Macro - In February, CPI increased significantly due to the impact of the Spring Festival, expanded service demand, and rising international oil and gold prices, reaching a new high in recent years [5] - PPI's decline is narrowing due to rising prices of non-ferrous metals and crude oil, driven by resource nationalism and the US-Iran conflict, with expectations of PPI turning positive in March [5] Fund Market - Industry theme funds experienced a net value decline, while financial and real estate theme funds performed relatively well; 12 new funds were launched this week, totaling 13.464 billion shares [5] - Stock ETFs saw significant net inflows, particularly in cyclical theme ETFs, which attracted 38.12 billion yuan, while mid and large-cap broad-based ETFs faced notable reductions [5] Copper Industry - COMEX copper inventory decreased for the first time since April 2025, with tight spot supply of copper concentrate; cable manufacturers' operating rates improved, and inventory reduction is expected in mid to late March [6] Metal New Materials - Prices of various new materials showed mixed trends: rough indium prices increased by 9.0%, while prices of lithium hydroxide, polysilicon, and electrolytic cobalt decreased [7] Company Insights - Yasheng's CFO indicated stable overall performance in Q1, with core indicators meeting expectations; receivables from related parties reduced to 3.553 billion yuan, suggesting the company has passed the peak of impairment pressure [8] - China National Offshore Oil Corporation (CNOOC) is expected to benefit from geopolitical uncertainties driving oil prices higher, enhancing its strategic value as it focuses on energy security and accelerating its transition to renewable energy [8] - Hosheng Silicon Industry plans to raise up to 5.8 billion yuan through a private placement to fund a new thermal power cogeneration project and replenish working capital [8]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 429,000 CNY/ton, down 1.6% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.75, also down 1.6% week-on-week. The price ratio of electrolytic cobalt to cobalt sulfate is 4.46, up 0.4% week-on-week [4] - Carbon fiber price remains at 83.8 CNY/kg, with a gross profit of -6.44 CNY/kg [4] - Rhenium price is 47,070 CNY/kg, up 1.7% week-on-week [4] Group 2: New Energy Vehicle New Materials - The prices of lithium carbonate and lithium hydroxide are 155,100 CNY/ton and 151,100 CNY/ton, down 9.8% and 7.0% week-on-week, respectively [5] - Cobalt sulfate price is 95,200 CNY/ton, down 0.10% week-on-week [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 191,500 CNY/ton, with no change and a decrease of 1.2% week-on-week, respectively [5] - Neodymium praseodymium oxide price is 850.17 CNY/kg, down 4.5% week-on-week [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 5.77 USD/kg, down 6.3% week-on-week [6] - EVA price is 9,650 CNY/ton, unchanged 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 - Prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,500 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton, respectively, with no change for most and a 5.6% increase for hafnium oxide [7] - Uranium price is projected to be 69.71 USD/pound in January 2026, up 9.8% [7] Group 5: Consumer Electronics New Materials - The price of cobalt trioxide is 363,000 CNY/ton, unchanged week-on-week. Lithium cobalt oxide price is 401.0 CNY/kg, down 0.2% [8] - Silicon carbide price is 5,800 CNY/ton, up 3.6% week-on-week [8] - The prices of high-purity gallium, crude indium, and refined indium are 1,980.00 CNY/kg, 4,850.00 CNY/kg, and 4,950.00 CNY/kg, respectively, with increases of 1.5%, 4.3%, and 4.2% week-on-week [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 547.50 CNY/g, 2,970.00 CNY/g, and 1,910.00 CNY/g, respectively, with platinum down 10.1% and rhodium and iridium up 2.4% and 3.0% [10]

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]

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]

