[summary of the Internal Morning meeting of Cobalt Lithium New Energy] the consumption of C-end customers has increased and the order of raw material market has increased.

SMM, Oct. 22:

Battery terminal market:

According to the insurance data of new energy passenger cars, the number of insured vehicles was 113000 in September, up 22% from the previous month. Among them, the sales of pure electric vehicles were 91000, accounting for 80.4%, and the sales of plug-in hybrid vehicles were 22000, accounting for 19.6%. The growth of individual users compared with the previous month, Hongguang Mini and BYD "Han" led C-end customer consumption to rise. In September, SAIC GM Wuling returned to the first place, reaching 17938 vehicles, and BYD's sales also exceeded 15000, of which Han ranked first among BYD's products.

Price of upstream raw materials:

Cobalt: cobalt salt quotation remains high this week, spot transaction is sporadic, a little cobalt sulfate transaction price is 53000 yuan / ton. Cobalt tetroxide quoted price of 21-215000 yuan / ton, downstream plan to reduce the price, the price stalemate. The quotations of electrolytic cobalt and cobalt powder have been lowered, and the transaction is sporadic. Recently, the annual long-term Association of Cobalt Intermediate products is talking, the feedback logistics of raw material suppliers is not as expected, the spot delivery of cobalt intermediate products is still tight, and the spot quotation remains high.

Lithium: lithium carbonate inquiries increased this week, most of the quotations are at 4.2-43000 yuan / ton, some salt factories in Sichuan are tightening the transaction price or reaching the quotation, and the market price is expected to rise slightly in the near future. Battery-grade lithium hydroxide market transactions sporadic, downstream demand for high nickel only a small increase, but inventory accumulation of high future prices or a slight decline.

Cathode materials and precursors: the recent power market has not reached the procurement peak, there are too many market inquiries, the prices of cobalt salts are basically stable, the prices of nickel salts rise slightly, and the prices of precursors are still fluctuating within the range. In addition, due to the decline in the price of precursors in the post-holiday digital market, the low price of ternary material 523 has also been lowered accordingly, and the current price of single crystal products has not changed.

Nickel: this week Shanghai nickel due to macro factors, pulled up to 120000 / ton above, high shock. The market quotation of battery-grade nickel sulfate rose to 28000 / ton, but the mainstream transaction price was still around 27500 / ton, mainly due to the difficulty of rising the price of downstream precursors. Recently, the turnover of nickel sulfate market is light.

News:

1. [Q3 results to be released soon Wall Street expects Tesla to make a profit for the fifth consecutive quarter] Wall Street expects electric car maker Tesla to make a profit in the third quarter of this year, which means the company will be profitable for the fifth consecutive quarter. It is reported that Tesla will announce his results for the third quarter of 2020 after the close on October 21, local time, and Wall Street seems to be quite optimistic about the company's performance in this quarter.

2. [Jianghuai Motors finally turned losses into profits, but profits in the first three quarters still fell by more than 60% compared with the same period last year.] on October 20, Jianghuai Automobile issued a performance forecast that the company's net profit attributed to shareholders of listed companies from January to September 2020 is expected to be about 44 million yuan, turning losses into profits; compared with the same period last year, it decreased by about 77 million yuan, or about 64 percent compared with the same period last year. It is estimated that the net profit after deducting non-recurring profits and losses belonging to shareholders of listed companies is about-907 million yuan, which will decrease by about 823 million yuan compared with the same period last year.

3. [LG Chemistry considers increasing battery production capacity of electric vehicles in North America and Europe] LG Chemistry said that it is considering increasing battery production capacity of electric vehicles in North America and Europe, and expanding its battery business of electric vehicles to areas such as leasing.

SMM battery materials research team

Huo Yuan 021-51666898

Mei Wangqin 021-51666759

Liu Xiaoyi 021-51666716

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