Event Summary - The annual report disclosure schedule for 2025 has been released, with ChipGuide Technology being the first to disclose on February 3, 2026, and *ST Huawang on February 13, 2026 [1] Industry Insights - Key sectors expected to show improved or sustained high growth in annual report performance include "price-increasing commodities," "new energy and high-end manufacturing," "export-oriented sectors," and "TMT sectors with strong or improving demand" [1] - In the "price-increasing commodities" category, items with price increases exceeding 200% include black tungsten concentrate, VC, and lithium hexafluorophosphate, while those with increases over 100% include platinum and cobalt [4] - The new energy and high-end manufacturing sector is benefiting from high growth in military equipment orders and expanding demand for industrial robots and energy storage [6] - The export sector has seen significant growth, with high-tech and electromechanical product exports increasing by 7.7% and 9.7% year-on-year, respectively [6] Company Performance - A list of companies expected to see net profit growth exceeding 50% for the year has been compiled, based on preliminary quarterly report data [8] - Notable companies include Yuanjie Technology, with a projected net profit increase of 1726.36%, and Runze Technology, with an increase of 262.73% [9] - The semiconductor industry is projected to grow by 13.7% in sales in 2025, driven by strong demand for memory chips [7]

生意社12月29日讯 | 品种/规格 | 报价市场/地区 | 报价 | 均价 | 涨跌 | 单位 | | --- | --- | --- | --- | --- | --- | | 1#钴 | 广东南储现货 | 430000-450000 | 440000 | 12000 | 元/吨 | | 1#钴 | 上海金属网 | 438000-450000 | 444000 | 9000 | 元/吨 | | 电解钴(99.8%) | 上海华通现货 | 436000-446000 | 441000 | 12000 | 元/吨 | | 钴(250kg/桶装99.95%) | 国产/赞比亚 | 450000-458000 | 454000 | 14000 | 元/吨 | | 钴粉(-200目，国产) | 上海地区 | 500000-510000 | 505000 | 0 | 元/吨 | | 电解钴 | 上海金藏(国产交割) | 440000-452000 | 452000 | 12000 | 元/吨 | 生意社12月29日讯 | 品种/规格 | 报价市场/地区 | 报价 | 均价 | 涨跌 | 单位 | | --- | -- ...

Group 1 - The article provides an overview of the current prices of various lithium battery materials, indicating a general upward trend in prices for most categories, with specific percentage increases noted for each material [1] - Lithium carbonate prices show a notable increase, with domestic prices reaching 9.85 million per ton, up by 2.1% [1] - The price of lithium hydroxide has also risen, with domestic prices at 8.48 million per ton, reflecting a 1.2% increase [1] Group 2 - The price of cobalt products, such as electrolytic cobalt, has seen a slight increase, now priced at 41.35 million per ton, up by 0.2% [1] - The price of lithium hexafluorophosphate has decreased, now at 17.05 million per ton, down by 1.4% [1] - The article highlights the price changes in separators, with 9um wet-process separators priced at 0.8 yuan per square meter, up by 1.3% [1]

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 406,000 CNY/ton, a decrease of 0.5% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.78, down 1.0% [4] - The price of carbon fiber this week is 83.8 CNY/kg, with a gross profit margin of 9.61 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 92,100 CNY/ton, 89,300 CNY/ton, and 82,200 CNY/ton, respectively, with changes of +0%, +0%, and -0.2% week-on-week. 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 this week is 90,200 CNY/ton, an increase of 1.86% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 39,100 CNY/ton and 158,600 CNY/ton, with changes of +0% and +1.4% respectively [5] - The price of praseodymium-neodymium oxide is 578.74 CNY/kg, down 0.7% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon this week is 6.50 USD/kg, unchanged week-on-week [6] - The price of EVA is 9,800 CNY/ton, a decrease of 1.0%, reaching a low level not seen since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [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 unchanged week-on-week [7] - The uranium price for November 2025 is 62.24 USD/pound, down 2.7% [7] Group 5: Consumer Electronics New Materials - The price of tetracobalt oxide is 347,300 CNY/ton, an increase of 0.73% [8] - The price of lithium cobalt oxide is 381.0 CNY/kg, unchanged [8] - The price of silicon carbide is 5,300.00 CNY/ton, down 1.9% [8] - The prices of high-purity gallium, crude indium, and refined indium are 1,805.00 CNY/kg, 2,475.00 CNY/kg, and 2,575.00 CNY/kg, with changes of +0%, +2.9%, and +2.8% respectively [9] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 440.00 CNY/g, 2,085.00 CNY/g, and 1,100.00 CNY/g, with increases of 3.8%, 4.5%, and 0% respectively [10]

