Eight major brokerage theme strategies: lithium ore and lithium salt supply and demand is still in the most tense moment! These leading valuations have a high performance-to-price ratio of investment.

Guoxin Securities: the supply and demand of lithium ore and lithium salt is still in the most tense moment.

The supply and demand of lithium ore and lithium salt are still in the most tense moment. The price of domestic battery-grade lithium carbonate has accelerated to 382500 yuan / ton, while the price of spodumene imported from China has risen rapidly, and the spot price has risen to 2710 US dollars / ton. On the supply side, the output of lithium extraction from Qinghai Salt Lake will decline in winter; on the demand side, the production and sales of domestic new energy vehicles continue to exceed expectations, driving the release of production and sales of cathode materials, especially the production of lithium iron phosphate remains strong. It is expected that the supply and demand of lithium ore and lithium salt is still in the most tense moment, the tight situation of global supply and demand of lithium ore is difficult to ease in the short term, and lithium price is expected to remain high. [click to view the original article of the research report]

Guosheng Securities: the upstream of the new energy boom is recommended to continue to configure the upstream plate of EV.

The upstream of new energy continues, it is proposed to continue to configure the upstream plate of EV; the supply and demand pattern of electrolytic aluminum has been improving for a long time, the competition pattern of aluminum processing industry has been optimized, and leading enterprises are expected to accelerate their growth: (1) domestic and foreign ore and salt lake production capacity is concentrated and spot supply is limited, supply and demand structure remains tight, and lithium salt prices are expected to remain high. Cautiously assume that the average tax price of lithium salt in 2022 is 250000 yuan / ton (currently close to 400000 yuan / ton), the average plate PE in 2022 is expected to fall back to about 20X underestimated level, with the advantage of end-of-supply of resources & the high-quality target of rapid capacity expansion is expected to continue to lead the industry, it is recommended to pay attention to Tibet mining, ultra-clean Tianhua; (2) under the long-term path of electrolytic aluminum production capacity "ceiling" and "carbon peak", aluminum prices and profits per ton of aluminum are expected to remain high. Aluminum processing industry has entered a mature period after long-term competition, high-end demand growth, fine cost control, scale effect continues to highlight, industrial competition barriers are gradually rising, the market share of leading enterprises is expected to continue to increase, it is recommended to pay attention to: Mingtai Aluminum. [click to view the original article of the research report]

China Galaxy Securities: the industry is still booming in 2022. Cobalt and lithium leading enterprises are currently valued at a high performance-to-price ratio.

The new energy vehicle industry chain continues to be hot, and domestic new energy vehicle sales got off to a good start in January. BYD and Xiaopeng, ideal, Lulai and other new car-building forces, as well as overseas Europe and the United States, sales of new energy vehicles increased significantly in January compared with the same period last year. Downstream terminal demand is strong, the upstream of the industry chain lithium, cobalt industry fundamentals boom, metal prices continue to rise and continue to be strong certainty, while from Huayou cobalt industry, Ganfeng lithium industry and other new energy metal leader announced the 2021 annual report forecast to see the new energy automobile industry chain upstream resources sector performance from 2021Q4 began to significantly exceed expectations release. We are still optimistic about the investment opportunities of the cobalt lithium rare earth plate. In 2022, the industry is still booming, and the continuous rise in prices makes the performance of the plate highly deterministic. With the pullback of the stock price in the previous period, the leading enterprises of cobalt and lithium are currently valued for high performance-to-price ratio. It is recommended to pay attention to Ganfeng lithium industry, Huayou cobalt industry, Tianqi lithium industry, Yongxing materials, China Mining Resources, Koda manufacturing. [click to view the original article of the research report]

Cinda Securities: attach importance to the historic investment opportunities of new energy and new materials under the background of the goal of "double carbon".

In the context of the "double carbon" goal, we attach importance to the historic investment opportunities of new energy and new materials, focusing on new energy metals (lithium, cobalt, nickel, rare earths) with strong demand and weak supply pattern, and new metal materials that benefit from industrial upgrading and domestic substitution. In 2022, the price of non-ferrous metals as a whole will remain high, corporate profits are expected to continue to grow substantially, plate valuations return to low levels, and domestic monetary policy continues to loose, looking forward to the market repair of non-ferrous sector valuations. Lithium suggests paying attention to Tianqi Lithium Industry, Ganfeng Lithium Industry, Yongxing material, Shengxin Lithium Energy, etc.; New Materials suggest paying attention to Homei New Materials, Hesheng shares, Quartz shares, Bowei Alloy, etc. Titanium suggests paying attention to Precious Titanium shares, Anning shares, Western Materials, etc. Precious metals suggest paying attention to precious platinum industry, Chifeng gold, Yintai gold, etc. Industrial metals suggest to pay attention to cloud aluminum shares, Shenhuo shares, Western Mining, Zijin Mining, Lizhong Group, Suotong development and so on. [click to view the original article of the research report]

Caixin Securities: looking for investment opportunities from four main lines: biodegradable materials, new energy lithium electricity, and lithium extraction from salt lakes.

Look for investment opportunities from four main lines: 1, biodegradable materials plate. Degradable material is a hot spot of policy in our country. At present, PLA and PBAT materials are the most mature and may be popularized on a large scale. It is suggested that we should pay attention to Jindan technology and Cofco technology with PLA lactide core technology, Hengli petrochemical with PBAT integrated industrial chain, and Tongcheng new material with BASF PBAT core patent.

