Core points:
Magnetic material plate rose sharply last week, lithium electricity and semiconductor material plate rose sharply last week, magnetic material plate rose 7.81% a week, outperformed the benchmark (Shanghai and Shenzhen 300) 7.77pct.
Panel materials and carbon fiber plates also showed strong performance, with weekly increases of 4.71% and 3.62% respectively, outperforming the benchmark 4.68pct and 3.58 pct, respectively. Lithium materials and semiconductor materials fell sharply, with weekly declines of 5.08 per cent and 3.24 per cent, respectively, outperforming the benchmark 5.11pct and 3.28pct, respectively. Photovoltaic materials plate fell 0.25% weekly, outperforming the benchmark 0.29pct.
The price of rare earth raw materials upstream of magnetic materials mostly fell, the current price of cobalt increased, the price of ferroboron remained unchanged, the monthly average price of sintered NdFeB magnets with low, medium and high coercivity was the same as that of the week before last week, and the price of praseodymium-neodymium oxide in Shanghai was 78.25,000 yuan / ton, which was 1.26% lower than that of ring-on-cycle. The prices of ferrous iron and dysprosium oxide were 2935 yuan / kg and 2910 yuan / kg, respectively, down 1.18% and 2.68%, respectively. The prices of metal terbium and terbium oxide in Shanghai are 15100 yuan / kg and 10650 yuan / kg respectively, and the month-on-week changes are flat and down 6.99%, respectively. LME3 monthly cobalt futures were trading at $61550 a tonne, up 3.45 per cent from the previous week. In terms of the price of ferroboron, the price of 17% ferroboron is 29000 yuan / ton, which is flat on a weekly basis. The price of 99.99% gallium is 2275 yuan / kg, up 4.6% from the previous week. As of November last week, the average prices of sintered NdFeB with low, medium and high intrinsic coercivity were 227.5 yuan / kg, 262.1 yuan / kg and 285 yuan / kg respectively, up 11.3%, 3.38% and 2.15% respectively from the October average price and 49.18%, 51.65% and 50% year-on-year increases respectively.
The price of electrolytic cobalt at the end of lithium electricity raw materials fell, the price of nickel, cobalt and manganese sulfate remained high, and the price of lithium carbonate continued to rise; the prices of ternary precursors and cathode materials were high and stable; and the prices of LFP cathode materials were high and flat. The high level of lithium hexafluorophosphate continued to soar, the price of DMC rebounded sharply, and the high price of electrolyte remained stable. The price of negative electrode material, diaphragm and copper foil is the same as that of cathode material: the price of battery-grade electrolytic cobalt in ternary front end is 424,000 yuan / ton, and the cycle-to-ring ratio is 0.93% lower. The prices of cobalt, nickel and manganese sulfate are 9.4 yuan / ton, 3.65 yuan and 0.98 million yuan / ton, respectively. The price of battery-grade lithium carbonate was 199,000 yuan per ton, up 1.02% from the previous week. The prices of ternary precursors NCM111, NCM523 and NCM622 are 14.25 million yuan / ton, 1.32 million yuan / ton and 140,000 yuan / ton respectively. The prices of ternary cathode materials NCM111, NCM523 and NCM622 are 248,23.15 and 2445 thousand yuan / ton respectively, which are the same as the week-to-month ratio. The price of lithium iron phosphate cathode material is 87,000 yuan / ton, and the cycle-to-cycle ratio is flat.
Electrolyte: the price of lithium hexafluorophosphate is 565,000 yuan / ton, up 7.62% from the previous week. The average ex-factory price of DMC domestic manufacturers is 9700 yuan / ton, a sharp increase of 20.5% compared with the previous week. The prices of lithium iron phosphate electrolyte, lithium manganate electrolyte and ternary cylindrical 2.2AH electrolyte are 1.03 million yuan / ton, 85800 yuan / ton and 1.28 million yuan / ton respectively.
Negative materials: the prices of domestic mid-end man-made and natural graphite are 485,000 yuan / ton and 385,000 yuan / ton respectively, which are the same as the week-to-month ratio.
Diaphragm: wet coating 7 μ m + 2 μ m + 1 μ m domestic middle end and 9 μ m + 2 μ m + 2 μ m domestic middle end diaphragm prices are 2.5 yuan / square meter and 2.05 yuan / square meter, respectively. Battery-grade copper foil: the price was 107 yuan / kg last week.
DRAM prices downstream of semiconductor materials continued to fall, while flash memory prices continued to rebound. Last week, the semiconductor industry index in Taiwan and Philadelphia rose 3.2% and 3.1% respectively, down 0.2% from the previous week. For DRAM, the price of downstream DDR3 4Gb (1600MHz) was $2.533, down 1.78% from the previous week. The prices of NAND Flash 64Gb and 32Gb were $2.492 and $2.023 respectively, up 2.59 per cent and 0.2 per cent respectively from the previous week.
Investment suggestion
It is suggested that continuous attention should be paid to the pull of the demand for carbon-carbon matrix composites under the long-term growth prospect of photovoltaic installation, the improvement of market capacity of lithium materials and magnetic materials under the long-term demand growth prospect of electric vehicles, and the localization progress and opportunities of semiconductor materials under the long-term trend of integrated circuit localization.
Risk hint
The risk of price decline, the risk of prosperity change, and the wind of policy change.
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