New military materials: Electrolytic Cobalt prices pick up. (1) The price of electrolytic cobalt this week was 494000 yuan / ton, a month on month increase of + 1.4%. The ratio of electrolytic cobalt to cobalt powder was 0.83, with a ring ratio of – 1.1%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.84, with a ring ratio of – 0.8%. These two ratios show that the performance of military industry has weakened relative to manufacturing and new energy vehicles this week. (2) The price of carbon fiber this week was 186.8 yuan / kg, a month on month increase of + 0%. The gross profit is 55.85 yuan / kg, a month on month increase of + 0%. Both the price and gross profit are 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: the contract price of electric carbon will reach 370000 yuan / ton in June 2022. (1) This week, the CIF price of li2o5% lithium concentrate in China has reached US $2505 / ton, an increase of 5.5% month on month. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 267000 yuan / ton, 24700 yuan / ton and 216100 yuan / ton respectively, with a month on month ratio of + 6.2%, + 4.95% and + 8.5%. This week, the price of Changzhou Zoomlion battery grade lithium carbonate contract lc2204 has risen to 370000 yuan / ton, 103000 yuan / ton higher than the current price of electric carbon. The new contract lc2206 in June 2022 also quoted 370000 yuan / ton. This week, Tesla China announced that the prices of Model3 rear drive version and modely increased by 10000 yuan and 21000 yuan respectively, which represents that the price rise of upstream raw materials has been transmitted to end consumers. Assuming that other raw materials do not rise, the charged capacity of electric vehicles is 78kwh and the power consumption of lithium carbonate per unit is 0.8kg, the price rise of electric vehicles is 21000 yuan, which can hedge the price rise of lithium carbonate by 336000 yuan / ton. (3) The price of cobalt sulfate this week was 103000 yuan / ton, a month on month increase of + 2%. (4) This week, the prices of lithium iron phosphate, 523 and 811 cathode materials were 10300 yuan / ton, 24400 yuan / ton and 282500 yuan / ton respectively, with a month on month ratio of + 1.98%, + 1.7% and + 4.1%. (5) This week, the price of praseodymium and neodymium oxide was 847500 yuan / ton, a month on month increase of + 0.6%.
New photovoltaic materials: the price was flat last week. (1) This week, the price of photovoltaic grade polysilicon was US $29.16/kg, a month on month increase of + 0%, and the price is still at a high level in recent 6 years. (2) EVA price this week was 17800 yuan / ton, up + 0% month on month, maintaining a high position since 2013. (3) The coating price of 3.2mm photovoltaic glass this week was 26 yuan / m2, a month on month increase of + 0%.
New nuclear power materials: prices were flat month on 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%.
New materials for consumer electronics: the price of cobalt products rose slightly. (1) On Thursday, the price of cobalt trioxide was 393500 yuan / ton, a month on month increase of + 2.9%. The price of lithium cobaltate this week was 428 yuan / kg, a month on month increase of + 0.94%. (2) The price of silicon carbide this week is 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, 1525 and 1625 yuan / kg respectively, with a chain comparison of + 0%, – 3.2% and – 3.0% respectively; On Tuesday, the price of germanium oxide was 6600 yuan / kg, a month on month increase of + 0%.
Other materials: platinum and rhodium prices rose and fell. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 210.0, 3362.5 and 953 yuan / g respectively, with a month on month ratio of – 1.4%, + 0.1% and + 0%. The prices of platinum, rhodium and iridium are 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.
