New military materials: the price of electrolytic cobalt increased slightly. (1) The price of electrolytic cobalt this week was 550000 yuan / ton, a month on month increase of + 0.7%. The ratio of electrolytic cobalt to cobalt powder is 0.85, with a ring ratio of + 0.7%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.72, with a ring ratio of + 2.5%. These two ratios show that the performance of military industry is stronger than that of manufacturing and new energy vehicles this week. (2) The price of carbon fiber this week was 186.3 yuan / kg, a month on month increase of + 0%. The gross profit was 57.47 yuan / kg, a month on month increase of + 0.7%. 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 materials for new energy vehicles: China’s new energy vehicle production penetration hit another record high in March. (1) This week, the CIF price of li2o5% lithium concentrate in China has reached US $2775 / ton, a month on month increase of + 0%. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 489100 yuan / ton, 462500 yuan / ton and 491400 yuan / ton respectively, with a month on month ratio of – 1.7%, – 3.21% and – 0.02%. Wind shows that the contract price of electric carbon lc2206 is 436500 yuan / ton this week, with a month on month ratio of + 0.1%, and the discount has been nearly 53000 yuan / ton. This week, the contract price of lc2207 is 440000 yuan / ton. Downstream demand remained strong. According to the data of China Automobile Association, China’s new energy vehicle production penetration in March hit a record high of 20.7%. The output of lithium iron phosphate this week was 15475 tons, a new high in the year; The output of Yuan materials on Wednesday was 10480 tons, a month on month -0.99%, although it fell somewhat, it was still at a high level in the year. (3) This week, the price of cobalt sulfate was 118000 yuan / ton, a month on month increase of + 0%. (4) This week, the prices of lithium iron phosphate, 523 and 811 cathode materials were 16.60, 37.00 and 354500 yuan / ton respectively, with a month on month ratio of – 1.19%, – 0.3% and + 0%. (5) This week, the price of praseodymium and neodymium oxide was 812500 yuan / ton, a month on month increase of – 9.2%. Due to the recent epidemic prevention and control in various places, the difficulty of logistics and transportation has increased, and the restrictions on the import of Myanmar minerals are superimposed. It is expected that the increase in supply is limited, which still supports the future rare earth price. (6) On Saturday, the price of lithium fluorophosphate was 435000 yuan / ton, a month on month increase of – 2.3%.
New photovoltaic materials: EVA prices rose slightly. (1) This week, the price of photovoltaic grade polysilicon was $32.87/kg, a month on month increase of + 0%, and the price is still at a high level in recent six years. (2) EVA price this week was 23800 yuan / ton, up + 3.5% month on month, maintaining a high position since 2013. (3) This week, the coating price of 3.2mm photovoltaic glass was 26 yuan / m2, a month on month increase of + 0%.
New nuclear power materials: the prices of main varieties were flat compared with last week. This week, the prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate and zircon sand were 25000 yuan / ton, 235 yuan / kg, 4500 yuan / kg, 20875 yuan / ton and 200625 yuan / ton respectively, with a month on month ratio of + 0%, + 0%, + 0%, + 0%, + 0%.
New consumer electronics materials: cobalt and indium prices corrected slightly. (1) On Thursday, the price of cobalt trioxide was 432500 yuan / ton, a month on month increase of – 1.14%. The price of lithium cobaltate this week was 580.0 yuan / kg, a month on month increase of – 3.3%. (2) The price of silicon carbide this week is 9000 yuan / ton, a month on month increase of + 0%; This week, the prices of high-purity gallium, crude indium and refined indium were 2725, 1525 and 1625 yuan / kg respectively, with a month on month ratio of + 0%, – 3.2% and – 5.8% respectively; The price of germanium oxide on Tuesday was 6650 yuan / kg, a month on month increase of + 0%.
Other materials: platinum and rhodium prices rose and fell. This week, the prices of 99.95% platinum, rhodium and iridium were 213, 4438.5 and 1255 yuan / g respectively, with a month on month ratio of + 1.9%, – 1.2% and + 0%.
It is suggested to pay attention to the target: it is suggested to continue to pay attention to the investment opportunities of new metal materials. The high price of lithium concentrate is still good for enterprises with high self-sufficiency rate of lithium resources. It is suggested 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 independent and 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 warning: over valuation risk; Risk of technology path change; Risks such as radical enterprise operation, deviation of strategy, governance failure, macro policy and liquidity adjustment.
