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 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]

Core Viewpoint - Iridium, despite its higher value than gold, cannot replace gold's position due to its scarcity, processing challenges, and lower chemical stability [1][3]. Group 1: Scarcity of Iridium - Iridium is extremely rare on Earth, making its extraction difficult and resource-intensive [5]. - The production of iridium is minimal compared to gold, which has abundant reserves and established mining techniques [6]. - The low supply of iridium cannot meet large-scale market demands for various applications, unlike gold [6]. Group 2: Processing Challenges - Iridium's hardness presents significant challenges in processing, requiring advanced technology and higher energy consumption [8]. - Unlike gold, which is highly malleable and can be easily shaped into intricate designs, iridium's processing leads to increased costs and potential quality issues [8]. - The limitations in iridium's processing capabilities restrict its versatility in manufacturing compared to gold [8]. Group 3: Chemical Stability - Gold exhibits exceptional chemical stability, remaining unreactive in various harsh environments, which contributes to its long-term value [10]. - While iridium has some chemical stability, it can still react under specific conditions, affecting its reliability and lifespan [10]. - Gold's superior chemical properties make it more suitable for diverse applications, reinforcing its dominant position [10].

Group 1: Real Estate - The land auction heat in core cities continues, with the average transaction price of residential land in 30 core cities increasing by 24% year-on-year from January to May 2025 [4] - From January to May, the total area of residential land sold in 100 cities was 69.91 million square meters, a decrease of 3.4% year-on-year, with an average floor price of 7,466 yuan per square meter, up 26.2% year-on-year [4] - In May, the overall premium rate for residential land transactions in the 30 core cities was 9.2%, an increase of 7.1 percentage points year-on-year, with 15 plots exceeding a premium rate of 20% [4] - The top 50 real estate companies saw a 42% year-on-year increase in the value of newly acquired land reserves, while the area of new land reserves decreased by 1% year-on-year [4] - The high-energy cities' real estate market is expected to gradually stabilize after a period of decline [4] Group 2: Metals and New Materials - The price of iridium reached a nearly 10-month high, while the price of polysilicon hit a new low since 2014 [4] - Prices for military new materials remained stable, while lithium hydroxide prices decreased in the new energy vehicle sector [4] - Polysilicon prices have dropped, and uranium prices have increased in the nuclear power new materials sector [4] - The price of high-purity gallium fell in the consumer electronics new materials sector, and platinum prices also decreased [4] - Lithium prices have dropped to around 60,000 yuan per ton, with the potential for accelerated capacity exit in the future; companies with cost advantages and resource expansion in the lithium mining sector are recommended for attention [4]

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 236,000 CNY/ton, with a week-on-week change of +0% [3] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.56 CNY/kg [3] - Beryllium prices are stable this week [3] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at the Chinese port is 540 USD/ton, down by -0.92% week-on-week [4] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 59,800 CNY/ton, 60,600 CNY/ton, and 60,600 CNY/ton respectively, with changes of -0.1%, +1.21%, and -2.3% [4] - The price of cobalt sulfate is 47,700 CNY/ton, unchanged [4] - The prices of lithium iron phosphate and 523-type cathode materials are 30,300 CNY/ton and 104,800 CNY/ton, with changes of +0% and -0.7% respectively [4] - The price of praseodymium-neodymium oxide is 444.11 CNY/kg, up by +0.8% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.25 USD/kg, down by -0.7% [5] - The price of EVA is 10,450 CNY/ton, unchanged, remaining at a high level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are as follows: zirconium oxychloride at 14,750 CNY/ton, sponge zircon at 155 CNY/kg, hafnium oxide at 9,000 CNY/kg, zirconium silicate at 14,225 CNY/ton, and zircon sand at 14,012.5 CNY/ton, with various week-on-week changes [6] - The uranium price for May 2025 is 57.31 USD/pound, up by +8.8% [6] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 186,500 CNY/ton, unchanged, while lithium cobalt oxide is priced at 175.0 CNY/kg, also unchanged [7] - The price of silicon carbide is 5,600.00 CNY/ton, unchanged [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,865.00 CNY/kg, 2,425.00 CNY/kg, and 2,525.00 CNY/kg respectively, with changes of -0.5%, +0%, and +0% [7] - The price of germanium dioxide is 9,900 CNY/kg, unchanged, with 50% used for optical fibers and 15% for electronic and solar devices; high-purity gallium is primarily used in semiconductors [7]