2. Semiconductor material plate. The localization of semiconductor materials is a general trend. It is recommended to pay attention to the upstream semiconductor material subdivision plate high-quality companies, including semiconductor photoresist field: at present, Nanda Optoelectronics, the only one with ArF photoresist production capacity in China, Jingrui Co., Ltd., the layout of semiconductor photoresist industry chain, as well as KRF photoresist quality enterprise Tongcheng New Materials and domestic photoresist quality company Shanghai Xinyang, etc. The subdivided head enterprises in the field of electronic special gas, such as Nanda Optoelectronics, Jacques Technology, Walter Gas, Jinhong Gas, etc.; Jiang Hua Wei, the leading company of wet electronic chemicals, etc.

3. New energy lithium plate. With the recovery of the proportion of lithium iron phosphate, the demand for phosphoric acid of upstream raw materials will rise rapidly. It is suggested to pay attention to the targets of phosphorus chemical related enterprises, such as Xingfa Group, Yuntu Holdings, Xin Yangfeng, Yuntianhua and so on.

4. Extracting lithium plate from salt lake. It is expected that the mainstream technologies of lithium extraction from salt lakes in China in the future are adsorption, membrane and extraction. From the current point of view, the adsorption extraction of lithium by Lanxiao technology has been used in Zangge and Jintai, and the effect is good. Lanxiao technology is recommended. At the same time, it is suggested that we should pay attention to Jiuwo Hi-Tech and Sanda membrane marked by membrane method, and extract Xinhua shares marked by membrane method. [click to view the original article of the research report]

Huaan Securities: it is recommended to pay attention to the high-quality lithium standard with high self-sufficiency rate of lithium resources, low cost, stable output and continuous production expansion.

Europe's largest lithium mining project aborted, South America brewing lithium organization, the contradiction between supply and demand is difficult to ease, lithium performance is gradually realized. The Serbian government has suspended Rio Tinto's Jadar lithium mine project for political and environmental reasons, showing the difficulty and long period of lithium resource development; the three major lithium resource countries in South America are discussing the establishment of an organization of lithium producing countries, which is expected to optimize the lithium supply pattern and further co-ordinate and standardize the industry, which is conducive to maintaining high lithium prices. However, the increment of lithium supply in the medium and short term is limited, the contradiction between supply and demand strongly supports the high lithium price, and the supply of lithium salt may become the decisive factor of capacity release in the middle and lower reaches, and profits move up; the 2021Q4 performance forecast has shown that companies that steadily produce lithium salt benefit from the upward lithium price and realize their performance. It is recommended to pay attention to the high-quality lithium target with high self-sufficiency rate of lithium resources, low cost, stable output and continuous expansion of production. [click to view the original article of the research report]

Citic Securities: under the background of global lithium price resonance upward, integrated lithium producers will benefit from the advantages of guaranteed supply and low cost.

The divergence of lithium prices in different regions of the world in 2021 shows the impact of the long order sales model in overseas markets on product prices. With the elimination of the impact of long order pricing in 2022, global lithium prices are expected to resonate upward, and the prices of lithium compounds exported by China to Japan and South Korea will also accelerate. Imported low-cost lithium carbonate products will continue to disturb the lithium price in the Chinese market in 2022, or lead to high fluctuations in the domestic lithium price. Under the background of global lithium price resonance, integrated lithium producers will fully benefit from the advantages of guaranteed supply and low cost. Recommend Ganfeng Lithium Industry, Salt Lake shares, Shengxin Lithium Energy, and suggest to pay attention to Tianqi Lithium Industry and Yongxing Materials.

East Asia Qianhai Securities: the allocation value of the precious metal plate at the present time is becoming more and more prominent.

Outlook for 2022: (1) rare metal plate: China's cumulative sales of new energy vehicles in 2021 are 3.521 million. With the continuous production of new energy vehicles and the continuous promotion of infrastructure projects, the demand for rare metals will continue to grow. (2) Metal new materials plate: the "14th five-year Plan" proposed to promote the high-quality development of the new material industry, and it is expected that the scale of the new material industry will reach 10 trillion in the future. (3) Energy metal plate: under the "double carbon" policy, the continuous penetration of new energy vehicles has led to a substantial increase in the loading of power batteries. In 2021, the installed capacity of power batteries in China has reached 154.5GWh. it is expected that the energy metal industry will continue to flourish in the future. (4) Industrial metal plate: in 2022, the supply of some industrial metals is still uncertain, the mismatch between supply and demand of industrial metals still exists, and the prosperity of the plate is expected to remain high in the future. (5) Precious metals sector: in the short term, the current market expectations of Fed interest rate increases are relatively strong, and gold prices may rebound in the short term with the landing of Fed interest rate hikes. In the medium and long term, the price of Brent crude oil reached US $92.69 per barrel on February 7, 2022, an increase of about 17.4% compared with the beginning of the year. The continued rise in international oil prices indicates that the current inflationary situation has not eased. At the same time, Omicron continues to spread around the world. On February 7, 2022, the number of new infections in the world reached 2.189 million, and the uncertainty of the global economy remains in the future. The configuration value of precious metal plate at the present time is becoming more and more prominent. [click to view the original article of the research report]