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]

点击注册小程序 今 日 聚 焦 【有色】氧化镨钕价格创近14个月新高值，钴类品种价格全面上涨——金属新材料高频数据周报 （20250224- 2025 0302） 军工新材料：电解钴价格上涨。新能源车新材料：硫酸钴价格上涨。二氧化锗价格下跌。氧化镨钕价格创 近14个月新高，关注2025年需求情况。锂价已跌至8 万元/吨以内，产能后续存在加速出清的可能性，锂矿 板块建议关注成本具有优势且资源端存在扩张的标的。刚果（金）决定暂停钴出口4个月，有望缓解全球 钴市场供应过剩程度。 （王招华/马俊/王秋琪） 2025 -03-03 您可点击今日推送内容的第1条查看 【汽车】2月小鹏继续领跑，特斯拉FSD正式入华智能战或升级——特斯拉与新势力2月销量跟踪报告 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2月 ...