Group 1: Market Overview - The price of gold is projected to reach a historical high of $3,500 per ounce by April 2025, driven by geopolitical tensions and a dollar credit crisis, highlighting the renewed focus on precious metals [2] - Gold has seen a year-to-date increase of 28.51%, reinforcing its status as a safe-haven asset amid inflationary risks in the U.S. [2] - Central banks' ongoing purchases of gold emphasize its unique role as a sovereign credit hedge [2] Group 2: Silver and Platinum Group Metals - Silver is expected to surpass $43.50 per ounce in 2025, with its essential role in 5G electronics and new energy batteries due to its conductivity [3] - The market for platinum is facing challenges due to reduced demand from traditional fuel vehicles, but hydrogen fuel cell vehicles present new opportunities [3] - The usage of platinum in vehicles has decreased from 1.1g/kW in 2000 to 0.17g/kW, prompting accelerated research into low-platinum catalysts [3] Group 3: Palladium and Rhodium Dynamics - Palladium's demand in automotive emissions control is declining, with its market share dropping from 75% in 2020 to 60% in 2025, while new demands in electronics and hydrogen fuel cells are emerging [4] - Rhodium prices have surged from 1,200 yuan per gram in 2020 to over 3,000 yuan per gram in 2025, driven by demand from hydrogen vehicles and 5G glass [4] - The development of rhodium-free catalysts in Japan poses a potential risk to rhodium prices if mass production occurs [4] Group 4: Recycling and Geopolitical Risks - The precious metals recycling market in China is expected to expand, with new technologies increasing recovery rates to over 95% [4] - Geopolitical risks remain high, as 80% of rhodium and 40% of palladium supply relies on South Africa and Russia, making the supply chain vulnerable to disruptions [4] - The interplay between resource concentration and technological breakthroughs is creating uncertainties in the precious metals market [4] Group 5: Future Outlook - Each precious metal faces unique challenges and opportunities, with gold balancing monetary and medical applications, platinum undergoing energy transition pains, and palladium and rhodium navigating traditional and emerging demands [5] - The precious metals market in 2025 transcends simple safe-haven investments, serving as a lens to observe global industrial changes and geopolitical dynamics [5]

Core Insights - Precious metals have been a symbol of wealth and power throughout history, and they play a crucial role in various modern industries, including technology, healthcare, and electronics [1] Group 1: Characteristics of Precious Metals - Precious metals are defined as rare, high-density metals with significant economic value, including Ruthenium (Ru), Rhodium (Rh), Palladium (Pd), Osmium (Os), Iridium (Ir), Platinum (Pt), Silver (Ag), and Gold (Au) [1] - The abundance of these metals in the Earth's crust is extremely low, with concentrations measured in grams per ton: Silver 0.1, Palladium 0.01, Gold and Platinum 0.005, and Rhodium, Iridium, Ruthenium, Osmium 0.001 [1] - Silver excels in electrical and thermal conductivity, while Gold ranks third, and Platinum group metals are known for their thermal stability in electronic applications [3] - Gold and Silver possess exceptional malleability, with 1 gram of Gold capable of being drawn into a wire measuring 3420 meters [3] Group 2: Applications of Precious Metals - Precious metals are ideal for jewelry due to their aesthetic qualities, with Silver reflecting white light most effectively and Gold reflecting infrared light strongly [4] - The ability of precious metals to absorb gases like oxygen and hydrogen makes them valuable in catalytic reactions and gas purification processes [6] - Precious metals exhibit high corrosion resistance, with Iridium being the most resistant, making them suitable for use in harsh chemical environments [7] - Palladium catalysts can enhance organic reaction rates by up to 1 million times, playing a vital role in automotive emissions control and petroleum refining [9] Group 3: Industry Impact - In the electronics industry, Gold, Silver, and Platinum are used for their excellent conductivity and stability, with Gold ensuring stable electronic signal transmission [13] - Platinum and Palladium are increasingly in demand for automotive catalytic converters due to stricter environmental regulations [14] - In aerospace, precious metals are used in high-temperature alloys for critical engine components, capable of withstanding extreme conditions [15] - Precious metals are essential in the chemical industry for processes like nitric acid production and petroleum reforming, improving reaction efficiency and reducing costs [18] Group 4: Financial and Economic Role - Historically, Gold and Silver served as currency and continue to influence monetary value, with central banks holding significant Gold reserves to enhance currency credibility [19] - The precious metals market is vast, with Gold being the largest segment, and prices are influenced by various factors, including economic uncertainty and geopolitical tensions [21] - Platinum and Palladium prices are closely tied to the automotive industry, with demand driven by vehicle sales and environmental regulations [21] Group 5: Future Outlook - Precious metals are positioned as key players in future technological advancements and sustainable development, serving as catalysts in energy and life sciences [22]

