Group 1 - The core point of the article highlights the transfer of shares of Liken Resources (02245) from Deutsche Bank to Huasheng Capital Securities, with a market value of HKD 543 million, representing 4.86% of the total shares [1] Group 2 - Minsheng Securities reports that Liken Resources is collaborating with partners to invest in nickel smelting production lines on Obi Island, Indonesia, with a planned wet nickel production capacity of 120,000 tons of nickel and 14,000 tons of cobalt, and an equity capacity of 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [1] - The pyrometallurgical project has a phase one capacity of 95,000 tons, which is set to commence production in 2023, while part of the phase two production lines is expected to be operational in the first half of 2025, with full production by 2026, increasing the company's total capacity to 280,000 tons and equity capacity to 155,000 tons, indicating significant production flexibility [1]

Group 1 - The core point of the article highlights the transfer of shares of Likin Resources (02245) from Deutsche Bank to Huasheng Capital Securities, with a market value of HKD 543 million, representing 4.86% of the total shares [1] - Minsheng Securities reports that Likin Resources is collaborating with partners to invest in nickel smelting production lines on Obi Island, Indonesia, with a planned wet process capacity of 120,000 tons of nickel and 14,000 tons of cobalt, with an equity capacity of 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [1] - The company has a pyrometallurgical project with a first phase capacity of 95,000 tons, which is set to commence production in 2023, while part of the second phase production lines is expected to be operational in the first half of 2025, with full production by 2026, increasing total capacity to 280,000 tons and equity capacity to 155,000 tons, indicating significant capacity flexibility [1]

Core Viewpoint - The recent performance of Likin Resources (02245) shows significant growth in both revenue and profit, driven by increased production and operational efficiency in its projects [1] Financial Performance - For the first half of 2025, Likin Resources reported revenue of approximately 18.1466 billion HKD, representing a year-on-year increase of 66.8% [1] - The profit attributable to the company's shareholders was around 1.426 billion HKD, which is a substantial increase of 143.0% compared to the previous year [1] - Earnings per share stood at 0.92 HKD [1] Production and Operational Efficiency - The growth in revenue and profit is primarily attributed to a significant increase in the production of hydrometallurgical products such as nickel hydroxide and pyrometallurgical products like nickel iron [1] - The increase in production is largely due to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company has optimized its product structure, implemented refined cost control management, and made technological improvements to enhance production processes, further boosting profitability [1]

Core Viewpoint - The recent performance of Likin Resources (02245) shows significant growth in both revenue and profit, driven by increased production and operational efficiency in its projects [1] Financial Performance - For the first half of 2025, Likin Resources reported revenue of approximately 18.1466 billion HKD, representing a year-on-year increase of 66.8% [1] - The profit attributable to the company's shareholders was around 1.426 billion HKD, which is a 143.0% increase compared to the previous year [1] - Earnings per share stood at 0.92 HKD [1] Production and Operational Highlights - The growth in revenue and profit is primarily attributed to a significant increase in the production of hydrometallurgical products such as nickel hydroxide and pyrometallurgical products like nickel iron [1] - The increase in production is linked to the full operational capacity of the ONC project and the output release from the KPS project [1] - The company has optimized its product structure and implemented refined cost control management, along with technological improvements to enhance production processes and profitability [1]

Core Viewpoint - The stock of Liqin Resources (02245) has surged over 9%, reaching a new historical high of 20.44 HKD, driven by changes in cobalt export policies in the Democratic Republic of Congo (DRC) [2] Group 1: Company Performance - Liqin Resources' stock price increased by 9.23%, trading at 20.36 HKD with a transaction volume of 58.74 million HKD [2] - The company benefits from rising cobalt prices due to supply constraints, as its nickel production capacity is located in Indonesia and is not affected by DRC's export restrictions [2] Group 2: Industry Context - The DRC government updated its cobalt export policy, extending the export ban to October 15, 2025, and limiting export quotas for 2026-2027 to 44% of annual production [2] - According to CITIC Securities, the DRC's export quota policy is expected to lead to a significant global cobalt supply shortage, with shortfalls of 122,000 tons, 88,000 tons, and 97,000 tons for the years 2025, 2026, and 2027 respectively [2] - Minsheng Securities believes that the DRC government is determined to support cobalt prices, indicating a likely shift towards a quota system and a clear upward trend in cobalt price levels [2]

