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]

天风证券（601162）研报表示，电力需求上升、发电量增长、能源结构变化速度加快，美国电力运营商 正面临电力资源组合灵活性低、波动性大的挑战，难以满足加速增长的电力需求。亚马逊、谷歌等海外 科技巨头在新建数据中心时，已有将燃气轮机作为核心备用电源甚至主电源的应用，以确保电力支持 AI服务的连续性。预计至2027年全球燃机供给87GW，其中净增量26GW，对比ENR预计的2026—2035 年年均100GW+仍有供需缺口。 期货日报网讯（记者 肖佳煊）12月12日，A股三大指数集体回升，上证指数涨0.41%，深证成指涨 0.84%，创业板指涨0.97%。全市场成交额约2.11万亿元。 电力链继续活跃，可控核聚变板块持续走强，天力复合再度"30CM"涨停，股价创历史新高，5个交易日 涨幅达117.21%。核电、电网设备、超导概念、金属新材料等板块全天活跃，截至收盘，中能电气 （300062）、通光线缆（300265）"20CM"涨停，中国西电（601179）、长城电工（600192）等10余只 个股涨停。 半导体板块活跃。截至收盘，晶丰明源"20CM"涨停，燕东微、芯动联科、中科飞测等多股涨超10%。 ...

12月12日，A股三大指数全线反弹，上证指数涨0.41%，深证成指涨0.84%，创业板指涨0.97%。全市场成交额约2.11万亿元。 盘面上，可控核聚变板块领涨，天力复合再度"30CM"涨停，走出2连板，股价创历史新高，收盘报60.84元/股，5个交易日涨幅达117.21%。电网设备、超 导概念、金属新材料等板块全天活跃。 贵金属板块表现强势，招金黄金、晓程科技、西部黄金涨超6%。半导体板块午后活跃，晶丰明源"20CM"涨停，燕东微、中科飞测等涨超10%。 零售板块表现分化，中央商场、茂业商业、永辉超市跌停。百大集团午后直线冲高，2分钟涨停，走出2连板，最新市值为44.7亿元。 电力链持续走强 今日，电力链继续活跃。 午后，可控核聚变板块持续走强，天力复合再度"30CM"涨停，股价创历史新高，5个交易日涨幅达117.21%，实现翻倍。中洲特材"20CM"涨停，常辅股 份、爱科赛博涨超10%，西部材料、四创电子、雪人集团等多只个股涨停。 | 可控核聚变O | | | | --- | --- | --- | | 2117.92 4.98% | | | | 成分股 基金 | 资金 | 分析 新闻 简况(F10) | ...

今日，A股三大指数全线反弹，上证指数涨0.41%，深证成指涨0.84%，创业板指涨0.97%。全市场成交额约2.11万亿元。 今日，电力链继续活跃。 午后，可控核聚变板块持续走强，天力复合再度"30CM"涨停，股价创历史新高，5个交易日涨幅达117.21%，实现翻倍。中洲特材（300963）"20CM"涨 停，常辅股份、爱科赛博涨超10%，西部材料（002149）、四创电子（600990）、雪人集团（002639）等多只个股涨停。 | 可控核聚变O | | | | | --- | --- | --- | --- | | 2117.92 4.98% | | | | | 成分股 | 基金 | 资金 | 分析 新闻 简况(F10) | | 名称/代码 | | | 最新 → 涨幅 ◆ 5日涨幅 ◆ ▶ | | 天力复合 | | | 60.84 +30.00% +117.21% | | 京A 920576 融 | | | | | 人气龙头1 领涨龙头1 | | | | | 中洲特材 | | | 23.39 +20.01% +24.28% | | 创 300963 融 | | | | | 首板 最终涨停13:05 | | ...

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]

