Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The lithium carbonate industry is driven by factors such as anti - involution, mining rights and environmental protection rectification, and unexpected storage demand, leading to large fluctuations in spot and futures prices [2]. - Most surveyed enterprises maintain a high operating rate, and those without raw material channel advantages may be restricted by raw material procurement. If the market remains optimistic, enterprises plan to continue production during the Spring Festival [2]. - The trade point - price sales model can relieve the enterprise's capital turnover pressure and avoid price fluctuation risks, allowing enterprises to sell products as they are produced with low - level inventory [2]. - Although the current lithium carbonate price can cover production costs, enterprises do not want prices to skyrocket as it will intensify procurement competition and bring cost pressures after price corrections [2]. 3. Company - Specific Summaries A. A Enterprise (Wet - recycling enterprise) - It focuses on recycling lithium from waste lithium - iron - phosphate batteries, with 100,000 tons of wet - recycling of waste lithium - iron - phosphate batteries and 10,000 tons of lithium carbonate processing production lines. It has stopped mica - based lithium extraction due to intense competition and raw material scarcity [3]. - The monthly production capacity is 600 - 700 tons, with an annual capacity of 6000 - 7000 tons and an 80% operating rate. Product inventory is about 200 - 300 tons [3]. - It recycles 2000 - 3000 tons of raw materials monthly, with a 6:4 ratio of factory waste to battery recycling. It does not purchase salt - lake crude carbon due to high freight and narrow profit margins [3]. - It sells products mainly through trade channels and post - point - price methods (about 60% of sales), and has hedged next month's production [3]. B. B Enterprise (Lithium carbonate production enterprise) - It uses low - grade lithium ore and tailings to produce lithium - containing brine and produces electric carbon through a subcontracting model. It plans to launch a potassium - salt separation process in the future [5]. - The operating rate reaches 80% of the designed capacity, producing 10 - 15 tons of brine per day. It has stocked raw materials for 2 months and plans to continue production during the Spring Festival if the market is good [5]. - It sells products using the point - price model, with electric carbon at a discount of 800 - 1500 yuan/ton to the 05 contract. It does not hedge on its own to quickly recover funds and has about 100 tons of inventory [5]. C. C Enterprise (Lithium carbonate production enterprise) - It has a planned total capacity of 30,000 tons/year, with a 15,000 - ton/year production line built and a monthly output of 700 - 800 tons [8]. - It can use a small amount of mica ore mixed with lithium - spodumene or brine for lithium extraction. The switch between mica and spodumene production lines takes about one quarter [8]. - It mainly engages in subcontracting, with low self - owned product proportion due to raw material procurement difficulties. It sells products mainly through cooperation with traders, with a 100 - 200 - ton inventory level [8].

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 400,000 CNY/ton, with a week-on-week increase of 1.8%. The price ratio of electrolytic cobalt to cobalt powder is 0.77, up by 1.1% week-on-week, while the price ratio of electrolytic cobalt to sulfuric cobalt is 4.39, up by 1.4% [4] - Carbon fiber price remains at 83.8 CNY/kg, with no change week-on-week, resulting in a gross profit of -9.53 CNY/kg [4] Group 2: New Energy Vehicle New Materials - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 92,100 CNY/ton, 89,300 CNY/ton, and 81,500 CNY/ton respectively, with week-on-week increases of 4.3%, 4.07%, and 2.9%. The price gap between electric carbon and industrial carbon is at its lowest since November 2024, indicating a potential weakening in lithium battery market conditions compared to the industrial sector [5] - The price of sulfuric cobalt is 88,400 CNY/ton, with no change week-on-week [5] - The prices of lithium iron phosphate and 523-type cathode materials are 39,100 CNY/ton and 156,800 CNY/ton respectively, with week-on-week changes of +2.62% and -1.5% [5] - The price of praseodymium-neodymium oxide is 566.92 CNY/kg, with a week-on-week increase of 3.4% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.50 USD/kg, with no change week-on-week [6] - The price of EVA is 10,100 CNY/ton, remaining unchanged and at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, with no change week-on-week [6] Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 13,450 CNY/ton, and 14,012.5 CNY/ton respectively, all remaining unchanged week-on-week. The uranium price for October 2025 is 63.96 USD/pound, with a week-on-week increase of 1.7% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 344,800 CNY/ton, with no change week-on-week. The price of lithium cobalt oxide is 3,810 CNY/kg, also unchanged [8] - The price of silicon carbide is 5,800 CNY/ton, with no change week-on-week. The prices of high-purity gallium, crude indium, and refined indium are 1,805 CNY/kg, 2,405 CNY/kg, and 2,505 CNY/kg respectively, all remaining unchanged [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 412.00 CNY/g, 2,065.00 CNY/g, and 1,100.00 CNY/g respectively, with week-on-week changes of +4.6%, -3.3%, and 0% [10]

