Core Viewpoint - Lygend Resources & Technology is initiated with an OUTPERFORM rating and a target price (TP) of HK$27.56, reflecting a 10x 2026 estimated P/E ratio, due to its leadership in the global nickel industry and integrated operations across the nickel supply chain [1] Company Overview - Lygend Resources & Technology has transitioned from nickel ore trading to industrial operations, establishing a comprehensive presence in the nickel industry chain, including trading, smelting, production, and equipment manufacturing [1] - The company has secured long-term trade and supply agreements with upstream mining companies in the Philippines, Indonesia, and other regions, enhancing its resource stability [1] Competitive Advantages - The construction of a nickel business ecosystem covering the entire industry chain provides Lygend with distinctive competitive advantages, including stable resource supply through equity stakes granted to Indonesian partners [2] - The establishment of independent overseas industrial parks equipped with necessary infrastructure allows for operational autonomy and reduced transaction costs [2] - Collaborations with high-quality resource suppliers and long-term agreements with top-tier LiB material suppliers strengthen the company's position across the industry chain [2] Market Dynamics - The Democratic Republic of the Congo (DRC) has announced a cobalt export quota system, which is expected to lead to a systematic increase in average cobalt prices, as the quotas for 2026-2027 will only account for 44% of its 2024 production [3][4] - The tightening regulations on cobalt export quotas are anticipated to benefit Lygend's hydrometallurgy project in Indonesia, potentially boosting earnings and valuation [4] Financial Projections - The estimated earnings per share (EPS) for Lygend is projected at Rmb1.74 in 2025 and Rmb2.49 in 2026, indicating a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The stock is currently trading at 10.2x 2025 estimated P/E and 7.0x 2026 estimated P/E, with a target price suggesting a 43% upside [4]

寧波力勤資源科技股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Lygend Resources & Technology Co., Ltd. 1 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2245） 建議公司首次公開發行A股股票並在深圳證券交易所主板上市－ 關於確認公司截至二零二二年、二零二三年及 二零二四年十二月三十一日止年度 以及截至二零二五年六月三十日止六個月的關聯交易事項 除另有界定者外，本公告所用詞彙與寧波力勤資源科技股份有限公司（「本公司」）所刊 發日期為二零二五年六月五日的通函所界定者具有相同涵義。 茲提述本公司所刊發日期為二零二五年五月三十日的公告及日期為二零二五年六月五日 的通函，內容涉及建議發行A股股票。為滿足適用的中國監管要求，本公司董事會（董 事會）已確認截至二零二二年、二零二三年、二零二四年十二月三十一日止年度及二零 二五年六月三十日止六個月的關聯交易，及本公司與關聯方之間的關聯交易符合有關中 ...

中金指出，刚果(金)对于2026/2027 年度钴总出口配额仅占2024 年刚果金钴产量的44%。需求端三元电 池渗透率有望逐步触底，供给端刚果金出口配额收紧有望带动钴价中枢提升。刚果金配额收紧将带动钴 价进一步上涨，力勤资源印尼的湿法产能有望受益，且未来存在扩张印尼镍产业链布局的潜力，驱动公 司业绩和估值抬升。 力勤资源(02245)涨超5%，截至发稿，涨5.3%，报19.2港元，成交额2805.09万港元。 消息面上，刚果(金)自2025年10月16日起实施钴出口配额制度，2025年剩余时间出口上限为1.81万吨， 2026-2027年年度配额为9.66万吨。配额按企业历史出口量比例分配，未使用配额可转入战略配额，政 府保留动态调整权。天风证券（601162）此前指出，刚果(金)出台最新配额政策，全年9.66万配额长期 逻辑——供需直接平衡甚至短缺，中长期看好钴价中枢提升，并且在长逻辑夯实下，权益端的长久期资 产或面临重估。 ...

