Investment Rating - The report maintains a "Buy" rating for the non-ferrous metal sector [5] Core Insights - The report highlights a downward trend in prices for several key materials, including praseodymium and neodymium oxide, which fell by 12.4% this week [1] - Lithium carbonate and lithium hydroxide prices decreased by 6.4% and 6.1% respectively, indicating a potential shift in the market dynamics for new energy vehicle materials [1] - The report suggests a continued positive outlook for the metal new materials sector, particularly for lithium and cobalt, with recommendations to focus on companies with cost advantages and expansion potential [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price is reported at 428,000 CNY/ton, down 0.5% week-on-week, with a price ratio of 0.74 for electrolytic cobalt to cobalt powder [1][11] - The price of rhenium remains stable at 47,320 CNY/kg [1] New Energy Vehicle Materials - Praseodymium and neodymium oxide price is 702.82 CNY/kg, down 12.4% week-on-week [1] - Lithium carbonate and lithium hydroxide prices are 149,000 CNY/ton and 141,900 CNY/ton respectively, reflecting a decrease of 6.4% and 6.1% [1][29] Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 5.55 USD/kg, down 1.8% week-on-week [2] - EVA price is reported at 11,850 CNY/ton, up 2.6% [2] Other Materials - High-purity gallium price increased by 4.9% to 2,130 CNY/kg, while indium prices remained stable [3] - The report notes a decline in iridium prices by 9.3% to 1,940 CNY/g [3] Recommendations - The report recommends focusing on companies in the lithium sector with cost advantages and expansion capabilities, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also suggests monitoring cobalt companies like Huayou Cobalt and tungsten companies such as Zhangyuan Tungsten [4]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry in China [5] Core Insights - Short-term market volatility due to Middle East conflicts has led to a general decline in non-ferrous metal prices, with lithium prices expected to fluctuate. However, there is potential for stabilization and upward movement in lithium prices in the second quarter, supported by ongoing demand and supply disruptions [3][10] - The cobalt sector shows resilience in pricing due to structural tightness in raw materials, with intermediate products and cobalt salts maintaining high levels. Price increases are anticipated once downstream orders become clearer and restocking begins [3][11] Summary by Sections 1. Cycle Analysis - The report suggests that core lithium and cobalt assets have clear investment value, recommending active positioning. Lithium prices have been fluctuating downwards, with futures contracts showing declines of 4.89% and 5.41% respectively. Lithium concentrate prices have decreased by $153 per ton week-on-week [10][11] - The market is characterized by "upstream reluctance to sell and downstream low-price procurement," leading to improved transactions during price declines, although demand quickly weakens after rebounds [11] 2. Company and Industry Dynamics - Recent auction results for lithium concentrate indicate a CIF price of $2018 per ton for 14,520 tons from Wodgina, expected to arrive in April [14] - A company in Zimbabwe has achieved an annual processing capacity of 2.3 million tons of raw ore at its Kamativi lithium mine [14] 3. Core Data on New Energy Materials - In February, domestic production of lithium carbonate and lithium hydroxide decreased by 15% month-on-month, while cobalt sulfate production fell by 10% [15][18] - The report notes a general decline in inventory levels for various lithium and cobalt products, indicating a tightening supply situation [53][56]

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - Short-term market volatility due to Middle East conflicts has led to a general decline in non-ferrous metal prices, with lithium prices expected to fluctuate. However, there is potential for stabilization and upward movement in lithium prices in the second quarter, supported by mid-term demand and supply disruptions [3][10] - The cobalt sector shows price resilience due to tight raw material supply, with intermediate products and cobalt salts maintaining high levels. Price increases are anticipated once downstream orders become clearer and restocking begins [3][12] Summary by Sections 1. Cycle Assessment - The lithium and cobalt sectors are identified as having clear investment value, with recommendations for active positioning. Lithium prices have been fluctuating downwards, with futures contracts showing declines of 4.89% and 5.41% respectively. Lithium concentrate prices have decreased by $153 per ton week-on-week [10][11] - The market is characterized by "upstream reluctance to sell and downstream low-price procurement," leading to improved transactions during price declines, although demand quickly weakens after rebounds [11] 2. Company and Industry Dynamics - Recent auction results for lithium concentrate indicate a CIF price of $2018 per ton for 14,520 tons from Wodgina, expected to arrive in April [14] - A company in Zimbabwe has achieved an annual processing capacity of 2.3 million tons of raw ore at