Investment Rating - The report indicates a positive outlook for cobalt, with expectations of continued price increases due to supply constraints from the Democratic Republic of Congo's export ban [2][9]. Core Insights - Cobalt prices have surged significantly, with a 16% increase to 248,500 CNY/ton, driven by a four-month export ban from the Democratic Republic of Congo [2][9]. - Lithium prices are under pressure, with a slight decrease in average prices for lithium carbonate and lithium hydroxide, reflecting a challenging supply-demand balance [1][8]. - Nickel prices have shown a rebound, influenced by potential tax adjustments in Indonesia that could raise production costs and support higher nickel prices [3][10]. Summary by Sections Lithium - The average price of lithium carbonate decreased by 0.1% to 75,200 CNY/ton, while lithium hydroxide fell by 0.2% to 75,100 CNY/ton [1][8]. - The overall operating rate for lithium carbonate mining decreased to 49.9%, with specific rates for different extraction methods showing mixed trends [1][8]. - Total lithium carbonate production for the week was 18,400 tons, reflecting a slight decline [1][8]. Cobalt - Cobalt prices have increased significantly, with the CIF price for cobalt intermediates rising by 31% to 10.5 USD/pound [2][9]. - The market sentiment remains bullish, although actual transaction volumes are limited due to high prices [2][9]. - The ongoing export ban from the Democratic Republic of Congo is expected to continue supporting price increases [2][9]. Nickel - LME nickel prices rose by 0.9% to 16,600 USD/ton, while domestic prices increased by 3.2% to 133,700 CNY/ton [3][10]. - Total nickel inventory in China increased by 1,085 tons to 72,500 tons, while LME nickel inventory rose by 2,058 tons to 200,600 tons [3][10]. - Potential tax changes in Indonesia could lead to increased production costs, thereby supporting higher nickel prices in the future [3][10].

Investment Rating - The report indicates a strong performance in the non-ferrous metals sector, with a weekly increase of 7.08%, outperforming the Shanghai Composite Index by 5.52 percentage points [1][9]. Core Insights - The macroeconomic sentiment has improved, leading to a strong performance in the non-ferrous metals and steel sectors. The report emphasizes the importance of cyclical commodities, recommending industrial metals such as copper and aluminum, as well as the steel sector [2][21]. - The government work report for 2025 sets a GDP growth target of around 5% and a budget deficit rate of approximately 4%, indicating a continuation of proactive fiscal policies to boost consumption and improve macroeconomic sentiment [2][21]. - Key price movements include a significant drop in alumina prices, which is expected to enhance the profitability of electrolytic aluminum producers. The report anticipates a continued upward trend in electrolytic aluminum prices due to a tight supply situation [2][22]. - The report highlights the potential for copper prices to rise amid "re-inflation" expectations, with a focus on the supply dynamics and the possibility of reduced production in the smelting sector [2][24]. Summary by Sections Weekly Market Review - The Shanghai Composite Index rose by 1.56%, with the non-ferrous metals sector leading at +7.08%. Industrial metals increased by 8.43%, precious metals by 6.48%, and energy metals by 4.58% [1][9]. - Top-performing stocks included Huayu Mining (+47.77%) and Xinweiling (+45.12%), while the worst performers were Liyuan Co. (-8.97%) and *ST Zhongrun (-8.88%) [1][9]. Metal Prices & Inventory Changes - Copper prices on the LME reached $9,602.00 per ton, up 2.57% week-on-week, while domestic prices were at ¥78,320.00 per ton, up 1.93% [16][27]. - Aluminum prices increased to $2,689.00 per ton on the LME, a rise of 3.26%, with domestic prices at ¥20,835.00 per ton, up 0.94% [25][27]. - Zinc prices also saw an increase, with LME prices at $2,882.00 per ton, up 3.00% [17][27]. Core Insights Update and Key Stock Tracking - The report emphasizes the cyclical nature of the non-ferrous metals sector, recommending investments in copper and aluminum due to expected price increases driven by supply constraints and improving demand [2][22]. - The report notes that the price of strategic metals like praseodymium-neodymium oxide has stabilized, with a current price of ¥460,900.00 per ton, reflecting a month-on-month increase of 5.44% [53][54].

证券研究报告|行业研究周报 [Table_Date] 2025 年 3 月 1 日 缅甸佤邦锡矿正式筹备复产，后续需关注其复 产时点 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周国内锂盐价格环比下跌，后市或维持震荡 截止到本周四，国内工业级碳酸锂（99.0%为主）市场成 交价格区间在 7.2-7.4 万元/吨，市场均价 7.3 万元/吨，较上周 下跌 2.01%；国内电池级碳酸锂（99.5%）市场成交价格区间 在 7.4-7.6 万元/吨，市场均价为 7.5 万元/吨，较上周下跌 1.96%。国内电池级粗粒氢氧化锂价格为 6.85-7.25 万元/吨， 市场均价 7.05 万元/吨；电池级微粉氢氧化锂市场价格为 7.4- 7.85 万元/吨，均价 7.625 万元/吨；国内工业级氢氧化锂市场 价格 6.05-6.55 万元/吨，均价在 6.3 万元/吨。据 SMM 数据， 截至 2 月 27 日，碳酸锂样本周度库存总计 11.55 万吨，较 2 月 20 日累库 2967 吨，上游冶炼厂较 2 月 20 日累库 1976 吨至 4.48 万吨，中下游 ...

英大证券研究所证券研究报告 2025 年 2 月 18 日 沪深三大指数震荡上行，后市个股分化或加大 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周一沪深三大指数震荡收红，日 K 线依旧维持"慢牛"上行的态势。不过，周 一恒生指数及恒生科技指数出现震荡。或表明，随着港股行情持续回暖，恒生科 技指数涨幅较大，部分资金选择 "落袋为安"。 港股市场此轮的先行示范效应较为明显，恒生指数及恒生科技指数进入去年 "924"行情高位区间，要谨防上方技术性抛压导致的阶段性震荡。也可能对 A 股 的带来影响。短期看，A 股沪深三大指数在持续反弹后，上方也面临密集成交区 间的重要阻力，能否突破这一关键点位将成为市场的重要看点。在市场持续反弹 以及科技股整体表现强劲的背景下，随着获利盘的不断积累，市场阶段性落袋为 安的需求正在升温，投资者需警惕部分资金离场以及市场分化加大的风险。 总量研究 【A 股大势研判】 一、周一市场综述 上周五晨早短信提醒，经历持续大涨后，提防高位股分化。周一晨早短信 ...