Group 1 - The core viewpoint of the article highlights that Liqin Resources (02245.HK) has seen a significant increase in its stock price, rising over 9% and reaching a new historical high of 20.44 HKD during trading [1] - As of the report, the stock is up 9.23%, trading at 20.36 HKD, with a trading volume of 58.74 million HKD [1]

Group 1 - The stock of Liqin Resources (02245) has increased by over 9%, reaching a new historical high of 20.44 HKD during trading [1] - As of the latest update, the stock is trading at 20.36 HKD with a transaction volume of 58.74 million HKD [1] Group 2 - The government of the Democratic Republic of Congo updated its cobalt export policy on September 20, extending the cobalt export ban to October 15, 2025 [1] - From 2026 to 2027, the cobalt export quota will be limited to 44% of annual production [1] - CITIC Securities predicts that the export quota policy will lead to significantly lower global cobalt supply from 2025 to 2027, with supply shortages of 122,000 tons, 88,000 tons, and 97,000 tons respectively [1] Group 3 - Minsheng Securities believes that the Congolese government's firm stance on supporting cobalt prices indicates a high likelihood of implementing a quota system, leading to a contraction in supply and an upward shift in cobalt prices [1] - The company's wet-process nickel production capacity is located in Indonesia, which is not affected by the Congolese export restrictions, allowing it to fully benefit from the rising cobalt prices [1]

Group 1 - Hong Kong's Hang Seng Index fell by 0.97%, down 254 points, while the Hang Seng Tech Index dropped by 2.2% with a trading volume of 165.2 billion HKD in the morning session [1] - Congo has extended its cobalt export ban, leading to a rise of over 8.9% in the stock price of Liqin Resources (02245) [1] - Cloudwise Technology (01037) surged by 79% due to potential collaboration with UBTECH [1] - Kaizhile International (02122) saw a more than 12% increase after partnering with Pokémon IP to enter the collectible card game market [1] - HuiLiang Technology (01860) rose nearly 4.76% to a new high, driven by rapid growth from its smart bidding products, with institutions optimistic about the company's growth potential [1] - Shanggao Holdings (00412) increased by over 14%, maintaining normal business operations and announcing a buyback plan of up to 100 million USD [1] - Dazhong Public Utilities (01635) rose by 6.6%, with the company holding shares in Shenzhen Capital Group, and Moer Thread's IPO on the Sci-Tech Innovation Board is set to be reviewed [1] - Datang Gold (08299) surged over 20% in the morning after raising over 270 million HKD through a placement, with the controlling shareholder of Wanguo Gold Group becoming the second-largest shareholder [1] - Hong Kong Broadband (01310) rebounded over 17%, as its controlling shareholder, China Mobile Hong Kong, plans to place existing shares, and the company aims to meet public holding requirements promptly [1] - Solar stocks collectively declined, with institutions indicating that domestic polysilicon prices remain high and the supply-demand relationship in the industry has not significantly improved. New Special Energy (01799) fell by 4.18%, Flat Glass Group (06865) dropped by 4%, Xinyi Solar (00968) decreased by 2.6%, and Xinyi Energy (03868) fell by 3% [1] Group 2 - Airline stocks collectively declined due to unexpectedly weak demand for public transportation during the summer travel season, with institutions suggesting to monitor the sustainability of public transport recovery and avoid excessive competition. China Southern Airlines (01055) fell by 4.93%, Air China (00753) dropped by 3.98%, and China Eastern Airlines (00670) decreased by 2.27% [2]

Core Viewpoint - The Democratic Republic of the Congo (DRC) will extend its ban on cobalt exports, leading to an increase in cobalt-related stocks [1] Group 1: Company Performance - Liqin Resources (02245.HK) saw a rise of 6.68%, trading at 17.4 HKD [1] - Luoyang Molybdenum (03993.HK) experienced a slight increase of 0.55%, trading at 12.9 HKD [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources (02245) up 6.68% to HKD 17.4 and Luoyang Molybdenum (603993) (03993) up 0.55% to HKD 12.9 [1] - The government of the Democratic Republic of Congo updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to global cobalt supply being significantly below normal levels from 2025 to 2027, which is expected to drive cobalt prices higher [1] Group 2 - Morgan Stanley notes that the extension of the cobalt export ban until October 15 will be followed by quotas, with the 2026-2027 quota set at 40% of normal production [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale nickel production capacity in Indonesia with cost advantages, positioning the company to benefit significantly from rising cobalt prices [1]