Core Insights - The company, Yunnan Chihong Zinc & Germanium Co., Ltd., has established itself as a key player in the germanium industry, producing various germanium products for high-tech applications [1][2] - The company has developed a complete infrared germanium industry chain, including raw materials, single crystals, and optical components, with an annual production capacity of 60 tons of germanium metal [1][2] - The company has successfully launched a production line for ultra-pure germanium tetrachloride, which is crucial for fiber optic preform production, with an annual capacity of 30 tons [2] Company Developments - The company has a rich history dating back to the 1950s, contributing significantly to national defense projects by extracting germanium from lead-zinc ores [1] - In 2022, the company completed the construction of a production line for ultra-pure germanium tetrachloride, becoming one of the few companies globally to master this technology [2] - The company is focusing on high-value downstream products, including infrared germanium single crystals and optical components, which are widely used in industrial inspection and security monitoring [2] Strategic Collaborations - The company is enhancing its research and development capabilities through collaborations with various institutions, including the Chinese Academy of Sciences and Jinan University [3] - The establishment of a joint laboratory for infrared information technology and a talent training base with Kunming University of Science and Technology aims to cultivate skilled professionals in the field [3] - The company plans to innovate through a combination of independent research and technology absorption to extend its industrial chain and enhance the value of germanium [3]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 263,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.86, down 0.5% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.59 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 726 USD/ton, down 9.81% [5] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 78,900 CNY/ton, 77,000 CNY/ton, and 76,200 CNY/ton, down 4.2%, 4.35%, and 1.1% respectively [5] - The price of sulfuric cobalt is 53,200 CNY/ton, up 0.19% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 113,300 CNY/ton, unchanged and down 0.4% respectively [5] - The price of neodymium oxide is 579.72 CNY/kg, down 2.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.20 USD/kg, unchanged from the previous week [6] - The price of EVA is 10,800 CNY/ton, up 2.9%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [7] - The uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 213,000 CNY/ton, up 0.47% [9] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [9] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,300.00 CNY/ton, 1,755.00 CNY/kg, 2,445.00 CNY/kg, and 2,545.00 CNY/kg respectively, with high-purity gallium remaining unchanged and crude and refined indium down 1.2% [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,815.00 CNY/g, and 1,195.00 CNY/g respectively, with rhodium down 1.1% [10]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 236,000 CNY/ton, with a week-on-week change of +0% [3] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.56 CNY/kg [3] - Beryllium prices are stable this week [3] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at the Chinese port is 540 USD/ton, down by -0.92% week-on-week [4] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 59,800 CNY/ton, 60,600 CNY/ton, and 60,600 CNY/ton respectively, with changes of -0.1%, +1.21%, and -2.3% [4] - The price of cobalt sulfate is 47,700 CNY/ton, unchanged [4] - The prices of lithium iron phosphate and 523-type cathode materials are 30,300 CNY/ton and 104,800 CNY/ton, with changes of +0% and -0.7% respectively [4] - The price of praseodymium-neodymium oxide is 444.11 CNY/kg, up by +0.8% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.25 USD/kg, down by -0.7% [5] - The price of EVA is 10,450 CNY/ton, unchanged, remaining at a high level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are as follows: zirconium oxychloride at 14,750 CNY/ton, sponge zircon at 155 CNY/kg, hafnium oxide at 9,000 CNY/kg, zirconium silicate at 14,225 CNY/ton, and zircon sand at 14,012.5 CNY/ton, with various week-on-week changes [6] - The uranium price for May 2025 is 57.31 USD/pound, up by +8.8% [6] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 186,500 CNY/ton, unchanged, while lithium cobalt oxide is priced at 175.0 CNY/kg, also unchanged [7] - The price of silicon carbide is 5,600.00 CNY/ton, unchanged [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,865.00 CNY/kg, 2,425.00 CNY/kg, and 2,525.00 CNY/kg respectively, with changes of -0.5%, +0%, and +0% [7] - The price of germanium dioxide is 9,900 CNY/kg, unchanged, with 50% used for optical fibers and 15% for electronic and solar devices; high-purity gallium is primarily used in semiconductors [7]