中金指出，刚果(金)对于2026/2027 年度钴总出口配额仅占2024 年刚果金钴产量的44%。需求端三元电 池渗透率有望逐步触底，供给端刚果金出口配额收紧有望带动钴价中枢提升。刚果金配额收紧将带动钴 价进一步上涨，力勤资源印尼的湿法产能有望受益，且未来存在扩张印尼镍产业链布局的潜力，驱动公 司业绩和估值抬升。 消息面上，刚果(金)自2025年10月16日起实施钴出口配额制度，2025年剩余时间出口上限为1.81万吨， 2026-2027年年度配额为9.66万吨。配额按企业历史出口量比例分配，未使用配额可转入战略配额，政 府保留动态调整权。天风证券此前指出，刚果(金)出台最新配额政策，全年9.66万配额长期逻辑——供 需直接平衡甚至短缺，中长期看好钴价中枢提升，并且在长逻辑夯实下，权益端的长久期资产或面临重 估。 智通财经APP获悉，力勤资源(02245)涨超5%，截至发稿，涨5.3%，报19.2港元，成交额2805.09万港 元。 ...

机构：中金公司 研究员：张家铭/齐丁/何曼文/陈彦 首次覆盖 投资亮点 三是建设独立海外工业园区，包括港口、码头、电力等基础设施，充分实现运营管理的自主性和灵活 性，降低交易成本。四是携手优质供应商，打造共赢合作平台。五是与多家优质锂电材料厂商签订长期 供货协议，建立紧密的产业链合作关系。 刚果（金）宣布钴出口配额制，钴价中枢有望系统性提升。刚果（金）对于2026/2027 年度钴总出口配 额仅占2024 年刚果金钴产量的44%。我们认为需求端三元电池渗透率有望逐步触底，供给端刚果金出 口配额收紧有望带动钴价中枢提升。 我们与市场的最大不同？我们认为2026-2027 年刚果金配额收紧将带动钴价进一步上涨，公司印尼的湿 法产能有望受益，且未来存在扩张印尼镍产业链布局的潜力，驱动公司业绩和估值抬升。 潜在催化剂：镍钴价格超预期上行，印尼镍产业链布局扩张盈利预测与估值 我们预计公司2025-2026 年EPS 分别为1.74 元、2.49 元，2024-2026 年CAGR 为48%，当前股价对应 2025-2026 年10.2、7.0倍市盈率。我们给予跑赢行业评级和27.56 港元目标价，对应2026年10.0 ...

Group 1 - On November 10, shareholders of Liken Resources (02245) transferred shares from HSBC to CITIC Lyon Securities, with a market value of HKD 370 million, accounting for 3% of the total [1] - On October 14, JPMorgan increased its stake in Liken Resources by 3.280264 million shares at a price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - After the increase, JPMorgan's total shareholding in Liken Resources reached 33.0848 million shares, representing a 6% ownership stake [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 公司名稱: 寧波力勤資源科技股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02245 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 550,694,291 | RMB | | 1 | RMB | | 550,694,291 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 550,694,291 | RMB | | 1 | RMB | | 550,694,291 | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Core Viewpoint - Liken Resources (2245.HK) experienced a significant intraday increase of 7.62%, reaching HKD 23.72, following news of a share acquisition by JPMorgan Chase & Co. and the establishment of a framework agreement with its controlling shareholder, Likun Investment [1] Group 1: Share Acquisition - JPMorgan Chase & Co. increased its stake in Liken Resources by acquiring 3,280,264 shares at an average price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - Following this acquisition, JPMorgan's ownership in Liken Resources rose from 5.41% to 6.00% [1] Group 2: Framework Agreement - Liken Resources announced a framework agreement for engineering construction services with its controlling shareholder, Likun Investment [1] - The board believes that establishing a framework agreement, rather than a one-time contract, is commercially advantageous, ensuring competitive terms for stable and high-quality supply of services and materials [1] - This agreement is expected to significantly enhance the flexibility of business arrangements in line with the company's overall strategic development and growth plans [1]

Core Insights - JPMorgan Chase & Co. increased its stake in Liqin Resources (02245.HK) by acquiring 3,280,264 shares at an average price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - Following this acquisition, JPMorgan's total holdings in Liqin Resources rose to 33,084,800 shares, increasing its ownership percentage from 5.41% to 6.00% [1] Summary by Category - **Company Activity** - JPMorgan Chase & Co. has made a significant investment in Liqin Resources by purchasing additional shares [1] - The transaction reflects JPMorgan's confidence in the company's future prospects [1] - **Shareholding Changes** - The increase in shareholding percentage indicates a strategic move by JPMorgan to strengthen its position in Liqin Resources [1] - The new total of 33,084,800 shares held by JPMorgan represents a notable increase in their investment [1]