its Kamativi lithium mine [14] 3. Core Data on New Energy Materials - February production data shows a 15% month-on-month decline in domestic lithium carbonate and lithium hydroxide production, while cobalt production also saw declines of 10% for sulfate and 39% for chloride [15][18] - The weekly production of lithium carbonate increased by 3.24%, with inventory levels decreasing by 0.09% [44][45] - Phosphate iron lithium inventory increased by 0.89%, and ternary material inventory rose by 2.25% [53][54]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The supply and demand expectations for cobalt and lithium metals are both increasing, leading to price fluctuations. In the short term, lithium prices are expected to remain high due to upstream reluctance to sell and cautious downstream procurement, influenced by export restrictions in Zimbabwe. The cobalt market is supported by structural tightness in raw materials, with price resilience expected as downstream restocking demand gradually releases [4][9][13]. Summary by Sections 1. Cycle Assessment - The core targets in lithium and cobalt have clear investment value, suggesting active positioning. Lithium prices are experiencing fluctuations, with futures contracts showing a decline. The lithium concentrate price is reported at $2,210 per ton, up $55 from the previous week. The market is characterized by a standoff between upstream reluctance to sell and downstream purchasing at lower prices [9][13][14]. 2. Company and Industry Dynamics - Recent announcements include adjustments to trading fees for lithium futures contracts by the Guangxi Futures Exchange. Additionally, Ningde Times is accelerating the resumption and mining progress of lithium mines, which is expected to enhance supply chain resource security [16][17]. 3. Core Data on New Energy Materials - In February, domestic production of lithium carbonate and lithium hydroxide decreased by 15% month-on-month, while cobalt sulfate production fell by 10%. However, year-on-year comparisons show increases of 30% and 14%, respectively [19][23][29]. The inventory levels are undergoing structural adjustments, with lithium carbonate weekly production up by 3.70% and inventory down by 0.42% [51][59]. 4. Price Trends - The average price of battery-grade lithium carbonate decreased by 1.19%, while the price of battery-grade lithium hydroxide fell by 2.09%. In contrast, the average price of ternary materials increased by 1.25% [15][66][85]. 5. Inventory Changes - The inventory of phosphoric iron lithium increased by 5.22%, and the inventory of ternary materials rose by 1.17% [59][60]. In the cobalt segment, core product inventories generally decreased in February, with cobalt intermediate inventory down by 18.57% [61][64].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report indicates that both supply and demand are expected to increase, leading to a complex price dynamic in the cobalt and lithium metal sectors. In the short term, lithium prices are expected to remain high due to upstream withholding and cautious downstream purchasing, influenced by export restrictions from Zimbabwe. The cobalt sector is supported by structural tightness in raw materials, providing price resilience. In the medium term, while geopolitical tensions in the Middle East and concentrated raw material arrivals may pressure lithium prices, there is still upward momentum expected in the second quarter for both lithium and cobalt products [4][9][13] Summary by Sections 1. Cycle Assessment - The lithium and cobalt sectors are identified as having clear investment value, with recommendations for active positioning. Lithium prices are fluctuating within a high range, with recent data showing a weekly decrease in futures contracts. The lithium concentrate price has increased by 55 USD per ton week-on-week, while lithium salt prices are experiencing a downward trend due to market dynamics [9][13][14] 2. Company and Industry Dynamics - Recent announcements include adjustments to trading fees for lithium carbonate futures by the Guangxi Futures Exchange. Additionally, CATL is accelerating the resumption and mining progress of lithium mines, which is expected to enhance supply chain resource security [16][17] 3. Core Data on New Energy Materials - In February, domestic production of lithium carbonate and lithium hydroxide decreased by 15% month-on-month, while cobalt sulfate production fell by 10%. However, year-on-year comparisons show increases of 30% and 14% respectively for lithium carbonate and lithium hydroxide [19][20][23] 4. Lithium Salt Import and Export - In December, lithium carbonate imports rose by 9% month-on-month, while lithium hydroxide exports surged by 88%. This indicates a robust demand for lithium salts in the market [38][44] 5. Weekly Data on Lithium Salts - Weekly data shows a 3.70% increase in lithium carbonate production and a 0.42% decrease in inventory levels, reflecting a tightening supply situation [51][52] 6. Downstream Material Inventory - Weekly inventory levels for lithium iron phosphate and ternary materials increased by 5.22% and 1.17% respectively, indicating a buildup in stock [59][60] 7. Cobalt Segment