Group 1 - The rare metals sector experienced a downward fluctuation, with the China Rare Metals Theme Index dropping by 1.57% as of 10:44 AM on December 2, 2025 [1] - In the new energy vehicle materials sector, the price of electric carbon reached 92,100 yuan per ton, marking a 4.3% increase and the highest level in nearly 16 months. Meanwhile, the price of praseodymium and neodymium oxide was reported at 566.92 yuan per kilogram, up 3.4%, also at a 19-month high [1] - Supply constraints and recovering demand are driving the prices of key materials like lithium and rare earths, leading to a significant rebound in industry prosperity [1] Group 2 - Cobalt raw material exports from the Democratic Republic of the Congo are progressing slower than expected, maintaining a structural tightness in supply. Despite the implementation of a cobalt export quota system in October, the licensing process remains incomplete, causing delays in the shipment of intermediate products [1] - It is anticipated that domestic raw materials will not arrive until the first quarter of 2026, and the tight supply of cobalt raw materials is expected to support prices, coupled with active downstream procurement [1] - As of November 28, 2025, the top ten weighted stocks in the China Rare Metals Theme Index accounted for 59.05% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and Ganfeng Lithium [1] Group 3 - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, serving as a convenient tool for investing in the rare metals sector [2] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [3]

Core Insights - The rare metals industry is experiencing a price increase across multiple segments, driven by supply constraints and recovering demand, particularly in the new energy vehicle materials sector [1][2] - Lithium and rare earth materials are showing strong price performance, with lithium carbonate prices reaching 93,800 yuan/ton, up 1.6% month-on-month, and lithium hexafluorophosphate prices at 167,500 yuan/ton, up 6.7% month-on-month [1][2] - The supply-demand dynamics for lithium are shifting from a loose to a tighter market, with significant price increases observed in lithium salts and other materials [2] Industry Summary - Recent price increases in lithium and rare earth materials are attributed to supply-side constraints, including mining rights issues and environmental regulations affecting production [1][2] - The lithium battery supply chain is characterized by strong downstream demand, leading to a robust price increase across various materials [1][2] - The Ministry of Industry and Information Technology has emphasized the need to regulate "involutionary" competition and improve capacity management, which may help restore supply-demand balance and enhance profitability in the industry [2] Market Performance - The rare metals ETF has seen a significant increase, with a 1.71% rise in the index and a notable inflow of capital, indicating strong investor interest [3] - The top-weighted stocks in the rare metals sector have shown substantial gains, with Tianhua New Energy up 8.26% and Luoyang Molybdenum up 5.05% [3] - The materials ETF has also performed well, with a near 3% increase and significant contributions from leading stocks in the sector [3]

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights a significant increase in the price of electric carbon, reaching a 16-month high, with prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide rising by 4.3%, 4.07%, and 2.9% respectively [1][28] - The report suggests a continued positive outlook for the metal new materials sector, particularly lithium and cobalt, with specific companies recommended for investment due to their cost advantages and resource expansion potential [4] Summary by Relevant Sections Military New Materials - The price of electrolytic cobalt increased to 400,000 CNY/ton, up 1.8% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.77, up 1.1% [1][10] - Carbon fiber prices remained stable at 83.8 CNY/kg, with a gross profit of -9.53 CNY/kg [21] New Energy Vehicle Materials - The report notes that the price of lithium carbonate has reached approximately 92,000 CNY/ton, with a recommendation to focus on companies with advantageous costs and expansion potential in the lithium mining sector [4] - The price of lithium iron phosphate and 523-type cathode materials were reported at 391,000 CNY/ton and 156,800 CNY/ton, with changes of +2.62% and -1.5% respectively [1][39] Photovoltaic New Materials - The price of photovoltaic-grade polysilicon remained stable at 6.50 USD/kg, with EVA prices at 10,100 CNY/ton, also unchanged [2] Nuclear Power New Materials - Uranium prices increased to 63.96 USD/lb, up 1.7% [2] Consumer Electronics New Materials - Prices for various materials such as cobalt oxide and lithium cobalt oxide remained stable, with cobalt oxide priced at 344,800 CNY/ton [3] Other Materials - Platinum prices increased by 4.6% to 412 CNY/g, while rhodium and iridium prices saw slight declines [3]