Group 1: Market Overview - The platinum group metals (PGMs) market is unexpectedly stabilizing in 2024 after years of volatility, with prices rebounding and fluctuating within a narrow range despite ongoing macroeconomic and geopolitical uncertainties [1][2] - Demand for the five PGMs exceeds supply, with a projected 16% of global PGM production facing losses due to limited capital investment and corporate restructuring [2][18] Group 2: Production and Supply - In 2024, global PGM production is estimated to be significantly lower than pre-pandemic levels, with mining supply of 5E PGMs remaining constrained [2][11] - Recycling supply of PGMs is expected to increase by 6% year-on-year, driven by recovery in catalytic converter recycling, although it remains 24% below 2021 levels [2] Group 3: Price Projections - Platinum prices are projected to rise to $970 per ounce in 2025, supported by supply shortages, but the increase will be limited due to substantial above-ground stocks [3][18] - Palladium prices are expected to decline by 5% to $930 per ounce in 2025 due to weakening demand from the automotive sector [4][19] - Rhodium prices are forecasted to increase by 8% to $5,000 per ounce in 2025, supported by limited inventory [5][20] - Iridium prices are anticipated to drop by 14% to $4,100 per ounce in 2025, reflecting a high base from 2024 [6][20] - Ruthenium prices are expected to rise by 26% to $550 per ounce in 2025, driven by strong demand [7][21] Group 4: Demand Dynamics - The automotive sector's total demand for PGMs is projected to decline for the first time since 2020, with a 4% decrease in demand for platinum, palladium, and rhodium due to the slowdown in electrification [11] - Industrial demand for PGMs shows significant divergence, with platinum and palladium demand decreasing due to soft chemical industry demand, while rhodium demand is rebounding due to recovery in the glass industry [11][12] - Iridium demand is expected to reach a historical high, driven by expansion in the chemical industry and increased applications in electronics [12]

Summary of Key Points Core Viewpoint - The report provides an overview of the current prices and trends in various new materials across different sectors, highlighting price stability in some areas while noting fluctuations in others. Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 240,000 CNY/ton, with a week-on-week change of +0% [2] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.68 CNY/kg [2] - Beryllium prices are stable [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 708 USD/ton, reflecting a week-on-week increase of +2.46% [3] - Prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 65,600 CNY/ton, 63,900 CNY/ton, and 65,900 CNY/ton, showing decreases of -4.3%, -4.29%, and -1.5% respectively [3] - The price of praseodymium and neodymium oxide is 433.70 CNY/kg, with a week-on-week increase of +2.5% [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.30 USD/kg, down by -0.9% [4] - EVA prices are at 11,100 CNY/ton, decreasing by -1.3% but remaining at a high level since 2013 [4] - The price of 3.2mm photovoltaic glass coating is stable at 24.0 CNY/sqm [4] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials show mixed trends, with uranium prices increasing to 52.17 USD/lb, up by +0.6% [5] - Other zirconium prices are stable or slightly decreased [5] Group 5: Consumer Electronics New Materials - The price of high-purity gallium has decreased to 1,900.00 CNY/kg, down by -1.3% [6] - The price of germanium dioxide is stable at 9,900 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [6] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 243.00 CNY/g, 1,465.00 CNY/g, and 1,045.00 CNY/g respectively, with rhodium increasing by +2.1% [7]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a general decline in prices for electric vehicle materials and polysilicon, with specific price movements noted for various materials [1][2][3]. - The report suggests a continued positive outlook for the metal new materials sector, particularly focusing on the demand for rare earths and lithium [4]. Summary by Relevant Sections Military New Materials - Electrolytic cobalt price remains stable at 240,000 CNY/ton, with a ratio of electrolytic cobalt to cobalt powder at 0.94, unchanged [10][11]. - Carbon fiber price is stable at 83.8 CNY/kg, with a gross profit of -18.31 CNY/kg [24][25]. - Beryllium price remains unchanged [24]. New Energy Vehicle Materials - Lithium ore price reaches 732 USD/ton, stable [27]. - Prices for electric carbon, industrial carbon, and battery-grade lithium hydroxide are 71,200 CNY/ton, 69,500 CNY/ton, and 68,400 CNY/ton, reflecting declines of 1.4%, 1.63%, and 0.8% respectively [32]. - Lithium iron phosphate and 523-type cathode material prices are 33,300 CNY/ton and 105,400 CNY/ton, stable and up 0.5% respectively [41]. Photovoltaic New Materials - Photovoltaic-grade polysilicon price is 4.49 USD/kg, down 2.0% [2]. - EVA price is 11,450 CNY/ton, down 0.4% [2]. Other Materials - Rhodium price decreased, while platinum and iridium prices increased slightly [3]. - The report emphasizes the importance of monitoring price trends in the context of supply and demand dynamics across various sectors [4][10]. Suggested Focus Stocks - The report recommends 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]. - It also suggests monitoring cobalt supply dynamics due to export suspensions in the Democratic Republic of Congo [4].