CITIC Securities: The characteristics of the peak consumption season are beginning to emerge, with stronger fundamental support for energy and metal prices.

Guotai Jun'an Research Report indicates that the peak consumption season of Golden September and Silver October is gradually approaching, downstream demand is gradually recovering, market activity is significantly warming up, low-priced goods circulated earlier are quickly being digested, rare earth and cobalt prices are steadily rising, and lithium carbonate prices are rising sharply due to supply disturbances in Jiangxi. Rare earth: According to SMM, many large factories are intensively bidding, combined with some magnetic material enterprises postponing production until mid-October, the prices of praseodymium and neodymium are continuously rising; Cobalt: Intermediate product imports decreased significantly in June, current smelting factory operating rates continue to decline, with some production cuts expected, it is predicted that imports will continue to decline in July, maintaining the judgment that smelting factory raw material inventory will decrease to a low level at the beginning of the fourth quarter, cobalt prices are expected to receive strong support at the end of the third quarter and the beginning of the fourth quarter. Lithium: Upstream mines are reducing production, leading to a shortage on a monthly level, with strong expectations for downstream demand, making prices more likely to rise than fall.