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]

Group 1: Military New Materials - The price of electrolytic cobalt is 430,000 CNY/ton, with a week-on-week increase of 0.2% [4] - The price of carbon fiber remains at 83.8 CNY/kg, with a gross profit of -9.92 CNY/kg [4] - The price of rhenium is 47,320 CNY/kg, reflecting a week-on-week increase of 0.5% [4] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 159,100 CNY/ton and 151,100 CNY/ton, with week-on-week changes of +2.5% and -0.0% respectively [5] - The price of sulfuric cobalt is 95,100 CNY/ton, showing a slight decrease of 0.05% [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 +1.2% respectively [5] - The price of praseodymium-neodymium oxide is 802.69 CNY/kg, reflecting a week-on-week decrease of 5.6% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 5.65 USD/kg, with a week-on-week decrease of 2.1% [6] - The price of EVA is 11,550 CNY/ton, showing a week-on-week increase of 9.5%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/square meter [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, 9,500 CNY/kg, 14,875 CNY/ton, and 14,012.5 CNY/ton respectively, with no change week-on-week [7] - The uranium price for February 2026 is 71.30 USD/pound, reflecting a week-on-week increase of 2.3% [7] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 363,000 CNY/ton, remaining unchanged week-on-week [8] - The price of lithium cobalt oxide is 401.0 CNY/kg, with no change [8] - The price of silicon carbide is 5,900.00 CNY/ton, reflecting a week-on-week increase of 1.7% [8] - The prices of high-purity gallium, crude indium, and refined indium are 2,030.00 CNY/kg, 4,850.00 CNY/kg, and 4,950.00 CNY/kg respectively, with changes of +2.5%, 0%, and 0% [9] - The price of germanium dioxide is 8,950 CNY/kg, remaining stable [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 544.00 CNY/g, 2,890.00 CNY/g, and 2,140.00 CNY/g respectively, with changes of -0.6%, -2.7%, and +12.0% [9]

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]

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]

Group 1 - The EU is considering a ban on imports of various platinum group metals and copper from Russia as part of new sanctions against the country [1] - The proposed ban may include iridium, rhodium, platinum, and copper, pending support from EU member states [1] - The EU plans to formally adopt this new sanctions package within the month [1] Group 2 - The metal market is already experiencing tight supply and demand conditions, with copper prices reaching historical highs this year due to strong global demand and limited mining supply [2] - Major trading centers are increasingly rejecting Russian metals, with the UK prohibiting the trading or delivery of Russian-origin copper on the London Metal Exchange after April 13, 2024 [2] - European buyers have largely ceased purchasing Russian copper due to sanctions on several large Russian producers [2] Group 3 - This proposed sanctions package is part of the EU's 20th round of sanctions against Russia since the onset of the military conflict in Ukraine [3] - The EU is also considering a proposal to replace the current price cap mechanism on Russian oil with a ban on maritime services related to Russian oil transport [3] - The current price cap on Russian crude oil is set to decrease to $44.10 per barrel starting February 1, with a review every six months [3] Group 4 - The EU is contemplating the use of a new anti-circumvention tool to prohibit the export of machine tools and specific radio equipment to Kyrgyzstan [4] - The proposed sanctions will also impose new trade restrictions on more companies and prohibit the export of materials needed for Russia's weapons production [5] - The sanctions will further limit imports of various metals from Russia [5]

