鈷行業(yè)深度報(bào)告鈷價(jià)接近中期底部區(qū)域，預(yù)計(jì)未來(lái)兩年價(jià)格在25~40萬(wàn)元噸區(qū)間震蕩

1、請(qǐng)務(wù)必仔細(xì)閱讀正文之后的各項(xiàng)信息披露與聲明目錄1.鈷供給：嘉能可與歐亞資源是主要增量..............................51.1中資企業(yè)新產(chǎn)能投產(chǎn)普遍延后....................................................................51.2國(guó)際鈷龍頭擴(kuò)產(chǎn)進(jìn)展順利................................................

2、.............................81.3近兩年全球鈷供給增量較多.........................................................................92.鈷需求：新能源汽車與5G手機(jī)換代提供增量..................112.13C需求增速穩(wěn)定、5G提供長(zhǎng)期增量.......................................

3、..............112.2新能源汽車需求快速增長(zhǎng).........................................................................132.3高溫合金、硬質(zhì)合金等需求穩(wěn)定增長(zhǎng).....................................................152.4全球鈷需求增速快速提高...........................

4、..............................................163.鈷價(jià)格判斷：中期價(jià)格區(qū)間2540萬(wàn)噸.........................173.1鈷供需：近兩年略有過(guò)剩，長(zhǎng)期角度仍緊缺........................................173.2鈷價(jià)格：中期價(jià)格區(qū)間2540萬(wàn)元噸.........................................

5、.........173.3投資建議：看好行業(yè)出清后龍頭的投資價(jià)值........................................20請(qǐng)務(wù)必仔細(xì)閱讀正文之后的各項(xiàng)信息披露與聲明表16：充電寶中鈷鋰成本占比........................................................................19表17：鈷鋰重點(diǎn)公司估值表（洛陽(yáng)鉬業(yè)、盛屯礦業(yè)來(lái)自WIND一致預(yù)期）..