Summary of Key Points Core Viewpoint - The report provides an overview of the current prices and trends in various new materials across different sectors, highlighting price stability in some areas while noting fluctuations in others. Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 240,000 CNY/ton, with a week-on-week change of +0% [2] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.68 CNY/kg [2] - Beryllium prices are stable [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 708 USD/ton, reflecting a week-on-week increase of +2.46% [3] - Prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 65,600 CNY/ton, 63,900 CNY/ton, and 65,900 CNY/ton, showing decreases of -4.3%, -4.29%, and -1.5% respectively [3] - The price of praseodymium and neodymium oxide is 433.70 CNY/kg, with a week-on-week increase of +2.5% [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.30 USD/kg, down by -0.9% [4] - EVA prices are at 11,100 CNY/ton, decreasing by -1.3% but remaining at a high level since 2013 [4] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [4] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials show mixed trends, with uranium prices increasing to 52.17 USD/lb, up by +0.6% [5] - Other zirconium prices are stable or slightly decreased [5] Group 5: Consumer Electronics New Materials - The price of high-purity gallium has decreased to 1,900.00 CNY/kg, down by -1.3% [6] - The price of germanium dioxide is stable at 9,900 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [6] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 243.00 CNY/g, 1,465.00 CNY/g, and 1,045.00 CNY/g respectively, with rhodium increasing by +2.1% [7]

市场调研数据显示，二氧化锗的回收价格区间大致在每公斤数百元到上千元不等，其具体价位呈现出显著的动态变化特征，背后受到诸多关键 因素的综合作用。在众多影响因素中，市场供需关系无疑是最为直接且关键的要素之一。当市场对二氧化锗的需求呈现出强劲态势，而供应端 却因各种原因无法及时足量供应时，市场便会出现供不应求的局面，这往往会直接推动价格向上攀升。 二氧化锗回收的双重价值释放 二氧化锗的回收利用蕴含着不可忽视的双重价值。从经济维度来看，通过回收再利用，能够有效降低企业的生产成本。从环保视角出发，这一 回收行为具有更为深远的意义。通过对二氧化锗的回收利用，可以减少对原生锗矿资源的大规模开采，从而降低因采矿活动对生态环境造成的 破坏。这种资源循环利用模式高度契合可持续发展理念，有力地推动着绿色经济体系的构建与完善，对社会的长远发展具有积极的示范效应和 推动作用。 与此同时，原材料的纯度指标也在价格体系中扮演着至关重要的角色，一般而言，二氧化锗原材料的纯度越高，其对应的回收价格也就越高。 值得注意的是，全球经济形势的起伏变化以及产业政策的调整等宏观层面因素，同样会在二氧化锗的价格曲线上引发波动。 除了市场和宏观因素外，回收 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a general decline in prices for electric vehicle materials and polysilicon, with specific price movements noted for various materials [1][2][3]. - The report suggests a continued positive outlook for the metal new materials sector, particularly focusing on the demand for rare earths and lithium [4]. Summary by Relevant Sections Military New Materials - Electrolytic cobalt price remains stable at 240,000 CNY/ton, with a ratio of electrolytic cobalt to cobalt powder at 0.94, unchanged [10][11]. - Carbon fiber price is stable at 83.8 CNY/kg, with a gross profit of -18.31 CNY/kg [24][25]. - Beryllium price remains unchanged [24]. New Energy Vehicle Materials - Lithium ore price reaches 732 USD/ton, stable [27]. - Prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 71,200 CNY/ton, 69,500 CNY/ton, and 68,400 CNY/ton, reflecting declines of 1.4%, 1.63%, and 0.8% respectively [32]. - Lithium iron phosphate and 523-type cathode material prices are 33,300 CNY/ton and 105,400 CNY/ton, stable and up 0.5% respectively [41]. Photovoltaic New Materials - Photovoltaic-grade polysilicon price is 4.49 USD/kg, down 2.0% [2]. - EVA price is 11,450 CNY/ton, down 0.4% [2]. Other Materials - Rhodium price decreased, while platinum and iridium prices increased slightly [3]. - The report emphasizes the importance of monitoring price trends in the context of supply and demand dynamics across various sectors [4][10]. Suggested Focus Stocks - The report recommends 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]. - It also suggests monitoring cobalt supply dynamics due to export suspensions in the Democratic Republic of Congo [4].

