New military materials: the price of electrolytic cobalt picked up slightly. (1) The price of electrolytic cobalt this week was 555000 yuan / ton, a month on month increase of + 0.9%. The ratio of electrolytic cobalt to cobalt powder was 0.86, with a ring ratio of + 1.7%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.88, with a ring ratio of + 3.3%. 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 is 57.47 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 materials for new energy vehicles: the price of lithium concentrate rose by 11.7%, and the gross profit margin of lithium carbonate was the lowest in recent ten weeks. (1) This week, the CIF price of Li2O 5% lithium concentrate in China has reached US $3100 / ton, a month on month increase of + 11.71%. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 482300 yuan / ton, 457500 yuan / ton and 483800 yuan / ton respectively, with a month on month ratio of – 1.3%, – 1.00% and – 1.5%. Wind shows that the contract price of electric carbon lc2207 is 440000 yuan / ton this week, unchanged month on week, with a discount of nearly 42000 yuan / ton. Due to the rise in the price of lithium concentrate at the raw material end and the recent decline in the price of terminal lithium salt products, the gross profit margin of lithium carbonate decreased to 55.5% this week, the lowest in recent ten weeks. Australian miners Pilbara and allkem have mentioned the possibility that the price of lithium concentrate will reach US $6000 / ton and US $5000 / ton. There is still room for the price of lithium concentrate to rise in the future, and part of the profits at the smelting end will be transferred to the resource end. Downstream demand remained strong. This week, the weekly output of lithium iron phosphate and ternary materials was 16020 tons and 10450 tons respectively, with a month on month ratio of + 3.52% and – 0.29%. Among them, the output of lithium iron phosphate reached a new high in the year, and the output of ternary materials was also at a high level in the year. (3) This week, the prices of lithium iron phosphate, 523 and 811 cathode materials were 16.20, 36.30 and 354500 yuan / ton respectively, with a month on month ratio of – 2.41%, – 1.9% and + 0%. (4) This week, the price of praseodymium and neodymium oxide was 835000 yuan / ton, a month on month increase of + 2.8%.
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) This week, the price of EVA was 24500 yuan / ton, a month on month increase of + 2.9%, 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 the same as last week. (1) 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 materials for consumer electronics: the price of cobalt varieties was slightly corrected. (1) On Thursday, the price of cobalt trioxide was 417500 yuan / ton, a month on month increase of – 4.6%. The price of lithium cobaltate this week was 569.0 yuan / kg, a month on month increase of – 1.9%. (2) This week, the price of silicon carbide is 8800 yuan / ton, with a month on month ratio of – 2.2%; This week, the prices of high-purity gallium, crude indium and refined indium were 2775, 1475 and 1575 yuan / kg respectively, with a month on month increase of + 1.8%, – 3.3% and – 3.1% 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. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 214, 4388.5 and 1255 yuan / g respectively, with a month on month ratio of + 0.5%, – 1.1% 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.
