New military materials: the price of carbon fiber increased by 4.6%. (1) This week, the price of electrolytic cobalt was 487000 yuan / ton, with a month on month ratio of + 0.6%. The ratio of electrolytic cobalt to cobalt powder was 0.84, with a month on month ratio of – 2.5%; the price ratio of electrolytic cobalt to cobalt sulfate was 4.88, with a month on month ratio of – 0.1%. These two ratios indicate that the performance of military industry relative to manufacturing industry and new energy vehicles has weakened this week. (2) The price of carbon fiber this week was 186.8 yuan / kg, a month on month increase of + 4.6%, mainly due to the strong price of precursor, which supported the high price of carbon fiber. The gross profit was 55.85 yuan / kg, a month on month increase of + 22.1%. Both the price and gross profit were at a high level in the past 20 years. (3) the prices of titanium, rhenium and beryllium were the same as last week.
New energy vehicles and new materials: lithium carbonate commodity price and stock price continue to deviate. (1) This week, the CIF price of Li2O 5% lithium concentrate in China has reached US $2375 / ton, an increase of 0.9% month on month. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were RMB 25000, 233500 and 199100 / ton respectively, with a month on month ratio of + 5.8%, + 8.25% and + 4.3%, which continued to deviate from the stock price. This week, the price of lc2204, a battery grade lithium carbonate contract of Changzhou Zoomlion, has risen to RMB 301000 / ton, 51000 yuan / ton higher than the current price of electric carbon. According to the report of Korea it news, LG plans to next year In January, the quotation of cylindrical battery cells was increased by 10%, and the price increases of previous Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Byd Company Limited(002594) consumer batteries were also announced successively, which means that the price increase of upstream lithium carbonate is being transmitted to the downstream, and the high lithium price is still sustainable. (3) The price of cobalt sulfate this week was 101000 yuan / ton, with a month on month increase of + 0%. (4) the prices of lithium iron phosphate, 523 and 811 cathode materials this week were 101000 yuan / ton, 241000 yuan / ton and 271500 yuan / ton, with a month on month increase of + 9.78%, + 2.3% and + 0%. (5) the price of praseodymium and neodymium oxide this week was 842500 yuan / ton, with a month on month increase of – 0.6%.
New photovoltaic materials: polysilicon and EVA price callback. (1) This week, the price of photovoltaic grade polysilicon was 29.16 US dollars / kg, with a month on month ratio of – 2.8%. The price is still at a high level in recent 6 years. (2) this week, the price of EVA was 17800 yuan / ton, with a month on month ratio of – 6.3%, maintaining a high level since 2013. (3) this week, the coating price of 3.2mm photovoltaic glass was 26 yuan / m2, with a month on month ratio of + 0%. The decline in the price of raw materials will be conducive to the further improvement of terminal demand.
New nuclear power materials: prices were flat on a month on month basis last week. (1) This week, the prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate and zircon sand were 23000 yuan / ton, 235 yuan / kg, 4500 yuan / kg, 18613 yuan / ton and 16650 yuan / ton respectively, with a month on month ratio of + 0%, + 0%, + 0%, + 0% and + 0.0%.
The price of lithium cobalt oxide, a new material for consumer electronics, rose slightly. (1) On Thursday, the price of cobalt trioxide was 382500 yuan / ton, a month on month increase of + 0%. This week, the price of lithium cobaltate was 424 yuan / kg, a month on month increase of + 0.95%. (2) this week, the price of silicon carbide was 8400 yuan / ton, a month on month increase of + 0%; this week, the prices of high-purity gallium, crude indium and refined indium were 2525 yuan / kg, 1575 yuan / kg, a month on month increase of + 0%, + 0% respectively; this Tuesday, the price of germanium oxide was 6600 yuan / kg, a month on month increase of + 0%.
Other materials: platinum and rhodium prices pick up. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 213.0 yuan / g, 3358.5 yuan / g and 953 yuan / g respectively, with a month on month ratio of + 3.9%, + 0.7% and + 0%. The prices of platinum, rhodium and iridium were higher since 2015.
It is suggested to pay attention to the target: continue to be fully optimistic about the new metal material plate. The high price of lithium concentrate is still good for enterprises with high self-sufficiency rate of lithium resources. It is recommended to pay attention to Tianqi Lithium Corporation(002466) , Youngy Co.Ltd(002192) , Ganfeng Lithium Co.Ltd(002460) ; The construction of a world-class Salt Lake industrial base in Qinghai has been mentioned again. China’s independently controllable salt lake resources are of great strategic significance. It is suggested to pay attention to Qinghai Salt Lake Industry Co.Ltd(000792) , Keda Industrial Group Co.Ltd(600499) , Sunresin New Materials Co.Ltd Xi’An(300487) .
Risk statement Risk of overvaluation; Risk of technology path change; Risks such as radical enterprise operation, deviation of strategy, governance failure, macro policy and liquidity adjustment.