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 435,000 CNY/ton, a decrease of 3.5% compared to the previous week. The price ratio of electrolytic cobalt to cobalt powder is 0.76, down 4.5% [3] - The price of carbon fiber this week is 83.8 CNY/kg, remaining unchanged, with a gross profit of -9.19 CNY/kg [3] Group 2: New Energy Vehicle Materials - The prices of lithium carbonate and lithium hydroxide are 171,100 CNY/ton and 161,100 CNY/ton, respectively, with increases of 8.4% and 8.2% [4] - The price of cobalt sulfate this week is 95,300 CNY/ton, up by 0.21% [4] - The prices of lithium iron phosphate and 523-type cathode materials are 52,400 CNY/ton and 200,200 CNY/ton, with changes of 0% and +4.6%, respectively [4] - The price of praseodymium-neodymium oxide is 672.66 CNY/kg, down by 0.3% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 7.88 USD/kg, unchanged from the previous week [5] - The price of EVA is 9,650 CNY/ton, an increase of 3.8%, remaining at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [5] 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 [6] - The uranium price for December 2025 is projected to be 63.51 USD/lb, reflecting a 2.0% increase [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 363,000 CNY/ton, unchanged, while lithium cobalt oxide is priced at 402.0 CNY/kg, up by 0.5% [7] - The price of silicon carbide is 5,600.00 CNY/ton, with a significant increase of 9.8% [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,840.00 CNY/kg, 3,450.00 CNY/kg, and 3,550.00 CNY/kg, with changes of +1.4%, -4.2%, and -4.1%, respectively [7] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 672.50 CNY/g, 2,715.00 CNY/g, and 1,675.00 CNY/g, with increases of 11.5%, 5.0%, and 1.8%, respectively [8]

Core Insights - Iridium, a rare white metal, has maintained a high price of 800,000 RMB per kilogram, surpassing gold, due to its unique properties and scarcity [1] Group 1: Scarcity - Iridium is one of the rarest elements in the Earth's crust, with an annual global production of only about 8 tons, which is one-third of gold production [1] - It is primarily found in platinum or nickel ores, with independent deposits being extremely rare, contributing to its high value [1] Group 2: Mining and Refining - The extraction and refining of iridium are complex, requiring the processing of hundreds of tons of ore to obtain just one kilogram of iridium [2] - The high difficulty of separation and purification techniques, such as chemical dissolution and high-temperature smelting, further increases costs [2] Group 3: Irreplaceable Applications - Iridium has unique physical and chemical properties, including a melting point exceeding 2400°C and strong corrosion resistance, making it indispensable in various high-end applications [3][4][5] - It is used in critical industrial components, high-precision lasers, cosmic ray detectors, and as a strengthening agent in platinum for high-performance alloys [3][4][5] Group 4: Market Supply and Demand - The iridium market, while small, has a concentrated demand in high-tech and high-end manufacturing sectors, characterized by rigid demand [6] - Supply is highly concentrated, with South Africa and Russia being the primary producers, creating a fragile balance between scarce supply and stable demand, which helps maintain high prices [6] Group 5: Future Outlook - Demand for iridium is expected to steadily increase with the development of aerospace, new energy, and precision medical industries [7] - The discovery of new deposits is rare, and while recycling technology is improving, it remains limited in scale, ensuring iridium's position as a "price king" due to its scarcity and irreplaceability [7]

Core Viewpoint - The company, Guoyan Platinum Industry (600459.SH), focuses on the refining of precious metals from waste materials, specifically gold and silver, and does not currently engage in mining activities for these metals. Future expansion into mining will depend on the company's development plans and business layout [1] Group 1 - The company operates in the precious metals sector, which includes eight elements: gold, silver, platinum, palladium, rhodium, iridium, osmium, and ruthenium [1] - Currently, the company's business primarily involves the purification of precious metals from waste materials [1] - The company has not yet entered the mining of gold and silver, and future decisions will be based on strategic planning [1]

Core Viewpoint - The company, Guiyan Platinum Industry (600459.SH), confirmed that its operations include precious metals such as gold and silver, but currently focuses on refining precious metals from waste materials rather than mining them directly [2]. Group 1 - The company operates with eight types of precious metals: gold, silver, platinum, palladium, rhodium, iridium, osmium, and ruthenium [2]. - Currently, the company's business primarily involves the purification of precious metals from waste materials, and it does not engage in the mining of gold and silver [2]. - Future decisions regarding entering the gold and silver mining sector will depend on the company's development plans and business strategy [2].