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].

Group 1: Economic Indicators - In August 2025, the CPI remained flat at 0% month-on-month, while the PPI stopped declining after eight consecutive months of negative growth [4] - The long-end yield of government bonds significantly increased, with the 10Y government bond yield expected to stabilize around 1.7% [4] Group 2: Metal and Material Sector - The price of tungsten reached a new high since 2012, while lithium prices are around 80,000 yuan per ton due to supply disruptions from mine shutdowns [4] - The cobalt export ban from the Democratic Republic of Congo has been extended for three months, and the price of praseodymium and neodymium oxide is at a 19-month high [4] Group 3: Company Performance - In the first half of 2025, Maca Xincai achieved a revenue of 201 million yuan, a year-on-year increase of 180.16%, and turned a profit with a net profit of 56.63 million yuan [7] - The company has made significant progress in new business development, including breakthroughs in the overseas wind power coating market and the first certification for ship coatings, which are expected to contribute to future revenue [7]

Group 1: Market Overview - A-shares opened high and continued to rise, with technology stocks leading the gains; the ChiNext Index surged over 2% and the Shanghai Composite Index reached a 10-year high, with trading volume exceeding 2 trillion yuan in half a day [1] - The metal new materials, communication equipment, artificial intelligence, and real estate sectors saw significant gains, while sports, banking, daily chemicals, and broadcasting sectors experienced declines [1] Group 2: Metal New Materials Sector - The metal new materials sector saw a collective surge, with the sector index rising over 7% to reach a historical high; stocks like Dadi Bear, Kun Gong Technology, and Zhonggang Tianyuan hit the daily limit or rose over 10% [2] - Sub-sectors such as rare earth permanent magnets, precious metals, cobalt metals, and energy metals also experienced strong gains, with companies like Northern Copper and Zhangyuan Tungsten hitting the daily limit [4] - The Ministry of Industry and Information Technology and other authorities announced new regulations on rare earth mining and separation, which are expected to boost demand for rare earth magnetic materials, particularly in humanoid robots [4] Group 3: Rare Earth Prices - The prices of rare earths have been rising significantly, with average increases of over 10,000 yuan per ton since August; specific prices include praseodymium oxide at 657,500 yuan/ton (up 58% year-to-date) and neodymium oxide at 657,500 yuan/ton (up 62.95% year-to-date) [4] - The energy metals sector is also thriving, with 46 energy storage projects announced in China, totaling approximately 19.35 GWh in awarded capacity [4] Group 4: Artificial Intelligence Sector - The artificial intelligence sector experienced a surge, with stocks like Kede Education and Kaipu Cloud hitting the daily limit; over 20 stocks saw gains of over 10% [6] - Recent events in the AI field, including competitions and conferences, have catalyzed interest and investment; the stock of domestic AI chip leader Hanwujing has doubled in a month, nearing 1,400 yuan per share [8]

Core Viewpoint - The Shenzhen Component Index and the ChiNext Index both rose over 2% in a single day, while the Shanghai Composite Index increased by 1.12%, indicating a positive market sentiment driven by specific sectors [1] Group 1: Market Performance - The Shenzhen Component Index and ChiNext Index experienced significant gains, rising over 2% [1] - The Shanghai Composite Index saw a more modest increase of 1.12% [1] Group 2: Sector Performance - Sectors such as rare earth permanent magnets, new metal materials, and CPO concepts led the market in terms of growth [1]

Investment Rating - The report maintains a rating of "Increase" for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in electric carbon prices and a record high for praseodymium-neodymium oxide prices, indicating strong demand in the metal new materials sector [1][4]. - The lithium concentrate price has decreased, while the prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide have increased, suggesting a mixed outlook for the new energy vehicle materials market [1][28]. - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, as well as those involved in cobalt and tungsten production [4]. Summary by Relevant Sections Non-Ferrous Metals - The price of electrolytic cobalt is reported at 260,000 CNY/ton, with no change week-on-week [1]. - The price ratio of electrolytic cobalt to cobalt powder is 0.86, down 1.7% from the previous week [10]. - The price of carbon fiber remains stable at 83.8 CNY/kg, with a gross profit of -8.59 CNY/kg [21]. New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate is 840 USD/ton, down 2.55% week-on-week [1]. - The prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 83,500 CNY/ton, 81,200 CNY/ton, and 76,900 CNY/ton, respectively, with increases of 7.9%, 8.08%, and 8.5% [28]. - The price of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 114,400 CNY/ton, respectively, with minimal changes [1]. Military New Materials - The price of rhenium powder has increased, reflecting strong demand in the military sector, particularly in high-temperature alloys [9][18]. - The report notes that cobalt is widely used in batteries and high-temperature alloys, with the price of cobalt sulfate at 52,000 CNY/ton, unchanged from the previous week [37]. Suggested Focus Companies - The report recommends focusing on companies in the lithium sector such as Salt Lake Co., Zangge Mining, and Tianqi Lithium, as well as cobalt producers like Huayou Cobalt [4].

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]