Core Viewpoint - The article discusses the recent price changes in various new materials across different sectors, highlighting significant increases in certain materials like cobalt and sulfuric acid, while others remain stable or show slight declines. Group 1: Military Industry New Materials - The price of electrolytic cobalt is 345,000 CNY/ton, with a week-on-week increase of 3.9% [4] - The price ratio of electrolytic cobalt to cobalt powder is 0.94, down 5.9% week-on-week [4] - The price of carbon fiber remains stable at 83.8 CNY/kg, with a gross profit of -8.38 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of sulfuric cobalt has risen to 76,000 CNY/ton, reflecting a week-on-week increase of 16.92% [5] - The prices of lithium carbonate and battery-grade lithium hydroxide are 73,900 CNY/ton and 73,500 CNY/ton, with slight changes of +0.05% and -0.1% respectively [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 122,300 CNY/ton, with increases of 0% and 2.3% respectively [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is stable at 6.54 USD/kg [6] - The price of EVA is 11,100 CNY/ton, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged from the previous week [6] Group 4: Nuclear Power New Materials - The price of uranium is projected to be 62.88 USD/pound in September 2025, with a week-on-week increase of 6.6% [6] Group 5: Consumer Electronics New Materials - The price of lithium cobalt oxide is 304.0 CNY/kg, with a significant week-on-week increase of 20.2% [7] - The price of four-cobalt oxide is 279,000 CNY/ton, reflecting a week-on-week increase of 9.41% [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 382.00 CNY/g, 1,925.00 CNY/g, and 1,185.00 CNY/g, with increases of 2.1% and 3.2% respectively [9]

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 is 260,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.88, down 1.0% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.68 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 864 USD/ton, up 29.15% week-on-week [5] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and electrolytic-grade lithium carbonate are 75,500 CNY/ton, 73,300 CNY/ton, and 70,400 CNY/ton, respectively, with increases of 5.1%, 5.17%, and 7.2% [5] - Cobalt sulfate price is 52,000 CNY/ton, up 1.96% [5] - Prices for lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 114,500 CNY/ton, respectively, with increases of 5.05% and 2.7% [5] - The price of praseodymium-neodymium oxide is 557.62 CNY/kg, up 6.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, unchanged from the previous week [6] - EVA price is 10,100 CNY/ton, unchanged, 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 - Prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 14,250 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,750 CNY/ton, and 14,012.5 CNY/ton, respectively, with changes of -3.4%, 0%, 0%, -1.4%, and 0% [7] - Uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 210,000 CNY/ton, unchanged [8] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [8] - The price of silicon carbide is 5,300.00 CNY/ton, down 1.9% [8] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,555.00 CNY/kg, and 2,655.00 CNY/kg, with changes of 0%, -0.8%, and -0.7% respectively [8] - The price of germanium dioxide is 9,550 CNY/kg, unchanged, with 50% used for optical fibers and 15% for electronics and solar devices [8] Group 6: Other Materials - Prices for platinum, rhodium, and iridium are 325.00 CNY/g, 2,025.00 CNY/g, and 1,305.00 CNY/g, with changes of +0.9%, +6.0%, and 0% respectively [9]

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]

Summary of Key Points Core Viewpoint - The article discusses the recent price trends of various materials in different sectors, highlighting significant changes in the prices of cobalt, lithium, and other new energy materials, as well as the implications for the respective industries. Group 1: Military Industry Materials - The price of electrolytic cobalt is 250,000 CNY/ton, with a week-on-week increase of 0.8% [3] - The price of carbon fiber remains stable at 83.8 CNY/kg, with a gross profit of -8.51 CNY/kg [3] - Beryllium prices are unchanged this week [3] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at the Chinese port is 582.5 USD/ton, reflecting a week-on-week increase of 6.88% [4] - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 61,300 CNY/ton, 59,800 CNY/ton, and 57,700 CNY/ton, with respective changes of +1.6%, +1.91%, and -1.1% [4] - The price of cobalt sulfate is 48,900 CNY/ton, with a slight increase of 0.10% [4] - The prices of lithium iron phosphate and 523-type cathode materials are 30,500 CNY/ton and 105,600 CNY/ton, with changes of +0.50% and 0.0% respectively [4] - The price of praseodymium-neodymium oxide is 446.13 CNY/kg, with a week-on-week increase of 0.5% [4] Group 3: Photovoltaic Materials - The price of photovoltaic-grade polysilicon is 4.22 USD/kg, remaining stable [5] - The price of EVA is 10,400 CNY/ton, showing a decrease of 0.5%, but remains at a high level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged from the previous week [5] Group 4: Nuclear Power Materials - The prices of zirconium-related materials are as follows: oxychloride zirconium at 14,750 CNY/ton, sponge zirconium at 152.5 CNY/kg, and hafnium oxide at 9,000 CNY/kg, with no significant changes [6] - The uranium price is 57.31 USD/pound, reflecting an increase of 8.8% [6] Group 5: Consumer Electronics Materials - The price of cobalt tetroxide is 194,500 CNY/ton, with a week-on-week increase of 0.52% [7] - The price of lithium cobalt oxide is 175.0 CNY/kg, remaining stable [7] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,400.00 CNY/ton, 1,845.00 CNY/kg, 2,425.00 CNY/kg, and 2,525.00 CNY/kg respectively, all unchanged [7] - The price of germanium dioxide is 9,800 CNY/kg, also stable [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,455.00 CNY/g, and 1,135.00 CNY/g respectively, with platinum showing a decrease of 2.1% [8]