Macro - The manufacturing and construction sectors experienced a decline in activity due to the impact of the Spring Festival, while the service sector saw a rebound driven by consumer spending during the holiday [5] - There is an increasing divergence among enterprises, with large companies continuing to expand while small companies' performance has dropped to a three-year low [5] - The price increase trend is spreading downstream, and the differentiation between old and new growth drivers persists, with high-tech manufacturing continuing to expand while consumer goods manufacturing and high-energy-consuming industries remain at low levels [5] Financial Engineering - The A-share market showed a volatile upward trend, with the CSI 1000 index rising by 4.34% week-on-week, leading the major broad-based indices [6] - The market's risk appetite has improved, as indicated by a positive increase in weekly financing amounts, although further upward movement may require increased trading volume [6] - Recent changes in the Middle East have led to fluctuations in resource prices, which may affect the performance of related sectors in the equity market [6] Fixed Income - In March, credit bond volatility risks are expected to increase, suggesting a cautious approach towards low liquidity and high valuation elasticity products [7] - Short-term credit bonds, due to their relatively better liquidity, are recommended for defensive positioning [7] - With high-grade credit spreads compressed to historical lows, there is limited space for yield enhancement, prompting a strategy shift towards lower-grade credits to increase returns [7] REITs - The secondary market prices of publicly listed REITs in China showed a downward trend in February, with the CSI REITs closing at 796.08, reflecting a return rate of -1.66% [8] - Compared to other major asset classes, REITs ranked lower in return rates, with gold, convertible bonds, and oil performing better [8] Banking - The impact of the Spring Festival on credit in February was minimal, with loan growth expected to be around one trillion yuan due to demand constraints and regulatory requirements [6] - The social financing growth rate is projected to slightly decline to 8.1% by the end of the month, influenced by the pre-issuance of government bonds [6] - M2 and M1 growth rates have also been affected by the Spring Festival timing [6] Metals - The price of rhenium has increased by 36% since January, while the production of electrolytic cobalt has decreased by 93% year-on-year [8] - Prices for various new materials have shown mixed trends, with platinum prices rising by 17.1% [8]

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The report highlights significant price increases in various materials, including a 36% rise in rhenium prices since January and a 93% year-on-year decline in the production of electrolytic cobalt in January [1] - The report emphasizes the positive outlook for the metal new materials sector, particularly in military and new energy vehicle applications, driven by rising prices and demand [4] Summary by Relevant Sections Military New Materials - The price of electrolytic cobalt has increased to 436,000 CNY/ton, with a week-on-week increase of 3.1% [1] - The price ratio of electrolytic cobalt to cobalt powder is 0.76, reflecting a 3.1% increase [10] - The report notes that cobalt is widely used in batteries and high-temperature alloys, indicating strong demand in the military sector [9] New Energy Vehicle Materials - Lithium hydroxide prices have risen to 162,600 CNY/ton, with a week-on-week increase of 12.4% [1] - The report states that the production of new energy vehicles in January 2026 was 1.0407 million units, a month-on-month decrease of 39.4% but a year-on-year increase of 2.5% [33] Photovoltaic New Materials - The price of photovoltaic-grade polysilicon has decreased to 6.16 USD/kg, with a week-on-week decline of 0.5% [2] - The report indicates that the price of EVA remains stable at 9,650 CNY/ton, which is at a low level since 2013 [2] Other Materials - The report notes an increase in the prices of platinum, rhodium, and iridium, with platinum reaching 609 CNY/gram, a 17.1% increase [3] - The price of beryllium is reported at 8,260,000 CNY/ton, with a week-on-week increase of 1.0% [19] Suggested Stocks - The report recommends focusing on companies with cost advantages and resource expansion in the lithium 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]

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]

