%, +1.91%, and -1.1% [2][29]. - The price of lithium iron phosphate and 523-type cathode materials are 30,500 CNY/ton and 105,600 CNY/ton, respectively, with a week-on-week increase of 0.50% and no change [2]. Nuclear Power Materials - Uranium price has risen to 57.31 USD/lb, up 8.8% [3]. - Prices for zirconium-related materials remain stable, with no significant changes reported [3]. Consumer Electronics Materials - The price of cobalt tetroxide has increased to 194,500 CNY/ton, up 0.52% [3]. - Silicon carbide price remains stable at 5,400 CNY/ton [3]. Other Materials - Platinum price has decreased to 326 CNY/g, down 2.1% [3].

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]