Inventory - In February, inventory levels for key cobalt products generally decreased, with cobalt intermediate inventory down by 18.57% and electrolytic cobalt inventory down by 16.17% [61][64] 8. Price Trends for New Energy Metal Materials - The report notes mixed price movements, with lithium prices showing weakness while cobalt and nickel prices exhibit varied trends. The average price for battery-grade lithium carbonate decreased by 1.19% week-on-week [66][71]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5] Core Insights - The report highlights a general decline in prices for various new materials, particularly in the electric vehicle and photovoltaic sectors, while some materials like rhenium and praseodymium-neodymium oxide have seen price increases [1][2][3][4] - The report suggests a positive outlook for the metal new materials sector, driven by upcoming policy changes regarding export tax rebates for battery products, which may stimulate short-term demand [4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price decreased to 429,000 CNY/ton, down 1.6% week-on-week; cobalt powder price ratio is 0.75, down 1.6% [1][10] - Rhenium price increased to 47,070 CNY/kg, up 1.7% week-on-week [1][19] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -6.44 CNY/kg [1][22] New Energy Vehicle Materials - Lithium hydroxide price decreased to 151,100 CNY/ton, down 7.0% week-on-week; lithium carbonate price decreased to 155,100 CNY/ton, down 9.8% [1][35] - Sulfuric cobalt price is 95,200 CNY/ton, down 0.10% [1][45] - Phosphate iron lithium price is stable at 52,400 CNY/ton, with a gross profit of -1,900 CNY/ton [1][49] Photovoltaic New Materials - Photovoltaic-grade polysilicon price decreased to 5.77 USD/kg, down 6.3% week-on-week [2] - EVA price remains at 9,650 CNY/ton, stable at a low level since 2013 [2] Recommendations - The report recommends focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also suggests monitoring cobalt companies like Huayou Cobalt and tungsten companies like Zhangyuan Tungsten [4]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report suggests that the lithium and cobalt sectors have clear investment value, recommending active positioning. Short-term lithium prices may be suppressed due to geopolitical risks, but there are expected upward opportunities in the second quarter as demand peaks [4][14] - Cobalt raw materials remain tight, supporting price resilience, while the market for intermediate products and electrolytic cobalt is currently quiet, but cost and supply constraints provide bottom support [4][15] Summary by Sections 1. Cycle Assessment: Short-term geopolitical risks suppressing, but medium-term momentum remains - The lithium sector is experiencing price fluctuations, with futures contracts showing a weekly decline of 10.14% to 156,900 CNY/ton for the Wuxi contract and 11.29% to 156,200 CNY/ton for the Guangxi contract. Lithium concentrate prices fell to 2,155 USD/ton, down 217 USD from the previous week [9][14] - The report notes that the geopolitical situation in the Middle East has led to significant volatility in lithium prices, with current market activity remaining cautious [15] 2. Company and Industry Dynamics - Recent announcements highlight the need for accelerated industrialization of solid-state batteries and the importance of establishing long-term strategic partnerships between battery, material, and equipment companies [18] - Companies like Chuaneng Power and Guoxuan High-Tech are actively managing their lithium resources and production operations to ensure stable supply and optimize procurement costs [18] 3. Core Data on New Energy Materials: February production generally declined, lithium and cobalt prices fluctuated - In February, domestic production of lithium carbonate and lithium hydroxide decreased by 15% month-on-month, while cobalt sulfate production fell by 10% month-on-month [19][22] - The report indicates that the inventory levels for lithium and cobalt products are undergoing structural adjustments, with some products experiencing a decline in inventory [58][60] 4. Lithium Salt Import and Export - In December, lithium carbonate imports increased by 9% month-on-month, while lithium hydroxide exports surged by 88% [37][41] 5. Price Trends of New Energy Metals - The average price of battery-grade lithium carbonate decreased by 3.00% last week, while the average price of battery-grade lithium hydroxide fell by 0.70% [66][68]