Investment Rating - The report maintains a rating of "Buy" for the non-ferrous metals sector [5] Core Insights - The prices of key materials in the non-ferrous metals sector have shown significant fluctuations, with praseodymium and neodymium oxide reaching 850,000 CNY/ton, marking a 26% increase over the past month and a 56% increase over the past three months [1] - The report highlights the rising prices of lithium hydroxide and cobalt, which are critical for the new energy vehicle sector, indicating strong demand and potential investment opportunities [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, as well as those involved in cobalt and tungsten production [4] Summary by Sections New Materials in Military Industry - Electrolytic cobalt price is 423,000 CNY/ton, with a week-on-week increase of 0.7% [9] - The price ratio of electrolytic cobalt to cobalt powder is 0.74, indicating stable demand in the military sector [10] New Materials in New Energy Vehicles - Lithium carbonate and lithium hydroxide prices are 143,800 CNY/ton and 137,600 CNY/ton, respectively, with increases of 6.9% and 3.9% [34] - The report notes that the production of new energy vehicles in January 2026 was 1.041 million units, a decrease of 39.4% month-on-month but an increase of 2.6% year-on-year [32] New Materials in Photovoltaics - The price of photovoltaic-grade polysilicon remains stable at 6.19 USD/kg, while EVA prices are at 9,650 CNY/ton, also stable [2] New Materials in Nuclear Power - Uranium price increased to 69.71 USD/pound, reflecting a 9.8% rise [2] New Materials in Consumer Electronics - The price of crude indium has decreased by 4.5%, while the price of high-purity gallium remains stable [3] Investment Recommendations - The report recommends focusing on companies in the non-ferrous metals sector, particularly those involved in lithium, cobalt, and tungsten production, as well as those with strong market positions in praseodymium and neodymium [4]

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 420,000 CNY/ton, down 5.2% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.73, also down 5.2% [4] - The price of carbon fiber this week is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -9.19 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide this week are 134,400 CNY/ton and 132,500 CNY/ton, down 16.2% and 16.1% respectively [5] - The price of sulfuric cobalt this week is 95,300 CNY/ton, unchanged from the previous week [5] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 180,000 CNY/ton, with changes of 0% and -3.5% respectively [5] - The price of praseodymium-neodymium oxide is 757.72 CNY/kg, up 1.2% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon this week is 6.19 USD/kg, down 6.5% [6] - The price of EVA is 9,650 CNY/ton, unchanged and 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 this week are as follows: zirconium oxychloride at 13,750 CNY/ton, sponge zircon at 145 CNY/kg, hafnium oxide at 9,000 CNY/kg, zirconium silicate at 14,875 CNY/ton, and zircon sand at 14,012.5 CNY/ton, with changes of 0%, -3.3%, 0%, 0%, and 0% respectively [7] - The uranium price for December 2025 is projected to be 63.51 USD/lb, up 2.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide this week is 363,000 CNY/ton, unchanged [8] - The price of lithium cobalt oxide is 402.0 CNY/kg, down 0.5% [8] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,600.00 CNY/ton, 1,920.00 CNY/kg, 4,450.00 CNY/kg, and 4,550.00 CNY/kg, with changes of 0%, +2.1%, -4.3%, and -4.2% respectively [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium this week are 513.00 CNY/g, 2,595.00 CNY/g, and 1,855.00 CNY/g, with changes of -18.5%, -11.9%, and +0.5% respectively [10]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5] Core Insights - The report highlights a continuous increase in the price of rhenium powder over the past two months, while prices for various materials in the military, new energy vehicles, and photovoltaic sectors have shown mixed trends [1][2][3][4] Summary by Relevant Sections Military New Materials - Electrolytic cobalt price decreased to 420,000 CNY/ton, down 5.2% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.73 [1][9] - Carbon fiber price remained stable at 83.8 CNY/kg, with a gross profit of -9.19 CNY/kg [20] New Energy Vehicle Materials - Lithium hydroxide and carbonate prices fell to 132,500 CNY/ton and 134,400 CNY/ton respectively, with decreases of 16.2% and 16.1% [1][31] - Sulfuric cobalt price remained unchanged at 95,300 CNY/ton [1][40] - Phosphate lithium and 523-type cathode material prices were 52,400 CNY/ton and 180,000 CNY/ton, with a decrease of 3.5% for the latter [1][44] Photovoltaic New Materials - Photovoltaic-grade polysilicon price dropped to 6.19 USD/kg, down 6.5% [2] - EVA price remained stable at 9,650 CNY/ton, at a low level since 2013 [2] Recommendations - The report suggests focusing on the non-ferrous metal materials sector, particularly on companies with cost advantages and resource expansion potential, such as Salt Lake Co., Zangge Mining, and Tianqi Lithium [4] - It also recommends monitoring cobalt-related companies like Huayou Cobalt and tungsten companies such as Zhangyuan Tungsten [4]