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 240,000 CNY/ton, with no change compared to the previous week [2] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -18.31 CNY/kg [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 732 USD/ton, with no change [3] - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 72,200 CNY/ton, 70,600 CNY/ton, and 68,900 CNY/ton, showing decreases of 1.4%, 0.8%, and 0.4% respectively [3] - The price of praseodymium and neodymium oxide is 415.67 CNY/kg, down by 2.8% [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.58 USD/kg, down by 7.1% [4] - The price of EVA is 11,500 CNY/ton, remaining stable at a high level since 2013 [4] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [4] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials such as zirconium oxychloride and sponge zirconium remain stable, while uranium price is 51.83 USD/lb, down by 4.6% [5] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 187,000 CNY/ton, unchanged [6] - The price of silicon carbide is 5,700 CNY/ton, also stable, while high-purity gallium, crude indium, and refined indium prices are 1,925 CNY/kg, 2,575 CNY/kg, and 2,675 CNY/kg respectively, all unchanged [6] Group 6: Other Materials - The price of rhodium has decreased [7] Group 7: Precious Metals - The prices of platinum, rhodium, and iridium are 240.00 CNY/g, 1,400.00 CNY/g, and 1,055.00 CNY/g respectively, with platinum up by 2.1% and rhodium down by 4.8% [9]

Group 1: Metal New Materials - The price of praseodymium and neodymium oxide has reached a 14-month high, indicating strong demand in the market, particularly for military new materials and electric vehicle applications [3] - Cobalt prices are rising across various categories, while germanium dioxide prices are declining [3] - Lithium prices have dropped below 80,000 yuan/ton, with potential for accelerated capacity clearance in the lithium mining sector, suggesting a focus on cost-advantaged companies with resource expansion [3] - The Democratic Republic of Congo has decided to suspend cobalt exports for four months, which may alleviate the global oversupply of cobalt [3] Group 2: Automotive Industry - In February, Xiaopeng Motors continued to lead in sales, while Tesla's Full Self-Driving (FSD) technology officially entered the Chinese market, indicating an upgrade in the competitive landscape [4] - Seasonal factors affected delivery numbers, but the introduction of new vehicle models is expected to stimulate demand [4] - The acceleration of affordable smart technology is anticipated to bring forward the tipping point for intelligent driving in China [4] Group 3: Semiconductor Industry - TrendForce predicts that the NAND Flash market supply-demand structure will significantly improve in the second half of 2025, driven by production cuts, smartphone inventory reduction, and increased demand from AI applications [5] - A price recovery for NAND Flash is expected in the latter half of the year as supply constraints ease [5] Group 4: Property Management - Jianfa Property has shown strong sales and land acquisition performance since 2025, with expectations for continued rapid growth in property management services [6] - The revenue growth rates for basic property management from 2021 to 2023 were 31.1%, 36.6%, and 36.8%, respectively, with a 31.4% growth rate expected in the first half of 2024 [6] Group 5: Service Industry - Yongsheng Services has actively expanded its portfolio with over 50 new quality property management projects in early 2025, which will help maintain profit margins and strengthen market position [7] - The company distributed approximately 200 million HKD in dividends in mid-2024, with a total market capitalization of 3.6 billion HKD as of February 28 [7] Group 6: Home Appliances - Haier's sales in the U.S. are expected to be minimally impacted by the 25% tariff on Mexican imports, as 20-30% of its products are sourced from Mexico [8] - The domestic market is benefiting from a trade-in policy that is driving significant revenue growth, while overseas capabilities are being enhanced [8] Group 7: Pharmaceutical Industry - Tianshili reported stable revenue growth in the pharmaceutical sector, with total revenue and net profit of 8.498 billion and 1.036 billion yuan, respectively, reflecting a year-on-year decline of 2.03% and 12.31% [9] - The decline in industrial gross margin is attributed to price reductions in some products, but overall operations remain stable [9]