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 436,000 CNY/ton, with a week-on-week change of +3.1%. The price ratio of electrolytic cobalt to cobalt powder is 0.76, also up by +3.1% [4] - Carbon fiber price remains stable at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,900 CNY/ton and 162,600 CNY/ton, reflecting week-on-week increases of +19.6% and +12.4% respectively [5] - Sulfuric cobalt price is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 193,800 CNY/ton, with week-on-week changes of +0% and +3.4% respectively [5] - The price of praseodymium-neodymium oxide is 890.57 CNY/kg, up by +4.8% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.16 USD/kg, showing a week-on-week decrease of -0.5% [6] - EVA price remains unchanged at 9,650 CNY/ton, at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [6] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials such as oxychloride zirconium and sponge zirconium remain stable, while uranium price is 69.71 USD/lb, reflecting a week-on-week increase of +9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is stable at 363,000 CNY/ton, while lithium cobalt oxide is priced at 402.0 CNY/kg [8] - Silicon carbide price remains unchanged at 5,600.00 CNY/ton [8] - The prices for high-purity gallium, crude indium, and refined indium are 1,950.00 CNY/kg, 4,650.00 CNY/kg, and 4,750.00 CNY/kg, with week-on-week increases of +1.6%, +9.4%, and +9.2% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 609.00 CNY/g, 2,900.00 CNY/g, and 1,855.00 CNY/g, with week-on-week changes of +17.1%, +4.5%, and +0% respectively [10]

Investment Rating - The report maintains a "Positive" outlook on the lithium and cobalt sectors, indicating clear investment value and suggesting active positioning in these areas [8][12]. Core Insights - The report highlights that supply disruptions, particularly from Zimbabwe, have intensified expectations for supply contraction, leading to a significant rebound in lithium prices post-holiday. The lithium price is expected to continue rising in the second quarter due to ongoing demand in the energy storage sector and supply-side disturbances [4][12][13]. - Cobalt prices are supported by raw material costs, with insufficient arrival volumes at ports, indicating limited downward space in the short term [4][12]. Summary by Sections 1. Cycle Assessment: Supply Disruptions Trigger Lithium Price Rebound - The lithium sector is experiencing price acceleration due to supply disturbances and post-holiday replenishment. Futures contracts have seen significant weekly increases, with the Wuxi contract rising 16.95% to 174,600 CNY/ton and the Guangzhou contract increasing 15.33% to 176,000 CNY/ton. Lithium concentrate prices have also surged, with a reported increase of 372 USD/ton to 2,372 USD/ton [8][12][13]. 2. Company and Industry Dynamics - Zimbabwe has announced an immediate suspension of all raw mineral and lithium concentrate exports, aiming to strengthen mineral regulation and accountability. This move is expected to compress the available supply from Africa, increasing uncertainty and risk premiums in the raw material sector [16]. - Core Lithium has agreed to sell its lithium spodumene inventory to Glencore, which is expected to provide significant momentum for potential resumption of production [16]. 3. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - In January, domestic lithium carbonate production increased by 5% month-on-month, while hydroxide production decreased by 4%. The report indicates a structural adjustment in inventory levels [17][18]. - The report notes that cobalt production in January saw a month-on-month decline of 5% for sulfate and 8% for chloride, while year-on-year increases were recorded at 13% and 32%, respectively [20][29]. 4. Lithium Salt Import and Export Data - In December, lithium carbonate imports rose by 9% month-on-month, while hydroxide exports surged by 88%. This reflects a strong demand and supply dynamic in the lithium market [34][40]. 5. Price Trends in New Energy Metals - The average weekly price for battery-grade lithium carbonate increased by 18.35%, while industrial-grade prices rose by 18.83%. The average price for battery-grade lithium hydroxide also saw a significant increase of 15.35% [63][64].

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 423,000 CNY/ton, with a week-on-week increase of 0.7%. The price ratio of electrolytic cobalt to cobalt powder is 0.74, also up by 0.7% [4] - Carbon fiber price remains at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 143,800 CNY/ton and 137,600 CNY/ton, reflecting week-on-week increases of 6.9% and 3.9% respectively [5] - The price of sulfuric cobalt is stable at 95,300 CNY/ton [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 187,300 CNY/ton, with week-on-week changes of 0% and 4.1% respectively [5] - The price of praseodymium-neodymium oxide is 849.82 CNY/kg, up by 12.2% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.19 USD/kg, remaining unchanged week-on-week [6] - The price of EVA is 9,650 CNY/ton, stable and at a low level 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-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton respectively [7] - The uranium price for January 2026 is 69.71 USD/pound, reflecting a week-on-week increase of 9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 363,000 CNY/ton, stable week-on-week [8] - The price of lithium cobalt oxide is 402.0 CNY/kg, unchanged [8] - The price of silicon carbide is 5,600.00 CNY/ton, stable [8] - The prices of high-purity gallium, crude indium, and refined indium are 1,920.00 CNY/kg, 4,250.00 CNY/kg, and 4,350.00 CNY/kg, with week-on-week changes of 0%, -4.5%, and -4.4% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 520.00 CNY/g, 2,775.00 CNY/g, and 1,855.00 CNY/g, with week-on-week increases of 1.4% and 6.9% for platinum and rhodium respectively [10]