有色金属 电碳价格创近 16 个月新高，六氟磷酸锂价格连续 4 个月上涨 ——金属新材料高频数据周报（20251124-20251130） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 40.00 万元/吨，环比 +1.8%。本周电解钴和钴粉价格比值 0.77 ，环比+1.1%；电解钴和硫酸钴价 格比值为 4.39 ，环比+1.4%。（2）碳纤维本周价格 83.8 元/千克，环比 +0%。毛利-9.53 元/千克。 2025 年 12 月 1 日 新能源车新材料：电碳价格创近 16 个月新高。（1）本周电碳、工碳和电池 级氢氧化锂价格分别为 9.21 、8.93 和 8.15 万元/吨，环比+4.3%、+4.07%和 +2.9%。电碳与工碳价差为 2024 年 11 月以来较低，或代表锂电景气度相较 工业领域有所减弱。（2）本周硫酸钴价格 8.84 万元/吨，环比+0%。（3） 本周磷酸铁锂、523 型正极材料价格分别为 3.91 、15.68 万元/吨，环比 +2.62%、-1.5%。（4）本周氧化镨钕价格 566.92 元/公斤，环比+3.4%。 光伏新材料：价格持平。（1）本周光伏级多晶硅价格 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - Prices for various cobalt categories have risen, with lithium hexafluorophosphate reaching a nearly two-year high [1] - The report highlights the increasing prices of lithium concentrate and cobalt, indicating a positive trend in the new energy vehicle materials sector [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Cangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Cobalt and New Materials - Electrolytic cobalt price is at 398,000 CNY/ton, up 8.2% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.81, down 1.2% [1][10] - Lithium concentrate (Li2O 5%) price is 795 USD/ton, up 8.16% week-on-week [1][29] - Cobalt sulfate price is 89,900 CNY/ton, up 0.96% week-on-week [37] New Energy Vehicle Materials - Prices for battery-grade lithium hydroxide and carbonates remain stable, with battery-grade lithium carbonate price at 73,800 CNY/ton [29] - The price of lithium iron phosphate is 334,000 CNY/ton, with a week-on-week increase of 0% [39] - The report notes a significant increase in the production and penetration rate of new energy vehicles, with September 2025 production at 1.6169 million units, up 16.3% month-on-month [25][26] Photovoltaic Materials - Photovoltaic-grade polysilicon price is 6.51 USD/kg, down 0.3% week-on-week, while EVA price is 10,900 CNY/ton, down 0.9% [2] - The report indicates that the price of photovoltaic glass remains stable at 24.0 CNY/sqm [2] Uranium and Nuclear Materials - Uranium price is at 62.88 USD/lb, up 6.6% week-on-week [2] - Prices for zirconium-related materials remain stable, with no significant changes reported [2] Other Materials - The price of lithium cobalt oxide is 376.0 CNY/kg, up 3.3% week-on-week [3] - The report highlights the increase in rhodium prices, with a current price of 21,150 CNY/kg, up 0.5% [3]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Views - The report highlights a general increase in prices for various cobalt products, with lithium hexafluorophosphate prices rising for three consecutive months, indicating a positive trend in the metal new materials sector [1][4] - The report suggests focusing on companies with cost advantages and expansion potential in the lithium mining sector, such as Salt Lake Co., Cangge Mining, and Tianqi Lithium [4] Summary by Relevant Sections Cobalt and Lithium Prices - Electrolytic cobalt price is at 345,000 CNY/ton, up 3.9% week-on-week, while cobalt sulfate price increased by 16.92% to 76,000 CNY/ton [1][36] - Lithium carbonate prices are stable, with battery-grade lithium hydroxide at 73,500 CNY/ton, showing slight fluctuations [27] New Energy Vehicle Materials - The report notes that the cost of batteries, which accounts for 40% of the total cost of new energy vehicles, is influenced by the prices of key materials like cobalt and lithium [22] - The production of new energy vehicles reached 1.3905 million units in August 2025, reflecting a 27.4% year-on-year increase [22][24] Military and Aerospace Materials - The report emphasizes the importance of electrolytic cobalt in high-temperature alloys used in military applications, with a focus on the aerospace sector [9][17] - The price of 0-grade sponge titanium is 48,500 CNY/ton, while 4-grade sponge titanium is at 40,000 CNY/ton, indicating a price gap that reflects the strength of military versus civilian demand [15] Other Material Prices - The report indicates stable prices for photovoltaic materials, with polysilicon at 6.54 USD/kg and EVA at 11,100 CNY/ton [2] - The price of rare earth materials, such as neodymium oxide, is at 557.34 CNY/kg, showing a slight decrease of 0.9% [1] Investment Recommendations - The report recommends focusing on the metal new materials sector, particularly lithium and cobalt, due to their rising prices and demand in various industries [4] - Companies like Huayou Cobalt and North Rare Earth are highlighted as potential investment opportunities due to their strong market positions [4]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in the prices of various metals, particularly electrolytic cobalt and polysilicon, while lithium concentrate prices have seen a decline. This indicates a mixed outlook for different segments within the new materials industry [1][2][4]. Summary by Relevant Sections Non-Ferrous Metals - Electrolytic cobalt price is at 271,000 CNY/ton, up 3.0% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.87, up 1.4% [1][10]. - Lithium concentrate (Li2O 5%) price is at 700 USD/ton, down 3.58% week-on-week [1]. - The price of lithium iron phosphate and 523-type cathode materials is stable at 343,000 CNY/ton and 1,147,000 CNY/ton, respectively [1]. Photovoltaic New Materials - Polysilicon price is at 6.45 USD/kg, up 4.0% week-on-week, indicating a recovery in the solar materials market [2]. - EVA price remains stable at 10,800 CNY/ton, reflecting a low position since 2013 [2]. Nuclear Power New Materials - Uranium price is at 59.58 USD/lb, up 4.0% week-on-week, indicating a positive trend in nuclear materials [2]. Consumer Electronics New Materials - The price of cobalt tetroxide is at 214,200 CNY/ton, up 0.56% week-on-week, while lithium cobalt oxide price remains stable at 175.0 CNY/kg [3]. - Silicon carbide price is stable at 5,300 CNY/ton, reflecting steady demand in the electronics sector [3]. Investment Recommendations - The report suggests focusing on the metal new materials sector, particularly lithium and cobalt, due to price increases and supply disruptions. Companies like Salt Lake Co., Zangge Mining, and Huayou Cobalt are highlighted as potential investment opportunities [4].