Key points
New military materials: Electrolytic Cobalt prices fell slightly. (1) The price of electrolytic cobalt this week was 499000 yuan / ton, a month on month increase of – 0.2%. The ratio of electrolytic cobalt to cobalt powder was 0.83, with a ring ratio of – 1.0%; The price ratio of electrolytic cobalt and cobalt sulfate was 4.79, with a ring ratio of – 1.4%. 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 62.45 yuan / kg, a month on month increase of + 3.0%. 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: in January, the production scheduling plan of mainstream battery enterprises increased by 1.8% month on month. (1) This week, the CIF price of li2o5% lithium concentrate in China has reached US $2675 / ton, an increase of + 5.1% month on month. (2) This week, the prices of electric carbon, industrial carbon and battery grade lithium hydroxide were 315300 yuan / ton, 30900 yuan / ton and 257400 yuan / ton respectively, with a month on month ratio of + 8.0%, + 8.74% and + 11.2%. This week, the output of lithium carbonate was 3509 tons, falling for four consecutive weeks, down 19.7% compared with the same period last month. The provinces with a large decline include Sichuan (- 43%), Jiangxi (- 26%) and Hebei (- 17%), mainly due to the recent centralized shutdown and maintenance of manufacturers and the tight supply of lithium concentrate raw materials. In January 2022, the total output of mainstream battery enterprises Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , GuoXuan, Funeng and Eve Energy Co.Ltd(300014) increased by 1.8% month on month compared with December 2021. In the case of declining subsidies, the production scheduling in the off-season is still higher than that in the peak season, highlighting the strong demand for electric vehicles. (3) The price of cobalt sulfate this week was 105000 yuan / ton, a month on month increase of + 0%. (4) This week, the prices of lithium iron phosphate, 523 and 811 cathode materials were respectively RMB 12600, 2665 and 292500 / ton, with a month on month ratio of + 10.53%, + 3.1% and + 1.7%. The sharp rise in lithium iron phosphate was mainly due to the rise in the prices of raw materials lithium carbonate, phosphoric acid and iron phosphate. (5) This week, the price of praseodymium and neodymium oxide was 902500 yuan / ton, a month on month increase of + 2%.
New photovoltaic materials: polysilicon prices rose slightly. (1) This week, the price of photovoltaic grade polysilicon was $30.56/kg, a month on month increase of + 2.3%, 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) This week, the coating price of 3.2mm photovoltaic glass was 25 yuan / m2, with a month on month increase of + 0%.
The price of zircon sand, a new material for nuclear power, rose slightly. (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 17275 yuan / ton respectively, with a month on month ratio of + 0%, + 0%, + 0%, + 3.8%.
New consumer electronics materials: lithium cobaltate prices rose 13%. (1) On Thursday, the price of cobalt trioxide was 412500 yuan / ton, a month on month increase of + 3.5%. The price of lithium cobaltate this week was 495 yuan / kg, a month on month increase of + 13%, mainly due to the high price of raw material cobalt lithium. (2) This week, the price of silicon carbide is 8300 yuan / ton, with a month on month ratio of – 1.2%; This week, the prices of high-purity gallium, crude indium and refined indium were 2525, 1475 and 1575 yuan / kg respectively, with a chain comparison of + 0%, – 3.3% and – 3.1% respectively; On Tuesday, the price of germanium oxide was 6600 yuan / kg, a month on month increase of + 0%.
Other materials: rhodium prices fell slightly. (1) This week, the prices of 99.95% platinum, rhodium and iridium were 211, 3856.5 and 953 yuan / g respectively, with a month on month ratio of + 0%, – 4.8% and + 0%.
It is suggested to pay attention to the target: continue to be fully optimistic about the new metal material sector. 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 warning. Risk of overvaluation; Risk of technology path change; Risks such as radical enterprise operation, deviation of strategy, governance failure, macro policy and liquidity adjustment.