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights a mixed trend in prices for various materials, with cobalt prices declining while sulfuric cobalt prices have increased. The lithium price has reached approximately 92,000 yuan per ton, indicating a strong market for lithium-related materials [4][23] - The report suggests 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] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is 406,000 yuan per ton, down 0.5% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.78, down 1.0% [9][10] - Carbon fiber price remains stable at 83.8 yuan per kilogram, with a gross profit of -9.61 yuan per kilogram [21] New Energy Vehicle Materials - Sulfuric cobalt price is 90,200 yuan per ton, up 1.86% week-on-week. The price of lithium iron phosphate and 523-type cathode materials are 39,100 and 158,600 yuan per ton, respectively [23][36] - The production of new energy vehicles reached 1.88 million units in October 2025, with a penetration rate of 52.8%, up 3.39 percentage points [23][25] Photovoltaic New Materials - EVA price is 9,800 yuan per ton, down 1.0%, while the price of photovoltaic-grade polysilicon is stable at 6.50 USD per kilogram [2] Other Materials - Platinum price increased by 3.8% to 440 yuan per gram, while rhodium and iridium prices also saw slight increases [3][4] - The report emphasizes the importance of monitoring price trends in various materials to gauge industry health and investment opportunities [9][10]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] 3. Summary by Related Catalogs 3.1 Lithium Carbonate Futures Market - **Price**: On December 10, 2025, the closing price of the near - month contract was 93,640 yuan/ton, with an increase of 1,060 yuan compared to December 9; the trading volume of lithium carbonate futures was 620,935 hands, an increase of 108,720 hands; the open interest was 605,453 hands, an increase of 30,032 hands [1] - **Spread**: The spread between the near - month and the first - consecutive contract was - 440 yuan, the spread between the first - consecutive and the second - consecutive contract was - 80 yuan, and the spread between the second - consecutive and the third - consecutive contract was - 60 yuan [1] - **Inventory**: The registered inventory was 1,368 tons, an increase of 760 tons [1] 3.2 Lithium - Related Product Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 1,178 US dollars/ton; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,640 yuan/ton [1] - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5% domestic) was 92,700 yuan/ton, a decrease of 50 yuan; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) was 10.2 US dollars/kg [1] - **Other Products**: The average price of lithium hexafluorophosphate (99.95% domestic) was 171,000 yuan/ton; the average price of ternary precursor 523 (polycrystalline/consumer type) was 106,050 yuan/ton [1] 3.3 Lithium Supply and Demand - **Supply**: Last week, the output of lithium carbonate increased, with a decrease in the output of salt - lake lithium carbonate and an increase in the output of lithium carbonate from other raw materials [1] - **Demand**: Last week, the output of lithium iron phosphate and ternary materials decreased; in December, the production scheduling of lithium iron phosphate and lithium manganate decreased; last week, the output of power batteries increased; in November, the month - on - month and year - on - year growth rates of new - energy vehicle production and sales slowed down; the 3C shipments weakened; the production scheduling growth of energy - storage batteries stagnated in December [1] 3.4 Lithium Inventory - The SMM lithium carbonate inventory: the inventory of smelters was 20,767 tons, the inventory of downstream was 41,984 tons, and the inventory of others was 49,140 tons. The total inventory decreased by 2,366 tons compared to the previous week [1] 3.5 Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium announced that its Arkansas Smackover project has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 billion construction cost of Phase I. The project uses uncommercialized direct lithium extraction (DLE) technology but faces challenges [1]

Report Industry Investment Rating - Not provided Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] Summary by Relevant Content Lithium Carbonate Futures Market - On December 10, 2025, the main contract of lithium carbonate futures oscillated upward. The trading volume was 620,935 hands (+108,720), and the open interest was 605,453 hands (+30,032) [1] - The prices of different contracts (near - month, consecutive - one, consecutive - two, consecutive - three) all increased compared with previous data, with price increases ranging from 3,080 yuan/ton to 3,180 yuan/ton [1] Spot Market - The spot market trading was sluggish, and the basis discount widened. The price of spodumene concentrate increased, while the price of mica also rose [1] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased. The production of lithium carbonate from salt lakes decreased, while that from other raw materials increased [1] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials decreased. In December, the production plan of lithium iron phosphate and lithium manganate decreased. Last week, the production of power batteries increased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; the 3C shipments weakened; the growth of the production plan of energy - storage batteries in December stagnated [1] Inventory - The registered inventory was 13,680 tons (+760), and the social inventory decreased. Refineries and other sectors destocked, while downstream sectors also destocked [1] Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium project in Arkansas has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 - billion construction cost of Phase I. The project uses direct lithium extraction (DLE) technology but faces challenges such as the complexity of brine composition and the stability of recovery rates [1]

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Group 1 - The domestic equity market indices generally rose, with the ChiNext Index increasing by 1.86%. Cycle-themed funds outperformed, while consumer and pharmaceutical-themed funds experienced net value adjustments. A total of 39 new funds were established, with a combined issuance of 36.589 billion units. Stock ETFs saw a slight inflow of funds, primarily increasing positions in mid-cap and TMT-themed ETFs, while Hong Kong stock ETFs experienced significant inflows. The active equity fund positions showed a downward trend [5]. - The price of praseodymium and neodymium oxide has risen for a consecutive month, and the price of electrolytic cobalt has also increased for a month. The lithium price has reached approximately 92,000 yuan per ton, and it is recommended to focus on companies with cost advantages and resource expansion in the lithium mining sector. Prices for various cobalt products have risen, and tungsten prices remain at a high level not seen since 2012. The price of praseodymium and neodymium oxide is at a 19-month high [5]. - The new version of the medical insurance directory and the first version of the commercial insurance innovative drug directory were released simultaneously. The success rate of negotiations for the basic medical insurance reached 88%, the highest in seven years, while the first commercial insurance directory included 19 drugs with a negotiation success rate of 79%. The expansion and quality improvement of the medical insurance directory are emphasized, with a pass rate of 41.48% for drugs outside the directory undergoing expert review, indicating a strict overall standard. The renewal rate for negotiated drugs within the directory is as high as 75% [5]. Group 2 - The investment value analysis of Laopu Gold highlights its successful penetration into the market through product design that incorporates classic cultural elements from both Eastern and Western traditions, appealing to younger consumers. The brand's positioning in high-end shopping districts enhances its luxurious image, and despite a limited number of stores, the output per store is significant. The online strategy accelerates the penetration of traditional gold products, attracting young customers with lower-priced items, which also supports long-term offline development [7]. - For Anjui Foods, the company continues to show positive operational trends in the fourth quarter. Although the intensity of price competition in the industry remains to be observed, feedback from distributors and market responses indicate a potential easing of price competition among frozen food companies since the third quarter, which may lead to improved profitability [7].